Breaking Down EZFill Holdings Inc. (EZFL) Financial Health: Key Insights for Investors

You're looking at EZFill Holdings Inc. (EZFL) and seeing a classic high-growth, high-burn scenario, which is defintely a tightrope walk for investors right now. Honestly, their Q3 2025 earnings, reported just this November, show a massive operational surge: revenue hit a record $22.9 million, a stunning 232% jump year-over-year, which shows the mobile fueling model is gaining serious traction, especially as they scale their fleet to 99 trucks and expand into an 11th market. But here's the quick math on the risk: that aggressive expansion cost them, with year-to-date operating cash usage at $14.1 million, leaving their cash position at quarter-end at a critically low $650,000, a liquidity risk you can't ignore. Still, the underlying efficiency is improving, with gross margins expanding from 8% to 11%, meaning the path to profitability is clearer-but the clock is ticking, and the next capital raise is a very real near-term necessity.

Revenue Analysis

You need to know two things about EZFill Holdings Inc. (EZFL)'s 2025 revenue: the numbers are massive, but the source is shifting. The company is experiencing explosive top-line growth in its core mobile fueling business while simultaneously executing a strategic pivot toward a higher-margin energy infrastructure segment.

The primary revenue stream for EZFill Holdings Inc. (EZFL) remains its Mobile Fuel Delivery service, which offers on-demand fueling to commercial fleets, marine vessels, and specialty markets, primarily in Florida and expanding into new US markets. This model, bringing the gas to the customer, is defintely showing market fit.

Here's the quick math on the near-term performance. For the nine months ended September 30, 2025 (9M 2025), the Mobile Fuel Delivery revenue scaled to an exceptional $58.8 million. That is serious scale. This represents a colossal year-over-year growth rate of 180% for that core segment.

Breaking down the most recent quarter, Q3 2025 revenue surged to $22.9 million, which is a 232% increase from the $6.9 million reported in Q3 2024. This growth is fueled by two main factors: an increase in gallons delivered due to fleet expansion (now 99 trucks and 11 markets) and improved pricing discipline that raised fuel margins from 8% to 11%.

The significant change in revenue streams isn't just about more gas; it's the strategic move into Energy Infrastructure. This segment is designed to provide long-term, contractual revenue visibility (Power Purchase Agreements or PPAs) that will eventually balance the low-margin nature of fuel delivery.

• Mobile Fuel Delivery: Core revenue, high volume, thin margin.
• Energy Infrastructure: New segment, lower volume now, high-margin future.

While the Mobile Fuel Delivery segment contributes the vast majority of the current 9M 2025 revenue, the new Energy Infrastructure division is where future profitability will come from. For instance, the company has already signed two 28-year PPAs to supply California healthcare facilities, creating a stable, long-term revenue base. This strategic shift is backed by an investment of $4.7 million in acquired intangible assets and a $3.9 million solar project deposit, showing the commitment to this pivot.

To see the full picture of the company's financial health, including the critical liquidity risks that accompany this growth, you should read our full analysis: Breaking Down EZFill Holdings Inc. (EZFL) Financial Health: Key Insights for Investors.

Here is a snapshot of the recent revenue performance:

Profitability Metrics

You're looking for a clear picture of whether EZFill Holdings Inc. (EZFL)'s rapid revenue growth is actually translating into a sustainable business model, and the short answer is: not yet. The company is successfully scaling its top line, but its cost structure is defintely still broken, leading to massive losses that severely challenge its long-term viability.

For the nine months ended September 30, 2025, EZFill Holdings Inc.'s core Mobile Fuel Delivery segment generated $58.8 million in revenue, a huge 180% year-over-year increase. However, this growth came with a net loss of approximately $60 million for the same period. This is a severe disconnect, resulting in a net profit margin of roughly -100%-meaning the company is losing about a dollar for every dollar of revenue it brings in.

Here's the quick math on the key profitability ratios from the Q3 2025 report:

• Gross Profit Margin: The margin was 11% in Q3 2025 on $22.9 million in revenue, up from 8% in Q2 2025. This is a positive trend, but still thin.
• Operating Profit Margin: The Q3 2025 operating loss was $9 million. This translates to an operating margin of approximately -39.3%.
• Net Profit Margin: For the nine-month period, the net loss of $60 million on approximately $60 million in total revenue puts the net margin near -100%.

