NextNRG, Inc.

Good morning, and welcome to the next NRG Inc. fourth quarter and full year 2025 earnings call. All participants are in a listen-only mode. Following management's prepared remarks, we will move to a pre-submitted Q&A. This call is being recorded. Before we begin, I'll turn it over to Sharon Cohen for the required forward-looking statements disclosure. Sharon, please go ahead.

Thank you. I'd like to begin by reminding everyone that today's discussion will include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks and uncertainties that could cause actual results to differ materially. Please refer to our most recent SEC filings for a full discussion of relevant risk factors. Today's call will also reference adjusted EBITDA, a non-GAAP financial measure. A full reconciliation of this measure to net loss the most comparable GAAP measure, is available in our earnings release, located in the investor tab of our website. Non-GAAP financial measures should not be considered a substitute for GAAP results. On the call today is Michael DeFarkas, founder and chief executive officer, as well as Joel Kleiner, chief financial officer. Michael, the floor is yours.

Thank you, Sharon, and good morning, everyone. I want to begin with some numbers that will frame everything you're about to hear. In 2024, Next Energy generated $27.8 million in revenue, while in 2025, we generated $81.8 million. I want to repeat that, $27.8 million to $81.8 million. That is about 195% growth in one single year. Our on-site mobile fueling business was the driver of this growth. Following the completed merger of Next Energy and Easy Fill, we integrated two acquisitions, Shell Tap-Up Assets and Yoshi Mobility. These acquisitions allowed us to enter into four new major markets, Phoenix, Austin, San Antonio, and Houston, ending the year operating coast to coast. And the results reflected that. We posted seven consecutive months of record revenue. And by May, our year-to-date revenue had already surpassed all of 2024. Most critically, our margins improved as we scaled. Our full year gross margin in fueling was 8.4%. By Q4, it had climbed to 10.4%. That is the direction we're moving towards as we continue to optimize our operations, implement smarter customer acquisition, greater route density, increase of fuel mix deliveries, and less wasted time. In that curve, we are still early. I want to call out our fourth quarter specifically because it tells you where this business is headed. Q4 revenue was approximately $23 million. October, $7.4 million. November, $7.5. December, $8 million. December loan represented 253% year-over-year growth in revenue and 308% growth in fuel volumes. And that is the momentum we're carrying into 2026. I also want to take a moment to highlight something specific because I believe it speaks to the quality of what we are building. Right now, our largest commercial fleet customer, the largest global online retailer, is actively cutting other fuel vendors in certain markets and replacing them with us, Next Energy. That does not happen by accident. That happens when service is cleaner, more reliable, and more integrated than the alternatives. This is precisely what we designed our products and services to do. And it means that the opportunity with just one customer alone has not even reached its full potential. I want to talk about our energy infrastructure segment, because this is where the next chapter of Next Energy is being written. We closed our first power purchase agreements, Sunnyside and Topanga Terrace Rehabilitation and Subacute Care Centers, both in California. Under these agreements, Next Energy will design and build fully integrated on-site smart microgrids combining rooftop solar, battery storage, gas generators, and our patented AI-driven controller. These are long-term structured agreements with annual escalators built in. This is not equipment sales, but it's contracted energy relationships that generate annuitized revenues over the long term, some as many as three decades. We believe finalizing these agreements validates the model. The market exists, customers are ready to commit, and Next Energy is ready to execute. Our pipeline of planned smart microgrid projects stands at approximately $750 million, spanning municipal, tribal, healthcare, multifamily, and commercial facilities, all in various stages of development. We are now converting that pipeline into executed contracts. Before I turn it over, I want to explain something about how this part of the business operates, because I think context matters when you're looking at our numbers. We are deploying multi-million dollar energy infrastructure projects to large operational entities, which require engineering studies, permitting, utility interconnection approvals, project financing, and organizational decision-making that can span years. The contracts we are closing today are the result of development work that started 18 to 24 months ago. Therefore, when you look at the business, you should be looking at what we've already closed, what's in the pipeline, and how that builds from here, because each contract represents millions of dollars in revenue, and a proven track record accelerates the pipeline behind it. The fuel business funds the operation today. The energy business is where the exponential growth will come from. That is the architecture of this company, and 2025 was the year we demonstrated that both sides of the business can work. I will now turn it over to Joel to break down what is behind the numbers. Joel?