NextNRG Inc. announced its third‑quarter 2025 financial results on November 17, 2025, reporting revenue of $22.9 million, a 232 % year‑over‑year increase from $6.9 million in Q3 2024 and a sequential rise from $19.7 million in Q2 2025.
The revenue jump was driven by a 166 % sequential increase in the mobile fueling segment, which added 99 trucks to its fleet and expanded into 11 new markets, and a 121 % rise in the AI‑driven energy platform segment, reflecting growing demand for microgrid and bidirectional EV charging solutions.
Gross profit climbed to $2.4 million, pushing gross margin to 11 % from 8 % in Q2 2025. The margin expansion was largely attributable to volume‑based supplier discounts, route optimization, and a higher mix of high‑margin commercial and healthcare microgrid contracts.
Despite the top‑line growth, the company posted a net loss of $14.9 million and an earnings per share of –$0.11, missing the consensus estimate of –$0.05. The loss widened from –$36.1 million in Q2 2025, driven by a $5.6 million non‑cash stock‑based compensation charge and continued capital expenditures aimed at scaling the fleet and technology platform.
Management reiterated its guidance for the remainder of the year, emphasizing that revenue growth will continue as new markets mature and that margin expansion will accelerate with further operational efficiencies. CEO Michael Farkas noted that the company is “on a path to positive cash flow” but that timing will depend on market penetration and cost discipline.
The company’s SEC filing disclosed substantial doubt about its ability to continue as a going concern, citing a cash balance of $653,869, a working‑capital deficit of $29.97 million, and a stockholders’ deficit of $17.27 million. The filing also highlighted that 48.85 % of nine‑month sales were generated by a single customer, underscoring concentration risk.
Investors reacted negatively to the earnings miss, with the market citing the EPS shortfall and liquidity concerns as primary drivers of the downturn. Analysts noted that while revenue and margin trends are encouraging, the company’s path to profitability remains uncertain without a significant improvement in cash flow and a reduction in operating losses.
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