NextNRG Inc. reported full‑year revenue of $81.8 million, a 195 % increase from $27.8 million in 2024, and a GAAP net loss of $88.2 million. The loss was driven largely by a $42.6 million charge for non‑cash stock‑based compensation, a $17 million interest expense, and an $8.54 million impairment charge.
Revenue growth was concentrated in the Mobile Fuel Delivery segment, which expanded fleet integration, entered new markets, and increased activity with commercial fleet customers. These initiatives drove the 195 % year‑over‑year increase and positioned the platform as the primary growth engine.
Gross margin improved to 8.4 % from 6.4 % in 2024, and reached 10.4 % in Q4 2025, reflecting route‑optimization and tighter scheduling that boosted fleet utilization. The improvement supports the company’s claim that the fueling business is becoming self‑funding.
Despite the revenue and margin gains, the company posted a net loss of $88.2 million. After removing non‑cash compensation, interest, and impairment, adjusted EBITDA stood at $17.1 million, indicating positive underlying operating performance. The loss highlights the cash‑intensive nature of the dual‑business model and the company’s reliance on debt financing.
Management also announced the signing of its first long‑term energy infrastructure agreements and highlighted a smart microgrid pipeline valued at approximately $750 million. The company’s price‑to‑sales ratio of 0.15, well below the industry median of 0.52, suggests potential undervaluation, while a GF Score of 11/100 signals financial fragility.
CEO Michael D. Farkas said, '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.' CFO Joel Kleiner added, 'Our GAAP net loss for 2025 was $88.2 million. The largest driver is stock‑based compensation which is totaled at $42.6 million. This is entirely noncash.'
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