EzFill Holdings, Inc. (“EzFill” or the “Company”) (NASDAQ: EZFL), a
pioneer and emerging leader in the mobile fueling industry,
announced today its financial results for the three-month period
ended September 30, 2024 (“3Q24” or “third quarter 2024”).
3Q 24 Highlights (in US$, except gallons
delivered)
|
Q3 2024 |
Q3 2023 |
Financial Highlights |
|
|
Revenue |
6,985,962 |
|
6,163,682 |
|
Gross
Profit |
606,825 |
|
349,725 |
|
Adjusted
EBITDA* |
(1,091,334 |
) |
(1,286,890 |
) |
Operating Highlights |
|
|
Total
Gallons Delivered |
1,872,524 |
|
1,486,199 |
|
|
|
|
* See end of this press release for reconciliation to US GAAP |
Commenting on the third quarter results, Interim
CEO Yehuda Levy stated, “In Q3 2024, EzFill delivered another
quarter of strong growth, thanks to the unwavering dedication of
our team and the trust our customers place in us. Our focus on
operational excellence and our commitment to innovation continue to
drive our progress and enhance our ability to meet the evolving
needs of the market. We are excited by the strategic partnerships
and new accounts we’ve secured this quarter, which position us for
even greater success as we move forward. Our mission remains clear,
to lead the way in delivering convenience and sustainability, while
accelerating the growth of our business. We look forward to closing
the Yoshi transaction and expanding our operations into four new
states in the coming months.”
Third Quarter 2024 Financial Results
During the third quarter of 2024, the Company
reported revenue of approximately $7.0 million, up from
approximately $6.2 million in the prior year period, a 13%
increase, primarily due to a 26% increase in gallons delivered.
Total gallons delivered in the third quarter of 2024 were 1,872,524
compared to 1,486,199 in the prior year period, reflecting new
customers in existing markets and optimizing the volume of gallons
per delivery. Average fuel margin per gallon was $0.71 for the
quarter compared to $0.67 for the prior year period. Approximately
74% growth in gross profit year over year, from $0.35 million to
$0.61 million, due to higher fuel margins and increased fees, as
well as improved operational efficiencies.
Cost of sales was approximately $6.4 million for
the third quarter of 2024 compared to approximately $5.8 million
for the prior year period. The increase from the prior year
reflects the increase in sales as well as the hiring of additional
drivers, primarily in new markets.
Operating expenses, excluding depreciation and
amortization, were approximately $2.0 million for the third quarter
of 2024, compared to approximately $1.7 million in the prior year
period. The increase was primarily due to increases in payroll,
stock compensation, marketing and public company expenses as we
continue to achieve efficiencies in our operations.
Depreciation and amortization decreased to $0.27
million in the third quarter of 2024 from $0.28 million in the
prior year period.
Interest expense increased to $5.6 million in
the third quarter of 2024 from $0.62 million in the prior period
due to increased borrowing from related parties. Notably, in Q3
2024, the Company incurred significant interest expense related to
the conversion of debt of approximately $4.5 million. In addition,
the Company incurred a loss on extinguishment of debt from a
related party of $907,500 in the third quarter of 2024.
The net loss in the third quarter of 2024 was
$(8.1) million, compared to $(2.2) million in the prior year due to
the aforementioned interest expense. Loss per share decreased in
the quarter to $(1.95) from $(1.46) in the prior year period,
attributable to the aforementioned interest expense.
Adjusted EBITDA loss in the third quarter of
2024 was $(1.1) million as compared to Adjusted EBITDA loss of
$(1.3) million in the third quarter of 2023, an improvement of
approx. 15%. The improvement in adjusted EBITDA reflects both the
improved margin and the operating cost efficiencies.
Balance Sheet
At September 30, 2024, the Company had a cash
position of approximately $0.8 million, compared with approximately
$0.2 million at year end 2023. The Company had approximately $1.3
million of working capital as of the quarter end.
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, 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.
