EzFill Announces 2024 Second Quarter Financial Results
EzFill Holdings, Inc. (NASDAQ: EZFL) reported strong financial results for Q2 2024. Revenue increased 21% year-over-year to $7.4 million, driven by a 16% increase in gallons delivered to 1.84 million. Gross profit rose 14% from the prior year period. The company added 40 new commercial accounts during the quarter. Loss per share improved 6% from $(1.78) to $(1.67). Adjusted EBITDA loss improved by 41% to $(1.1) million.
Key highlights include:
- Average fuel margin per gallon remained steady at $0.60
- Operating expenses decreased due to improved efficiencies
- Interest expense increased to $1.9 million due to higher borrowing
- Cash position at quarter-end was $0.3 million
- Long-term debt stood at $9.8 million
EzFill Holdings, Inc. (NASDAQ: EZFL) ha riportato risultati finanziari solidi per il secondo trimestre del 2024. I ricavi sono aumentati del 21% rispetto all'anno precedente, raggiungendo i 7,4 milioni di dollari, grazie a un incremento del 16% nei galloni consegnati, saliti a 1,84 milioni. Il profitto lordo è aumentato del 14% rispetto allo stesso periodo dell'anno precedente. Durante il trimestre, l'azienda ha acquisito 40 nuovi conti commerciali. La perdita per azione è migliorata del 6%, passando da $(1.78) a $(1.67). La perdita di EBITDA rettificato è migliorata del 41%, attestandosi a $(1.1) milioni.
I punti salienti includono:
- Il margine medio sui carburanti per gallone è rimasto stabile a $0.60
- Le spese operative sono diminuite grazie a migliori efficienze
- Le spese per interessi sono aumentate a $1.9 milioni a causa di un maggiore indebitamento
- La posizione di cassa alla fine del trimestre era di $0.3 milioni
- Il debito a lungo termine ammonterà a $9.8 milioni
EzFill Holdings, Inc. (NASDAQ: EZFL) reportó resultados financieros sólidos para el segundo trimestre de 2024. Los ingresos aumentaron un 21% interanual, alcanzando los 7.4 millones de dólares, impulsados por un aumento del 16% en los galones entregados, que llegaron a 1.84 millones. Las ganancias brutas aumentaron un 14% en comparación con el mismo período del año anterior. La empresa añadió 40 nuevas cuentas comerciales durante el trimestre. La pérdida por acción mejoró un 6%, de $(1.78) a $(1.67). La pérdida de EBITDA ajustado se redujo en un 41%, alcanzando $(1.1) millones.
Los aspectos destacados incluyen:
- El margen promedio de combustible por galón se mantuvo estable en $0.60
- Los gastos operativos disminuyeron debido a la mejora en las eficiencias
- Los gastos por intereses aumentaron a $1.9 millones debido a un mayor endeudamiento
- La posición de efectivo al final del trimestre fue de $0.3 millones
- La deuda a largo plazo se situó en $9.8 millones
EzFill Holdings, Inc. (NASDAQ: EZFL)는 2024년 2분기 강력한 재무 실적을 보고했습니다. 수익은 전년 대비 21% 증가하여 740만 달러에 달했습니다, 이는 배달된 갤론이 16% 증가하여 184만 갤론에 도달한 데 기인합니다. 총 이익은 전년 동기 대비 14% 증가했습니다. 이 회사는 분기 동안 40개의 새로운 상업 계좌를 추가했습니다. 주당 손실은 $(1.78)에서 $(1.67)로 6% 개선되었습니다. 조정된 EBITDA 손실은 $(1.1)백만으로 41% 개선되었습니다.
주요 하이라이트는 다음과 같습니다:
- 갤론당 평균 연료 마진은 $0.60으로 안정세를 유지했습니다
- 운영 비용은 효율성 개선으로 감소했습니다
- 이자 비용은 차입 증가로 $1.9백만으로 증가했습니다
- 분기 말 현금 보유는 $0.3백만이었습니다
- 장기 부채는 $9.8백만에 달했습니다
EzFill Holdings, Inc. (NASDAQ: EZFL) a rapporté de solides résultats financiers pour le deuxième trimestre de 2024. Les revenus ont augmenté de 21 % par rapport à l'année précédente, atteignant 7,4 millions de dollars, porté par une augmentation de 16 % des gallons livrés, pour un total de 1,84 million. Le bénéfice brut a augmenté de 14 % par rapport à la même période l'an dernier. L'entreprise a ajouté 40 nouveaux comptes commerciaux durant le trimestre. La perte par action s'est améliorée de 6 %, passant de $(1.78) à $(1.67). La perte d'EBITDA ajusté a diminué de 41 %, pour atteindre $(1.1) million.