Gross Margin Trends and Operational Efficiency

The gross profit margin trend is the single best operational story for EZFill Holdings Inc. The margin on mobile fueling expanded from 8% in Q2 2025 to 11% in Q3 2025. This improvement is a direct result of operational efficiency gains, specifically unlocking volume-based supplier discounts and better route optimization as the fleet of 99 trucks and market presence grew. They are getting better at buying and delivering the fuel.

To be fair, a gross margin of 11% in mobile fueling is structurally higher than the typical fuel-only retail gas station, where fuel margins can hover around 2%. EZFill Holdings Inc. is capturing value beyond just the commodity price. Still, this margin is nowhere near sufficient to cover the company's massive overhead.

The Overwhelming Cost Problem

The core issue is the massive General & Administrative (G&A) expense, which is annihilating any gross profit. For the first nine months of 2025, G&A expenses ballooned to $48.2 million. The primary driver of this is non-cash stock-based compensation, which totaled $31.1 million for the nine-month period. This non-cash expense alone is over five times the gross profit the company generated in the core business.

Even if you strip out the non-cash stock compensation, the operating loss for Q3 2025 was still $3.4 million. This is an improvement from Q2, but it still shows that core operational costs-like salaries, rent, and technology-far outpace the gross profit generated by fuel delivery. The company faces an acute liquidity crisis, underscored by management's explicit warning about its ability to continue as a going concern, with a working capital deficit near $30 million.

The massive cash burn, which skyrocketed over 200% year-over-year to $14.1 million in cash used in operating activities for the nine-month period, is the clearest indicator of this inefficiency. Scaling is increasing capital consumption, not reducing it. You can dive deeper into the capital structure and shareholder impact by Exploring EZFill Holdings Inc. (EZFL) Investor Profile: Who's Buying and Why?

Your action item is clear: Do not confuse top-line growth with financial stability. The company needs to show a clear, quarter-over-quarter reduction in its normalized operating loss to prove that its operational leverage-the ability to grow profit faster than costs-is kicking in.

Debt vs. Equity Structure

You need to know how EZFill Holdings Inc. (EZFL) funds its operations, and the current picture is one of aggressive equity financing to manage a challenging debt and liquidity profile. The company's capital structure is defined by a significant shareholder deficit, which is why the Debt-to-Equity (D/E) ratio is a massive red flag.

As of late 2025, the company's D/E ratio is reported around -2.18, a number that reflects a negative stockholders' equity, or a deficit [cite: 6 (from step 1)]. For context, the average D/E ratio for the capital-intensive 'Auto & Truck Dealerships' industry sits at about 1.61. The negative ratio shows that EZFill Holdings Inc.'s liabilities exceed its assets, meaning the business is relying on external funding just to stay afloat, not just to grow. That's a serious financial situation.

Here's the quick math: when equity is negative, the company is technically insolvent, and its financing strategy becomes a scramble to raise cash and convert liabilities.

The company's strategy in 2024 and 2025 has been a clear pivot to dilute equity holders to clean up the balance sheet and repay outstanding debt. This is a common, but expensive, maneuver for a company facing a 'going concern' warning.

The key financing activities from the 2025 fiscal year tell the story:

• Debt Conversion: In August 2024, the company converted approximately $13.5 million of debt into equity, which management stated left them 'essentially debt free' of major loans, excluding vehicle financing and payables. This was a critical step to reduce annual interest expense, estimated to be around $1.2 million.
• Equity Raise: In February 2025, EZFill Holdings Inc. (prior to its name change to NextNRG, Inc.) priced a public offering of 5,000,000 shares of common stock at $3.00 per share, raising gross proceeds of $15 million [cite: 4 (from step 1)]. The funds were explicitly intended for expansion, debt repayment, and working capital [cite: 4 (from step 1)].
• Refinancing: In the Q3 2025 earnings call (November 2025), management noted they 'completed the refinancing of our truck fleet and continue to streamline our debt profile' [cite: 6 (from step 1)].

