NextNRG Inc (NXXT) 2025 Q2 法說會逐字稿

Excuse me, this is a conference operator. Thank you for your patience. The call will begin shortly. Please continue to hold. Thank you.

打擾一下，我是會議接線生。感謝您的耐心。通話即將開始。請繼續堅持。謝謝。

Good morning, and welcome to the NextNRG Inc. second quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

早安，歡迎參加 NextNRG Inc. 2025 年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Jeff Ramson. Please go ahead.

現在我想將會議交給 Jeff Ramson。請繼續。

Thank you, and good morning. Joining us today are Michael Farkas, our Chief Executive Officer and Executive Chairman; and Joel Kleiner, Chief Financial Officer.

謝謝，早安。今天與我們一起出席的有我們的執行長兼執行主席 Michael Farkas 和財務長 Joel Kleiner。

Before we begin, I'd like to remind you that today's remarks include forward-looking statements. These are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. Please refer to our filings with the SEC, including our most recent Form 10-K and Form 10-Q for a full discussion of these risks.

在我們開始之前，我想提醒大家，今天的言論包含前瞻性陳述。這些都是基於當前的預期和假設，並受到可能導致實際結果大不相同的風險和不確定性的影響。請參閱我們向美國證券交易委員會提交的文件，包括我們最新的 10-K 表和 10-Q 表，以全面了解這些風險。

With that, I'll turn the call over to Michael.

說完這些，我就把電話轉給麥可。

Thank you, Jeff, and welcome, everyone. I'd also like to welcome the many new shareholders who have joined us recently. Thank you for coming on this journey with us. This quarter represents a key moment in our group's story. It's a time when execution, commercial traction and platform development are coming together and where we can share how NextNRG is delivering on its vision. Our mission is to build a fully integrated energy platform powered by AI and backed by our patented technology, connecting fueling, electrification storage and grid orchestration to deliver smarter, more resilient infrastructure for commercial and institutional customers.

謝謝傑夫，歡迎大家。我還要歡迎最近加入我們的眾多新股東。感謝您與我們一起踏上這段旅程。本季是我們集團歷史的關鍵時刻。這是執行、商業吸引力和平台開發相結合的時刻，我們可以分享 NextNRG 如何實現其願景。我們的使命是建立一個由人工智慧驅動並以我們的專利技術為後盾的完全整合的能源平台，連接燃料、電氣化儲存和電網協調，為商業和機構客戶提供更智慧、更具彈性的基礎設施。

This includes on-site mobile fueling, AI-powered microgrids for local generation and battery storage, wireless in motion EV charging and the Next Utility Operating System, which is our AI software layer that ties all systems together. This is about building infrastructure that works, systems that are intelligent, efficient and built to meet the real operational needs of today's energy users.

這包括現場移動加油、用於本地發電和電池儲存的人工智慧微電網、無線運動電動車充電和下一代公用事業作業系統，這是我們將所有系統連結在一起的人工智慧軟體層。這是為了建立有效的基礎設施、智慧、高效的系統，以滿足當今能源用戶的實際營運需求。

Q2 execution highlights. Number one, EzFill expansion. Following our investment in 99 new trucks, we've expanded to 15 metro markets, up from 10. In Q2 alone, we generated $19.7 million in revenues, bringing us to $36 million for the first half of 2025. That already exceeds our full year 2024 volume of $27.7 million. EzFill's model is working. We enter a new market with a Fortune 50 anchor client, build operational density and drive efficiency through route optimization and local logistics. We then expand deeper into that market off the heels of that anchor client. It's a blueprint of what we're continuing to scale.

