EZFill Holdings Inc. (EZFL): History, Ownership, Mission, How It Works & Makes Money

How does a mobile fueling company like EZFill Holdings Inc. (EZFL) manage to report a Q3 2025 revenue surge of 232% year-over-year to $22.9 million while simultaneously facing an explicit going concern warning? This company, which is rapidly transforming into NextNRG, Inc. (NXXT) as part of its pivot toward energy infrastructure, is a perfect case study in high-growth, high-risk strategy.

You need to understand the mechanics of this business, which is projected to deliver over 26 million gallons of fuel and generate over $100 million in revenue in 2025, but still operates with a working capital defict of nearly $30 million as of Q3 2025. We'll defintely map out the history of their on-demand model, how they make money with an 11% gross margin, and what the merger means for their future ownership and mission.

EZFill Holdings Inc. (EZFL) History

You're looking for the bedrock story of EZFill Holdings Inc., and honestly, it's a classic tale of a small, disruptive idea meeting the high-stakes world of public markets and rapid expansion. The direct takeaway is this: EZFill started as a local mobile fueling service in 2016, but its true, high-growth trajectory-and its current financial paradox-began with its 2021 public listing and a massive strategic pivot in 2025 toward becoming a broader energy solutions provider.

Given Company's Founding Timeline

Year established

The original concept, EzFill FL, LLC, was established in 2016 in Florida, but the current publicly traded entity, EZFill Holdings Inc., was formed in March 2019 to acquire the mobile fueling assets of the earlier company.

Original location

The company was originally based in the greater South Florida area, with its principal executive offices located in Aventura, Florida.

Founding team members

The founding team for the initial concept included Yehuda Levy, who had the vision to start mobile fueling in Miami Beach back in 2016 and remained integral to the company's operations post-acquisition. Mike McConnell also served as a CEO in the company's early years.

Initial capital/funding

While the initial capital for the 2016 entity is not public, a major funding milestone occurred in September 2021 when the company went public, raising approximately $25 million by issuing 6,250,000 shares at $4.00 per share in its IPO.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's trajectory has been defined by a few sharp turns, not a slow curve. The most significant shifts involve capital, scale, and a defintely ambitious pivot in business model.

The 2021 merger with a Special Purpose Acquisition Company (SPAC) was the first major move, bypassing the traditional IPO route to get listed on Nasdaq. This gave them the capital to start their aggressive expansion and acquisitions strategy. That's how a local Florida company suddenly became a national player.

The late 2024 acquisitions-the mobile fueling division of Yoshi Inc. and a Shell fleet-were a masterclass in using capital to buy market share and scale. Here's the quick math: these deals added 99 trucks to the fleet, dramatically increasing their operational footprint to 10+ strategic locations across multiple states. This is how you grow revenue 232% year-over-year to $22.9 million in Q3 2025.

Still, the biggest transformation is the February 2025 merger with NextNRG Holding Corp. and the subsequent name change to NextNRG, Inc. This was a strategic pivot, driven by a new CEO, to integrate:

• AI-driven energy solutions.
• Smart microgrids.
• Wireless EV charging.

To be fair, this pivot came amidst a severe financial challenge. As of the nine months ended September 30, 2025, the company reported a working capital deficit of nearly $30 million and an explicit warning about its ability to continue as a going concern. The growth is real, but so is the liquidity risk. The new direction is an attempt to use the existing fueling platform as a base for a much higher-margin, tech-forward energy business. You can read more about this new direction in the Mission Statement, Vision, & Core Values of EZFill Holdings Inc. (EZFL).

What this estimate hides is the massive non-cash expense of $31.1 million in stock-based compensation for the same nine-month period, which is five times the gross profit generated. This highlights the reliance on highly dilutive equity financing to sustain operations.

Next Step: Finance: Analyze the NextNRG Inc. (NXXT) 2025 Q4 guidance to assess the impact of the new energy pivot on the cash burn rate.

EZFill Holdings Inc. (EZFL) Ownership Structure

The ownership structure of EZFill Holdings Inc. is now defined by its new corporate identity, NextNRG, Inc., following a strategic pivot and name change in early 2025. This structure is heavily weighted toward retail investors, giving the public a significant voice, but also showing a growing institutional footprint as the company shifts its focus to integrated energy solutions.

Given Company's Current Status

EZFill Holdings Inc. is a publicly traded company, but its legal and market identity changed on February 14, 2025, to NextNRG, Inc.. The stock ceased trading under the ticker symbol EZFL and now trades on the Nasdaq Capital Market under the new ticker NXXT. This transformation followed a share exchange with NextNRG Holding Corp., signaling a strategic shift to AI-driven energy innovation, including microgrids and EV charging, alongside its core mobile fueling business.

