EzFill Announces 2024 First Quarter Financial Results

Core Insights - EzFill Holdings, Inc. reported a 26% year-over-year increase in revenue, reaching $6.6 million compared to $5.2 million in the prior year period [1][3] - The company achieved a significant gross profit increase of 184% from the previous year [1] - Total gallons delivered rose by 26% to 1.66 million gallons, reflecting growth in both existing and new markets [1][3] - The net loss narrowed by approximately $0.5 million, representing a 19% decrease from the prior year [1][6] - Loss per share improved by 35%, from $(0.70) to $(0.45) [1][6] Financial Highlights - Revenue for Q1 2024 was $6,597,119, up from $5,231,334 in Q1 2023, marking a 26% increase [2] - Net loss decreased to $(1,899,122) from $(2,348,771), an improvement of approximately 20% [2][6] - Adjusted EBITDA loss improved to $(1,162,140) from $(1,833,874), reflecting a 37% improvement [2][7] - Average fuel margin per gallon increased to $0.59 from $0.47 in the prior year [3][14] Operating Highlights - Total gallons delivered in Q1 2024 were 1,660,617, compared to 1,313,962 in Q1 2023 [2][14] - The company added 22 new fleet customers during the quarter [1] Cost and Expenses - Cost of sales for Q1 2024 was $6.1 million, up from $5.1 million in the prior year, driven by increased sales and hiring of additional drivers [4] - Operating expenses, excluding depreciation and amortization, decreased to $1.5 million from $2.2 million, due to efficiencies in operations [5] Balance Sheet - As of March 31, 2024, the company had a cash position of $0.05 million, down from $0.2 million at the end of 2023 [8] - Long-term debt stood at $0.6 million at the end of the quarter [8] Industry Position - EzFill is positioned as a leader in the mobile fueling industry, with a significant market share in Florida [9] - The company aims to disrupt traditional gas station models by offering on-demand fueling services [9] - Major corporations are investing in the mobile fueling sector, indicating a growing demand for convenient fueling options [10]