第二季執行亮點。第一，EzFill 擴展。在我們投資 99 輛新卡車之後，我們的大都會市場已從 10 個擴展到 15 個。光是第二季度，我們就創造了 1,970 萬美元的收入，使 2025 年上半年的收入達到 3,600 萬美元。這已經超過了我們 2024 年全年 2770 萬美元的銷售額。EzFill 的模型正在發揮作用。我們與財富 50 強企業的主要客戶一起進入新市場，透過路線優化和本地物流建立營運密度並提高效率。然後，我們在該主力客戶的帶領下，進一步深入市場。這是我們持續擴展的藍圖。

Number two, our smart microgrid traction. What's exciting is how our broader energy platform is gaining traction with many of our existing trusted client relationships. It's demonstrating our platform's value going beyond fuel and into AI-enabled modern energy solutions. A Fortune 50 EzFill customer focused on a renewable transformation project. They asked us for a proposal to install a full smart microgrid solution, integrating solar, battery storage and on-site generation. In the future, we expect this client to benefit from our wireless in-motion charging capabilities, delivering 100% uptime for their fulfillment equipment inside their facilities.

第二，我們的智慧微電網牽引力。令人興奮的是，我們更廣泛的能源平台正在與我們現有的許多值得信賴的客戶建立越來越密切的關係。這表明我們平台的價值不僅限於燃料，還在於人工智慧支援的現代能源解決方案。財富 50 強 EzFill 客戶專注於再生轉型專案。他們要求我們提供安裝完整智慧微電網解決方案的提案，將太陽能、電池儲存和現場發電整合在一起。未來，我們期望該客戶能夠受益於我們的無線行動充電功能，為其設施內的履行設備提供 100% 的正常運作時間。

In California, we're making progress on several health care deployments. Our AI-driven smart microgrid platform will integrate natural gas generators with solar panels and battery storage to provide both resilience and significant cost savings. These engagements show that the flywheel is starting to turn and that we can extend customer value boost our existing free client base and new commercial, municipal and institutional targets. This pipeline is increasingly diverse in both behind the meter and in front of the meter. We're building off long-term partnerships, not just one-off installs.

在加州，我們在多項醫療保健部署方面取得了進展。我們的人工智慧驅動的智慧微電網平台將天然氣發電機與太陽能電池板和電池儲存相結合，以提供彈性並顯著節省成本。這些合作表明，飛輪開始轉動，我們可以擴大客戶價值，提升我們現有的免費客戶群以及新的商業、市政和機構目標。無論是在電錶後還是電錶前，該管道都變得越來越多樣化。我們正在建立長期合作夥伴關係，而不僅僅是一次性安裝。

Our Utility Operating System, it continues to draw interest from utilities and governments. The sales cycles are longer than our other products but this model generates long and recurring revenues. Average contracts could be about 25 to 30 years in duration, providing long visibility in contractual recurring revenues. We will continue to update you on their progress in future communications.

我們的公用事業作業系統繼續吸引公用事業公司和政府的興趣。銷售週期比我們的其他產品更長，但這種模式可以產生長期且經常性的收入。平均合約期限約為 25 至 30 年，從而為合約經常性收入提供長期可見性。我們將在未來的溝通中繼續向您通報他們的進展。

Number four is our wireless in-motion charging. Our wireless EV charging continues to move towards commercialization. We're building the technical foundation and partnership ecosystem to create a path to scale when we go live. With applications in fulfillment, logistics and fleet depots, we will continue to invest in this capability and make consistent progress with the goal of going live in 2026.

第四是我們的無線行動充電。我們的電動車無線充電繼續走向商業化。我們正在建立技術基礎和合作夥伴生態系統，以便在上線時創建一條擴展路徑。透過在履行、物流和車隊倉庫中的應用，我們將繼續投資於此功能並不斷取得進展，目標是在 2026 年上線。

Number five, tariffs and the Big Beautiful Bill. We're cognizant that investors are focused on the impacts of tariffs and the Big Beautiful Bill. We want to take this opportunity to clarify that our equipment and parts are manufactured here in Florida, yes, made in the great U.S. of A. By working with strong local partners, we're able to manage supply chain time lines and cost risks while accelerating delivery on our pipeline. This will help us to meet certain criteria to benefit from the Big Beautiful Bill.