The company maintains its public status, which requires transparent reporting via SEC filings, giving investors access to key financial data, like the $22.9 million in revenue reported for Q3 2025. If you want to dive deeper into the financial performance post-transition, you can review the data in Breaking Down EZFill Holdings Inc. (EZFL) Financial Health: Key Insights for Investors.

Given Company's Ownership Breakdown

The ownership of NextNRG, Inc. (formerly EZFill Holdings Inc.) is characterized by a high public float, meaning individual investors hold the vast majority of shares. Institutional investors, including firms like Vanguard Group and BlackRock, Inc., hold a smaller but growing stake, reflecting a cautious but developing interest in the company's new energy focus.

Here's the quick math on the breakdown of ownership percentages as of November 2025, based on publicly available filings:

What this estimate hides is the volatility that comes with such a large retail-investor base; retail sentiment can defintely drive sharp price swings. The 10.56% institutional ownership, while modest, is a key indicator of professional validation for the new NextNRG strategy.

Given Company's Leadership

The organization is steered by an executive team that brings both founding vision and financial discipline to the new NextNRG, Inc. strategy. This leadership was confirmed in the Q3 2025 earnings call, demonstrating stability following the corporate transition.

• Michael D. Farkas: Executive Chairman & CEO. As a founder, he is the primary driver of the company's strategic pivot toward AI-driven energy and microgrid solutions.
• Joel Kleiner: Chief Financial Officer (CFO). Kleiner manages the financial strategy and liquidity, a critical function given the company's year-to-date operating burn of approximately $11 million as of Q3 2025.
• Avi Vaknin: Chief Technology Officer (CTO). Vaknin leads the development of the technology platform, which is central to the company's mobile fueling logistics and the new Next Utility Operating System®.

This team is tasked with executing the company's plan to generate over $100 million in revenues in the 2025 fiscal year, largely through a projected 26 million gallons of fuel delivery and new energy contracts.

EZFill Holdings Inc. (EZFL) Mission and Values

EZFill Holdings Inc.'s core purpose has rapidly evolved from simply delivering fuel to building a comprehensive, connected energy ecosystem, a shift driven by its 2025 merger with NextNRG. This new mission centers on blending on-demand fueling convenience with a commitment to next-generation, sustainable energy infrastructure.

EZFill Holdings Inc.'s Core Purpose

You're not just looking at a mobile gas company anymore; you're looking at an energy transition play. The company's trajectory in 2025, especially after the February merger, shows a clear pivot from a pure-play mobile fuel service to a full-spectrum energy partner. This move is a realist's response to the market's shift toward electric vehicles (EVs) and distributed power.

Official Mission Statement

The company's mission is to transform the energy landscape by integrating mobile fueling with cutting-edge energy solutions, making power delivery smarter, cleaner, and more efficient for everyone. This is a significant expansion from the original focus on just fuel delivery.

• Revolutionize energy systems for fleet operators and industries using AI-driven solutions.
• Bridge today's essential fueling needs with tomorrow's clean, intelligent infrastructure.
• Deliver energy wherever it is needed, smarter and faster than ever before.

Here's the quick math: Mobile Fuel Delivery revenue scaled to $58.8 million for the first nine months of 2025, confirming the market need for the core service, but the new mission is about the zero-revenue Energy Infrastructure segment, which holds a $3.9 million project deposit, showing where the future investment is going. Honestly, the mission is now about being NextNRG, not just EZFill.

Vision Statement

The long-term vision is to lead the mobile energy industry by creating a fully connected energy ecosystem. This goes well beyond gasoline and diesel, aiming for a future of energy independence and efficiency for commercial and consumer clients.

• Set the standard for innovation, sustainability, and customer-centric service in mobile energy.
• Expand service offerings to include wireless EV charging and smart microgrids.
• Eliminate the need for traditional gas stations by delivering all forms of energy directly to the customer.

This vision is backed by rapid operational expansion: as of early 2025, the company was operating 139 trucks and had a presence in 6 states and 14 markets, aiming to deliver upwards of 26 million gallons this year. That scale defintely gives them a platform to build the new energy infrastructure upon. You can get a deeper look at the stakeholders driving this change by Exploring EZFill Holdings Inc. (EZFL) Investor Profile: Who's Buying and Why?

EZFill Holdings Inc. Slogan/Tagline

The company's tagline captures the immediate value proposition for its on-demand fuel delivery service, which remains the primary revenue driver in 2025.

