NextNRG, Inc. used its fourth-quarter and full-year 2025 earnings call to highlight rapid top-line expansion driven by its on-site mobile fueling operations, while positioning its newer energy infrastructure business as a longer-term growth engine built around contracted “smart microgrid” projects.
Revenue nearly tripled as mobile fueling footprint expanded
Founder and CEO Michael Farkas said NextNRG generated $81.8 million in revenue in 2025, up from $27.8 million in 2024, which he described as about 195% growth year over year. Farkas attributed the increase primarily to the company’s on-site mobile fueling business and the integration work following the merger of NextNRG and EZFill (NASDAQ:EZFL).
In the fourth quarter, NextNRG reported revenue of approximately $23 million, which Farkas broke out by month: $7.4 million in October, $7.5 million in November, and $8 million in December. He said December alone represented 253% year-over-year revenue growth and 308% growth in fuel volumes.
Farkas also pointed to what he characterized as momentum with a major customer, stating that the company’s “largest commercial fleet customer,” which he described as “the largest global online retailer,” was “actively cutting other fuel vendors in certain markets and replacing them with us.”
Fueling margins improved as the business scaled
Farkas said the company’s full-year gross margin in fueling was 8.4%, and that it improved to 10.4% in the fourth quarter. He said the company is working to improve margins through operational optimization, “smarter customer acquisition,” greater route density, changes in fuel mix deliveries, and reducing wasted time.
CFO Joel Kleiner said gross margin expanded quarter over quarter during fiscal 2025, which he said reflected the company’s ability to drive operational efficiency while growing revenue.
Financial results: gross profit rose, but GAAP net loss widened
Kleiner reported cost of sales of $74.9 million for 2025, up from $26 million in 2024, which he said increased in line with expanded volume and geographic footprint. He said gross profit reached $6.9 million, compared with $1.8 million in 2024.
NextNRG posted a GAAP net loss of $88.2 million for 2025. Kleiner emphasized that “the bulk of that figure is not cash out of the door,” and walked through several components he characterized as non-cash or non-recurring items affecting the loss:
- $42.6 million in stock-based compensation, which Kleiner described as “entirely non-cash.”
- $17.3 million in interest expense, including $9.6 million in non-cash amortization of debt discount.
- $8.5 million impairment charge, which Kleiner called a “one-time, non-recurring, non-cash” accounting adjustment related to assets recorded in connection with merger and acquisition activity.
After adjusting for stock compensation, interest inclusive of debt discount amortization, depreciation, amortization, and the impairment charge, Kleiner said the company’s Adjusted EBITDA loss was $17.1 million for 2025, compared with an Adjusted EBITDA loss of $8.9 million in 2024. He also reported net cash used in operating activities of $16.7 million in 2025.
Kleiner said a $50 million equity raise in February 2025 provided working capital that supported execution during the year.
Energy infrastructure: first PPAs signed; pipeline cited at $750 million
Farkas said the company closed its first power purchase agreements (PPAs) with Sunnyside and Topanga Terrace Rehabilitation and Subacute Care Centers, both in California. Under the agreements, he said NextNRG will design and build “fully integrated on-site smart microgrids” that combine rooftop solar, battery storage, gas generators, and the company’s “patented AI-driven controller.”
Farkas described these as “long-term structured agreements with annual escalators built in,” and emphasized they are contracted energy relationships intended to generate “annuitized revenues” over the long term, “some as many as three decades.” He said the company’s pipeline of planned smart microgrid projects stood at approximately $750 million, spanning municipal, tribal, healthcare, multi-family, and commercial facilities, and that the company is working to convert that pipeline into executed contracts.
He also provided context on timing, saying projects require engineering studies, permitting, utility interconnection approvals, financing, and organizational decision-making that “can span years.” According to Farkas, the contracts being closed now reflect development work that began 18 to 24 months ago.
Liquidity and capital allocation: focus on reducing high-cost debt reliance
During the Q&A, investor relations head Sharon Cohen cited cash at year-end of $384,000 and a working capital deficit of approximately $25 million in a question about liquidity and reliance on high-interest instruments. Management responded that the year-end cash number did not reflect the company’s full liquidity picture.
Kleiner said NextNRG had “active debt facilities in place” and continued access to capital markets, pointing to the February 2025 equity raise as an example. He also said that as infrastructure contracts move toward construction, they can bring “project-level financing structures” that are standard in the industry, rather than relying solely on corporate balance sheet funding. Kleiner said the goal for 2026 is to reduce reliance on “high-cost, short-term debt” by growing operating cash flow, increasing working capital, and closing contracts that carry their own financing.
Farkas said the margin profile of energy infrastructure is “completely different” from fueling, describing fueling margins as “high single digits to low double digits” and stating that the company expects “the margin profile on a stabilized microgrid to be significantly higher” due to contracted rates over multi-decade agreements with largely fixed ongoing costs.
On the path to cash flow break-even, Farkas outlined three operational priorities:
- Continue scaling gross profit in the fueling business and improving margins.
- Close and monetize energy infrastructure contracts as they move toward construction.
- “Rightsize” operating expenses to align with the current business, after spending ahead on energy-side development.
On capital allocation, Farkas said the fueling business “funds itself at this point” and that fleet expansion can be paced with demand. He framed the larger allocation question around the energy business, stating that project construction capital is expected to come through project financing rather than the corporate balance sheet, while corporate investment is focused on development and sales work such as engineering, permitting, and customer relationships.
Farkas closed by reiterating the company’s emphasis on execution following what he described as a year of major scale-up: revenue growth from $27.8 million to $81.8 million, gross profit nearly quadrupling, seven consecutive months of record revenue, first energy infrastructure contracts signed, and a pipeline he said exceeded $750 million.
About EZFill (NASDAQ:EZFL)
EZFill Holdings Inc operates as a mobile fueling company primarily in Florida. It offers on-demand fueling services to consumer, fleet, marine, and other specialty markets. The company was incorporated in 2019 and is based in Miami, Florida.
