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, 2023 (“3Q23” or “third quarter 2023”).
Q3 23 Highlights (in USD, except gallons
delivered)
|
Q3 2023 |
Q3 2022 |
Financial Highlights |
|
|
Revenue |
$ |
6,163,682 |
|
$ |
4,091,403 |
|
Net
loss |
$ |
(2,226,738 |
) |
$ |
(4,076,409 |
) |
Adjusted
EBITDA* |
$ |
(1,162,140 |
) |
$ |
(3,293,330 |
) |
Operating Highlights |
|
|
Total
Gallons Delivered |
|
1,486,199 |
|
|
994,447 |
|
|
|
|
* See end of this press release for reconciliation to US GAAP |
Commenting on the third quarter results, Interim
CEO Yehuda Levy stated, “Our third quarter financial results
reflect improvement in both the comparison to the prior year third
quarter, and sequentially from the second quarter of 2023. Of
particular note is that we increased our revenue to another record
in the third quarter of 2023, with an increase in gallons delivered
by 49% year over year and we increased our margins by $0.14 per
gallon. We continue to grow our commercial business, adding 25 new
commercial accounts in the third quarter of 2023, bringing our
total to 79 new accounts for the year.
“We continue to work on reducing our overall
expenses and improving our operations. The team has helped achieve
another quarterly record for revenues.”
Third Quarter 2023 Financial Results
During the third quarter of 2023, the Company
reported revenue of approximately $6.2 million, up from
aproximately $4.1 million in the prior year period, a 51% increase,
primarily due to a 49% increase in gallons delivered. Total gallons
delivered in the third quarter of 2023 were 1,486,199 compared to
994,447 in the prior year period, reflecting new customers in
existing and new markets, as well as expansion of certain existing
customers to new markets. Average fuel margin per gallon was $0.57
for the quarter an increase of $0.14 per gallon from the prior year
period.
Cost of sales was aproximately $5.8 million for
the third quarter of 2023 compared to approximately $4.2 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 and the cost of fuel.
Operating expenses, excluding depreciation and
amortization, were approximately $1.6 million for the third quarter
of 2023, compared to approximately $3.5 million in the prior year
period and $2.4 million in the prior quarter. The decrease was
primarily due to decreases in payroll, technology expenses, stock
compensation and public company expenses as we continue to achieve
efficiencies in our operations.
Depreciation and amortization decreased to $0.28
million in the third quarter of 2023 from $0.48 million in the
prior year period due to the write-off of intangibles in 2022.
Interest expense increased in the current year
due to increased outstanding debt.
The net loss in the third quarter of 2023 was
$(2.2) million, compared to $(4.1) million in the prior year
period. Loss per share decreased in the quarter down to $(0.58)
from $(1.23) in the prior year period.
Adjusted EBITDA loss in the third quarter of
2023 was $(1.2) million as compared to Adjusted EBITDA loss of
$(3.3) million in the third quarter of 2022. The improvement in
adjusted EBITDA reflects both the improved margin and the operating
cost efficiencies.
As previously reported, on April 26, 2023, the
Company effected a 1:8 reverse stock split of its common stock. All
share and per share amounts have been retroactively restated to
reflect the reverse stock split.
About EzFill
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. As the only company to
provide fuel delivery in three vertical segments - consumer,
commercial, and specialty including marine, we believe EzFill is
well positioned to capitalize on the growing demand for convenient
and cost-efficient mobile fueling options.
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.
Forward Looking StatementsThis
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.
For further information, please contact:
Investor and Media ContactTelx, Inc.Paula
LunaPaula@Telxcomputers.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, 2023 and 2022
|
|
Three Months EndedSeptember
30, |
|
|
|
2023 |
|
|
2022 |
|
Net loss |
|
$ |
(2,226,738 |
) |
|
$ |
(4,076,409 |
) |
Interest expense |
|
|
622,777 |
|
|
|
29,721 |
|
Depreciation and
amortization |
|
|
278,442 |
|
|
|
480,632 |
|
Stock compensation |
|
|
158,379 |
