EZFill Holdings Inc. (NASDAQ:EZFL) Q2 2022 Earnings Conference Call August 11, 2022 5:00 PM ET Company Participants John McNamara – Investor Relations Mike McConnell – Chief Executive Officer Arthur Levine – Chief Financial Officer Conference Call Participants Tate Sullivan – Maxim Group Operator Good day, everyone, and welcome to today's EzFill Holdings Second Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. Later, you will have the ask questions during the question-and ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-40809 EZFILL HOLDINGS INC. | --- | --- | |--------------------------------------------------|----------------------------------- ...

| --- | --- | |-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | DISCLAIMER This presentation contains "forward-looking statements." Forward-looking statements reflect our current view about future events. When used in this presentation, 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 n ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-40809 EZFILL HOLDINGS INC. (Exact name of registrant as specified in its charter) Delaware 83-4260623 (State or other jurisdict ...

EZFill Holdings Inc. (NASDAQ:EZFL) Q1 2022 Results Earnings Conference Call May 12, 2022 5:00 PM ET Company Participants Kathleen Heaney - KCSA Strategic Communications Mike McConnell - CEO Arthur Levine - CFO Conference Call Participants Tate Sullivan - Maxim Group Operator Good afternoon, everyone. Welcome to today's Conference Call to review the First Quarter ending March 31, 2022, for EZFill Holdings, Inc. At this all participants are in a listen-only mode. A brief question-and-answer session will follo ...

[PART I](index=5&type=section&id=PART%20I) [Business](index=5&type=section&id=Item%201.%20Business) EzFill Holdings, Inc. offers app-based mobile fuel delivery in South Florida across consumer, commercial, and specialty vehicle segments, aiming to disrupt traditional fueling - EzFill operates an **on-demand mobile fuel delivery service** in South Florida through an app-based platform, combining on-demand fills and subscription services[18](index=18&type=chunk) - The company's business is structured into **three main verticals** to target high-demand use cases: Consumers (at home/work), Commercial (fleets), and Specialty (boats, construction sites)[19](index=19&type=chunk)[21](index=21&type=chunk)[22](index=22&type=chunk)[23](index=23&type=chunk) - The business model aims to solve key pain points of traditional gas stations, including inconvenience, fleet driver expenses and fraud, high real estate costs, and safety/security concerns[24](index=24&type=chunk)[26](index=26&type=chunk)[27](index=27&type=chunk)[29](index=29&type=chunk) - EzFill's growth strategy involves expanding its **geographic footprint**, targeting **new markets** along the east coast both organically and through acquisitions, and forming **strategic partnerships** with major oil companies and businesses across various industries[59](index=59&type=chunk)[60](index=60&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk) - The company entered into a **Technology License Agreement** with **Fuel Butler LLC** in April 2021 to license proprietary technology expected to enable expansion into high-density areas and parking structures[63](index=63&type=chunk)[64](index=64&type=chunk) - As of February 28, 2022, the company had **42 full-time employees** and a fleet of **24 Mobile Fueling Trucks**[35](index=35&type=chunk)[80](index=80&type=chunk) [Risk Factors](index=14&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant business and stock ownership risks, including operational hazards, a history of net losses, customer concentration, and potential stock price volatility - The COVID-19 pandemic has **adversely impacted operations** by reducing driving habits and the need for gasoline, particularly affecting car fills at office parks, though this was partially offset by increased sales to large delivery fleets at lower margins[85](index=85&type=chunk) - The company has a history of net losses, reporting a **net loss of $9.4 million** for 2021 and an **accumulated deficit of $17.3 million**; it anticipates continued operating losses and will need to raise additional capital in the future[93](index=93&type=chunk)[94](index=94&type=chunk) - EzFill is **highly dependent on one large customer**, which accounted for **57% of its revenue** for the year ended December 31, 2021; the loss of this customer would materially impact future revenues[112](index=112&type=chunk)[113](index=113&type=chunk) - The company currently purchases almost all of its fuel from a **single supplier, MacMillan Oil Company, LLC**, without a written agreement, posing a risk of supply interruption[110](index=110&type=chunk) - Competition in the fuel delivery industry is a risk, as there are **low barriers to entry**; the company also competes with **alternative energy sources** like electricity for vehicles[104](index=104&type=chunk) - Two beneficial owners control **approximately 50%** of the company's outstanding common stock as of February 28, 2022, which may limit the influence of other shareholders[118](index=118&type=chunk) [Unresolved Staff Comments](index=21&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that it has no unresolved staff comments from the SEC - None[133](index=133&type=chunk) [Properties](index=21&type=section&id=Item%202.