NextNRG Reports $16.2 Million Net Loss Despite 19.6% Revenue Growth in 2024

NextNRG, Inc. (formerly EzFill Holdings, Inc.) reported a net loss of $16.2 million for the year ended December 31, 2024, compared to a net loss of $10.5 million in 2023. Revenues increased by 19.6% to $27.8 million, driven by a rise in gallons delivered and an increase in the average price per gallon. This growth was attributed to an expanded customer base, strengthened fleet partnerships, and technological and marketing enhancements. Cost of sales also increased by 16.6% to $25.5 million, reflecting higher fuel volumes and delivery costs, although gross profit improved due to pricing strategies and operational efficiencies.

Operating expenses decreased by 3.3% to $8.5 million in 2024, primarily due to cost-management initiatives in payroll, sales & marketing, and insurance & technology. However, other income (expense) showed a significant negative swing, decreasing by $6.97 million to -$8.9 million, largely due to a substantial increase in interest expense, including default penalty interest and debt discount amortization, and a loss on debt extinguishment. Depreciation and amortization decreased slightly to $1.1 million.

Significant developments during the reporting period included the acquisition of Yoshi, Inc.'s mobile fueling assets for $2 million, expanding operations into California, Michigan, Tennessee, and Texas. A purchase and sale agreement with Shell Retail and Convenience Operations LLC resulted in the acquisition of 73 trucks and six atmospheric storage tanks for $4.84 million. A mobile fueling vendor agreement was signed with Amazon Logistics, Inc. The company also issued several promissory notes, totaling $2.8 million, for working capital needs, some of which were convertible into common stock. A common control merger with NextNRG Holding Corp. was completed on February 13, 2025, resulting in NextNRG becoming a wholly-owned subsidiary and a change of the company name to NextNRG, Inc. As of March 25, 2025, the company employed approximately 163 full-time employees.

The company's liquidity and capital resources remain a concern, with current liabilities substantially exceeding current assets as of December 31, 2024. The company anticipates needing additional capital to fund operations beyond June 30, 2025. The company's independent registered public accounting firm issued a going concern qualification due to the company's net losses and reliance on external financing. Management is pursuing strategies to improve revenue generation and operational efficiency to mitigate this risk. The company's outlook includes plans to expand geographically, secure additional financing, and pursue collaborations and acquisitions. The company's stock is traded on the Nasdaq Capital Market under the symbol "NXXT". As of March 25, 2025, there were approximately 112 million shares of common stock outstanding. The company has not paid dividends and does not anticipate paying any in the foreseeable future.