EZFill Holdings Inc. (EZFL): Business Model Canvas [Dec-2025 Updated]

You're looking at EZFill Holdings Inc. (EZFL) right now, and honestly, it feels like watching a tightrope walker as they try to fund a massive pivot. They are aggressively shifting their on-demand mobile fueling business, which still relies on a fleet of 144 trucks, toward a much bigger, integrated energy ecosystem involving microgrids and EV charging. The financial reality of this transition is stark: a $60,046,267 net loss over the first nine months of 2025, even as they project over $100 million in revenue for the year, showing this is definitely a high-burn model. This Business Model Canvas breaks down exactly how they plan to manage this transition, especially with those long-term 28-year Power Purchase Agreements in the mix, so let's see the structure behind this high-stakes move.

EZFill Holdings Inc. (EZFL) - Canvas Business Model: Key Partnerships

You're looking at the structure of NextNRG, Inc. (formerly EZFL) as it integrates its mobile fueling base with its new energy infrastructure focus post-merger. The Key Partnerships block is now critical for scaling both sides of the business.

Fuel Suppliers for Volume-Based Discounts

The relationship with fuel suppliers has become a direct lever for profitability. By increasing volume commitments, NextNRG, Inc. has successfully negotiated better terms, directly impacting the bottom line. The margin on mobile fueling expanded from 8% in Q2 2025 to 11% in Q3 2025. This 11% figure is a direct result of unlocking volume-based supplier discounts as the operational scale increased. This efficiency gain is vital, especially considering the company reported a net loss of approximately $60 million for the nine months ended September 30, 2025, making every basis point on gross margin count. The company is getting better at buying and delivering the fuel.

Strategic Fleet Management and Commercial Clients for Scale

Scaling the mobile fueling operation depends entirely on securing large, consistent commercial accounts. The acquisition of Yoshi Mobility's fuel division in late 2024 added over 50 new commercial fleet accounts. This was immediately followed by a transformative agreement in December 2024 to acquire 78 trucks from Shell Retail and Convenience Operations, which more than doubled the delivery fleet size to 144 trucks. This fleet expansion was partly to service a large retailer's fleet and other customers in new markets. The fleet size stood at 66 vehicles before the Shell deal, demonstrating rapid capacity growth to meet commercial demand.

• Fleet size increased from 40 trucks (pre-Yoshi) to 66 (post-Yoshi).
• Fleet size reached 144 trucks after acquiring 78 trucks from Shell.
• Expanded operating footprint into 13 key markets, including new entries in California, Michigan, Tennessee, and Texas.
• Secured a Mobile Fueling Vendor Agreement with Amazon Logistics, Inc.

NextNRG Holding Corp. Merger for Energy Infrastructure Pivot

The share exchange agreement and merger with NextNRG Holding Corp., closing on February 14, 2025, fundamentally changed the company's strategic direction to an integrated energy ecosystem. This pivot involves leveraging AI and machine learning for smart microgrids, solar energy generation, and battery storage. To support this transition, the company raised $15 million in a public offering in February 2025, with proceeds earmarked for business expansion and debt repayment. As part of the pre-merger financial restructuring, EzFill had received a $580,000 loan from NextNRG Corp. at an 8% annual interest rate, due December 17, 2025. Michael Farkas, CEO of NextNRG, assumed the CEO role of the merged entity, NextNRG, Inc. (NXXT).

Emerging Partners in Wireless Electric Vehicle (EV) Charging Technology

While traditional fuel remains a core revenue driver, the long-term strategy involves developing proprietary wireless EV charging technology. This technology is designed to eliminate physical connectors and, critically, allow for the aggregation of stored energy in EV fleet batteries to be resold back to the local electric grid. This bidirectional capability positions NextNRG, Inc. to partner with grid operators and large fleet owners looking to monetize their parked assets. The company is focused on meeting the forecasted need for domestic charging installations to quadruple over the 2022-2025 period, according to S&P Global Mobility forecasts.

