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NextNRG (NASDAQ: NXXT) posts 195% revenue surge but deeper loss

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

NextNRG, Inc. reported full-year 2025 revenue of $81.8 million, up 195% from $27.8 million in 2024, driven mainly by expansion of its Mobile Fuel Delivery platform and new markets. Gross profit rose to $6.9 million, with gross margin improving to 8.4% from 6.4%.

Despite strong top-line growth, the company posted a 2025 GAAP operating loss of $70.2 million and a GAAP net loss of $88.2 million, including $42.6 million in non-cash stock-based compensation, $18.0 million in interest expense, and an $8.5 million impairment charge. However, Adjusted EBITDA more than doubled to $17.1 million from $8.9 million, reflecting better underlying operating performance.

In the fourth quarter of 2025, mobile fuel delivery revenue was about $23 million, with December revenue up 253% year over year and fuel volumes of roughly 2.53 million gallons. Fuel delivery gross margin reached 10.4% in the quarter, above the full-year average. Management highlighted new long-term energy infrastructure agreements and an active smart microgrid pipeline as foundations for future growth.

Positive

  • Revenue and Adjusted EBITDA surged: 2025 revenue grew 195% to $81.8 million and Adjusted EBITDA rose about 91% to $17.1 million, showing rapid scale and improving underlying operating performance.

Negative

  • GAAP losses widened significantly: 2025 GAAP net loss increased to $88.2 million, with $70.2 million operating loss and heavy non-cash stock-based compensation, interest expense, and impairment charges weighing on profitability.

Insights

Explosive revenue growth is offset by very large GAAP losses.

NextNRG delivered hyper-growth in 2025: revenue rose to $81.8M, a 195% increase from $27.8M. Gross profit expanded to $6.9M, and gross margin improved from 6.4% to 8.4%, indicating some operating leverage as the platform scaled.

However, profitability on a GAAP basis remains weak. Operating loss reached $70.2M and net loss widened to $88.2M, driven by $42.6M of stock-based compensation, $18.0M of interest expense, and an $8.5M impairment. These items highlight a capital-intensive, stock-heavy model and balance sheet pressure.

On a non-GAAP basis, Adjusted EBITDA almost doubled to $17.1M, up about 91%, suggesting improving core unit economics. The fourth quarter showed stronger fuel delivery margins of about 10.4% versus the full-year 8.4%. Future filings will be important to see if higher margins and lower non-cash charges can narrow GAAP losses.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
2025 Revenue $81.8M Full year 2025, up 195% from $27.8M in 2024
2025 Gross Profit $6.9M Full year 2025 vs $1.8M in 2024; margin 8.4%
2025 Net Loss (GAAP) $88.2M Full year 2025 GAAP net loss including non-cash charges
2025 Operating Loss (GAAP) $70.2M Full year 2025 GAAP operating loss
Stock-based compensation $42.6M Non-cash expense included in 2025 results
Interest expense 2025 $18.0M Net interest expense added back in Adjusted EBITDA
Impairment charges 2025 $8.5M Non-cash impairment included in 2025 results
Adjusted EBITDA 2025 $17.1M Full year 2025, up from $8.9M in 2024 (~91% growth)
Adjusted EBITDA financial
"Adjusted EBITDA for the full year 2025 was $17,090,337, compared to $8,937,850 in 2024"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
non-GAAP financial measure financial
"This press release references Adjusted EBITDA, a non-GAAP financial measure"
A non-GAAP financial measure is a way companies present their financial results that excludes certain expenses or income to show how they believe their core business is performing. It matters because it can give a clearer picture of how the company is really doing, but it can also be used to make results look better than they actually are.
impairment charges financial
"Results included $42,589,563 in non-cash stock-based compensation, $17,011,361 in interest expense, and an $8,535,825 non-cash impairment charge"
Impairment charges are one-time accounting write-downs taken when a company decides an asset — like a factory, brand, patent, or investment — is worth less than it was recorded for. Like marking down the price of a damaged item on a store shelf, they reduce reported profits and the asset’s book value; investors watch them because they can signal lasting business problems or change future earnings and balance-sheet strength.
Mobile Fuel Delivery platform financial
"Revenue growth was driven by expansion of the Company’s Mobile Fuel Delivery platform"
smart microgrids technical
"The Company ended 2025 with an active pipeline of smart microgrid opportunities"
A smart microgrid is a small, local electrical system that can operate on its own or connected to the larger power grid, using sensors, software and on-site energy sources like solar panels and batteries to balance supply and demand. For investors, they matter because they can reduce energy costs, improve reliability during outages, unlock new revenue streams (such as selling excess power or providing grid services), and benefit from policies that favor cleaner, resilient infrastructure.
long-term energy infrastructure agreements financial
"signed our first long-term energy infrastructure agreements"
Offering Type earnings_snapshot
false 0001817004 0001817004 2026-04-15 2026-04-15 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C., 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): April 15, 2026

