Executive Summary

Q2 2025 delivered strong top-line expansion: revenue increased 166% year-over-year to $19.7M and gross profit rose 189% to $1.6M, while non-cash stock-based compensation (~$25.5M) drove a large operating loss ($30.8M) and net loss ($36.1M) .
Sequentially, revenue grew ~21% versus Q1 2025 ($16.3M), with gross profit stepping up meaningfully, reflecting scaling in mobile energy logistics and expanding enterprise activity .
Strategic catalysts: partnership with Hudson Sustainable Group to accelerate energy infrastructure buildout, formation of a Strategic Advisory Board, and a comprehensive post-Q2 financial restructuring that reduced monthly cash burn by approximately $1M .
July momentum: preliminary monthly revenue reached $8.19M (+236% YoY), marking the first time crossing $8M, which supports a near-term narrative of accelerating demand and execution .

What Went Well and What Went Wrong

What Went Well

Revenue and gross profit surged: “We delivered another exceptional quarter with 166% revenue growth, demonstrating the power of our integrated energy platform…” — Michael D. Farkas, CEO .
Strategic financing and partnerships: priority access to capital via Hudson Sustainable Group partnership and Strategic Advisory Board formation to support national infrastructure rollout .
Operational trajectory: record July revenue of $8.19M (+236% YoY) underscores continued momentum and scale across enterprise customers and geographies .

What Went Wrong

Profitability headwinds: operating loss of $30.8M and net loss of $36.1M in Q2 2025, largely driven by ~$25.5M non-cash stock-based compensation in connection with the new incentive plan .
Margin structure remains early-stage: gross margin in single digits, indicating ongoing need for pricing, mix, and efficiency gains as the platform scales (see margin table below)* .
Limited numeric guidance and no Q2 call transcript available in our source set, constraining visibility into forward OpEx, tax, and segment trajectories (press release only) .

Financial Results

Headline Metrics (reported)

Metric	Q2 2024	Q1 2025	Q2 2025
Revenue ($USD)	$7.4M	$16.3M	$19.7M
Gross Profit ($USD)	$547K	$518K	$1.6M
Loss from Operations ($USD)	N/A	N/A	$30.8M
Net Loss ($USD)	N/A	N/A	$36.1M

YoY: revenue +166% and gross profit +189% vs Q2 2024 as reported .
QoQ: revenue ~+21% vs Q1 2025 (from $16.3M to $19.7M) .

Margins & EPS (S&P Global data)

Metric	Q2 2024	Q1 2025	Q2 2025
Gross Profit Margin %	7.40%*	3.18%*	7.97%*
EBIT ($USD)	-$2.60M*	-$5.75M*	-$30.77M*
EBIT Margin %	-35.17%*	-35.36%*	-156.24%*
Diluted EPS - Continuing Operations ($)	-$0.056*	-$0.078*	-$0.305*

Values retrieved from S&P Global.*

KPIs

KPI	Q4 2024	Q1 2025	Q2 2025
Gallons Delivered	1.8M	4.7M	Not disclosed
Avg Fuel Margin per Gallon	$0.71	$0.71	Not disclosed
Active Vehicles	140	144	Not disclosed
Cash Balance (period-end)	$438,299	$2.1M	Not disclosed
July 2025 Preliminary Monthly Revenue	—	—	$8.19M

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Monthly Cash Burn	Post-Q2 2025	Not provided	Reduced by ~$1M/month via debt conversion and refinancing	Improved
Revenue	FY/Q3-Q4 2025	Not provided	Not provided	Maintained (no formal guidance)
Margins (Gross/EBIT)	FY/Q3-Q4 2025	Not provided	Not provided	Maintained (no formal guidance)
OpEx	FY/Q3-Q4 2025	Not provided	Not provided	Maintained (no formal guidance)
OI&E	FY/Q3-Q4 2025	Not provided	Not provided	Maintained (no formal guidance)
Tax Rate	FY/Q3-Q4 2025	Not provided	Not provided	Maintained (no formal guidance)
Segment-Specific Guidance	FY/Q3-Q4 2025	Not provided	Not provided	Maintained (no formal guidance)
Dividends	FY/Q3-Q4 2025	Not provided	Not provided	Maintained (no formal guidance)