Les points saillants incluent :
- La marge moyenne de carburant par gallon est restée stable à 0,60 $
- Les frais d'exploitation ont diminué grâce à une meilleure efficacité
- Les frais d'intérêts ont augmenté à 1,9 million de dollars en raison d'un endettement plus élevé
- La position de trésorerie à la fin du trimestre était de 0,3 million de dollars
- La dette à long terme s'élevait à 9,8 millions de dollars
EzFill Holdings, Inc. (NASDAQ: EZFL) hat starke Finanzergebnisse für das zweite Quartal 2024 gemeldet. Der Umsatz stieg im Jahresvergleich um 21% auf 7,4 Millionen Dollar, angetrieben durch einen Anstieg der gelieferten Gallonen um 16% auf 1,84 Millionen. Der Bruttogewinn erhöhte sich um 14% im Vergleich zum Vorjahreszeitraum. Das Unternehmen hat im Quartal 40 neue Geschäftskunden gewonnen. Der Verlust pro Aktie verbesserte sich um 6%, von $(1,78) auf $(1,67). Der bereinigte EBITDA-Verlust verbesserte sich um 41% auf $(1,1) Millionen.
Die wichtigsten Highlights sind:
- Die durchschnittliche Kraftstoffmarge pro Gallone blieb stabil bei $0,60
- Die Betriebskosten sanken aufgrund verbesserter Effizienz
- Die Zinsaufwendungen erhöhten sich auf 1,9 Millionen Dollar aufgrund höherer Verschuldung
- Die Liquiditätsposition am Quartalsende betrug 0,3 Millionen Dollar
- Die langfristigen Verbindlichkeiten beliefen sich auf 9,8 Millionen Dollar
- Revenue increased 21% year-over-year to $7.4 million
- Gross profit rose 14% from the prior year period
- Total gallons delivered increased 16% to 1.84 million
- 40 new commercial accounts added in the quarter
- Loss per share improved 6% from $(1.78) to $(1.67)
- Adjusted EBITDA loss improved by 41% to $(1.1) million
- Operating expenses decreased due to improved efficiencies
- Net loss increased to $(3.4) million from $(2.5) million in the prior year
- Interest expense significantly increased to $1.9 million from $0.01 million
- Cash position remains low at $0.3 million
- Long-term debt of $9.8 million as of quarter-end
Insights
EzFill's Q2 2024 results show a mixed financial picture. While revenue grew
On the positive side, EzFill improved its operational efficiency, reducing operating expenses and improving gross profit. The
EzFill's Q2 results reflect the growing demand for mobile fueling services. The
However, the mobile fueling industry faces challenges, including regulatory hurdles and competition from traditional gas stations. EzFill's ability to maintain its
-- Revenue Increased
-- Gross Profit Increased
-- Gallons Delivered Approximately 1.84 Million, Up
-- 40 New Commercial Accounts Added in Quarter --
-- Loss Per Share Improves
MIAMI, FL, Aug. 15, 2024 (GLOBE NEWSWIRE) -- EzFill Holdings, Inc. (“EzFill” or the “Company”) (NASDAQ: EZFL), a pioneer and emerging leader in the mobile fueling industry, announced today its financial results for the three-month period ended June 30, 2024 (“2Q24” or “second quarter 2024”).
2Q 24 Highlights (in US$, except gallons delivered)
| Q2 2024 | Q2 2023 | |||||||
| Financial Highlights | ||||||||
| Revenue | 7,398,278 | 6,130,661 | ||||||
| Net loss | (3,361,233 | ) | (2,468,811 | ) | ||||
| Adjusted EBITDA* | (1,090,456 | ) | (1,839,535 | ) | ||||
| Operating Highlights | ||||||||
| Total Gallons Delivered | 1,837,580 | 1,583,320 | ||||||
| * See end of this press release for reconciliation to US GAAP | ||||||||
Commenting on the second quarter results, Interim CEO Yehuda Levy stated, “We are proud to report a strong quarter of growth in Q2, driven by our team's pursuit of excellence and our strategic initiatives. Our focus on customer-centric solutions and operational efficiency has yielded impressive results, and we are excited about the opportunities ahead. As we continue to expand our reach and enhance our offerings, we remain committed to delivering exceptional value and driving sustainable growth. Additionally, for the second year, we have successfully completed fueling services for the Formula 1 Crypto.com Miami Grand Prix.”