 

NEXTNRG, INC.

(Exact name of registrant as specified in its charter)

 

Delaware   001-40809   84-4260623

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

407 Lincoln Rd. #9F, Miami Beach, Florida 33190

(Address of principal executive offices, including Zip Code)

 

(305) 791-1169

(Registrant’s telephone number, including area code)

 

N/A

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, $0.0001 par value per share   NXXT   Nasdaq Capital Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 

 

 
 

 

Item 2.02. Results of Operations and Financial Condition.

 

On April 15, 2026, NextNRG, Inc. (the “Company”) issued a press release announcing its financial results for the full year and fourth quarter ended December 31, 2025. A copy of this press release is furnished as Exhibit 99.1 to this Current Report.

 

The information included in this Item 2.02, including Exhibit 99.1 hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit No.   Description
99.1   Press release of the registrant issued on April 15, 2026.
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 
 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  NextNRG, Inc.
     
Date: April 15, 2026 By: /s/ Michael Farkas
  Name: Michael Farkas
  Title: Chief Executive Officer

 

 

 

Exhibit 99-1

 

NextNRG Reports Full Year and Fourth Quarter 2025 Financial Results

Revenue Increases 195% Year Over Year to $81.8 Million

 

MIAMI, FL — April 15, 2026 — (GLOBE NEWSWIRE) — NextNRG, Inc. (NASDAQ: NXXT) (“NextNRG” or the “Company”), a pioneer in AI-driven energy innovation transforming how energy is produced, managed, and delivered, today reported financial results for the full year and fourth quarter ended December 31, 2025.

 

“In 2025, we generated $81.8 million in revenue, representing a 195% increase over the $27.8 million generated in 2024. That level of growth reflects the scale we achieved through fleet integration, new market expansion, and improving operational execution across our platform,” said Michael D. Farkas, Founder and CEO of NextNRG. “At the same time, we expanded margins and signed our first long-term energy infrastructure agreements. We believe 2025 established the operational foundation for continued margin expansion and long-term revenue growth.”

 

2025 Key Financial Metrics

 

Metric  FY 2025   FY 2024 
Revenue  $81.8M  $27.8M
Gross Profit  $6.9M  $1.8M
Gross Margin   8.4%   6.4%
Operating Loss (GAAP) ¹  $(70.2)M  $(11.7)M
Net Loss (GAAP) ¹  $(88.2)M  $(21.4)M
Adjusted EBITDA ²  $

17.1

M  $8.9M

 

(1) Includes $42.6M in non-cash stock-based compensation.

(2) Adjusted EBITDA excludes net interest expense, taxes, depreciation and amortization, impairment charges, and stock-based compensation. See the reconciliation of net loss to Adjusted EBITDA in “Full Year 2025 Financial Results” below and “Non-GAAP Financial Measures” below for additional important disclosures.