Long-term Power Purchase Agreement (PPA) Partners

The infrastructure pivot is being financed and anchored by long-term contracts for energy generation and purchase. A concrete example is the Solar Power Purchase Agreement signed with Sunnyside Nursing and Post-Acute Care Center in Torrance, California. This PPA involves NextNRG Sunnyside Microgrid LLC selling solar-generated electricity from a solar and battery energy storage system to the healthcare facility. The contract is set for 28 years, with options for two 5-year extensions, and a commercial operation deadline of December 30, 2026. This structure locks in predictable, long-duration revenue streams for the new energy segment.

Here's a quick look at the scale and commitment of these key relationships:

Finance: draft 13-week cash view by Friday.

EZFill Holdings Inc. (EZFL) - Canvas Business Model: Key Activities

You're looking at the core engine driving the massive top-line growth EZFill Holdings Inc. (EZFL) saw through the first nine months of 2025. The key activities are centered on scaling the logistics network while simultaneously building out the future energy platform.

The primary activity remains the on-demand mobile fuel delivery logistics. This required intense focus on route optimization, which directly impacted profitability metrics. For the nine months ended September 30, 2025 (9M 2025), the Mobile Fuel Delivery revenue scaled to $58.8 million, representing a year-over-year growth rate of 180% for that segment. The operational efficiency gains are visible in the gross margin, which expanded to 11% in Q3 2025, up from 8% in Q2 2025, driven by volume-based supplier discounts unlocked through scale.

Managing the physical assets is a massive undertaking. The company bolstered its delivery capacity through acquisitions, increasing the fleet size to 139 trucks as of January 2025, up from 40 previously. This fleet supports operations across a footprint that reached 14 markets across 6 states by early 2025. By Q3 2025, this expansion continued, with the company entering its 11th market.

The strategic pivot involves significant technology development and infrastructure buildout. This includes leveraging artificial intelligence (AI) and machine learning (ML) technologies to develop the NextNRG Smart Microgrids ecosystem, which integrates solar energy generation and battery storage. The company is also in the pilot phase for its wireless EV charging technology. Furthermore, the company signed two 28-year Power Purchase Agreements (PPAs) to supply California healthcare facilities, which is expected to generate a 35-year revenue stream from one northern Florida microgrid project.

The geographic expansion activity is detailed by the market entries following late 2024/early 2025 transactions:

• Expanded into four new states: California, Michigan, Tennessee, and Texas.
• Began delivering fuel in key Texas markets: Phoenix, San Antonio, Houston, and Austin.
• Strengthened footprint in existing state markets like Florida (Miami, Orlando, Jacksonville, Tampa) and new metro areas like Los Angeles, San Francisco, and Detroit.

The financial scale of these activities is reflected in the Q3 2025 revenue, which hit $22.9 million, a 232% jump year-over-year. However, the cost of this scaling is evident in the Q3 2025 operating loss of $9 million.

Here is a summary of the key operational and financial metrics tied to these activities as of late 2025:

The company raised $15,000,000 in gross proceeds from a public offering in February 2025, with underwriters having an option for an additional 750,000 shares.

Finance: draft 13-week cash view by Friday.

EZFill Holdings Inc. (EZFL) - Canvas Business Model: Key Resources

You're looking at the core assets EZFill Holdings Inc. (now NextNRG, Inc.) relies on to deliver its service as of late 2025. These aren't just line items; they are the engines driving their projected over $100 million in 2025 revenue.

Proprietary mobile application for scheduling and payment

The entire service hinges on the app-based platform that brings the gas station to the customer. This resource manages the entire customer interaction lifecycle.

• Handles on-demand fuel delivery orders.
• Facilitates routine subscription-based fueling intervals.
• Supports payment processing for consumer and fleet accounts.
• Serves as the interface for scheduling and tracking deliveries.

Expanded fleet of 144 mobile fueling trucks

The physical delivery backbone saw massive scaling through strategic acquisitions in late 2024, culminating in the current fleet size. This expansion is directly tied to their 2025 delivery volume targets.

Here's the quick math on how the fleet grew to 144 vehicles:

What this estimate hides is the operational complexity of integrating assets from two separate acquisitions, Yoshi Mobility and Shell, into a cohesive service standard across 14 markets in 6 states.