%20Properties) EzFill leases its primary office space in Aventura, Florida, for approximately $21,800 per month, and utilizes additional space at its fuel supplier's location - The company leases office space at 2999 NE 191 Street, Aventura, FL 33180, for **approximately $21,800 per month**[134](index=134&type=chunk) - Additional office space and truck parking are available at its fuel supplier's location in Hialeah, FL, and at various Palmdale Oil Company locations in Florida following a transaction announced in March 2022[134](index=134&type=chunk) [Legal Proceedings](index=21&type=section&id=Item%203.%20Legal%20Proceedings) The company states that it is not aware of any material, existing, or pending legal proceedings against it - The company reports **no material existing or pending legal proceedings**[135](index=135&type=chunk) [Mine Safety Disclosures](index=21&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not Applicable[136](index=136&type=chunk) [PART II](index=22&type=section&id=PART%20II) [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=22&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) EzFill's common stock began trading on Nasdaq in September 2021, and the company has never paid dividends, intending to retain future earnings for business development, having raised approximately $25.25 million net from its IPO - The company's common stock trades on the **Nasdaq Capital Markets** under the symbol **"EZFL"**, commencing on **September 15, 2021**[139](index=139&type=chunk) - The company has a policy of **retaining earnings** for operations and does **not anticipate paying dividends** in the foreseeable future[140](index=140&type=chunk) - The company's IPO in September 2021 generated aggregate **gross proceeds of approximately $28.75 million**, with **net proceeds of about $25.25 million** after expenses[141](index=141&type=chunk) - As of December 31, 2021, **approximately $8.3 million** of the net proceeds from the IPO had been used[142](index=142&type=chunk) [Selected Financial Data](index=22&type=section&id=Item%206.%20Selected%20Financial%20Data) As a "Smaller Reporting Company," EzFill is not required to provide this information - Disclosure for this item is **not required** as the company qualifies as a **"Smaller Reporting Company"**[147](index=147&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) For 2021, revenues increased by 102% to $7.2 million, but net loss widened to $9.4 million due to a 24% rise in operating expenses, while liquidity significantly improved to $16.9 million post-IPO Results of Operations (2021 vs. 2020) | Metric | Year Ended 2021 | Year Ended 2020 | | :--- | :--- | :--- | | Revenues | $7,233,957 | $3,586,244 | | Cost of sales | $7,027,274 | $3,544,072 | | Operating loss | ($8,769,085) | ($6,932,668) | | Net loss | ($9,383,397) | ($7,254,006) | - Revenues for 2021 increased by **$3.6 million (102%)** compared to 2020, attributed to a **53% increase** in gallons delivered and a higher average price per gallon[158](index=158&type=chunk) - Operating expenses increased by **$1.6 million (24%)** in 2021, primarily due to increases in payroll, sales and marketing, insurance, technology, and public company expenses, although this was partially offset by a decrease in stock compensation expense[161](index=161&type=chunk) - Net loss increased by **$2.1 million (29%)** to **$9.4 million** in 2021 from $7.3 million in 2020[164](index=164&type=chunk) - As of December 31, 2021, the company had **$16.9 million** in cash and investments, a significant increase from **$0.9 million** at the end of 2020, primarily due to the IPO proceeds[165](index=165&type=chunk) - The company expects its cash on hand to fund operations for **at least 12 months** following the issuance of the financial statements but anticipates needing to **raise additional capital** in the future[172](index=172&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=26&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a "Smaller Reporting Company," EzFill is not required to provide this information - Disclosure for this item is **not required** as the company qualifies as a **"Smaller Reporting Company"**[173](index=173&type=chunk) [Financial Statements and Supplementary Data](index=28&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the audited consolidated financial statements for 2021 and 2020, including balance sheets, statements of operations, comprehensive loss, stockholders' equity, cash flows, and detailed notes [Consolidated Financial Statements](index=28&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements show total assets grew from $2.8 million to $22.9 million, liabilities decreased to $1.1 million, and equity shifted to $21.9 million, with revenue growth of 102% but increased net loss and significant cash from financing activities Consolidated Balance Sheet Highlights (As of Dec 31) | Account | 2021 | 2020 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $13,561,266 | $882,870 | | Total Current Assets | $17,257,032 | $1,277,643 | | Total Assets | $22,924,118 | $2,806,752 | | **Liabilities & Equity** | | | | Total Current Liabilities | $758,236 | $3,737,472 | | Total Liabilities | $1,055,672 | $4,288,496 | | Total Stockholders' Equity (Deficit) | $21,868,446 | ($1,481,744) | Consolidated Statement of Operations Highlights (Year Ended Dec 31) | Account | 2021 | 2020 | | :--- | :--- | :--- | | Revenues | $7,233,957 | $3,586,244 | | Operating Loss | ($8,769,085) | ($6,932,668) | | Net