 

 
 

 

Full Year 2025 Financial Results

 

 

Revenue for the year ended December 31, 2025 was $81,835,279, compared to $27,770,280 in 2024, representing growth of 195% year-over-year. Revenue growth was driven by expansion of the Company’s Mobile Fuel Delivery platform, including fleet integration, entry into new markets, and increased activity with commercial fleet customers.

 

Gross profit increased to $6,907,030, compared to $1,786,938 in 2024, representing approximately 286% year-over-year growth. Consolidated gross margin improved to 8.4%, compared to 6.4% in the prior year, reflecting improving operating efficiency as the network scaled.

 

Operating loss for 2025 was $70,192,548 and net loss was $88,175,997. Results included $42,589,563 in non-cash stock-based compensation, $17,011,361 in interest expense, and an $8,535,825 non-cash impairment charge. Adjusted EBITDA for the full year 2025 was $17,090,337, compared to $8,937,850 in 2024, representing an increase of approximately 91% year-over-year. 

 

The following is a reconciliation of net loss to the non-GAAP financial measure referred to as Adjusted EBITDA for the years ended December 31, 2025 and 2024:

 

Net Loss/Adjusted EBITDA Reconciliation  FY 2025   FY 2024 
Net Loss (GAAP)  $(88,175,997)  $(21,396,633)
Add: Interest expense, net   17,983,449    9,367,915 
Add: Depreciation and amortization   2,689,293    1,545,806 
Add: Impairment charges   8,535,825    13,422 
Add: Stock-based compensation   42,589,563    1,531,640 
Adjusted EBITDA (1)  $17,090,337   $8,937,850 

 

(1)Adjusted EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures” below for additional important disclosures.

 

Fourth Quarter 2025 Results

 

 

The fourth quarter of 2025 represented the Company’s strongest operating period of the year. Mobile fuel delivery revenue was approximately $23 million, comprised of approximately $7.4 million in October 2025, $7.5 million in November 2025, and $8.0 million in December 2025. December 2025 revenue represented 253% year-over-year growth, with fuel volumes of approximately 2.53 million gallons.

 

Gross margin in the fuel delivery business was approximately 10.4% in the fourth quarter of 2025, compared to the full-year consolidated average of 8.4%. Management attributes this improvement to route optimization, tighter scheduling discipline, and improved fleet utilization in more mature markets.

 

Strategic Update

 

 

During 2025, the Company expanded its operating footprint, integrated acquired fleet assets, and executed its first long-term energy infrastructure agreements. These agreements combine on-site generation, battery storage, and intelligent energy management under long-term structured contracts.

 

The Company ended 2025 with an active pipeline of smart microgrid opportunities across healthcare, manufacturing, amusement parks, municipalities, and logistics facilities. Management believes 2025 established the operational foundation for converting pipeline opportunities into contracted revenue while continuing to improve unit economics across the fueling platform.

 

“2025 was the year we scaled the platform,” added Mr. Farkas. “We almost tripled revenue, expanded nationally, improved margins, and signed our first infrastructure contracts. We believe these milestones position the Company for continued operational improvement and long-term growth.”

 

 
 

 

Non-GAAP Financial Measures

 

 

This press release references Adjusted EBITDA, a non-GAAP financial measure. Adjusted EBITDA should not be considered a substitute for GAAP-basis measures, nor should it be viewed as a substitute for operating results determined in accordance with GAAP. We believe that the presentation of Adjusted EBITDA, a non-GAAP financial measure that excludes the impact of net interest expense, taxes, depreciation, amortization, impairment of goodwill, other intangibles and fixed assets, and stock compensation expense, provides useful supplemental information that is essential to a proper understanding of our financial results. Non-GAAP measures are not formally defined by GAAP, and other entities may use calculation methods that differ from ours for the purposes of calculating Adjusted EBITDA. As a complement to GAAP financial measures, we believe that Adjusted EBITDA assists investors who follow the practice of some investment analysts who adjust GAAP financial measures to exclude items that may obscure underlying performance and distort comparability. See “Full Year 2025 Financial Results” above for a reconciliation of Adjusted EBITDA to net loss.