Second Quarter 2024 Financial Results
During the second quarter of 2024, the Company reported revenue of
Cost of sales was
Operating expenses, excluding depreciation and amortization, were
Depreciation and amortization increased to
Interest expense increased to
The net loss in the second quarter of 2024 was
Adjusted EBITDA loss in the second quarter of 2024 was
Balance Sheet
At June 30, 2024, the Company had a cash position of
About EzFill
EzFill is a leader in the fast-growing mobile fuel industry, with the largest market share in its home state of Florida. Its mission is to disrupt the gas station fueling model by providing consumers and businesses with the convenience, safety, and touch-free benefits of on-demand fueling services brought directly to their locations. For commercial and specialty customers, at-site delivery during downtimes enables operators to begin their daily operations with fully fueled vehicles. For more information, visit www.ezfl.com.
With the number of gas stations in the U.S. continuing to decline, corporate giants such as Shell, Exxon, GM, Bridgestone, Enterprise, and Mitsubishi have recognized the increasing shift in consumer behavior and are investing in the fast growing on-demand mobile fueling industry, in companies such as Booster and Yoshi. As the only company to provide fuel delivery in three verticals – consumer, commercial, and specialty including marine and construction equipment, we believe EzFill is well positioned to capitalize on the growing demand for convenient and cost-efficient mobile fueling options.
Forward Looking Statements
This press release contains “forward-looking statements” Forward-looking statements reflect our current view about future events. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “plan,” or the negative of these terms and similar expressions, as they relate to us or our management, identify forward-looking statements. Such statements, include, but are not limited to, statements contained in this press release relating to our business strategy, our future operating results and liquidity and capital resources outlook. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward–looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. They are neither statements of historical fact nor guarantees of assurance of future performance. We caution you therefore against relying on any of these forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, our ability to raise capital to fund continuing operations; our ability to protect our intellectual property rights; the impact of any infringement actions or other litigation brought against us; competition from other providers and products; our ability to develop and commercialize products and services; changes in government regulation; our ability to complete capital raising transactions; and other factors relating to our industry, our operations and results of operations. Actual results may differ significantly from those anticipated, believed, estimated, expected, intended or planned. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We cannot guarantee future results, levels of activity, performance or achievements. The Company assumes no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release except as may be required under applicable securities law.
For further information, please contact:
Investor Contact
TraDigital IR
John McNamara
john@tradigitalir.com
Media Contact
Telx, Inc.
Paula Luna
Paula@Telxcomputers.com
Note Regarding Use of Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements, which are prepared in accordance with generally accepted accounting principles in the United States (GAAP), we use non-GAAP measures. Adjusted EBITDA is a non-GAAP financial measure which we use in our financial performance analyses. This measure should not be considered a substitute for GAAP-basis measures, nor should it be viewed as a substitute for operating results determined in accordance with GAAP. We believe that the presentation of Adjusted EBITDA, a non-GAAP financial measure that excludes the impact of net interest expense, taxes, depreciation, amortization and stock compensation expense, provides useful supplemental information that is essential to a proper understanding of our financial results. Non-GAAP measures are not formally defined by GAAP, and other entities may use calculation methods that differ from ours for the purposes of calculating Adjusted EBITDA. As a complement to GAAP financial measures, we believe that Adjusted EBITDA assists investors who follow the practice of some investment analysts who adjust GAAP financial measures to exclude items that may obscure underlying performance and distort comparability.