For further information, please contact:
Investor and Media Contact
TraDigital IRJohn McNamarajohn@tradigitalir.com
Note Regarding Use of Non-GAAP Financial
Measures
To supplement our condensed consolidated
financial statements, which are prepared in accordance with
generally accepted accounting principles in the United States
(GAAP), we use non-GAAP measures. Adjusted EBITDA is a non-GAAP
financial measure which we use in our financial performance
analyses. This measure should not be considered a substitute for
GAAP-basis measures, nor should it be viewed as a substitute for
operating results determined in accordance with GAAP. We believe
that the presentation of Adjusted EBITDA, a non-GAAP financial
measure that excludes the impact of net interest expense, taxes,
depreciation, amortization and stock compensation expense, provides
useful supplemental information that is essential to a proper
understanding of our financial results. Non-GAAP measures are not
formally defined by GAAP, and other entities may use calculation
methods that differ from ours for the purposes of calculating
Adjusted EBITDA. As a complement to GAAP financial measures, we
believe that Adjusted EBITDA assists investors who follow the
practice of some investment analysts who adjust GAAP financial
measures to exclude items that may obscure underlying performance
and distort comparability.
The following is a reconciliation of net loss to
the non-GAAP financial measure referred to as Adjusted EBITDA for
the three months ended September 30, 2024 and 2023:
|
|
Three Months EndedSeptember
30, |
|
|
|
|
|
2024 |
|
|
2023 |
|
|
|
Net loss |
|
$ |
(8,075,509 |
) |
|
$ |
(2,226,738 |
) |
|
|
Interest expense |
|
|
5,601,813 |
|
|
|
622,777 |
|
|
|
Depreciation and
amortization |
|
|
269,561 |
|
|
|
278,442 |
|
|
|
Loss on debt extinguishment –
related party |
|
|
907,500 |
|
|
|
- |
|
|
|
Stock compensation |
|
|
205,301 |
|
|
|
38,629 |
|
|
|
Adjusted EBITDA |
|
$ |
(1,091,334 |
) |
|
$ |
(1,286,890 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gallons delivered |
|
|
1,872,524 |
|
|
|
1,486,199 |
|
|
|
Average fuel margin per
gallon |
|
$ |
0.71 |
|
|
$ |
0.67 |
|
|
|
EzFill Holdings, Inc. and
SubsidiaryConsolidated Statements of Operations
and Comprehensive Loss(Unaudited)
|
|
For the Three Months Ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
Sales -
net |
|
$ |
6,985,962 |
|
|
$ |
6,163,682 |
|
|
|
|
|
|
|
|
|
|
Costs and
expenses |
|
|
|
|
|
|
|
|
Cost of sales |
|
|
6,379,137 |
|
|
|
5,813,957 |
|
General and administrative
expenses |
|
|
1,950,288 |
|
|
|
1,684,340 |
|
Depreciation and
amortization |
|
|
269,561 |
|
|
|
278,442 |
|
Total costs and
expenses |
|
|
8,598,986 |
|
|
|
7,776,739 |
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
|
(1,613,024 |
) |
|
|
(1,613,057 |
) |
|
|
|
|
|
|
|
|
|
Other income
(expense) |
|
|
|
|
|
|
|
|
Interest income |
|
|
- |
|
|
|
9,096 |
|
Other income |
|
|
60,250 |
|
|
|
- |
|
Interest expense (including
amortization of debt discount) |
|
|
(5,601,813 |
) |
|
|
(622,777 |
) |
Loss on sale of marketable
debt securities - net |
|
|
- |
|
|
|
- |
|
Loss on debt extinguishment –
related party |
|
|
(907,500 |
) |
|
|
|
|
Impairment of fixed
assets |
|
|
(13,422 |
) |
|
|
- |
|
Total other income
(expense) - net |
|
|
(6,462,485 |
) |
|
|
(613,681 |
) |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(8,075,509 |
) |
|
$ |
(2,226,738 |
) |
|
|
|
|
|
|
|
|
|
Preferred stock dividend -
payable on Series A convertible preferred stock - to be issued in
common stock |
|
|
(55,486 |
) |
|
|
- |
|
Preferred stock dividend -
payable on Series B convertible preferred stock - to be issued in
common stock |
|
|
(29,348 |