|
|
|
272,726 |
|
Adjusted EBITDA |
|
$ |
(1,162,140 |
) |
|
$ |
(3,293,330 |
) |
|
|
|
|
|
|
|
|
|
Gallons delivered |
|
|
1,486,199 |
|
|
|
994,447 |
|
Average fuel margin per
gallon |
|
$ |
0.57 |
|
|
$ |
0.43 |
|
|
|
For the Three Months EndedSeptember
30, |
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
Sales –
net |
|
$ |
6,163,682 |
|
|
$ |
4,091,403 |
|
|
|
|
|
|
|
|
|
|
Costs and
Expenses |
|
|
|
|
|
|
|
|
Cost of sales |
|
|
5,813,957 |
|
|
|
4,208,155 |
|
General and administrative
expenses |
|
|
1,684,340 |
|
|
|
3,476,261 |
|
Depreciation and
amortization |
|
|
278,442 |
|
|
|
480,632 |
|
Total Costs and
Expenses |
|
|
7,776,739 |
|
|
|
8,165,048 |
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
|
(1,613,057 |
) |
|
|
(4,073,645 |
) |
|
|
|
|
|
|
|
|
|
Other income
(expense) |
|
|
|
|
|
|
|
|
Interest income |
|
|
9,096 |
|
|
|
26,957 |
|
Interest expense |
|
|
(622,777 |
) |
|
|
(29,721 |
) |
Loss on sale of marketable
debt securities |
|
|
- |
|
|
|
- |
|
Total other income
(expense) – net |
|
|
(613,681 |
) |
|
|
(2,764 |
) |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(2,226,738 |
) |
|
$ |
(4,076,409 |
) |
|
|
|
|
|
|
|
|
|
Loss per share - basic
and diluted |
|
$ |
(0.58 |
) |
|
$ |
(1.23 |
) |
|
|
|
|
|
|
|
|
|
Weighted average
number of shares - basic and diluted |
|
|
3,816,332 |
|
|
|
3,310,135 |
|
|
|
|
|
|
|
|
|
|
Comprehensive
loss: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(2,226,738 |
) |
|
$ |
(4,076,409 |
) |
Change in fair value of debt
securities |
|
|
- |
|
|
|
66 |
|
Total comprehensive
loss: |
|
$ |
(2,226,738 |
) |
|
$ |
(4,076,343 |
) |
EzFill Holdings, Inc. and
SubsidiaryConsolidated Balance Sheets
|
|
September 30, 2023 |
|
|
December 31, 2022 |
|
|
|
(Unaudited) |
|
|
(Audited) |
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Assets |
|
|
|
|
|
|
|
|
Cash |
|
$ |
405,230 |
|
|
$ |
2,066,793 |
|
Investment in debt
securities |
|
|
- |
|
|
|
2,120,082 |
|
Accounts receivable - net |
|
|
1,326,133 |
|
|
|
766,692 |
|
Inventory |
|
|
183,271 |
|
|
|
151,248 |
|
Prepaids and other |
|
|
357,929 |
|
|
|
329,351 |
|
Total Current
Assets |
|
|
2,272,563 |
|
|
|
5,434,166 |
|
|
|
|
|
|
|
|
|
|
Property and equipment
- net |
|
|
3,715,860 |
|
|
|
4,589,159 |
|
|
|
|
|
|
|
|
|
|
Operating lease -
right-of-use asset |
|
|
354,601 |
|
|
|
521,782 |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
53,017 |
|
|
|
52,737 |
|
|
|
|
|
|
|
|
|
|
Total
Assets |
|
$ |
6,396,041 |
|
|
$ |
10,597,844 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities |
|
|
|
|
|
|
|
|
Accounts payable and accrued
expenses |
|
$ |
1,141,624 |
|
|
$ |
1,256,479 |
|
Accounts payable and accrued
expenses - related parties |
|
|
31,815 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Line of credit |
|
|
- |
|
|
|
1,000,000 |
|
Notes payable - net |
|
|
818,629 |
|
|
|
811,516 |
|
Notes payable - related
parties - net |
|
|
3,145,997 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Operating lease liability |
|
|
238,042 |
|
|
|
230,014 |
|
Total Current
Liabilities |
|
|
5,376,107 |
|
|
|
3,298,009 |
|
|
|
|
|
|
|
|
|
|
Long Term
Liabilities |
|
|
|
|
|
|
|
|
Notes payable - net |
|
|
742,053 |
|
|
|
1,198,380 |
|
Operating lease liability |
|
|
140,375 |
|
|
|
316,008 |
|
Total Long Term
Liabilities |
|
|
882,428 |
|
|
|
1,514,388 |
|
|
|
|
|
|
|
|
|
|
Total
Liabilities |
|
|
6,258,535 |
|
|
|
4,812,397 |
|
|
|
|
|
|
|
|
|
|
Commitments and
Contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’
Equity |
|
|
|
|
|
|
|
|
Preferred stock - $0.0001 par
value; 5,000,000 shares authorized none issued and outstanding,
respectively |
|
|
- |
|
|
|
- |
|
Common stock - $0.0001 par
value, 50,000,000 shares authorized 3,962,461 shares issued and
3,812,461 shares outstanding at September 30, 2023 and 3,335,674
shares issued and outstanding at December 31, 2022 |
|
|
396 |
|
|
|
334 |
|
Additional paid-in
capital |
|
|
42,026,591 |
|
|
|
40,674,864 |
|
Accumulated deficit |
|
|
(41,889,481 |
) |
|
|
(34,845,161 |
) |
Accumulated other
comprehensive loss |
|
|
- |
|
|
|
(44,590 |
) |
Total Stockholders’
Equity |
|
|
137,506 |
|
|
|
5,785,447 |
|
|
|
|
|
|
|
|
|
|
Total Liabilities and
Stockholders’ Equity |
|
$ |
6,396,041 |
|
|
$ |
10,597,844 |
|
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