Management noted the ~$25.5M non-cash SBC is expected to be the most material such charge and not anticipated at similar magnitude going forward, implying forward OpEx normalization .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q4 2024, Q1 2025)	Current Period (Q2 2025)	Trend
AI/Technology Initiatives	Utility Operating System foundation and rollout; AI/ML grid intelligence highlighted	Emphasis on integrated Utility OS and smart microgrids progressing to commercial launch	Expanding execution narrative
Smart Microgrids	Pipeline development and guidance forthcoming ; on track to begin utility-scale deployment (Northern FL) in Q2	Scaling deployments; partnership with Hudson Sustainable Group to accelerate buildout	Accelerating via capital partner
Wireless EV Charging	Advanced static/dynamic wireless EV charging (licenses from FIU) ; planning largest bidirectional pilot in Southern FL later in 2025	Programs progressing toward commercial launch, focusing on heavy machinery/fleet applications	Advancing toward pilots/commercialization
Mobile Energy Logistics	2024 fueling platform growth (7.2M gallons; margin per gallon +)	Record July revenue; enterprise expansions (Sunbelt Rentals) and Oklahoma market entry	Scaling multi-state footprint
Geographic/Enterprise Expansion	Entered Phoenix, Austin, San Antonio, Houston; fleet partnerships including large e-commerce company	Oklahoma expansion and extended enterprise fueling in Texas	Broadening
Capital Formation/Restructuring	$15M public offering (Feb 2025) ; corporate rebrand	Comprehensive restructuring reduces monthly cash burn by ~$1M; Strategic Advisory Board formation	Balance-sheet improvement

Note: No Q2 2025 earnings call transcript was available in our document set; themes sourced from press releases .

Management Commentary

“We delivered another exceptional quarter with 166% revenue growth, demonstrating the power of our integrated energy platform and the strong market demand for our solutions.” — Michael D. Farkas, CEO .
“With record-setting fuel volumes, expanding margins, and successful execution of our multi-state expansion strategy, our core operations continue to exceed expectations.” — Michael D. Farkas, CEO .
“We entered 2025 with tremendous momentum and a clear roadmap to scale, and Q1 results are a reflection of that execution.” — Michael D. Farkas, CEO .

Q&A Highlights

Not available; no Q2 2025 earnings call transcript was identified in the materials reviewed (press releases and 8-K filings only) .

Estimates Context

Metric	Q2 2025 Consensus (S&P Global)	Q2 2025 Actual
Revenue	N/A*	$19.7M
Primary EPS	N/A*	-$0.305*

Values retrieved from S&P Global.*
Consensus estimates for Q2 2025 were not available in S&P Global for revenue or EPS; as such, formal beat/miss assessments cannot be made at this time.*

Key Takeaways for Investors

Strong demand signal: revenue up 166% YoY to $19.7M; gross profit up 189% YoY, with sequential revenue growth from Q1 2025, indicating continued scale across operations .
One-time expense distortion: ~$25.5M non-cash SBC drove the Q2 operating/net losses; management does not anticipate future expenses of similar magnitude, implying improved forward comparability .
Execution plus financing: Hudson Sustainable partnership and Strategic Advisory Board add capacity and expertise to accelerate microgrid and EV charging deployment while post-Q2 restructuring lowers cash burn by ~$1M/month .
Near-term catalyst: July preliminary revenue of $8.19M (+236% YoY) provides evidence of momentum into Q3 and may anchor investor expectations around continued volume and revenue expansion .
Watch margins and unit economics: gross margins remain single-digit; monitor mix, pricing, and operating efficiency for sustained improvement as infrastructure and SaaS elements scale (see margin table)* .
Limited street coverage: lack of S&P Global consensus complicates beat/miss framing; investors should triangulate company disclosures and subsequent monthly updates for near-term positioning*.