Loss | ($9,383,397) | ($7,254,006) | | Net Loss Per Share | ($0.46) | ($0.72) | Consolidated Statement of Cash Flows Highlights (Year Ended Dec 31) | Account | 2021 | 2020 | | :--- | :--- | :--- | | Net cash used in operating activities | ($6,306,759) | ($1,607,669) | | Net cash used in investing activities | ($5,385,308) | ($24,075) | | Net cash provided by financing activities | $24,370,464 | $2,482,523 | [Notes to Consolidated Financial Statements](index=34&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, the $25.25 million net IPO proceeds, significant customer concentration (58% of 2021 revenue), a technology license agreement, post-IPO debt repayment, and equity incentive plan details - The company completed its IPO in September 2021, issuing **7,187,500 shares** for **net proceeds of approximately $25,250,000**[202](index=202&type=chunk) - The company has a **significant customer concentration**, with one customer representing **58% of revenue in 2021** and **38% in 2020**[208](index=208&type=chunk) - A **Technology License Agreement** was entered into on **April 7, 2021**, for which the company issued shares and granted options; the company will share **50% of net revenue** from the technology with the licensor until it exercises an acquisition option[242](index=242&type=chunk) - **All company debt**, except for vehicle loans, was **repaid in September 2021** following the IPO[255](index=255&type=chunk) - The company's 2020 Equity Incentive Plan has **1,913,243 shares** of common stock reserved for issuance[261](index=261&type=chunk) - In February 2020, the company acquired certain assets from Neighborhood Fuel, Inc. for a purchase price of **$750,000** in common stock and the assumption of vehicle financing obligations[283](index=283&type=chunk)[284](index=284&type=chunk) [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=50&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no disagreements with its accountants on accounting principles, financial disclosure, or auditing scope during the last two fiscal years - There were **no disagreements** with accountants on accounting and financial disclosure during the two most recent fiscal years[293](index=293&type=chunk) [Controls and Procedures](index=50&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and internal control over financial reporting were effective as of December 31, 2021 - Management concluded that the company's disclosure controls and procedures were **effective as of December 31, 2021**[295](index=295&type=chunk) - Management assessed the effectiveness of internal control over financial reporting using the COSO 2013 framework and concluded that it was **effective as of December 31, 2021**[296](index=296&type=chunk) - **No changes** in internal controls over financial reporting occurred during the year ended December 31, 2021, that have materially affected, or are reasonably likely to materially affect, these controls[299](index=299&type=chunk) [Other Information](index=51&type=section&id=Item%209B.%20Other%20Information) There is no other information to report for this item - None[300](index=300&type=chunk) [PART III](index=51&type=section&id=PART%20III) [Directors, Executive Officers and Corporate Governance](index=51&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information for this item is incorporated by reference from the company's 2022 Proxy Statement - Information is **incorporated by reference** from the 2022 Proxy Statement[302](index=302&type=chunk) [Executive Compensation](index=51&type=section&id=Item%2011.%20Executive%20Compensation) Information for this item is incorporated by reference from the company's 2022 Proxy Statement - Information is **incorporated by reference** from the 2022 Proxy Statement[303](index=303&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=51&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information for this item is incorporated by reference from the company's 2022 Proxy Statement - Information is **incorporated by reference** from the 2022 Proxy Statement[304](index=304&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=51&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information for this item is incorporated by reference from the company's 2022 Proxy Statement - Information is **incorporated by reference** from the 2022 Proxy Statement[305](index=305&type=chunk) [Principal Accounting Fees and Services](index=51&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information for this item is incorporated by reference from the company's 2022 Proxy Statement - Information is **incorporated by reference** from the 2022 Proxy Statement[306](index=306&type=chunk) [PART IV](index=52&type=section&id=PART%20IV) [Exhibits, Financial Statement Schedules](index=52&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists financial statements filed under Item 8 and provides a comprehensive list of all exhibits filed with the Form 10-K, including key agreements and corporate documents - This section references the **financial statements listed under Item 8** and provides a **list of exhibits** filed with the report[309](index=309&type=chunk)[310](index=310&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Title of each class Trading Symbol Name of each exchange on which registered Common Stock, par value $0.0001 per share EZFL NASDAQ Capital Market FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commi ...