NextNRG Reports 147% Revenue Growth but Increases Net Loss to $8.9 Million

NextNRG, Inc. has reported significant financial developments in its latest 10-Q filing for the quarter ending March 31, 2025. The company generated net sales of $16.3 million, a substantial increase of 147% compared to $6.6 million in the same period last year. However, the company also reported a net loss of $8.9 million, which is more than triple the loss of $2.7 million recorded in the first quarter of 2024. This increase in losses is attributed to higher costs associated with sales and general administrative expenses, which rose to $22 million from $8.5 million year-over-year.

The company's total assets increased to $26 million as of March 31, 2025, up from $22.4 million at the end of 2024. This growth was primarily driven by a rise in current assets, which reached $7 million, compared to $3.4 million in the previous quarter. Notably, cash reserves improved to $2.1 million from $1.6 million, and accounts receivable surged to $3.9 million, reflecting a growing customer base and increased sales activity. However, the company continues to face challenges with a working capital deficit of $24 million and an accumulated deficit of $76.5 million.

Strategically, NextNRG has undergone significant organizational changes, including a name change from EzFill Holdings, Inc. to NextNRG, Inc. The company completed a common control merger on February 13, 2025, acquiring NextNRG Holding Corp. in exchange for 100 million shares of common stock. This merger is expected to enhance the company's capabilities in renewable energy, particularly in wireless electric vehicle charging technology and solar energy solutions. Additionally, the company appointed Michael D. Farkas as CEO and Joel Kleiner as CFO following the merger.

Operationally, NextNRG has reported an increase in customer engagement, with a notable rise in accounts receivable indicating a growing customer base. The company is focusing on expanding its market presence and enhancing its product offerings. However, it remains reliant on related party funding to support its operations, raising concerns about its long-term financial sustainability. The company has acknowledged the need for additional capital to continue its growth trajectory and meet operational needs.

Looking ahead, NextNRG's management has outlined plans to expand into new markets and pursue collaborations to enhance its service offerings. However, the company faces significant risks, including reliance on a limited number of key customers and suppliers, which could impact its financial stability. The outlook remains cautious, as the company must navigate these challenges while striving to achieve profitable operations and secure necessary funding for future initiatives.