EzFill Announces 2024 Third Quarter Financial Results
EzFill Holdings (NASDAQ: EZFL) reported Q3 2024 financial results showing significant growth. Revenue increased 13% year-over-year to $7.0 million, driven by a 26% increase in gallons delivered to 1.87 million. Gross profit grew 74% to $0.61 million, with improved fuel margins of $0.71 per gallon. The company reported a net loss of $8.1 million, largely due to interest expenses from debt conversion. Adjusted EBITDA loss improved 15% to $(1.1) million. Notable developments include the conversion of $13.5 million debt to equity and receipt of a $1.4 million investment.
EzFill Holdings (NASDAQ: EZFL) ha riportato i risultati finanziari del terzo trimestre del 2024, evidenziando una crescita significativa. I ricavi sono aumentati del 13% anno su anno, raggiungendo 7,0 milioni di dollari, grazie a un incremento del 26% nel numero di galloni consegnati, arrivando a 1,87 milioni. L'utile lordo è aumentato del 74%, raggiungendo 0,61 milioni di dollari, con margini sui carburanti migliorati a 0,71 dollari per gallone. La società ha riportato una perdita netta di 8,1 milioni di dollari, principalmente a causa delle spese di interessi dovute alla conversione del debito. La perdita EBITDA rettificata è migliorata del 15%, attestandosi a $(1,1) milioni. Tra gli sviluppi significativi figurano la conversione di 13,5 milioni di dollari di debito in capitale e la ricezione di un investimento di 1,4 milioni di dollari.
EzFill Holdings (NASDAQ: EZFL) informó los resultados financieros del tercer trimestre de 2024, mostrando un crecimiento significativo. Los ingresos aumentaron un 13% año con año, alcanzando 7.0 millones de dólares, impulsados por un incremento del 26% en los galones entregados, alcanzando 1.87 millones. La utilidad bruta creció un 74% hasta 0.61 millones de dólares, con márgenes de combustible mejorados a 0.71 dólares por galón. La compañía reportó una pérdida neta de 8.1 millones de dólares, en gran parte debido a los gastos por intereses derivados de la conversión de deuda. La pérdida EBITDA ajustada mejoró un 15%, alcanzando $(1.1) millones. Los desarrollos notables incluyen la conversión de 13.5 millones de dólares de deuda en capital y la recepción de una inversión de 1.4 millones de dólares.
EzFill Holdings (NASDAQ: EZFL)는 2024년 3분기 재무 결과를 보고하며 큰 성장을 보여주었습니다. 수익은 전년 대비 13% 증가하여 7.0 백만 달러에 달했으며, 배달된 갤런 수는 26% 증가하여 1.87 백만 갤런에 이릅니다. 총 이익은 74% 증가하여 0.61 백만 달러에 달했으며, 연료 마진은 갤런당 0.71 달러로 개선되었습니다. 회사는 8.1 백만 달러의 순손실을 기록했으며, 이는 주로 부채 전환으로 인한 이자 비용 때문입니다. 조정된 EBITDA 손실은 15% 개선되어 $(1.1) 백만 달러에 이릅니다. 중요한 개발 사항으로는 1,350만 달러의 부채를 자본으로 전환하고 140만 달러의 투자를 받는 것이 포함됩니다.
EzFill Holdings (NASDAQ: EZFL) a annoncé les résultats financiers du troisième trimestre 2024, montrant une croissance significative. Les revenus ont augmenté de 13 % par rapport à l'année précédente, atteignant 7,0 millions de dollars, soutenus par une augmentation de 26 % des gallons livrés, totalisant 1,87 million. Le bénéfice brut a augmenté de 74 %, atteignant 0,61 million de dollars, avec des marges de carburant améliorées à 0,71 dollar par gallon. L’entreprise a enregistré une perte nette de 8,1 millions de dollars, principalement en raison des charges d'intérêts liées à la conversion des dettes. La perte ajustée de l'EBITDA s'est améliorée de 15 %, atteignant $(1,1) million. Les développements notables incluent la conversion de 13,5 millions de dollars de dettes en capital et la réception d'un investissement de 1,4 million de dollars.
