MeritValue

NEXTNRG, INC.

NXXTdata completeness 63%6 fiscal years on file
The thesis, from the filings

NEXTNRG, INC. earns about -173% on equity, but has diluted owners by 505% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$7.23M1$15M1$23.2M2$27.8M3$81.8M3
Net income−$9.38M4−$17.5M5−$10.5M6−$21.4M7−$85.7M7
Operating cash flow−$6.31M8−$11.6M9−$6.64M10−$6.26M11−$14.5M11
Capital expenditure$2M12$3.26M12—$3.93M13—
Free cash flow (derived)−$8.3M8−$14.9M9—−$10.2M11—
Total debt$476,30714$2.01M15$6.1M16$9.23M17—
Cash & equivalents$13.6M18$2.07M19$226,98519——
Diluted shares20.2M3.3M1.5M3.6M122.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$1.61
your share of equity
Profit it earned you last year
−$7.02
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$1.61 of net worth that earned you −$7.02 last year.

iii. Is this a good business?
Moat signal · return on equity
-173% avg · 5y
FY21 -43%FY22 -303%FY23 —FY24 —FY25 —

It earned an average -173% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+505% shares · 5y

Share count is up 505% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 1837% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001493152-23-008161 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001641172-25-000939 (Revenues)
  3. 10-K/A · period ending 2024-12-31 · accession 0001493152-26-022229 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001493152-23-008161 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001493152-24-012378 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001641172-25-000939 (NetIncomeLoss)
  7. 10-K/A · period ending 2024-12-31 · accession 0001493152-26-022229 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001493152-23-008161 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001493152-24-012378 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001641172-25-000939 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K/A · period ending 2024-12-31 · accession 0001493152-26-022229 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001493152-23-008161 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K/A · period ending 2024-12-31 · accession 0001493152-26-022229 (PaymentsToAcquireProductiveAssets)
  14. 10-K · period ending 2021-12-31 · accession 0001493152-22-006414 (LongTermDebt)
  15. 10-K · period ending 2022-12-31 · accession 0001493152-23-008161 (LongTermDebt)
  16. 10-K · period ending 2023-12-31 · accession 0001493152-24-012378 (LongTermDebt)
  17. 10-K · period ending 2024-12-31 · accession 0001641172-25-000939 (LongTermDebt)
  18. 10-K · period ending 2021-12-31 · accession 0001493152-23-008161 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001493152-24-012378 (CashAndCashEquivalentsAtCarryingValue)