Advanced logistics and route optimization software

While specific vendor names for the software aren't detailed, the operational scale achieved by having 144 trucks across markets like Miami, Los Angeles, Dallas, and Phoenix necessitates sophisticated software to maintain efficiency and service standards. This technology is crucial for leveraging economies of scale to improve competitiveness.

AI/Machine Learning (ML) technology for energy solutions

Following the share exchange with NextNRG Holding Corp. and the name change to NextNRG, Inc. (ticker NXXT) effective February 14, 2025, the company's key resources now explicitly include the integration of AI-driven energy solutions. This technology is intended to revolutionize energy systems for fleet operators by integrating with mobile fueling.

Long-term contractual Power Purchase Agreements (PPAs)

The resource base includes significant contractual agreements that secure volume and operational pathways. For instance, the company has a Mobile Fueling Vendor Agreement with Amazon Logistics, Inc. Furthermore, the expansion into Texas and Arizona was explicitly timed to service the fleet of a large retailer. The integration of NextNRG's renewable energy focus suggests a future resource base including solar energy generation and battery storage components within their ecosystem.

EZFill Holdings Inc. (EZFL) - Canvas Business Model: Value Propositions

You're looking at the core benefits EZFill Holdings Inc. delivers to its customers, which is where the rubber meets the road for their business model. Honestly, it boils down to convenience, efficiency, and future-proofing their energy needs.

The primary value proposition is the sheer convenience of on-demand fuel delivery to any location. EZFill Holdings Inc. brings the gas station to the customer, operating as a mobile fueling company that services consumers and businesses directly at their sites. As of late 2025, the company provides this gas delivery via Mobile Fueling Trucks across the greater South Florida area, including Jacksonville, Tampa, and Orlando markets.

For commercial fleets, the value translates directly into time savings and reduced vehicle downtime. Every time a driver has to stop for fuel, that's time away from revenue-generating activity. The data suggests that each trip to a traditional gas station takes an average of 20 minutes off of your driver's work time. By fueling on-site when vehicles are parked and drivers are off duty, EZFill Holdings Inc. can save businesses up to an hour per truck during refueling, which could add up to 8 hours weekly per truck by bypassing gas stations entirely.

This operational efficiency drives tangible financial benefits. The model is positioned to deliver estimated savings of over $3,000 per vehicle per annum for fleets, stemming from reduced labor costs, minimized fuel wastage, and lower vehicle wear and tear.

The company is also actively future-proofing its offering through integrated energy solutions. Following the strategic transformation and merger, EZFill Holdings Inc. is integrating AI-driven energy solutions alongside its fueling technology, focusing on smart microgrids, renewable energy integration, and wireless EV charging. This strategic pivot is supported by tangible assets, such as securing two 28-year Power Purchase Agreements (PPAs) to supply California healthcare facilities, which supports an energy project pipeline of more than a dozen active opportunities. Furthermore, the company is advancing a planned bi-directional wireless EV charging demonstration.

Finally, there's an enhanced safety and touch-free fueling experience. By eliminating the need for drivers to interact with public pumps, the service helps mitigate risks associated with contaminated surfaces. A study cited by the company noted that gasoline pumps can be up to 11,000 times dirtier than a public toilet seat. The mobile service also minimizes the risk of environmental damage from spills and leaks during the fueling process.

Here's a quick look at the operational scale supporting these value propositions as of Q3 2025:

You can see the growth in scale, like the fleet size of 99 trucks across 11 markets, directly enables the convenience and time-saving promises. The expansion into energy infrastructure, evidenced by the 28-year PPAs, shows they are delivering on the future-proofing aspect.

Here are the key benefits summarized for quick review:

• Deliver fuel directly to any location on demand.
• Save drivers up to 20 minutes per refueling stop.
• Reduce fleet downtime by up to 8 hours weekly per truck.
• Achieve annual savings exceeding $3,000 per vehicle.
• Integrate future-ready solutions like microgrids and EV charging.
• Avoid dirty pumps, which can be up to 11,000 times dirtier than a toilet seat.

Finance: draft 13-week cash view by Friday.

EZFill Holdings Inc. (EZFL) - Canvas Business Model: Customer Relationships

You're looking at how EZFill Holdings Inc. (EZFL) manages its diverse customer base, which spans from individual drivers to major infrastructure players. It's a multi-tiered approach, frankly, designed to capture value across the entire mobile fueling and emerging energy spectrum.

