NextNRG Reports $19.7M in Q2 Sales, Faces $36.1M Net Loss Amid Expansion Efforts

NextNRG, Inc. (formerly EzFill Holdings, Inc.) reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2025. The company generated net sales of $19.7 million for the three months ended June 30, 2025, a substantial increase from $7.4 million in the same period last year. For the first half of 2025, total sales reached $36.0 million, compared to $14.0 million for the first half of 2024. Despite this revenue growth, NextNRG reported a net loss of $36.1 million for the second quarter and $45.1 million for the first half of 2025, reflecting a significant increase in operational costs, particularly in general and administrative expenses, which surged to $31.8 million in the second quarter from $2.8 million a year earlier.

The company's balance sheet showed total assets of $25.5 million as of June 30, 2025, up from $22.4 million at the end of 2024. Current assets increased notably to $8.2 million, driven by higher cash reserves and accounts receivable. However, total liabilities also rose to $39.3 million, primarily due to increased accounts payable and accrued expenses, which jumped to $6.7 million from $1.7 million at the end of 2024. The company’s stockholders’ deficit widened to $13.8 million, up from $12.7 million, largely due to the accumulated losses.

Strategically, NextNRG has been active in expanding its operations and capabilities. The company completed the acquisition of Next Charging LLC, which has been integrated into its operations, and it is now focusing on developing renewable energy solutions, including wireless electric vehicle charging technology. The transition to a renewable energy company is part of NextNRG's broader strategy to enhance its service offerings and market position. The company also appointed Michael D. Farkas as CEO following the acquisition, replacing Yehuda Levy, and appointed Joel Kleiner as CFO.

Operationally, NextNRG has expanded its customer base and fleet, with a growing number of fuel delivery trucks. The company reported an increase in customer engagement metrics, although specific user statistics were not disclosed. The company is also focusing on geographic expansion and aims to enhance its market share in the mobile fuel delivery and renewable energy sectors. As of June 30, 2025, NextNRG had cash reserves of $2.7 million, which it plans to utilize for further operational expansion and to address its working capital needs.

Looking ahead, NextNRG anticipates the need for additional capital to sustain its operations and fund its growth initiatives. The company has expressed concerns regarding its ability to secure financing on favorable terms, which could impact its operational continuity. Management is actively exploring various strategies, including market expansion and potential collaborations, to enhance its financial stability and achieve profitable operations in the future.