 

About NextNRG, Inc.

 

NextNRG Inc. (NextNRG) is Powering What’s Next by integrating artificial intelligence (AI) and machine learning (ML) into utility infrastructure, battery storage, wireless EV in-motion charging, renewable energy and mobile fuel delivery, to create a unified platform for modern energy management.

 

At the core of its strategy is the Next Utility Operating System®, which uses AI to optimize both new and existing infrastructure across microgrids, utilities, and fleet operations. NextNRG’s smart microgrids serve commercial, healthcare, educational, tribal, and government sites delivering cost savings, reliability, and decarbonization. The company also operates one of the nation’s largest on-demand fueling fleets and is advancing wireless charging to support fleet electrification.

 

To learn more, visit www.nextnrg.com.

 

Forward-Looking Statements

 

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement describing NextNRG’s goals, expectations, financial or other projections, intentions, or beliefs is a forward-looking statement and should be considered an at-risk statement. Words such as “expect,” “intends,” “will,” and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, including, but not limited to, those related to NextNRG’s business and macroeconomic and geopolitical events. These and other risks are described in NextNRG’s filings with the Securities and Exchange Commission from time to time. NextNRG’s forward-looking statements involve assumptions that, if they never materialize or prove correct, could cause its results to differ materially from those expressed or implied by such forward-looking statements. Although NextNRG’s forward-looking statements reflect the good faith judgment of its management, these statements are based only on facts and factors currently known by NextNRG. Except as required by law, NextNRG undertakes no obligation to update any forward-looking statements for any reason. As a result, you are cautioned not to rely on these forward-looking statements.

Investor Relations Contact

 

NextNRG, Inc.

Sharon Cohen

SCohen@nextnrg.com

 

 

FAQ

How much revenue did NextNRG (NXXT) generate in 2025?

NextNRG generated $81.8 million in revenue in 2025. This compares to $27.8 million in 2024, representing about 195% year-over-year growth, largely driven by expansion of its Mobile Fuel Delivery platform, new market entries, and increased activity with commercial fleet customers.

What was NextNRG (NXXT)’s net loss and Adjusted EBITDA for 2025?

NextNRG reported a 2025 GAAP net loss of $88.2 million. This included sizable stock-based compensation, interest expense, and an impairment charge. However, Adjusted EBITDA, which excludes these items and other non-cash costs, improved to $17.1 million from $8.9 million in 2024.

How did NextNRG’s gross margin change in 2025 versus 2024?

NextNRG’s consolidated gross margin improved to 8.4% in 2025. This was up from 6.4% in 2024, reflecting better operating efficiency as the network scaled. In the fourth quarter of 2025, fuel delivery gross margin was even stronger at approximately 10.4%.

What were NextNRG (NXXT)’s key fourth quarter 2025 operating highlights?

The fourth quarter of 2025 was NextNRG’s strongest operating period. Mobile fuel delivery revenue was about $23 million, including $8.0 million in December. December revenue grew 253% year over year, supported by roughly 2.53 million gallons of fuel delivered and improved fuel delivery margins.

How does NextNRG define and use Adjusted EBITDA in its results?

NextNRG’s Adjusted EBITDA is a non-GAAP measure. It starts from net loss and adds back net interest expense, taxes, depreciation, amortization, impairment charges, and stock-based compensation. Management believes this metric helps investors evaluate underlying operating performance apart from significant non-cash and financing-related items.

What strategic initiatives supported NextNRG’s 2025 performance?

NextNRG focused on scaling its platform and infrastructure business. In 2025 it expanded its operating footprint, integrated acquired fleet assets, and signed its first long-term energy infrastructure agreements, combining on-site generation, battery storage, and intelligent energy management under long-term structured contracts.

Filing Exhibits & Attachments

4 documents