-- Revenue Increased 21% Year Over Year to Approximately $7.4 Million From $6.1 Million --
-- Gross Profit Increased 14% From The Prior Year Period --
-- Gallons Delivered Approximately 1.84 Million, Up 16% From The Prior Year Period –
-- 40 New Commercial Accounts Added in Quarter --
-- Loss Per Share Improves 6% from $(1.78) to $(1.67) --
EzFill Holdings, Inc. (“EzFill” or the “Company”), a pioneer and emerging leader in the mobile fueling industry, announced its financial results for the three-month period ended June 30, 2024 (“2Q24” or “second quarter 2024”).
Commenting on the second quarter results, Interim CEO Yehuda Levy stated, “We are proud to report a strong quarter of growth in Q2, driven by our team's pursuit of excellence and our strategic initiatives. Our focus on customer-centric solutions and operational efficiency has yielded impressive results, and we are excited about the opportunities ahead. As we continue to expand our reach and enhance our offerings, we remain committed to delivering exceptional value and driving sustainable growth. Additionally, for the second year, we have successfully completed fueling services for the Formula 1 Crypto.com Miami Grand Prix.”
Second Quarter 2024 Financial Results
During the second quarter of 2024, the Company reported revenue of $7.4 million, up from $6.1 million in the prior year period, a 21% increase, primarily due to a 16% increase in gallons delivered. Total gallons delivered in the second quarter of 2024 were 1,837,580 compared to 1,583,320 in the prior year period, reflecting new customers in existing and newly developed markets. Average fuel margin per gallon was $0.60 for the quarter, which was the same in the prior year period.
Cost of sales was $6.8 million for the second quarter of 2024 compared to $5.6 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. Our gross profit improved year over year due to higher fuel revenue as well as increased delivery fees and driver efficiency.
Operating expenses, excluding depreciation and amortization, were $1.8 million for the second quarter of 2024, compared to $2.3 million in the prior year period. The decrease was primarily due to decreases in payroll, stock compensation, marketing and public company expenses as we continue to achieve efficiencies in our operations.
Depreciation and amortization increased to $0.28 million in the second quarter of 2024 from $0.26 million in the prior year period.
Interest expense increased to $1.9 million in the second quarter of 2024 from $0.01 million in the prior period due to increased borrowing from related parties.
The net loss in the second quarter of 2024 was $(3.4) million, compared to $(2.5) million in the prior year. Loss per share improved in the quarter to $(1.67) from $(1.78) in the prior year period.
Adjusted EBITDA loss in the second quarter of 2024 was $(1.1) million as compared to Adjusted EBITDA loss of $(1.8) million in the second quarter of 2023, an improvement of approx. 41%. The improvement in adjusted EBITDA reflects both the improved margin and the operating cost efficiencies.
Balance Sheet
At June 30, 2024, the Company had a cash position of $0.3 million, compared with $0.2 million at year end 2023. The Company had $9.8 million of long-term debt as of the quarter end.