The balance is heavily tilted toward equity funding, not because it's the preferred choice, but because the debt market is likely closed or prohibitively expensive for a company with this risk profile. They are using stock-diluting existing shareholders-to pay down old debt and fund a working capital deficit that was nearly $30 million for the nine months ended September 30, 2025 [cite: 12 (from step 1)]. This is a survival strategy, not a growth strategy.

To be fair, the company is actively managing its debt, but that management comes at a high cost to shareholders. If you want a deeper dive into who is buying into this high-risk, high-growth story, you should read Exploring EZFill Holdings Inc. (EZFL) Investor Profile: Who's Buying and Why?

The table below shows the latest available breakdown of the debt structure, which is being actively reduced by the 2025 equity actions:

The main takeaway is that EZFill Holdings Inc. is in a cycle of using hyper-dilutive equity to service its debt and fund operational losses, a trend that must reverse into sustained profitability for the stock to be defintely a long-term hold.

Liquidity and Solvency

You need to know if EZFill Holdings Inc. (EZFL) has the cash on hand to cover its near-term bills, and honestly, the numbers show a significant liquidity challenge. The company's financial health is currently sustained by its ability to raise capital, not its operating cash flow.

The core issue is a substantial working capital deficit (when current liabilities exceed current assets), which stood at nearly -$30 million as of the second quarter of 2025. This deficit is the clearest sign of the company's acute liquidity crunch, which has led management to include an explicit 'going concern' warning in its recent filings. Simply put, EZFill Holdings Inc. has far more short-term debt than liquid assets to pay it off.

• Current Ratio: 0.22.
• Quick Ratio: 0.21.
• Working Capital: -$29.83 million.

Current and Quick Ratios: A Tight Squeeze

The current ratio (current assets divided by current liabilities) is the first place I look. For EZFill Holdings Inc., the ratio is extremely low at approximately 0.22 as of June 30, 2025. This means the company has only about 22 cents of easily convertible assets for every dollar of debt coming due within the next year. A healthy ratio should be 1.0 or higher; a ratio this low is defintely a red flag.

The quick ratio (or acid-test ratio) is even more telling, as it excludes inventory. At approximately 0.21, it confirms that removing the small amount of inventory doesn't change the dire short-term cash position. The company cannot meet its immediate obligations with its most liquid assets. This is a survival-mode balance sheet.

Working Capital and Cash Flow Trends

The working capital deficit of nearly $30 million as of Q2 2025 highlights the immediate risk. This trend is driven by the company's aggressive growth strategy and high operating burn. While revenue surged to $22.9 million in Q3 2025, up 232% year-over-year, that growth has not translated to positive cash flow yet.

The cash flow statement for the first nine months of 2025 (9M 2025) shows the capital consumption clearly:

Cash used in operations for 9M 2025 was $14.1 million, or a normalized burn of roughly $11 million, which management attributes to timing and growth investments. Here's the quick math: the company's core business is consuming cash, not generating it. The cash balance at the end of Q3 2025 was a mere $653,869, which is a very thin cushion against a $38.03 million current liability pile.

Near-Term Risks and Opportunities

The company, which rebranded to NextNRG, Inc. (NXXT) in February 2025, is relying heavily on financing to bridge the gap. They successfully completed a $15 million public offering in February 2025 and have an active $75 million at-the-market (ATM) equity sales agreement. This constant reliance on dilutive equity financing is the primary mechanism sustaining solvency. The opportunity is that the company is scaling fast, with gross margins expanding to 11% in Q3 2025, suggesting better unit economics are finally kicking in. But still, the risk is that if the capital markets tighten or the growth slows, the cash burn will quickly become catastrophic.

To dive deeper into the investor landscape and who is funding this growth, you should check out Exploring EZFill Holdings Inc. (EZFL) Investor Profile: Who's Buying and Why?

Valuation Analysis

You're looking at EZFill Holdings Inc. (EZFL) and wondering if the price is right. The direct takeaway is this: traditional valuation metrics suggest the stock is undervalued relative to its assets (P/B) but the negative earnings and cash flow show a company priced for significant risk, not profit. It's a classic growth-stock-in-transition scenario, complicated by the name change to NextNRG, Inc. (NXXT) in February 2025.