第五，關稅和大美麗法案。我們意識到投資者關注的是關稅和《大美麗法案》的影響。我們想藉此機會澄清一下，我們的設備和零件是在佛羅裡達州製造的，是的，是在偉大的美國製造的。透過與強大的本地合作夥伴合作，我們能夠管理供應鏈時間表和成本風險，同時加快管道交付。這將有助於我們滿足某些標準，從而從《大美麗法案》中受益。

Strategic focus. Looking ahead, our execution priorities are clear: expand our EzFill footprint centered around our anchor clients in each market; scale deployments of smart microgrids and battery storage; cross-sell infrastructure into our existing client base; advance commercialization of wireless charging; and drive efficiency in our operations and capital structure. We're building carefully with discipline and we're seeing clear signals of traction.

戰略重點。展望未來，我們的執行重點很明確：擴大我們在每個市場圍繞主力客戶的 EzFill 覆蓋範圍；擴大智慧微電網和電池儲存的部署；向現有客戶群交叉銷售基礎設施；推進無線充電的商業化；提高我們的營運和資本結構的效率。我們正在按照紀律謹慎地建設，並且看到了明顯的進展訊號。

Energy is not -- NextNRG is not just a fueling company. It is a clean -- and it's not just a clean energy company. It's a platform built for resilience, built for integration and built to scale with the needs of real operators. We're early but we're building with purpose, and we're grateful to your belief in the opportunity ahead.

能源不是——NextNRG 不僅僅是一家加油公司。它是一家清潔能源公司——而且不僅僅是一家清潔能源公司。它是一個為彈性而構建、為整合而構建並根據實際運營商的需求而擴展的平台。我們起步尚早，但我們是有目的的建設，我們感謝您對未來機會的信任。

With that, I'll turn it over to Joel for the financial review.

說完這些，我將把財務審查交給喬爾。

Thank you, Michael. Let me walk through our second quarter financials and highlight the progress we're making toward our long-term financial goals. Starting with revenue and gross profit. Q2 revenue was $19.7 million, up 166% year-over-year. First half revenue reached $36 million compared to $27.7 million for all of 2024. Gross profit was $1.6 million, up from $0.6 million in Q1. Gross margin expanded from 3% in Q1 to 8% in Q2. When we set out to expand into new markets, we believed we could deliver strong top line growth while capturing operating synergies. This quarter, we're beginning to demonstrate exactly that.

謝謝你，麥可。讓我介紹一下我們第二季的財務狀況，並強調我們在實現長期財務目標方面取得的進展。從收入和毛利開始。第二季營收為 1,970 萬美元，年增 166%。上半年收入達 3,600 萬美元，而 2024 年全年收入為 2,770 萬美元。毛利為 160 萬美元，高於第一季的 60 萬美元。毛利率從第一季的 3% 擴大到第二季的 8%。當我們著手拓展新市場時，我們相信我們能夠在實現營運協同效應的同時實現強勁的收入成長。本季度，我們開始證明這一點。

Let's talk about operating expenses and stock compensation. Loss from operations was $30.8 million, but that includes a noncash stock-based compensation charge of $25.5 million. Adjusted operating loss excluding that charge was $5.2 million compared to $5.8 million in Q1, reflecting the team's focus to reduce operating expenses and drive toward cash flow positive.

讓我們來談談營運費用和股票薪酬。營業虧損為 3,080 萬美元，但其中包括 2,550 萬美元的非現金股票薪酬費用。扣除該費用後的調整後營業虧損為 520 萬美元，而第一季為 580 萬美元，這反映出該團隊致力於降低營運費用並推動現金流為正。

I want to take a minute to explain that $25.5 million charge mentioned a moment ago. That charge reflects the launch of our new equity incentive plan, our first since the merger, designed to attract and retain top talent. While stock comp will remain part of our model, we don't expect future charges of this size to occur.

我想花一點時間來解釋剛才提到的 2550 萬美元的費用。這筆費用反映了我們推出的新股權激勵計劃，這是我們自合併以來的首個計劃，旨在吸引和留住頂尖人才。雖然股票補償仍將是我們的模型的一部分，但我們預計未來不會發生這種規模的費用。

Cash flow and capital structure. Cash used in operations was $6.4 million in the first half of 2025, down from $8.4 million year-over-year, a material improvement. We made meaningful progress on the balance sheet. We converted a portion of our debt to equity, refinanced some of our truck fleet on better terms and reduced our monthly debt service burden by close to $1 million. This increased flexibility strengthens our liquidity position and moves us closer to positive cash flow from operations.

