NextNRG (NXXT) Registration Filing summary

Company overview and business model

• Operates an app-based, on-demand and subscription mobile fuel delivery service for consumer, commercial, and specialty markets, primarily in South Florida, with recent expansion into other states through acquisitions and partnerships.

• Uses proprietary backend software for logistics, customer management, and route optimization, enabling efficient delivery via a fleet of branded trucks.

• Acquired Yoshi’s mobile fueling assets, expanding operations to California, Michigan, Tennessee, and Texas.

• Entered into a Mobile Fueling Vendor Agreement with Amazon Logistics for fleet fueling services.

• Pending acquisition of NextNRG, a developmental-stage company focused on AI/ML-powered renewable energy microgrids and wireless EV charging.

Financial performance and metrics

• For the nine months ended September 30, 2024: revenue of $20.98M (up 20% YoY), net loss of $13.34M, and negative cash flow from operations of $3.45M.

• For the year ended December 31, 2023: revenue of $23.22M (up 54% YoY), net loss of $10.47M, and negative cash flow from operations of $6.64M.

• Gross margin improved YoY due to higher fuel revenues, increased delivery fees, and driver efficiency.

• As of September 30, 2024: cash of $0.83M, accumulated deficit of $58.74M, and stockholders’ equity of $3.56M.

• NextNRG reported net income of $1.06M for the nine months ended September 30, 2024, but is dependent on related party funding and has a working capital deficit.

Use of proceeds and capital allocation

• Net proceeds from the IPO (estimated at $13.3M) will be used for business expansion and general corporate purposes, including working capital.

• $1M specifically allocated for expansion; remainder for general purposes.

• Management retains broad discretion over use of proceeds.