Business
EzFill Announces 2023 Second Quarter Financial Results
-- Revenue Increased 63% year over year to $6.1 Million From $3.8 Million -- -- Approx. 1.6 Million Gallons Delivered, Up 102% From Prior Year – -- 20 New
About this update from Nextnrg, Inc.
[{"type":"text","content":"-- Revenue Increased 63% year over year to $6.1 Million From $3.8 Million -- -- Approx. 1.6 Million Gallons Delivered, Up 102% From Prior Year – -- 20 New Fleet Customers Added in Quarter -- -- Net Loss Narrows by $1.4 Million or $0.47 per share -- MIAMI, FL, Aug. 22, 2023 (GLOBE NEWSWIRE) -- 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 June 30, 2023 (“2Q23” or “second quarter 2023”). Q2 23 Highlights (in USD, except gallons delivered) Q2 2023Q2 2022Financial Highlights Revenue6,130,661 3,754,431 Net loss(2,468,811)(3,872,670)Adjusted EBITDA*(1,545,807)(3,005,630)Operating Highlights Total Gallons Delivered1,583,320 782,0367 * See end of this press release for reconciliation to US GAAP Commenting on the second quarter results, Interim CEO Yehuda Levy stated, “Our second quarter financial results reflect improvement in both the comparison to the prior year second quarter, and sequentially from the first quarter of 2023. Of particular note is that we increased our gallons delivered to another record in the second quarter of 2023, which was 102% higher year over year and we increased our margins by $0.13 per gallon. We continue to grow our fleet business, adding 20 new fleet customers in the second quarter of 2023, bringing our total to 54 new fleet customers 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 both gallons delivered and revenues. We hope to continue our momentum in the coming months.” Second Quarter 2023 Financial Results During the second quarter of 2023, the Company reported revenue of $6.1million, up from $3.8 million in the prior year period, a 63% increase, primarily due to a 102% increase in gallons delivered. Total gallons delivered in the second quarter of 2023 were 1,583,320 compared to 782,037 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 $0.60 for the quarter an increase of $0.13 per gallon from the previous quarter. Cost of sales was $5.6 million for the second quarter of 2023 compared to $3.8 million for the prior ye...