• Fueling Convenience, Driving Innovation.

It's simple, and it works. The convenience factor is what drives the 180% year-over-year growth in the mobile fueling revenue, but the 'Innovation' part is where the new, broader energy vision lives.

EZFill Holdings Inc. (EZFL) How It Works

EZFill Holdings Inc., which completed its merger and rebranding to NextNRG, Inc. in February 2025, operates by delivering on-demand fuel to vehicles and vessels, and is now rapidly pivoting to an integrated energy ecosystem that includes smart microgrids and EV charging infrastructure. The company's model eliminates the time and cost of traditional gas station visits for customers, using a growing fleet of mobile fueling trucks managed by an advanced logistics platform.

Given Company's Product/Service Portfolio

Given Company's Operational Framework

The core operation revolves around its mobile fueling fleet, which now totals 139 trucks following the acquisition of assets from Shell and Yoshi Mobility's fuel division in late 2024 and early 2025. The company's digital platform is the central nervous system, handling everything from order placement to route optimization.

• Order-to-Delivery Cycle: Customers use the mobile app to pinpoint their location, select fuel type (gasoline or diesel), and schedule a fill. The app uses real-time GPS tracking and automated vehicle location verification to ensure precision.
• Logistics and Efficiency: Commercial fleet fills are strategically scheduled during vehicle downtime (often overnight) to maximize fleet readiness. This allows the company to complete multiple fills at one location, cutting operating costs and driving route optimization.
• Fuel Procurement: Increased scale, driven by the expansion to 26 million gallons projected for 2025, has unlocked volume-based supplier discounts, which helped raise the gross margin in the mobile fueling segment to 11% in Q3 2025.

Honestly, scaling the mobile fueling business has been capital-intensive; cash used in operations for the first nine months of 2025 was $14.1 million, showing a significant cash burn despite the revenue growth. You can read more about the company's long-term direction here: Mission Statement, Vision, & Core Values of EZFill Holdings Inc. (EZFL).

Given Company's Strategic Advantages

The strategic shift to NextNRG, Inc. is the biggest advantage, moving the company beyond just fuel delivery into the higher-margin, long-term energy infrastructure space. That's a huge pivot.

• Digital-First Convenience: The app-based, on-demand model offers a compelling value proposition, especially to commercial fleets, who can save an estimated $3,000+ per vehicle per annum by eliminating non-productive time spent driving to and waiting at gas stations.
• Integrated Energy Ecosystem: The merger with NextNRG Holding Corp. creates a hybrid platform combining traditional mobile fueling with future-focused solutions like smart microgrids and wireless EV charging. This diversifies the revenue stream away from the razor-thin margins of fuel delivery alone.
• Scale and Market Presence: With projected 2025 total revenue of over $100 million and a physical presence in major U.S. metropolitan areas, the company is one of the largest app-based mobile fueling providers, which helps it secure better fuel supplier pricing.
• AI/ML Optimization: Plans to use Artificial Intelligence (AI) and Machine Learning (ML) will maximize efficiencies in energy supply, storage, and delivery, which is defintely critical for the new microgrid business.

EZFill Holdings Inc. (EZFL) How It Makes Money

EZFill Holdings Inc. primarily generates revenue by selling and delivering fuel directly to consumers and commercial fleets at their location, essentially monetizing convenience and time savings. The company is actively executing a strategic pivot to diversify its revenue, moving toward higher-margin Energy Infrastructure services like smart microgrids and electric vehicle (EV) charging, which it expects to begin recognizing in 2025.

EZFill Holdings Inc.'s Revenue Breakdown

For the nine months ended September 30, 2025, the vast majority of the company's revenue came from its core mobile fueling operations. The company is in a significant transition, evident in the revenue split below, which reflects the current state of the business alongside the strategic pivot into new, higher-margin segments.

Business Economics

The economic engine of EZFill Holdings Inc.'s core business is built on a high-volume, low-margin model, but that is changing as they scale. The value proposition is simple: customers pay a premium for the convenience of on-demand fueling, which eliminates the need to visit a gas station. The company's profit is the price spread between the wholesale fuel cost and the price charged to the end-user, plus any delivery fees.

• Margin Improvement: As of Q3 2025, the company's gross margin expanded to 11%, a notable increase from 8% in Q2 2025. This improvement is defintely tied to increased operational scale, which has unlocked better volume-based supplier discounts and improved route optimization.
• Thin Core Profitability: Honestly, the mobile fuel delivery business operates on a razor-thin margin; the gross margin for the nine months ended September 30, 2025, was only 7.7%. This is structurally insufficient to cover the high general and administrative (G&A) costs, so the company has been burning cash.
• Strategic Shift: The company's future economic health hinges on the Energy Infrastructure segment, which includes smart microgrid deployments and SaaS licensing. These new services are expected to carry significantly higher margins than the traditional fuel distribution business, which is why the pivot is so critical.