現金流和資本結構。2025 年上半年營運現金使用量為 640 萬美元，低於去年同期的 840 萬美元，這是一個實質的改善。我們在資產負債表方面取得了有意義的進展。我們將部分債務轉換為股權，以更優惠的條件為部分卡車車隊進行再融資，並將每月的債務償還負擔減少了近 100 萬美元。這種靈活性的增強增強了我們的流動性狀況，使我們更接近實現經營活動產生的正現金流。

As we continue to execute our plan, driving top line growth, managing burn and accelerating our path to profitability, we plan to raise capital to help fuel our disciplined strategy. We'll do so thoughtfully with a focus on preserving long-term shareholder value. With accelerating revenue, improving margins, better cash efficiency and a more flexible balance sheet, we believe we're on a path to achieve breakeven in the coming quarters while staying -- while setting ourselves up to scale. We're staying focused on smart growth, and we're confident in the direction we're heading.

隨著我們繼續執行計劃、推動營收成長、管理資金消耗並加速獲利之路，我們計劃籌集資金以推動我們嚴謹的策略。我們將慎重考慮，並專注於維護長期股東價值。隨著收入的加速成長、利潤率的提高、現金效率的提高和資產負債表的更加靈活，我們相信我們將在未來幾季實現收支平衡，同時保持規模成長。我們始終專注於智慧成長，並對我們的前進方向充滿信心。

Thank you for listening. Michael, back to you.

謝謝您的聆聽。邁克爾，回到你身邊。

Thank you, Joel. Before we open the call for questions, I want to take a moment to thank the people who are making our progress possible. To our shareholders, including many new ones, thank you for your belief and our vision and your continued support. For our customers and partners, we're honored to be solving complex energy challenges alongside you. And to the entire NextNRG team, your dedication, innovation and grit will drive this company forward every day.

謝謝你，喬爾。在我們開始提問之前，我想花點時間感謝那些讓我們進步的人。對於我們的股東，包括許多新股東，感謝你們的信任、我們的遠見以及你們持續的支持。對於我們的客戶和合作夥伴，我們很榮幸能夠與您一起解決複雜的能源挑戰。對於整個 NextNRG 團隊來說，你們的奉獻、創新和勇氣將推動公司每天向前發展。

We're building something meaningful, a smarter, more resilient energy platform designed for how the world works today and where it's headed tomorrow. We still have work to do but we're executing with discipline and momentum, and we're excited about what lies ahead.

我們正在建立一個有意義的東西，一個更聰明、更具彈性的能源平台，旨在適應當今世界運作的方式和未來的發展方向。我們仍有工作要做，但我們正在有紀律、有動力地執行，我們對未來充滿期待。

Thank you. Operator, we can now open the call for questions.

謝謝。接線員，我們現在可以開始提問了。

I understand that there were some emailed questions. Jeff Ramson, please go ahead, sir.

我了解到有一些透過電子郵件發送的問題。傑夫·拉姆森，先生，請繼續。

Correct. Thank you. Yes, I've collected some questions, and Michael, I'll ask them for you. The first one relates to the flywheel that you discussed. I mean, can you elaborate a bit more on what you mean by the flywheel and how that impacts your business?

正確的。謝謝。是的，我收集了一些問題，邁克爾，我會幫你問的。第一個與您討論的飛輪有關。我的意思是，您能否更詳細地解釋一下飛輪的含義以及它對您的業務有何影響？

Okay. We have different technologies that are integrated together. And while when you combine them all, it's an amazing solution for many different companies out there, whether in the logistics space, manufacturing. There's an issue today with generating electricity. There's not enough power out there. So that's one of our main products and services that we provide. We assist companies in being able to generate electricity locally, store that electricity locally.

