NextNRG Inc. Q4 FY2025 earnings call

Growth in Revenue - NextNRG's revenue grew from $27.8 million in 2024 to $81.8 million in 2025, a 195% increase. The on-site mobile fueling business was the main driver, with 7 consecutive months of record revenue and year-to-date revenue in May 2025 surpassing all of 2024. ### Acquisitions - Completed merger of NextNRG and EzFill, integrated 2 acquisitions, entered 4 new major markets (Phoenix, Austin, San Antonio and Houston). ### Energy Infrastructure - Closed first power purchase agreements in California, with a pipeline of over $750 million in planned smart microgrid projects for various facilities like municipal, tribal, healthcare, multifamily and commercial.

NextNRG has two main segments: On-site mobile fueling and Energy Infrastructure. In 2025, total revenue was $81.8 million. The on-site mobile fueling business was the driver of growth, with Q4 revenue approximately $23 million (October: $7.4 million, November: $7.5 million, December: $8 million). December revenue was 253% year-over-year growth in revenue and 308% growth in fuel volumes. The full year gross margin in fueling was 8.4%, with Q4 at 10.4%. The Energy Infrastructure segment closed its first power purchase agreements and had a pipeline of approximately $750 million in planned smart microgrid projects.

Revenue Growth - The momentum from 2025, including 253% year-over-year revenue growth in December 2025, is expected to carry into 2026. ### Energy Infrastructure - The Energy Infrastructure segment is focused on converting the $750 million pipeline into executed contracts, with the potential for long-term, high-value, compounding revenue. ### Margin Improvement - Continued optimization of operations, customer acquisition, route density, fuel mix deliveries, etc., to further improve margins.

Stock-Based Compensation - High stock-based compensation of $42.6 million in 2025, which is noncash but a factor to consider. ### Debt and Interest - Interest expense of $17.3 million, including noncash amortization of debt discount. Reliance on high-cost short-term debt, need to reduce dependence. ### Impairment Charge - $8.5 million impairment charge related to assets from merger, nonrecurring but a factor in net loss.

Q: You recorded $42.6 million in stock-based compensation in 2025. Who received that compensation? What was it tied to? And how should investors think about dilution going forward?

A: 2025 was not normal, with merger, building executive team and Advisory Board, launching energy infrastructure business in same year. Equity issue tied to that buildup, not expecting at this level going forward, aware of dilution.

Q: Cash at year-end was $384,000 and working capital deficit ~$25 million. How does NextNRG get through 2026 and what's the financing plan?

A: Cash position doesn't tell full liquidity story, have active debt facilities, access to capital markets, project level financing structures from infrastructure contracts will help reduce reliance on high-cost short-term debt.

Q: Energy Infrastructure business margin profile compared to fueling?

A: Fueling has high single digits to low double digits margins improving with optimization; Energy Infrastructure has contracted rate over multi-decade agreement with largely fixed ongoing cost structure, expected higher margins.

Q: Path to cash flow breakeven and operational things needed?

A: Fueling to continue scaling gross profit, close and monetize Energy Infrastructure contracts, rightsize operating expenses relative to revenue.

Q: Capital allocation as fueling matures and energy contracts close?

A: Fueling funds itself, capital allocation for energy side is through project financing, discipline in project development, investment in development and sales process with contained investment, guardrail is project structure model.