Business Context and Reporting Period
Company: NEXTNRG, INC. (formerly EzFill Holdings, Inc.)
Reporting Period: Fiscal Year Ended December 31, 2025
Business Model: NextNRG operates two primary segments: (1) Mobile Fuel Delivery, providing on-demand fuel to consumers, fleets, and specialty markets via a fleet of trucks; and (2) Energy Infrastructure, developing AI/ML-powered smart microgrids, solar energy systems, battery storage, and wireless EV charging solutions. The company recently completed a common control merger with NextNRG Holding Corp. in February 2025, integrating its renewable energy technology portfolio.
Key Financial Metrics (Year Ended Dec 31, 2025)
| Metric | 2025 | 2024 |
|---|---|---|
| Revenue | $81,835,279 | $27,770,280 |
| Cost of Sales | $74,928,249 | $25,983,342 |
| Gross Profit | $6,907,030 | $1,786,938 |
| Gross Margin | 8.4% | 6.4% |
| Operating Loss | $(70,192,548) | $(11,709,441) |
| Net Loss | $(88,175,997) | $(21,396,633) |
| Adjusted EBITDA | $17,090,337 | $8,937,850 |
| Cash and Equivalents (End of Period) | $384,140 | $1,612,117 |
| Total Debt (Notes Payable) | $21,030,912 | $31,050,979 |
| Working Capital Deficit | $(25,115,995) | $(31,353,465) |
Material Changes vs. Prior Period
- Revenue Growth: Revenue increased 195% year-over-year, driven by expanded fuel delivery volumes and higher average prices per gallon. The Mobile Fuel Delivery segment accounted for 100% of revenue.
- Operating Expenses: Operating expenses surged 451% to $65.9 million, primarily due to a $42.6 million increase in stock-based compensation (issuance of shares for services and debt conversion) and increased general and administrative costs.
- Impairment Losses: The company recorded a non-cash impairment loss of $8.5 million in 2025, related to the write-down of intangible assets acquired from Stat-EI and a project deposit for a solar energy project.
- Interest Expense: Interest expense increased 84% to $17.3 million, driven by the amortization of debt discounts, default penalty interest, and new borrowings.
- Debt Restructuring: Significant debt was converted to equity during the year, including $16.1 million of notes payable converted to common stock and $3.6 million of related-party debt converted to Series A Preferred Stock.
Guidance, Outlook, Risks, and Contingencies
- Going Concern: The independent auditor has issued a "Going Concern" qualification. The company has a working capital deficit of $25.1 million and an accumulated deficit of $153.9 million. Management anticipates needing additional capital immediately to fund operations beyond April 30, 2026.
- Liquidity: Cash on hand was only $384,140 as of December 31, 2025. The company relies heavily on related-party financing and high-cost debt instruments (merchant cash advances, convertible notes with OID).
- Nasdaq Compliance: On March 16, 2026, the company received notice of non-compliance with the Nasdaq $1.00 minimum bid price requirement. It has 180 days to regain compliance or risk delisting.
- Regulatory Risks: The company faces risks from the repeal of federal EV tax credits (Sections 25E, 30D, 45W) and the suspension of NEVI grant programs, which could reduce demand for its energy infrastructure solutions.
- Legal Proceedings:
- Next/Ingle v. GSPP: Litigation seeking ~$4.1 million regarding a solar project acquisition where the utility (JEA) allegedly misrepresented project feasibility.
- Cohen Global Energy v. Next/Ingle: Litigation regarding a $5 million promissory note, with the company asserting defenses of criminal usury.
- Internal Controls: Management identified three material weaknesses in internal controls: lack of formal related-party transaction policies, lack of written documentation of controls, and insufficient segregation of duties.
Key Facts for Investor Verification
- Capital Adequacy: Verify the company's ability to secure funding before April 30, 2026, given the $384k cash balance and $25M working capital deficit.
- Debt Terms: Review the terms of recent high-cost debt (e.g., Cashera loan with 173% APR, Leviston Note with 150% default penalty) and the extent of personal guarantees by CEO Michael Farkas.
- Stock Dilution: Assess the impact of recent and potential future equity issuances, including the 100M shares issued in the merger and the 19.99% Nasdaq issuance cap.
- Revenue Quality: Confirm the sustainability of the 195% revenue growth and the concentration of revenue in the Mobile Fuel segment versus the nascent Energy Infrastructure segment.
- Legal Exposure: Monitor the status of the $4.1M and $5M litigation matters and their potential impact on cash flow.