EzFill Holdings (NASDAQ: EZFL) hat die finanziellen Ergebnisse für das dritte Quartal 2024 veröffentlicht, die ein signifikantes Wachstum zeigen. Der Umsatz stieg im Vergleich zum Vorjahr um 13% auf 7,0 Millionen Dollar, was durch einen Anstieg der gelieferten Gallonen um 26% auf 1,87 Millionen billiger wurde. Der Bruttogewinn stieg um 74% auf 0,61 Millionen Dollar, mit verbesserten Kraftstoffmargen von 0,71 Dollar pro Gallone. Das Unternehmen meldete einen Nettoverlust von 8,1 Millionen Dollar, hauptsächlich aufgrund von Zinsaufwendungen aus der Schuldenumwandlung. Der Verlust des bereinigten EBITDA verbesserte sich um 15% auf $(1,1) Millionen. Zu den bemerkenswerten Entwicklungen zählen die Umwandlung von 13,5 Millionen Dollar Schulden in Eigenkapital und der Erhalt einer Investition von 1,4 Millionen Dollar.
- Revenue growth of 13% YoY to $7.0 million
- Gross profit increase of 74% YoY to $0.61 million
- Gallons delivered up 26% to 1.87 million
- Improved fuel margins to $0.71 per gallon from $0.67
- Adjusted EBITDA loss improved by 15%
- Successful conversion of $13.5M debt to equity
- Net loss increased to $8.1 million from $2.2 million YoY
- Operating expenses increased to $2.0 million from $1.7 million
- Interest expense jumped to $5.6 million from $0.62 million
- Loss per share increased to $1.95 from $1.46
Insights
The Q3 2024 results present a mixed financial picture for EzFill. While operational metrics show improvement with
The conversion of
-- Revenue Increased
-- Gross Profit Increased
--EBITDA Improved
-- 1.9 Million Gallons Delivered, Up
--Converted
--Recieved
MIAMI, FL, Nov. 14, 2024 (GLOBE NEWSWIRE) -- EzFill Holdings, Inc. (“EzFill” or the “Company”) (NASDAQ: EZFL), a pioneer and emerging leader in the mobile fueling industry, announced today its financial results for the three-month period ended September 30, 2024 (“3Q24” or “third quarter 2024”).
3Q 24 Highlights (in US$, except gallons delivered)
| Q3 2024 | Q3 2023 | |||
| Financial Highlights | ||||
| Revenue | 6,985,962 | 6,163,682 | ||
| Gross Profit | 606,825 | 349,725 | ||
| Adjusted EBITDA* | (1,091,334 | ) | (1,286,890 | ) |
| Operating Highlights | ||||
| Total Gallons Delivered | 1,872,524 | 1,486,199 | ||
| * See end of this press release for reconciliation to US GAAP | ||||
Commenting on the third quarter results, Interim CEO Yehuda Levy stated, “In Q3 2024, EzFill delivered another quarter of strong growth, thanks to the unwavering dedication of our team and the trust our customers place in us. Our focus on operational excellence and our commitment to innovation continue to drive our progress and enhance our ability to meet the evolving needs of the market. We are excited by the strategic partnerships and new accounts we’ve secured this quarter, which position us for even greater success as we move forward. Our mission remains clear, to lead the way in delivering convenience and sustainability, while accelerating the growth of our business. We look forward to closing the Yoshi transaction and expanding our operations into four new states in the coming months.”
Third Quarter 2024 Financial Results
During the third quarter of 2024, the Company reported revenue of approximately
Cost of sales was approximately
Operating expenses, excluding depreciation and amortization, were approximately
Depreciation and amortization decreased to
Interest expense increased to
The net loss in the third quarter of 2024 was
Adjusted EBITDA loss in the third quarter of 2024 was
Balance Sheet
At September 30, 2024, the Company had a cash position of approximately
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 and Media Contact
TraDigital IR
John McNamara
john@tradigitalir.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 September 30, 2024 and 2023:
| Three Months Ended September 30, | ||||||||||
| 2024 | 2023 | |||||||||
| Net loss | $ | (8,075,509 | ) | $ | (2,226,738 | ) | ||||
| Interest expense | 5,601,813 | 622,777 | ||||||||
| Depreciation and amortization | 269,561 | 278,442 | ||||||||
| Loss on debt extinguishment – related party | 907,500 | - | ||||||||
| Stock compensation | 205,301 | 38,629 | ||||||||
| Adjusted EBITDA | $ | (1,091,334 | ) | $ | (1,286,890 | ) | ||||
| Gallons delivered | 1,872,524 | 1,486,199 | ||||||||