The stock has been under pressure. Over the last 12 months, the share price decreased by 18.29%, with the year-to-date return sitting at -32.26% as of November 2025. This volatility is real. The 52-week trading range has been wide, from a low of $2.19 to a high of $7.55. As of a recent close, the stock was trading around $2.10. That's a massive drop from the high, so you're buying at the low end of the recent range, but still facing a strong downward trend.

• Buy low, but check the burn rate.

When we look at the core valuation ratios, the picture gets muddy quickly because the company is not profitable. This is where you need to translate the jargon. Price-to-Earnings (P/E) is typically the go-to, but EZFill Holdings Inc. (EZFL) has a negative P/E ratio, sitting around -4.19 based on the most recent quarter. Here's the quick math: negative P/E means the company has negative earnings (a loss), so the ratio is not useful for comparison. The Diluted Earnings Per Share (EPS) for the most recent period was -$4.66.

The Enterprise Value-to-EBITDA (EV/EBITDA) ratio, which strips out financing and accounting noise, is also negative at approximately -6.42. This is because the Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) was also negative, around -$6.86 million. Honestly, when both P/E and EV/EBITDA are negative, you must shift your focus to the balance sheet and cash flow, which you can read more about in the Mission Statement, Vision, & Core Values of EZFill Holdings Inc. (EZFL).

The Price-to-Book (P/B) ratio is also highly negative, around -15.23. A negative P/B means the company has a negative Book Value (total assets are less than total liabilities), which is a serious red flag about shareholder equity. It's defintely a sign of financial distress, not a bargain.

EZFill Holdings Inc. (EZFL) does not pay a dividend. The Trailing Annual Dividend Rate is $0, resulting in a dividend yield of 0%. Since the company is posting significant losses (Net Income of -$16.19 million), the payout ratio is a massive negative number, which is simply a mathematical artifact of unprofitability and holds no real meaning for a non-dividend-paying stock.

Finally, there is no widely published analyst consensus rating (Buy, Hold, or Sell) available for EZFill Holdings Inc. (EZFL) as of late 2025. This lack of coverage means you are largely on your own for the fundamental analysis, which adds another layer of risk to your decision-making.

The table below summarizes the key metrics for a clear view:

Your action is clear: Finance needs to draft a 13-week cash view by Friday to understand the liquidity risk, especially since the company ended Q3 2025 with only about $650,000 in cash.

Risk Factors

You're looking at EZFill Holdings Inc. (EZFL) and seeing explosive revenue growth-Q3 2025 revenue hit a record $22.9 million, up 232% year-over-year-but you must be a trend-aware realist and focus on the cash burn. The core risk is simple: the company is still spending far more cash than it generates, creating a serious liquidity crunch that overshadows its growth story.

Honestly, the biggest near-term risk is the financial stability. As of the end of Q3 2025, the company's cash reserves were only around $650,000. That is a razor-thin margin, especially when you consider the year-to-date operating cash usage-the burn rate-was $14.1 million. Here's the quick math: that cash position can't sustain the current operating tempo for long without another capital infusion. This is a classic high-growth, high-risk scenario.

Operational and Financial Risks: The Cash Conundrum

The persistent net losses are the clearest internal risk. For Q2 2025, EZFill Holdings Inc. (EZFL) reported a massive net loss of over $36.1 million, which was significantly higher than the loss from the prior year. While a large chunk of that-$25.5 million-was non-cash stock-based compensation, it still reflects a high cost structure and dilution risk for existing shareholders. The Q3 2025 operating loss was $9 million, and while the gross margin did expand to 11%, they are still a long way from net profitability. What this estimate hides is the continued reliance on debt and equity financing, which is why total liabilities surged to $39.34 million as of June 30, 2025.

External Risks and Strategic Shifts

The external landscape brings its own set of challenges. The mobile fuel delivery industry is competitive, and the broader retail gasoline market has seen a decline in the number of gas stations over the years, signaling a shift in the energy landscape. EZFill Holdings Inc. (EZFL) is trying to navigate this by shifting its strategy-it's now operating as NextNRG, Inc. and focusing on innovative energy solutions, including EV charging. This strategic pivot is a massive undertaking. To be fair, the on-demand market is expected to grow to $335 billion by 2025, so the opportunity is real.

