NextNRG to acquire Canadian mobile fueling company ReFuel Mobile

MIAMI - NextNRG, Inc. (NASDAQ:NXXT), currently valued at $336 million and rated "Weak" by InvestingPro’s Financial Health scoring system, announced Monday it has signed a letter of intent to acquire ReFuel Mobile, a Canadian mobile fueling company, marking the company’s first international expansion.

The acquisition of Ontario-based ReFuel Mobile, which ranked 36th on the Globe and Mail’s list of Canada’s fastest-growing companies with 1,166% three-year revenue growth, is expected to close by August 1, 2025, pending due diligence and final agreements. According to InvestingPro data, NextNRG has demonstrated strong revenue growth of 52% over the last twelve months, though it currently operates with weak gross profit margins of 6.3%.

Under the terms of the non-binding agreement, NextNRG will acquire 100% of ReFuel’s stock, payable in cash or NextNRG restricted common stock at NextNRG’s discretion. The deal includes retention of current employees and management during a transition period.

Founded in 2016, ReFuel specializes in direct-to-vehicle and direct-to-equipment fuel delivery for commercial and industrial clients across sectors including transportation, construction, and logistics in the Greater Toronto Area, Hamilton, Oakville, London, and Kitchener markets.

"This strategic acquisition marks an important milestone as we extend NextNRG’s mobile fueling leadership into international markets," said Michael D. Farkas, Founder and CEO of NextNRG, according to the company’s press release.

ReFuel’s CEO Ashraf Ghadban, who plans to assist with the transition, stated: "We’re excited to join the NextNRG family and leverage their resources and technology to accelerate our expansion plans."

The acquisition follows NextNRG’s recent domestic expansion across six U.S. states with its fleet of 144 active fuel delivery trucks. The company reported preliminary May 2025 revenue of $6.6 million, representing 148% year-over-year growth, with year-to-date revenue through May reaching approximately $28.89 million.

ReFuel’s proprietary software platform is expected to integrate with NextNRG’s existing technology infrastructure as part of the acquisition. With analysts projecting significant sales growth and setting a price target of $6 per share, investors seeking detailed analysis can access comprehensive financial metrics and additional ProTips through InvestingPro’s exclusive research reports, which offer deep-dive analysis of over 1,400 US stocks.

In other recent news, NextNRG Inc. reported a significant 146% increase in revenue for the first quarter of 2025, reaching $16.3 million. Despite this growth, the company recorded a net loss of $8.9 million, or $1.60 per share. The company’s expansion efforts included integrating fleet assets from Shell and Yoshi, which contributed to the delivery of 4.7 million gallons of fuel. In another development, NextNRG secured $3 million in loan agreements with two accredited investors, pledging shares as collateral. The company also announced its inclusion in the Russell 2000 and 3000 indexes, effective June 30, 2025, a move that could enhance its visibility among institutional investors. ThinkEquity initiated coverage on NextNRG with a Buy rating, highlighting the company’s strategic shift towards distributed energy infrastructure. The company is actively working on smart microgrid projects and holds patents in wireless EV charging technologies. Despite these advancements, NextNRG faces challenges such as a working capital deficit and related-party debt linked to its CEO.

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