| Average fuel margin per gallon | $ | 0.71 | $ | 0.67 | ||||||
EzFill Holdings, Inc. and Subsidiary
Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
| For the Three Months Ended September 30, | ||||||||
| 2024 | 2023 | |||||||
| Sales - net | $ | 6,985,962 | $ | 6,163,682 | ||||
| Costs and expenses | ||||||||
| Cost of sales | 6,379,137 | 5,813,957 | ||||||
| General and administrative expenses | 1,950,288 | 1,684,340 | ||||||
| Depreciation and amortization | 269,561 | 278,442 | ||||||
| Total costs and expenses | 8,598,986 | 7,776,739 | ||||||
| Loss from operations | (1,613,024 | ) | (1,613,057 | ) | ||||
| Other income (expense) | ||||||||
| Interest income | - | 9,096 | ||||||
| Other income | 60,250 | - | ||||||
| Interest expense (including amortization of debt discount) | (5,601,813 | ) | (622,777 | ) | ||||
| Loss on sale of marketable debt securities - net | - | - | ||||||
| Loss on debt extinguishment – related party | (907,500 | ) | ||||||
| Impairment of fixed assets | (13,422 | ) | - | |||||
| Total other income (expense) - net | (6,462,485 | ) | (613,681 | ) | ||||
| Net loss | $ | (8,075,509 | ) | $ | (2,226,738 | ) | ||
| Preferred stock dividend - payable on Series A convertible preferred stock - to be issued in common stock | (55,486 | ) | - | |||||
| Preferred stock dividend - payable on Series B convertible preferred stock - to be issued in common stock | (29,348 | ) | - | |||||
| Net loss available to common stockholders - basic and diluted | $ | (8,160,343 | ) | $ | (2,226,738 | ) | ||
| Loss per share - basic and diluted | $ | (1.95 | ) | $ | (1.46 | ) | ||
| Weighted average number of shares - basic and diluted | 4,184,152 | 1,526,533 | ||||||
EzFill Holdings, Inc. and Subsidiary
Consolidated Balance Sheets
| September 30, 2024 | December 31, 2023 | |||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Current Assets | ||||||||
| Cash | $ | 828,185 | $ | 226,985 | ||||
| Accounts receivable - net | 1,554,534 | 1,192,340 | ||||||
| Inventory | 102,685 | 134,057 | ||||||
| Due from related party | 17,150 | - | ||||||
| Prepaids and other | 192,474 | 220,909 | ||||||
| Total Current Assets | 2,695,028 | 1,774,291 | ||||||
| Property and equipment - net | 2,524,868 | 3,310,187 | ||||||
| Operating lease - right-of-use asset | 121,438 | 297,394 | ||||||
| Operating lease - right-of-use asset - related party | 230,606 | 286,397 | ||||||
| Deposits | 49,063 | 49,063 | ||||||
| Total Assets | $ | 5,621,003 | $ | 5,717,332 | ||||
| Liabilities and Stockholders’ Equity (Deficit) | ||||||||
| Current Liabilities | ||||||||
| Accounts payable and accrued expenses | $ | 881,827 | $ | 845,275 | ||||
| Accounts payable and accrued expenses - related parties | - | 72,428 | ||||||
| Notes payable - net | 212,716 | 946,228 | ||||||
| Notes payable - related parties - net | - | 4,802,115 | ||||||
| Operating lease liability | 135,984 | 246,880 | ||||||
| Operating lease liability - related party | 76,742 | 72,034 | ||||||
| Dividends payable (common stock) - related parties | 84,834 | - | ||||||
| Total Current Liabilities | 1,392,103 | 6,984,960 | ||||||
| Long Term Liabilities | ||||||||
| Notes payable - net | 512,618 | 353,490 | ||||||
| Operating lease liability | - | 69,128 | ||||||
| Operating lease liability - related party | 157,917 | 215,960 | ||||||
| Total Long Term Liabilities | 670,535 | 638,578 | ||||||
| Total Liabilities | 2,062,638 | 7,623,538 | ||||||
| Commitments and Contingencies | ||||||||
| Stockholders’ Equity (Deficit) | ||||||||
| Preferred stock - | - | - | ||||||
| Convertible Preferred stock - Series A, | 36 | |||||||
| Convertible Preferred stock - Series B, | 14 | |||||||
| Common stock - | 621 | 181 | ||||||
| Common stock issuable (0 and 104,000 shares, respectively) | - | 10 | ||||||
| Additional paid-in capital | 62,298,941 | 43,410,653 | ||||||
| Accumulated deficit | (58,741,247 | ) | (45,317,050 | ) | ||||
| Total Stockholders’ Equity (Deficit) | 3,558,365 | (1,906,206 | ) | |||||
| Total Liabilities and Stockholders’ Equity (Deficit) | $ | 5,621,003 | $ | 5,717,332 | ||||
FAQ
What was EzFill's (EZFL) revenue growth in Q3 2024?
How many gallons did EzFill (EZFL) deliver in Q3 2024?
What was EzFill's (EZFL) gross profit in Q3 2024?
How much debt did EzFill (EZFL) convert to equity in Q3 2024?