Also, the regulatory environment for mobile fueling and new energy infrastructure is still evolving. Any adverse changes to permitting, environmental standards, or transportation regulations could stall their expansion plans in new markets like California, where they are trying to gain traction with new energy projects. The company's future is defintely tied to how well they execute this shift away from just mobile gas delivery.

Mitigation and Actionable Insights

Management is aware of the financial pressure and has outlined clear mitigation strategies. They are actively working on improving the balance sheet and securing long-term revenue. This is a good sign.

• Secure Long-Term Revenue: Signed two 28-year Power Purchase Agreements (PPAs) to supply California healthcare facilities, providing contractual revenue visibility.
• Improve Capital Structure: Pursuing fleet refinancing and debt-to-equity conversions to reduce the debt load and improve cash flow.
• Strategic Diversification: Advancing a planned bi-directional wireless Electric Vehicle (EV) charging demo, a move into the rapidly growing EV market.

For a deeper dive into who is betting on this turnaround, you should read Exploring EZFill Holdings Inc. (EZFL) Investor Profile: Who's Buying and Why?

Growth Opportunities

You're looking at EZFill Holdings Inc. (EZFL) right now and seeing a company in the middle of a major pivot, which is where the real opportunity-and risk-lies. The direct takeaway is this: the company's aggressive expansion and strategic shift into energy transition are driving massive top-line growth, but you must monitor their path to profitability, as net losses remain significant despite revenue surging.

The core of EZFill Holdings Inc.'s (EZFL) future growth isn't just in mobile fueling anymore; it's in becoming a broader energy infrastructure play, especially following its merger with NextNRG Holding Corp. The company, which is now rebranding to NextNRG, Inc. (NXXT), is leveraging its existing mobile delivery network to bridge traditional fuel needs with next-generation energy solutions like smart microgrids (a localized energy grid) and wireless electric vehicle (EV) charging. That's a smart, defintely trend-aware move.

Here's the quick math on their recent performance, showing the scale of their expansion:

The Q3 2025 revenue of $22.9 million is a clear sign that their strategy of expanding the fleet and geographic footprint is working. For perspective, that single quarter nearly matched their total revenue of $27.8 million for the full year 2024.

The immediate drivers for this growth are concrete actions, not just marketing fluff:

• Fleet and Market Expansion: The company significantly boosted delivery capacity by acquiring the mobile fueling division of Yoshi Mobility, Inc., which added 26 trucks, and separately acquiring 78 trucks from Shell. This M&A activity increased their internal delivery fleet to 66 vehicles from 40.
• Strategic Capital: A public offering in February 2025 raised $15,000,000 in gross proceeds, providing capital for business expansion and working capital.

Looking ahead, the future revenue growth is tied directly to new product innovations and strategic partnerships. The company expects to see revenue from smart microgrid projects in 2025, with one northern Florida project anticipating a 35-year revenue stream. Plus, they are in the pilot phase for their wireless EV charging technology, with plans to deploy the first wireless charging road in Southern Florida this year.

The competitive advantage EZFill Holdings Inc. (EZFL) holds is twofold. First, they are one of the largest mobile fuel delivery platforms in the U.S., and uniquely, they serve three verticals: consumer, commercial, and specialty (like marine and construction equipment). Second, their mobile fueling model offers a clear cost-saving proposition for commercial fleets, estimated at over $3k per vehicle per annum. This value proposition is what keeps the traditional fuel business humming while they build out the higher-margin energy transition business. It's a classic two-pronged strategy. For a deeper dive into the balance sheet, check out Breaking Down EZFill Holdings Inc. (EZFL) Financial Health: Key Insights for Investors.

What this estimate hides, however, is the cash burn. While the Q3 operating loss improved to $3.4 million (excluding non-cash charges), the normalized cash used in operations for the first nine months of 2025 was still around $11 million. So, while the growth is undeniable, the clock is ticking for the new energy initiatives to start contributing meaningfully to the bottom line.