EzFill Announces Preliminary Unaudited 2023 Revenues of Approximately $23 Million, Up 54% From Prior Year
- Significant revenue growth of 54% from the prior year.
- Gross profit increased by $1.7 million compared to the previous year.
- Added 88 new fleet accounts, expanding the customer base.
- Improved fuel margins to $0.65 per gallon.
- Strong growth in construction equipment and fleet business.
- Updates to technology enhancing operational efficiencies.
- None.
Insights
The reported increase in gross profits and the significant reduction in net loss for EzFill Holdings, Inc. indicate a notable improvement in the company's financial health. The increase in gross profit by $1.7 million is a strong signal that the company has been able to enhance its profitability margins, likely due to operational efficiencies or an improved sales mix. Moreover, the decrease in net loss by approximately $7.7 million, a 54% drop from the previous year, suggests effective cost management and possibly a strategic pivot in business operations.
From an investor's standpoint, the expansion of fuel margins to $0.65 per gallon could imply that the company is succeeding in passing on higher costs to consumers or benefiting from economies of scale. The addition of 88 fleet accounts is also a positive development, as it diversifies the company's revenue streams and enhances its client base, which is critical for sustainable growth. Analyzing the sectors of these new accounts reveals a strategic targeting of varied and potentially resilient industries, which could mitigate sector-specific risks.
However, it is important for stakeholders to remain cautious until the final, audited financial statements are released. The preliminary figures are subject to change and the final report could present material differences. Investors should also consider the broader economic context, including fuel price volatility and competitive pressures within the mobile fuel industry, when evaluating EzFill's long-term growth trajectory.
The mobile fuel industry is experiencing growth, driven by consumer demand for convenience and efficiency. EzFill's performance, as indicated by the preliminary financial results, seems to align with this industry trend. The company's revenue increase of 54% year-over-year, primarily from the construction equipment and fleet business, reflects a robust market penetration strategy and the successful leveraging of technology to introduce new efficiencies.
The addition of new fleet accounts across diverse sectors such as grocery delivery and freight shipping indicates that EzFill is effectively capitalizing on cross-industry opportunities. This strategic move not only broadens the company's market share but also helps in building resilience against industry-specific downturns. The growth in construction equipment business suggests that EzFill is tapping into the recovery and expansion phase of the construction sector, which has seen an uptick in activity in recent years.
While these developments are promising, it is essential to monitor the competitive landscape and consumer preferences, as shifts in these areas could impact EzFill's market position. Stakeholders should also be aware of the potential for regulatory changes affecting the mobile fuel industry, which could influence operational costs and profit margins.
The financial performance of EzFill, particularly the improved gross profits and reduced net loss, reflects broader economic factors at play. The company's ability to increase fuel margins in a volatile energy market hints at a favorable pricing strategy or a cost structure that allows for such flexibility. This is particularly relevant in an environment where fuel prices can be subject to geopolitical events and supply chain disruptions.
The construction equipment business growth aligns with macroeconomic indicators suggesting an increase in infrastructure spending and construction activity. This sector often serves as a bellwether for economic health and EzFill's success in this area could be indicative of broader economic expansion. Furthermore, the diversification into various fleet services could be seen as a hedge against economic fluctuations, as these services are essential across different economic cycles.
Long-term, the company's performance will hinge on sustained economic growth, stable fuel prices and its ability to maintain or improve profit margins. Stakeholders should also consider the potential impact of environmental regulations and shifts towards renewable energy sources, as these could pose challenges or opportunities for companies in the fuel industry.
Increased Gross profits by
Net Loss decreased by Approx.
Increased fuel margins to
Added 88 Fleet Accounts
MIAMI, FL, Feb. 22, 2024 (GLOBE NEWSWIRE) -- EzFill Holdings, Inc. (“EzFill” or the “Company”) (NASDAQ: EZFL), a pioneer and emerging leader in the mobile fuel industry, announced that, based on the information and data currently available, it expects to report FY2023 revenues of approximately
The revenue increase was driven primarily by strong growth in the construction equipment business, fleet business and updates to the company’s technology allowing for new efficiencies. Contributing to the 2023 growth were approximately 88 new fleet accounts. The new fleet accounts include companies ranging from grocery delivery, moving and storage businesses, to plumbing and building supply companies, to freight shipping and facilities maintenance services.
Yehuda Levy, EzFill’s Interim Chief Executive Officer, commented, “2023 was our best year yet and we look forward to carrying that momentum into 2024.”
EzFill expects to report 2023 full year financial results in the second week of March 2024. EzFill has not completed the preparation of its consolidated financial statements for the year ended December 31, 2023. The preliminary, unaudited results presented in this press release as of and for the year ended December 31, 2023 are based on current expectations and are subject to adjustment, as EzFill completes the preparation of its 2023 year-end consolidated financial statements. These preliminary, unaudited results are not a comprehensive statement of EzFill’s financial results for these periods and should not be viewed as a substitute for financial statements prepared in accordance with generally accepted accounting principles. Actual results may differ materially from those disclosed in this press release.
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. As the only company to provide fuel delivery in three vertical segments – consumer, commercial, and specialty including marine, 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
Telx, Inc.
Paula Luna
Paula@Telxcomputers.com
FAQ
What is EzFill's expected revenue for FY2023?
By how much did the gross profit increase compared to the prior year?
How many fleet accounts did EzFill add in 2023?
What was the increase in fuel margins for EzFill?
Who is EzFill's Interim Chief Executive Officer?