The following is a reconciliation of net loss to the non-GAAP financial measure referred to as Adjusted EBITDA for the three months ended June 30, 2024 and 2023:
| Three Months Ended June 30, | ||||||||
| 2024 | 2023 | |||||||
| Net loss | $ | (3,361,233 | ) | $ | (2,468,811 | ) | ||
| Interest expense | 1,902,409 | 12,819 | ||||||
| Depreciation and amortization | 264,368 | 277,608 | ||||||
| Stock compensation | 104,000 | 338,849 | ||||||
| Adjusted EBITDA | $ | (1,090,456 | ) | $ | (1,839,535 | ) | ||
| Gallons delivered | 1,837,580 | 1,583,320 | ||||||
| Average fuel margin per gallon | $ | 0.60 | $ | 0.60 | ||||
EzFill Holdings, Inc. and Subsidiary
Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
| For the Three Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | |||||||||||||
| Sales - net | $ | 7,398,278 | $ | 6,130,661 | ||||||||||
| Costs and expenses | ||||||||||||||
| Cost of sales | 6,847,450 | 5,646,291 | ||||||||||||
| General and administrative expenses | 1,805,734 | 2,369,026 | ||||||||||||
| Depreciation and amortization | 264,368 | 277,608 | ||||||||||||
| Total costs and expenses | 8,917,552 | 8,292,925 | ||||||||||||
| Loss from operations | (1,519,274 | ) | (2,162,264 | ) | ||||||||||
| Other income (expense) | ||||||||||||||
| Interest income | - | 14,461 | ||||||||||||
| Other income | 60,450 | (308,189 | ) | |||||||||||
| Interest expense | (1,902,409 | ) | (12,819 | ) | ||||||||||
| Total other income (expense) - net | (1,841,959 | ) | (306,547 | ) | ||||||||||
| Net loss | $ | (3,361,233 | ) | $ | (2,468,811 | ) | ||||||||
| Loss per share - basic and diluted | $ | (1.67 | ) | $ | (1.78 | ) | ||||||||
| Weighted average number of shares - basic and diluted | 2,007,608 | 1,387,796 | ||||||||||||
| Comprehensive loss: | ||||||||||||||
| Net loss | $ | (3,361,233 | ) | $ | (2,468,811 | ) | ||||||||
| Change in fair value of debt securities | - | - | ||||||||||||
| Total comprehensive loss: | $ | (3,361,233 | ) | $ | (2,468,811 | ) | ||||||||
EzFill Holdings, Inc. and Subsidiary
Consolidated Balance Sheets
| June 30, 2024 | December 31, 2023 | |||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Current Assets | ||||||||
| Cash | $ | 306,811 | $ | 226,985 | ||||
| Accounts receivable - net | 1,655,171 | 1,192,340 | ||||||
| Inventory | 103,490 | 134,057 | ||||||
| Due from related party | 17,150 | - | ||||||
| Prepaids and other | 199,848 | 220,909 | ||||||
| Total Current Assets | 2,282,470 | 1,774,291 | ||||||
| Property and equipment - net | 2,780,964 | 3,310,187 | ||||||
| Operating lease - right-of-use asset | 180,886 | 297,394 | ||||||
| Operating lease - right-of-use asset - related party | 249,402 | 286,397 | ||||||
| Deposits | 49,063 | 49,063 | ||||||
| Total Assets | $ | 5,542,785 | $ | 5,717,332 | ||||
| Liabilities and Stockholders’ Deficit | ||||||||
| Current Liabilities | ||||||||
| Accounts payable and accrued expenses | $ | 1,196,301 | $ | 845,275 | ||||
| Accounts payable and accrued expenses - related parties | 235,428 | 72,428 | ||||||
| Notes payable - net | 606,746 | 946,228 | ||||||
| Notes payable - related parties - net | 7,515,713 | 4,802,115 | ||||||
| Operating lease liability | 202,002 | 246,880 | ||||||
| Operating lease liability - related party | 75,147 | 72,034 | ||||||
| Total Current Liabilities | 9,831,337 | 6,984,960 | ||||||
| Long Term Liabilities | ||||||||
| Notes payable - net | 367,130 | 353,490 | ||||||
| Operating lease liability | - | 69,128 | ||||||
| Operating lease liability - related party | 177,768 | 215,960 | ||||||
| Total Long Term Liabilities | 544,898 | 638,578 | ||||||
| Total Liabilities | 10,376,235 | 7,623,538 | ||||||
| Commitments and Contingencies | ||||||||
| Stockholders’ Deficit | ||||||||
| Preferred stock - | - | - | ||||||
| Common stock - | 216 | 181 | ||||||
| Common stock issuable (242,000 and 104,000 shares, respectively) | 24 | 10 | ||||||
| Additional paid-in capital | 45,743,715 | 43,410,653 | ||||||
| Accumulated deficit | (50,577,405 | ) | (45,317,050 | ) | ||||
| Total Stockholders’ Deficit | (4,833,450 | ) | (1,906,206 | ) | ||||
| Total Liabilities and Stockholders’ Deficit | $ | 5,542,785 | $ | 5,717,332 | ||||
FAQ
What was EzFill's (EZFL) revenue growth in Q2 2024?
How many gallons did EzFill (EZFL) deliver in Q2 2024?
What was EzFill's (EZFL) loss per share in Q2 2024?
How many new commercial accounts did EzFill (EZFL) add in Q2 2024?
What was EzFill's (EZFL) Adjusted EBITDA for Q2 2024?