EZFill Holdings Inc.'s Financial Performance

The financial results for the 2025 fiscal year show a company in a high-growth, high-cost transition. Revenue is surging, but so is the cash burn, which creates a significant liquidity risk. You need to look beyond the top-line growth to see the underlying financial stress.

• Exceptional Revenue Growth: Revenue for the third quarter of 2025 was $22.9 million, a massive 232% increase year-over-year. For the first nine months of 2025, Mobile Fuel Delivery revenue hit $58.8 million. The company projects total revenues will exceed $100 million for the full fiscal year 2025.
• Operating Losses: Despite the revenue surge, the operating loss for Q3 2025 was $9 million. This loss includes a substantial $5.6 million non-cash stock-based compensation charge, a common feature in high-growth, pre-profit companies trying to attract talent.
• Cash Liquidity Risk: Liquidity remains the key near-term risk. Cash at the end of Q3 2025 was roughly $650,000, while cash used in operating activities for the nine months of 2025 was $14.1 million. That's a severe disconnect, and it's why the company has an explicit going concern warning.
• Scaling Inefficiency: The company's G&A expenses ballooned to $48.2 million for the nine-month period, driven primarily by $31.1 million in stock-based compensation. Here's the quick math: the non-cash stock expense is over five times the gross profit generated, showing how expensive the current scaling strategy is.

To understand the long-term vision driving this high-risk strategy, you should review the company's Mission Statement, Vision, & Core Values of EZFill Holdings Inc. (EZFL).

EZFill Holdings Inc. (EZFL) Market Position & Future Outlook

EZFill Holdings Inc. is in the middle of a major strategic pivot, transforming from a mobile fuel delivery specialist to an integrated energy solutions provider under its new name, NextNRG, Inc. This shift positions the company to capture growth in both traditional fleet fueling and the emerging smart energy infrastructure market, aiming for over $100 million in revenue for the 2025 fiscal year.

The company's trajectory is now tied to its ability to scale its fleet operations-currently at 144 trucks following strategic acquisitions-while simultaneously executing on long-term contracts for its new smart microgrid (AI-driven energy management) and wireless electric vehicle (EV) charging technologies. The core challenge remains translating rapid revenue growth-Q3 2025 revenue surged 232% year-over-year to $22.9 million-into sustained profitability and positive cash flow.

Competitive Landscape

The mobile fuel delivery market, valued at approximately $5.84 billion in 2025, is moderately concentrated, with EZFill Holdings Inc. actively moving up the ranks through strategic acquisitions and technology integration. The company's unique position is its presence across three verticals: consumer, commercial, and specialty (marine/construction), which diversifies its revenue streams beyond fleet-only models. The table below visualizes the market share based on cited industry segment data, reflecting the landscape as the company transitions its focus.

Opportunities & Challenges

You're seeing the company aggressively expand its total addressable market (TAM) beyond just fuel delivery, but that expansion brings capital demands. Honestly, the shift to NextNRG is a smart move to future-proof the business, but it's a high-stakes transition. The Q3 2025 gross margin expansion to 11% from volume-based supplier discounts shows operational efficiency is improving, but the liquidity risk is defintely real.

Industry Position

EZFill Holdings Inc. has solidified its position as a major player in the on-demand mobile fueling sector, especially after its fleet expansion to 144 trucks and entry into its 11th market with Fort Myers, Florida. The company is a leader in its home state of Florida, but its national standing is evolving rapidly. The merger with NextNRG is the defining factor for its future industry standing, moving it from a competitive fuel delivery service to a broader energy technology firm.

• Diversify revenue beyond fuel: The new focus on smart microgrids and battery storage for commercial and tribal lands creates an entirely new, high-margin business line.
• Scale and efficiency: Achieving a projected 26 million gallons delivered in 2025 is a critical milestone for operational scale and supplier leverage.
• Technology moat: Developing proprietary bi-directional wireless EV charging technology could create a significant competitive advantage (moat) over traditional mobile fuelers.

For a deeper dive into the company's financial stability and operating cash flow, you should read Breaking Down EZFill Holdings Inc. (EZFL) Financial Health: Key Insights for Investors. The bottom line is that the company is trading a near-term high-risk profile for a potential long-term, high-reward position in the energy transition market.