In recent financial developments, NEXTNRG, Inc., a retail auto dealer and gasoline station company with a market capitalization of $362 million and annual revenue of $28 million, has entered into two separate promissory notes with its CEO, Michael D. Farkas. These agreements were established to bolster the company’s working capital, a critical need given its current ratio of 0.23. According to InvestingPro analysis, the company’s short-term obligations currently exceed its liquid assets.
On Monday, NEXTNRG issued a promissory note for $600,000 with an original issue discount of $72,000. This note carries a 12% annual interest rate and is due by May 5, 2026, or upon the company raising at least $4 million in capital after the note’s issuance date.
Additionally, on Friday, the company and Mr. Farkas agreed on a second note amounting to $112,000, which also includes an original issue discount of $12,000. Similar to the first, this note has a 12% fixed annual interest rate and the same maturity conditions.
Mr. Farkas, who serves as the company’s Chief Executive Officer and Chairman of the Board, is also the beneficial holder of a majority of NEXTNRG’s outstanding common stock. These financial moves are aimed at providing the necessary funds for the company’s immediate operational needs.
The details of these transactions are fully described in the promissory notes, which are filed as exhibits to the company’s recent 8-K filing with the Securities and Exchange Commission. The information in this article is based on these SEC filings.
In other recent news, NextNRG reported a significant increase in revenue for the first quarter of 2025, reaching $16.23 million, marking a 146% rise compared to the same period in 2024. The company also announced a 19.6% year-over-year revenue increase in its Q1 earnings call, totaling $27.8 million. Despite these gains, NextNRG reported a net loss of $16.2 million, or $4.66 per share, as it continues to invest in strategic expansions and product innovations. The company’s growth strategy has included acquisitions of assets from Yoshi Mobility’s fuel division and Shell Oil’s fleet, contributing to a 24% increase in gallons delivered. Analysts noted the company’s efforts to transform into a comprehensive energy technology provider, focusing on AI-driven energy infrastructure and clean energy solutions. NextNRG is preparing to deploy a utility-scale smart microgrid in Northern Florida and launch wireless EV charging pilots. CEO Michael Farkas emphasized the company’s transition towards integrating AI-driven energy infrastructure, microgrids, mobile fueling, and wireless EV charging. The company is exploring financing options and strategic partnerships to support these initiatives, with revenue forecasts for FY2025 and FY2026 set at $31.24 million and $33.58 million, respectively.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.