The foundation for the consumer and smaller specialty segment is the app-based self-service. This is where the convenience factor really hits home for the everyday user. You see the scale of this segment reflected in the overall operational growth; for instance, in Q3 2025, revenue surged to $22.9 million, a 232% year-over-year increase. This growth is supported by a delivery fleet that reached 144 trucks as of early 2025, up significantly from just 13 trucks in 2021.

For large commercial fleets, the relationship shifts to a more dedicated model. EZFill Holdings Inc. (EZFL) assigns dedicated account management, which is crucial for securing those high-volume, recurring revenue streams. Back in 2022, the company added over 100+ new fleet accounts. This focus on commercial relationships is clearly paying off, as the company expects to deliver approximately 16 million gallons in 2025 just utilizing the trucks acquired from Shell. The company now services customers across 14 markets in 6 states, having added an 11th new market, Fort Myers, Florida, by Q3 2025.

The most significant lock-in comes from the long-term, contractual relationships, specifically through Power Purchase Agreements (PPAs). You absolutely need to note the commitment here: EZFill Holdings Inc. (EZFL) signed two 28-year PPAs to fully supply California healthcare facilities. These contracts provide long-term revenue visibility and underpin an energy project pipeline of more than a dozen active opportunities.

Also, as EZFill Holdings Inc. (EZFL) moves into new energy infrastructure, the support model becomes high-touch. This is for those complex microgrid and battery storage projects that require deep technical integration, not just a fuel drop. The company's strategy is clearly evolving beyond just mobile fueling.

Here's a quick look at the operational scale supporting these customer relationships as of early to late 2025:

The customer engagement points for EZFill Holdings Inc. (EZFL) can be summarized by the service type:

• App-based self-service for consumer and specialty orders.
• Dedicated account management for large commercial fleets.
• Long-term, contractual relationships via 28-year PPAs.
• High-touch support for new energy infrastructure projects.

The shift in revenue sources is notable; Q3 2025 revenue of $22.9 million is up 232% YoY from Q3 2024's $6.9 million, showing the success of securing these larger, stickier relationships. If onboarding takes too long for a new fleet, churn risk rises, so operational efficiency in scaling to 144 trucks is key.

Finance: draft 13-week cash view by Friday.

EZFill Holdings Inc. (EZFL) - Canvas Business Model: Channels

You're mapping out how EZFill Holdings Inc. (EZFL) gets its fuel delivery service to the customer, and the channels they use are a mix of owned assets and digital reach. Honestly, the strategy is built around owning the physical delivery mechanism while using technology to drive demand and schedule service.

EZFill Holdings Inc. (EZFL) proprietary mobile app

The mobile app is the front door for the consumer segment. It's where customers schedule on-demand fills and manage routine subscription services. Technology upgrades in 2025 included rolling out updates to the mobile app, which improved user experience and added features like real-time tracking and personalized recommendations. This digital channel is crucial for capturing the convenience-driven customer base.

Direct sales force targeting commercial and fleet accounts

For the fleet and commercial segments, EZFill Holdings Inc. relies on a direct sales approach. This channel focuses on tailored fueling solutions, including scheduled fleet fueling and customized services for logistics, transportation, and construction industries. The expansion in early 2025, which brought the total fleet to 139 vehicles, was specifically aimed at bolstering operational capacity to handle a larger volume of these commercial accounts.

Growing fleet of mobile fueling trucks operating in 14 markets

The physical delivery channel is the core asset. EZFill Holdings Inc. operates a growing fleet of mobile fueling trucks to execute service delivery. As of the major expansion in early 2025, the company established a presence in 14 markets across 6 states. While the fleet size reported at the end of Q3 2025 stood at 99 trucks, this is part of the larger capacity achieved through acquisitions, which aimed for a total fleet of 139 vehicles to support the 14 market footprint.

Here's a quick look at the operational scale supporting these channels as of late 2025:

Digital marketing and in-app promotions to consumers

To drive consumer adoption through the mobile app, EZFill Holdings Inc. employs digital marketing and in-app promotions. This is designed to increase the volume of on-demand and subscription fueling requests. The company's success in scaling its top line is evident, with Mobile Fuel Delivery revenue hitting $58.8 million for the nine months ended September 30, 2025, showing the channels are effectively driving transactions.

