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 expansion plans across Florida and other states.

• Uses proprietary backend software for logistics, customer management, and route optimization, enabling efficient fuel delivery via a fleet of nearly 40 trucks.

• Recently entered into an agreement to acquire NextNRG, a developmental-stage company focused on AI/ML-powered renewable energy microgrids and wireless EV charging, to diversify into clean energy solutions.

• NextNRG’s acquisition of SEI brings exclusive licenses for smart microgrid and wireless charging technologies, targeting both U.S. and global markets.

Financial performance and metrics

• For the six months ended June 30, 2024: revenue was $13.99M (up 23% YoY), with a net loss of $5.26M; gross margin improved due to higher fuel revenues and delivery fees.

• For the year ended December 31, 2023: revenue was $23.2M (up 54% YoY), net loss was $10.47M, and adjusted EBITDA was $(6.01)M.

• As of June 30, 2024: cash was $306,811, accumulated deficit was $50.6M, and working capital deficit was $7.5M.

• NextNRG had no revenue and a net loss of $1.52M for the six months ended June 30, 2024; cash on hand was $27,256.

Use of proceeds and capital allocation

• Estimated net proceeds of $13.3M (or $15.3M if over-allotment is exercised) will be used to pay amounts outstanding for the SEI acquisition, debt repayment, and general corporate purposes including working capital.

• Management retains broad discretion over the use of proceeds, with a focus on supporting operations and growth initiatives.