Explosive Revenue Growth
Revenue increased from $27.8M in 2024 to $81.8M in 2025, a ~195% year-over-year increase, driven primarily by the on-site mobile fueling business and acquisitions.
Quarterly and Monthly Momentum
Q4 revenue was approximately $23M (Oct $7.4M; Nov $7.5M; Dec $8.0M). December represented ~253% year-over-year revenue growth and ~308% growth in fuel volumes. Company reported 7 consecutive months of record revenue and had surpassed full-year 2024 YTD by May.
Improving Gross Profit and Margins
Gross profit grew to $6.9M in 2025 from $1.8M in 2024 (nearly 4x). Fueling full-year gross margin was ~8.4% and improved to ~10.4% by Q4; management noted quarter-over-quarter margin expansion driven by operational efficiency, route density and optimized fuel mix.
Adjusted EBITDA Improvement
Adjusted EBITDA loss improved to approximately -$7.1M in 2025 from -$8.9M in 2024, indicating progress toward operating leverage when stripping noncash and one-time items.
Energy Infrastructure Milestones and Large Pipeline
Closed first power purchase agreements (microgrid projects for two California rehabilitation/subacute care centers). Pipeline of planned smart microgrid projects stands at approximately $750M across municipal, tribal, healthcare, multifamily and commercial facilities; contracts expected to generate annuitized revenue with multi-decade terms and annual escalators.
Geographic and Strategic Expansion
Completed merger and integrated two acquisitions to enter four new major markets (Phoenix, Austin, San Antonio, Houston), achieving coast-to-coast operations. Secured large commercial fleet customers, including a major global online retailer replacing other fuel vendors with NextNRG.
Capital Raise Supporting Growth
February 2025 equity raise of $50M provided critical working capital to support integration, expansion and pipeline development.