Business
EzFill Announces 2024 Second Quarter Financial Results
-- Revenue Increased 21% Year Over Year to Approximately $7.4 Million From $6.1 Million -- -- Gross Profit Increased 14% From The Prior Year Period -- --
About this update from Nextnrg, Inc.
[{"type":"text","content":"-- 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 $(1.67) -- MIAMI, FL, Aug. 15, 2024 (GLOBE NEWSWIRE) -- EzFill Holdings, Inc. (“EzFill” or the “Company”) (NASDAQ: EZFL), a pioneer and emerging leader in the mobile fueling industry, announced today its financial results for the three-month period ended June 30, 2024 (“2Q24” or “second quarter 2024”). 2Q 24 Highlights (in US$, except gallons delivered) Q2 2024 Q2 2023 Financial Highlights Revenue 7,398,278 6,130,661 Net loss (3,361,233) (2,468,811)Adjusted EBITDA* (1,090,456) (1,839,535)Operating Highlights Total Gallons Delivered 1,837,580 1,583,320 * See end of this press release for reconciliation to US GAAP 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 profi...