好的。我們擁有整合在一起的不同技術。當你將它們結合起來時，對於許多不同的公司來說，這是一個令人驚嘆的解決方案，無論是在物流領域還是製造業。如今，發電存在一個問題。那裡的電力不夠。這是我們提供的主要產品和服務之一。我們協助公司在當地發電並在當地儲存電力。

In addition, if you have vehicles and you need wireless charging, we have the ability of providing you that as well. So it's an entire ecosystem that we're building. And you can select each of the individual components on its own, but you can have that entire ecosystem as well. So hypothetically speaking, we're talking about providing energy both before and after the meter, right?

此外，如果您有車輛並且需要無線充電，我們也可以為您提供。所以我們正在建構一個完整的生態系統。您可以單獨選擇每個單獨的組件，但也可以擁有整個生態系統。因此，從理論上講，我們討論的是在電錶之前和之後提供能源，對嗎？

Before the meter, right, that's energy that we're typically selling to institutions, municipalities, utilities. That's that model. After the meter, we're selling directly to the customer. By having all these technologies and all these capabilities, we're allowed to be able to service different customers as they need. We may have a customer that just needs energy generation and energy storage. They don't need charging. They don't need all these other functionality or features. We can provide them with that.

在電錶出現之前，我們通常會將能源出售給機構、市政當局和公用事業公司。就是那個模型。計量後，我們直接將產品賣給客戶。透過擁有所有這些技術和能力，我們能夠根據不同客戶的需求為他們提供服務。我們可能有一位客戶只需要發電和儲能。它們不需要充電。他們不需要所有這些其他功能或特性。我們可以為他們提供這些。

We have locations that just need charging. We could provide them with that solution as well. We have an entire ecosystem where you can pick and choose each of the different services and products that we have to provide you exactly with what you need.

我們有一些地方只需要充電。我們也可以為他們提供該解決方案。我們擁有一個完整的生態系統，您可以在其中挑選我們提供的各種不同的服務和產品，以滿足您的確切需求。

Very good. Okay. Another question we got was, if you could talk a bit more about the California projects and maybe talk about timing and things like that.

非常好。好的。我們收到的另一個問題是，您是否可以多談談加州項目，並談論時間安排之類的事情。

Okay, excellent. The California projects that we're referring to are health care-oriented. They're for health care facilities. These facilities are mandated by law to have a certain amount of backup if the grid goes out. And these special locations have about 96 hours of backup time. And when you look at our technology, it's not about renewables. It's not we're a solar company. We're actually deploying natural gas solutions as well as solar solutions on a hybrid smart microgrid.

好的，非常好。我們所指的加州計畫是以醫療保健為導向的。它們適用於醫療保健設施。法律規定，如果電網斷電，這些設施必須有一定數量的備用電源。而這些特殊地點有大約96小時的備用時間。當你觀察我們的技術時，你會發現它與再生能源無關。我們並不是一家太陽能公司。我們實際上正在混合智慧微電網上部署天然氣解決方案和太陽能解決方案。

So we're agnostic in our -- all of our technologies is agnostic as to how we produce the fuel. Whether it's done through burning petroleum or whether it's through nuclear or whether it's through natural gas or even coal, our technology allows for the production of energy to be done a lot more efficiently with whatever way you -- whatever fuel you're using to create that electricity.

因此，我們對於如何生產燃料持不可知論——我們的所有技術都不可知。無論是透過燃燒石油、核能、天然氣或煤炭，我們的技術都可以更有效率地生產能源，無論你使用什麼燃料來發電。

It's very important to understand that we are not just a green energy company, but we're a company that allows no matter how you're producing that energy to do so way more efficiently. And it's not only just from an energy perspective, it's from an operation and management perspective. Clients just use our technology in the real world and it's a long-term project. It was backed by $800-plus million of DOE collaboration.

