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, supported by a fleet of nearly 40 trucks.

• Recently agreed to acquire NextNRG, a renewable energy company focused on AI/ML-powered smart microgrids and wireless EV charging, to diversify into clean energy solutions.

Financial performance and metrics

• For the three months ended March 31, 2024: revenue was $6.6M (up 26% YoY), net loss was $1.9M, and adjusted EBITDA was $(816K).

• For the year ended December 31, 2023: revenue was $23.2M (up 54% YoY), net loss was $10.5M, and adjusted EBITDA was $(6.0M).

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

• As of March 31, 2024, cash was $48.6K, accumulated deficit was $47.2M, and working capital deficit was $6.3M.

• NextNRG had no revenue and a net loss of $415.9K for Q1 2024; cash was $39.7K at quarter end.

Use of proceeds and capital allocation

• Net proceeds of ~$13.3M (or $15.3M if over-allotment is exercised) are intended for acquisitions (~$6M), debt repayment (~$920K), and general corporate purposes including working capital.

• Management retains broad discretion over use of proceeds.