NextNRG (NASDAQ:NXXT) held its fourth-quarter earnings conference call on Thursday. Below is the complete transcript from the call.
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The full earnings call is available at https://event.choruscall.com/mediaframe/webcast.html?webcastid=EyFyVDMM
Summary
NextEnergy Inc. reported a 195% revenue growth from $27.8 million in 2024 to $81.8 million in 2025, primarily driven by its mobile fueling business and strategic acquisitions.
The company improved its gross margin from 8.4% in 2024 to 10.4% by Q4 2025, indicating enhanced operational efficiency.
The company closed its first power purchase agreements for microgrid projects, highlighting a pipeline worth approximately $750 million, which promises long-term revenue streams.
NextEnergy Inc. recorded a GAAP net loss of $88.2 million for 2025, largely due to non-cash items like stock-based compensation and amortization, while adjusted EBITDA loss was $17.1 million.
Management emphasized the focus on reducing reliance on high-cost short-term debt and increasing operating cash flow through strategic growth in both fueling and energy infrastructure segments.
Full Transcript
OPERATOR
Good morning and welcome to the NextEnergy Energy Inc. Fourth quarter and full year 2025 earnings call. All participants are in a listen only mode. Following management’s prepared remarks, we will move to a pre submitted Q and A. This call is being recorded. Before we begin, I will turn it over to Sharon Cohen for the required forward looking statements disclosure. Sharon, please go ahead.
Sharon Cohen
Thank you. I’d like to begin by reminding everyone that today’s discussion will include forward looking statements within the meaning of the Private Securities Litigation Litigation Reform Act of 1995. These statements involve known and unknown risks and uncertainties that could cause actual results to differ materially. Please refer to our most recent SEC filings for a full discussion of relevant risk factors. Today’s call will also reference adjusted ebitda, a non GAAP (Generally Accepted Accounting Principles) financial measure, a full reconciliation of this measure to net loss. The most comparable GAAP (Generally Accepted Accounting Principles) measure is available in our earnings release located in the Investor tab of our website. Non GAAP (Generally Accepted Accounting Principles) financial measures should not be considered a substitute for GAAP (Generally Accepted Accounting Principles) results. On the call today is Michael DeFarkas, founder and chief Executive Officer as well as Joel Kleiner, Chief Financial Officer. Michael, the floor is yours.
Michael DeFarkas (Founder and Chief Executive Officer)
Thank you Sharon and good morning everyone. I want to begin with some numbers that will frame everything you’re about to hear. In 2024 NextEnergy generated $27.8 million in revenue, while in 2025 we generated $81.8 million. I want to repeat that 27.8 million to 81.8 million. That is about 195% growth in one single year. Our on site mobile fueling business was the driver of this growth. Following the completed merger of NextEnergy and Easy Fill, we integrated two acquisitions, Shelf Tap Up Assets and Yoshi. These acquisitions allowed us to enter into four new major markets, Phoenix, Austin, San Antonio and Houston, ending the year operating coast to coast and results reflected that. We posted seven consecutive months of record revenue and by May, our year to date revenue had already surpassed all of 2024. Most critically, our margins improved as we scaled. Our full year gross margin in fueling was 8.4%. By Q4 it had climbed to 10.4%. That is the direction we’re moving towards as we continue to optimize our operations, implement smarter customer acquisition, greater route density, increase of fuel mix deliveries and less wasted time in that curve. We are still early. I want to call out our fourth quarter specifically because it tells you where this business is headed. Q4 revenue was approximately $23 million. October 7.4 million November 7.5 December, $8 million December alone represented 253% year over year growth in revenue and 308% growth in fuel volumes. And that is the momentum we’re carrying into 2026. I also want to take a moment to highlight something specific because I believe it speaks to the quality of what we are building right now. Our largest commercial fleet customer, the largest global online retailer, is actively cutting other fuel vendors in certain markets and replacing them with us, NextEnergy. That does not happen by accident. That happens when service is cleaner, more reliable and more integrated than the alternatives. This is precisely what we designed our products and services to do. And it means that the opportunity with this one customer alone has not even reached its full potential. I want to talk about our energy infrastructure segment because this is where the Next chapter of NextEnergy is being written. We closed our first power purchase agreements, Sunnyside and Topanga Terrace Rehabilitation and Subacute Care Centers, both in California. Under these agreements, Next Energy will design and build fully integrated on site smart microgrids combining rooftop solar battery storage, gas generators and our patented AI driven controller. These are long term structured agreements with annual escalators built in. This is not equipment sales, but is contracted energy relationships that generate annuitized revenues over the long term, some as many as three decades. We believe finalizing these agreements validates the model. The market exists, customers are ready to commit and NextEnergy is ready to execute. Our pipeline of planned smart microgrid projects stands at approximately $750 million, spanning municipal, tribal, health care, multifamily and commercial facilities, all in various stages of development. We are now converting that pipeline into executed contracts. Before I turn it over, …
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