The performance metrics tied to these channels in the most recent reported quarter are telling:

• Q3 2025 Revenue: $22.9 million
• Year-over-Year Revenue Growth (Q3 2025): 232%
• Gross Margin: Expanded to 11%

If onboarding takes 14+ days, churn risk rises, especially for subscription fleet services.

EZFill Holdings Inc. (EZFL) - Canvas Business Model: Customer Segments

You're looking at the customer base for EZFill Holdings Inc. (EZFL) as of late 2025. The business model clearly targets distinct groups where the convenience of mobile fueling solves a significant operational or time-cost problem. The company is aggressively scaling its fleet to meet demand across these segments.

Commercial Fleet Operators (e.g., logistics, transportation)

This segment is a major focus, evidenced by recent expansion and acquisitions designed to boost capacity for these accounts. Deliveries for commercial entities are strategically completed during vehicle downtime, ensuring a fully fueled fleet is ready for operations each morning. The company provides fuel delivery to commercial fleets of delivery trucks, rental cars, livery operators, and job sites. EZFill Holdings Inc. aims to deliver approximately 16 million gallons in 2025 with the newly acquired trucks alone. The operational fleet size as of Q3 2025 was reported at 99 trucks across 11 markets, following an acquisition that brought the total fleet to 139 trucks.

The market footprint for this segment expanded significantly in early 2025:

• Expansion into four new markets: Phoenix, San Antonio, Houston, and Austin.
• Expanded presence in Dallas, covering six states and 14 markets total.
• The company forecasts over $100 million in total revenues for 2025.

Individual Vehicle Owners (on-demand consumer fueling)

EZFill Holdings Inc. services individual consumer customers directly at their residences or places of work using its app-based platform. This is the on-demand fueling service that brings the gas station to the customer. The company provides gas delivery via Mobile Fueling Trucks in the greater South Florida area, including West Palm Beach, Jacksonville, Tampa, and Orlando areas. The core value here is eliminating trips to traditional gas stations, which is a preference for many individual drivers now. For the nine months ended September 30, 2025, the core Mobile Fuel Delivery revenue scaled to $58.8 million.

Specialty Markets (marine, construction, agriculture equipment)

EZFill Holdings Inc. adapts its service for various specialty vehicle markets, focusing on high-use, high-demand cases. The company's experience shows this vertical is key to its model. The gross profit margin on mobile fueling expanded to 11% in Q3 2025, up from 8% in Q2 2025, which reflects better route optimization across all segments including specialty.

Here's a look at the composition of the specialty market focus:

Energy Infrastructure Clients (e.g., healthcare facilities with PPAs)

This emerging segment provides long-term, contractual revenue visibility, moving beyond simple fuel delivery to energy infrastructure support. This is a clear strategic move to lock in future revenue streams. As of the Q3 2025 report, EZFill Holdings Inc. signed two 28-year PPAs (Power Purchase Agreements) to fully supply California healthcare facilities. This activity supports an energy project pipeline of more than a dozen active opportunities. The company's cash reserves at the end of Q3 2025 were roughly $650,000, making the stability of these long-term contracts important for liquidity management.

Finance: draft 13-week cash view by Friday.

EZFill Holdings Inc. (EZFL) - Canvas Business Model: Cost Structure

You're looking at the cost side of the EZFill Holdings Inc. (EZFL) equation, and frankly, the numbers show a business aggressively scaling its operations while still battling significant structural expenses. The cost structure is dominated by direct costs associated with fuel delivery and high overhead necessary to support rapid expansion and strategic pivots.

Cost of Goods Sold (COGS) for fuel procurement and delivery is the largest variable cost, directly tied to the volume of fuel moved. While specific 9M 2025 COGS isn't explicitly stated, we can infer the Q3 2025 figure based on reported revenue and margin. With Q3 2025 revenue at $22,860,041 and the gross profit margin expanding to 11%, the implied Cost of Goods Sold for that quarter was approximately $20,381,041. This margin improvement, up from 8% in Q2 2025, shows operational efficiencies in buying and delivering the fuel are starting to take hold.