) |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss available to
common stockholders - basic and diluted |
|
$ |
(8,160,343 |
) |
|
$ |
(2,226,738 |
) |
|
|
|
|
|
|
|
|
|
Loss per share - basic
and diluted |
|
$ |
(1.95 |
) |
|
$ |
(1.46 |
) |
|
|
|
|
|
|
|
|
|
Weighted average
number of shares - basic and diluted |
|
|
4,184,152 |
|
|
|
1,526,533 |
|
EzFill Holdings, Inc. and
SubsidiaryConsolidated Balance Sheets
|
|
September 30, 2024 |
|
|
December 31, 2023 |
|
|
|
(Unaudited) |
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Assets |
|
|
|
|
|
|
|
|
Cash |
|
$ |
828,185 |
|
|
$ |
226,985 |
|
Accounts receivable - net |
|
|
1,554,534 |
|
|
|
1,192,340 |
|
Inventory |
|
|
102,685 |
|
|
|
134,057 |
|
Due from related party |
|
|
17,150 |
|
|
|
- |
|
Prepaids and other |
|
|
192,474 |
|
|
|
220,909 |
|
Total Current
Assets |
|
|
2,695,028 |
|
|
|
1,774,291 |
|
|
|
|
|
|
|
|
|
|
Property and equipment
- net |
|
|
2,524,868 |
|
|
|
3,310,187 |
|
|
|
|
|
|
|
|
|
|
Operating lease -
right-of-use asset |
|
|
121,438 |
|
|
|
297,394 |
|
|
|
|
|
|
|
|
|
|
Operating lease -
right-of-use asset - related party |
|
|
230,606 |
|
|
|
286,397 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
49,063 |
|
|
|
49,063 |
|
|
|
|
|
|
|
|
|
|
Total
Assets |
|
$ |
5,621,003 |
|
|
$ |
5,717,332 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity
(Deficit) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities |
|
|
|
|
|
|
|
|
Accounts payable and accrued
expenses |
|
$ |
881,827 |
|
|
$ |
845,275 |
|
Accounts payable and accrued
expenses - related parties |
|
|
- |
|
|
|
72,428 |
|
|
|
|
|
|
|
|
|
|
Notes payable - net |
|
|
212,716 |
|
|
|
946,228 |
|
Notes payable - related
parties - net |
|
|
- |
|
|
|
4,802,115 |
|
|
|
|
|
|
|
|
|
|
Operating lease liability |
|
|
135,984 |
|
|
|
246,880 |
|
Operating lease liability -
related party |
|
|
76,742 |
|
|
|
72,034 |
|
|
|
|
|
|
|
|
|
|
Dividends payable (common
stock) - related parties |
|
|
84,834 |
|
|
|
- |
|
Total Current
Liabilities |
|
|
1,392,103 |
|
|
|
6,984,960 |
|
|
|
|
|
|
|
|
|
|
Long Term
Liabilities |
|
|
|
|
|
|
|
|
Notes payable - net |
|
|
512,618 |
|
|
|
353,490 |
|
Operating lease liability |
|
|
- |
|
|
|
69,128 |
|
Operating lease liability -
related party |
|
|
157,917 |
|
|
|
215,960 |
|
|
|
|
|
|
|
|
|
|
Total Long Term
Liabilities |
|
|
670,535 |
|
|
|
638,578 |
|
|
|
|
|
|
|
|
|
|
Total
Liabilities |
|
|
2,062,638 |
|
|
|
7,623,538 |
|
|
|
|
|
|
|
|
|
|
Commitments and
Contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ Equity
(Deficit) |
|
|
|
|
|
|
|
|
Preferred stock - $0.0001 par
value; 5,000,000 shares authorized none issued and outstanding,
respectively |
|
|
- |
|
|
|
- |
|
Convertible Preferred stock -
Series A, $0.0001 par value; 513,000 shares designated 363,000 and
none issued and outstanding, respectively |
|
|
36 |
|
|
|
|
|
Convertible Preferred stock -
Series B, $0.0001 par value; 150,000 shares designated 140,000 and
none issued and outstanding, respectively |
|
|
14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock - $0.0001 par
value, 500,000,000 shares authorized 6,208,073 and 1,806,612 shares
issued and outstanding, respectively |
|
|
621 |
|
|
|
181 |
|
Common stock issuable (0 and
104,000 shares, respectively) |
|
|
- |
|
|
|
10 |
|
Additional paid-in
capital |
|
|
62,298,941 |
|
|
|
43,410,653 |
|
Accumulated deficit |
|
|
(58,741,247 |
) |
|
|
(45,317,050 |
) |
Total Stockholders’
Equity (Deficit) |
|
|
3,558,365 |
|
|
|
(1,906,206 |
) |
|
|
|
|
|
|
|
|
|
Total Liabilities and
Stockholders’ Equity (Deficit) |
|
$ |
5,621,003 |
|
|
$ |
5,717,332 |
|
EzFill (NASDAQ:EZFL)
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