EzFill Closes on the Purchase of Yoshi Mobility’s Fuel Division

Rhea-AI Summary

EzFill Holdings (NASDAQ: EZFL) has completed the acquisition of Yoshi Inc.'s mobile fueling division, marking a significant expansion into four new states: California, Michigan, Tennessee, and Texas. The deal, closed on December 2, 2024, adds 26 new trucks to EzFill's fleet, bringing the total to 66 vehicles.

The expansion includes five new markets: Los Angeles, San Francisco, Detroit, Houston, and Nashville, increasing EzFill's presence to 10 strategic locations across 5 states. The acquisition brings over 50 new commercial fleet accounts to EzFill's portfolio. The company plans to immediately offer diesel services in these new markets, targeting the 76% of commercial vehicles that use diesel fuel.

Positive

• Acquisition adds 26 trucks, expanding fleet to 66 vehicles
• Geographic expansion into 4 new states and 5 new markets
• Addition of over 50 new commercial fleet accounts
• Immediate access to diesel market segment (76% of commercial vehicles)

Negative

• None.

Insights

Financial Analyst

The acquisition of Yoshi's fuel division represents a significant strategic expansion for EzFill, with tangible operational and financial implications. The addition of 26 new trucks, bringing the total fleet to 66, marks a 65% increase in fleet capacity. The expansion into four new states and acquisition of 50+ commercial fleet accounts provides immediate revenue diversification and growth potential. The focus on diesel service is particularly strategic, targeting the 76% of commercial vehicles using diesel fuel. This expansion increases market penetration while potentially reducing operational costs through economies of scale. The deal strengthens EzFill's competitive position in the mobile fueling market and provides a solid foundation for future growth across multiple metropolitan areas.

Market Research Analyst

The strategic expansion into key metropolitan markets like Los Angeles, San Francisco, Detroit, Houston and Nashville positions EzFill to capture significant market share in the growing mobile fueling sector. The geographical diversification reduces market-specific risks while opening access to major commercial hubs. The acquisition of established commercial fleet accounts provides immediate revenue streams and validates the business model's scalability. The focus on diesel service aligns with market demands and creates opportunities for cross-selling and upselling services to existing customers. This expansion significantly enhances EzFill's competitive positioning against regional players and could accelerate the company's path to becoming a national leader in mobile fueling.

--Company Adds 26 New Trucks to Growing Fleet--

--Begins Service in Four New States and Five New Markets--

MIAMI, Dec. 10, 2024 (GLOBE NEWSWIRE) -- EzFill Holdings Inc. (NASDAQ: EZFL), a leading mobile fueling company, has closed on the purchase of the mobile fueling division of Yoshi, Inc., expanding EzFill’s existing business into five new markets within four states.

The transaction closed on Monday, December 2, 2024, and as a result EzFill has officially commenced operations in four new States: California, Michigan, Tennessee and Texas. EzFill has started the process of integrating Yoshi’s assets, operations and customers into its growing infrastructure.

The goals of the purchase include:

• Expanding EzFill’s Fleet: The acquisition adds 26 trucks, increasing the fleet to 66. This expansion will bolster operational capacity, allowing the Company to handle a larger volume of commercial accounts and ensure timely service delivery in new and existing markets.
  
• Experiencing Market Growth and National Expansion: With the purchase, EzFill now has a presence in 5 states and 10 strategic locations. The new markets include Los Angeles, San Francisco, Detroit, Houston, and Nashville. This growth provides greater geographical coverage and positions the business to cater to a broader client base while diversifying market risks.
  
• Adding Over 50 New Commercial Fleet Accounts: The addition of over 50 new commercial fleet accounts underscores the Company’s growing reputation and capacity to serve large-scale clients, which is expected to significantly increase revenue streams and demonstrate EzFill’s ability to meet complex operational demands.
  

“This notable expansion across the country and new markets marks a significant step toward achieving national operations and presence,” said EzFill CEO Yehuda Levy. “We will continue to grow consistent service standards and brand visibility while leveraging economies of scale to improve efficiency and competitiveness.”

EzFill plans to immediately offer diesel in its new markets. With 76% of commercial vehicles using diesel according to the Engine Technology Forum, offering diesel in new markets will likely immediately increase revenue potential in those areas.

Additionally, EzFill plans to use this expansion to build on its existing relationships by servicing current national accounts in Florida and extending support to its fleet and equipment in the newly expanded markets.

“Closing this deal marks a pivotal moment in EzFill's journey toward nationwide leadership in mobile fueling,” continued Levy. “With the integration of Yoshi’s exceptional team and loyal customers, we are not just expanding our footprint—we are redefining convenience and efficiency in the fueling industry. The progress we’ve made so far is only the beginning as we now operate in five states, ten markets, and continue to add new fleet accounts. We remain committed to delivering reliable, on-demand fueling services to customers across the country and setting new standards for innovation in this space.”

About EzFill
EzFill is a Miami-based on-demand mobile fueling service that provides fuel delivery directly to consumers and businesses, eliminating the need for traditional gas stations. As one of the largest mobile fuel delivery platforms in the United States, EzFill focuses on convenience, safety, and efficiency for its users. Visit us at 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.

Investor Contact

PCG Advisory
Jeff Ramson
jramson@pcgadvisory.com

FAQ

When did EzFill (EZFL) close the acquisition of Yoshi's fuel division?

EzFill closed the acquisition of Yoshi's fuel division on December 2, 2024.

How many new trucks did EzFill (EZFL) acquire from the Yoshi deal?

EzFill acquired 26 new trucks from the Yoshi deal, bringing their total fleet to 66 vehicles.

Which new states did EzFill (EZFL) expand into with the Yoshi acquisition?

EzFill expanded into California, Michigan, Tennessee, and Texas through the Yoshi acquisition.

How many new commercial fleet accounts did EzFill (EZFL) gain from the Yoshi purchase?

EzFill gained over 50 new commercial fleet accounts from the Yoshi purchase.