The high operating expenses are clearly reflected in the bottom line. For the nine months ended September 30, 2025 (9M 2025), EZFill Holdings Inc. reported a net loss of $60,046,267. This substantial loss underscores the high fixed and semi-fixed costs required to maintain and grow the mobile fueling platform.

Key components of the operating expenses include the costs of the physical logistics network. These costs are substantial because they involve maintaining a mobile fleet and ensuring service density across new territories. The major elements here are:

• Driver wages paid to certified technicians.
• Fleet maintenance for the growing number of Mobile Fueling Trucks.
• Logistics costs, including route planning and terminal access.

To give you a sense of scale for these operational costs, in Q3 2024, the Cost of Sales (which includes fuel and driver wages) was approximately $6.4 million, an increase from the prior year that reflected the hiring of additional drivers for new markets. You can expect this line item to be significantly higher in 2025 given the reported expansion of 99 trucks and entry into an 11th market.

A major non-cash cost impacting reported profitability is stock-based compensation (SBC). This is a significant expense used to attract and retain talent, but it directly dilutes shareholder equity. For the third quarter of 2025, the company recorded a significant non-cash stock-based compensation charge of $5.6 million. This single charge accounted for over 62% of the $9 million operating loss reported for Q3 2025.

Finally, the strategic pivot toward an integrated energy platform introduces another layer of cost. While the mobile fueling business drives current revenue, the future vision requires investment in new infrastructure and software. These costs fall into:

• Technology development for the utility operating system and smart microgrids.
• AI/ML licensing costs related to energy management solutions.

Historically, there has been a Technology Agreement where the company shared 50% of pre-revenue costs and 50% of net revenue from the use of licensed proprietary technology, though specific 2025 figures for this are not detailed in the latest reports.

EZFill Holdings Inc. (EZFL) - Canvas Business Model: Revenue Streams

You're looking at the revenue engine of EZFill Holdings Inc. (EZFL) as of late 2025, which is clearly dominated by its core mobile fueling service, but is strategically pivoting toward higher-margin infrastructure contracts. Honestly, the growth in the core business is explosive, but you need to watch the margin alongside it.

The primary revenue stream, Mobile Fuel Delivery sales, showed massive scale through the first three quarters of 2025. For the nine months ended September 30, 2025 (9M 2025), this segment generated $58.8 million in revenue, marking a 180% year-over-year increase for that core segment. The most recent reported quarter, Q3 2025, alone brought in $22.9 million in total revenue. This operational surge is supported by a growing fleet, which reached 99 trucks across 11 markets as of Q3 2025. Furthermore, the company expects to deliver approximately 16 million gallons in 2025 just from the trucks acquired in the early part of the year.

The revenue breakdown across the different customer types and the associated efficiency metrics are key to understanding the unit economics. The company uses an app-based platform to service consumer, fleet, marine, and other specialty markets.

Delivery and service fees charged per on-demand fill are a component of the overall Mobile Fuel Delivery revenue, which is also influenced by operational efficiency improvements, such as the launch of an AI-driven scheduling tool to optimize routes and reduce fuel waste. The gross margin on fuel sales improved to 11% in Q3 2025, up from 8% in Q2 2025.

Contractual energy sales from Power Purchase Agreements (PPAs) represent a strategic shift following the merger with NextNRG Holding Corp.. This new revenue stream is underpinned by significant long-term contracts, including a 28-year microgrid power purchase agreement secured by the merged entity. While the specific revenue contribution from EZFill Holdings Inc.'s own PPAs for 2025 is not explicitly detailed, the broader Corporate PPA market was valued at USD 3.16 billion in 2024 and is projected to reach USD 6.18 billion by 2031.

Fuel sales to the consumer, commercial, and specialty segments are the foundation of the Mobile Fuel Delivery revenue. The company provides on-demand or subscription fueling to these groups. The growth in gallons delivered is a key driver, with the company expecting to deliver approximately 16 million gallons in 2025 from the newly acquired fleet assets alone.

• On-demand fueling for commercial fleets.
• Subscription services for routine vehicle fills.
• Service to marine vessels.
• Fueling for generator applications.