Financial Data and Key Metrics Changes - Revenue in Q4 2021 increased by 77% to $2 million compared to $1.1 million in Q4 2020, driven by higher average fuel prices and a 21% increase in gallons delivered [32] - Total gallons delivered in Q4 2021 were approximately 577,000, with full-year revenue reaching $7.2 million, more than double the previous year, supported by a 53% increase in gallons delivered [33] - Cash position at year-end was $16.9 million, up from just under $1 million at year-end 2020, with no long-term debt and no outstanding borrowings under the line of credit [31] Business Line Data and Key Metrics Changes - The commercial fleet business accounts for approximately 80% of revenue, with 15 new fleet accounts expected to contribute meaningfully to revenue in the first half of 2022 [13][10] - The on-demand consumer and specialty business currently contributes about 20% of revenue, with a focus on capitalizing on changing consumer behaviors towards on-demand services [14] Market Data and Key Metrics Changes - The on-demand economy is projected to reach $335 billion by 2025, indicating significant growth potential for mobile fueling services [15] - Expansion plans include entering additional targeted cities across Florida, such as Tampa and Orlando, and launching a pilot program in New York [21][24] Company Strategy and Development Direction - The company aims to accelerate geographic expansion and has signed an agreement to acquire mobile fueling assets to support this strategy [21][23] - A focus on enhancing brand awareness through marketing campaigns and expanding service offerings to corporate employees as an employee benefit [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth opportunities in 2022 and beyond, highlighting the importance of new fleet contracts and the ramp-up period for new trucks [9][40] - There has been no observed negative impact on demand despite rising fuel prices, with robust performance in both fleet and marine segments [51] Other Important Information - The company completed its IPO in September 2021, netting approximately $25 million, part of which was used to repay high-interest debt [30] - The average fuel margin per gallon was $0.40 for Q4, flat year-over-year, but expected to increase as the customer base diversifies [37] Q&A Session Summary Question: What would be an expected quarterly burn rate for 2022? - The burn rate for the quarter was over $900,000, with expectations to stabilize at that amount going forward [44] Question: Would Miami be considered a major city for new truck compliance? - Yes, Miami could be considered a major city, and the new tank designs will meet strict regulatory requirements [48] Question: Do rising gas prices have any negative impact on demand? - No negative impact has been observed on demand or orders in any segments despite rising fuel prices [51]
EzFill (EZFL) - 2021 Q4 - Earnings Call Transcript