非常重要的一點是，我們要明白，我們不僅僅是一家綠色能源公司，而且我們是一家能夠讓您以任何方式更有效率地生產能源的公司。這不僅是從能源角度來看，也是從營運和管理角度來看。客戶只是在現實世界中使用我們的技術，這是一個長期專案。該計畫得到了美國能源部 8 億多美元的合作支持。

That utility that deployed our technology has reduced their O&M costs by almost 32%. You're talking about a grid. You're talking about a utility grid. You're talking billions of dollars that can be saved. So across the board, our technology digitizes a grid and allows for efficiencies that have never ever been achieved beforehand.

部署我們技術的公用事業公司已將其營運和維護成本降低了近 32%。您正在談論網格。您正在談論公用電網。你說的是可以省下數十億美元。因此，從整體來看，我們的技術將電網數位化，並實現了前所未有的效率。

Got it, got it. Okay. And the last one I have here is talking about the technology. And I believe you mentioned in the past as well being agnostic to fuel source. Can you just talk a bit more about that?

明白了，明白了。好的。我在這裡要談的最後一點是技術。我相信您過去也提到過對燃料來源的不可知論。您能再多談一下這個嗎？

Could you repeat that question, please?

您能重複一下這個問題嗎？

Yes. Just talking about your technology and being agnostic to the type of fuel source.

是的。只是談論您的技術，而對燃料來源的類型一無所知。

Yes. Again, utilities have different ways of producing electricity, right? And right now, we have many of our commercial fuel clients are focusing on transitioning to renewable solutions. Our legacy business allows us to service our customers of today and then assist them and hold their hands through that process.

是的。再說了，公用事業公司有不同的發電方式，對嗎？目前，我們的許多商業燃料客戶正致力於向再生能源解決方案轉型。我們的傳統業務使我們能夠為當今的客戶提供服務，並在整個過程中為他們提供幫助和指導。

We even have customers that are going to always have some sort of legacy fueling. Again, you want to have redundancy no matter what and the grid is not going away so fast. So you need to implement all these different methodologies of producing electricity so that you have redundancy. You don't want to be dependent on any single fuel source. So there's going to be nuclear. It's not going away. You're going to have natural gas plants. Those are still online for quite some time.

我們甚至有一些客戶總是會使用某種形式的傳統燃料。再說一次，無論怎樣你都希望有冗餘，而且電網不會消失得那麼快。因此，您需要實施所有這些不同的發電方法，以便實現冗餘。您不想依賴任何單一的燃料來源。所以將會有核能。它不會消失。你們將會擁有天然氣工廠。這些仍然在線很長一段時間了。

And then you're going to have your hydrogen and your solar and your energy storage and your wind. There's going to be different components of it. We need to make sure that we're not dependent on any single fuel source. But the most important thing is whatever fuel we're using to create electricity, we need to be a lot more efficient in doing so. And that's what we bring to the table.

然後你就會有氫能、太陽能、儲能和風能。它會有不同的組成部分。我們需要確保我們不依賴任何單一的燃料來源。但最重要的是，無論我們使用什麼燃料來發電，我們都需要提高效率。這就是我們所能提出的。

Okay, so those are the main questions I received. I think we're good on the questions.

好的，這些就是我收到的主要問題。我認為我們對這些問題的回答很到位。

Thank you. This concludes our question-and-answer session. I would like to turn the conference back over to Michael Farkas for any closing remarks.

謝謝。我們的問答環節到此結束。我想將會議交還給邁克爾法卡斯 (Michael Farkas) 做閉幕發言。

Thank you, everybody, for joining us on this journey. We still have a way to go. There's a lot of work that needs to be done. The energy space in its entirety is very, very antiquated. We need to digitize the grid globally. And we believe with our technology being implemented, you're talking about annual savings over $0.5 trillion if every utility implemented our technologies. So it's something that could be groundbreaking globally and impact everyone personally. Thank you, everybody.

感謝大家與我們一起踏上這段旅程。我們還有很長的路要走。還有很多工作要做。整個能源空間非常非常古老。我們需要在全球範圍內實現電網數位化。我們相信，隨著我們技術的實施，如果每家公用事業公司都實施我們的技術，每年可節省超過 0.5 兆美元。因此，這可能是一項具有開創性意義的全球性事件，並且會對每個人產生影響。謝謝大家。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。