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— 2023, up 54% year-over-year to $23. 2 million from $15. 0 million —
— Reports $1. 3 million first-year gross profit —
– Gallons shipped up 63% year-over-year to 5. 8 million from 3. 5 million in 2022 –
— Average fuel margin consistent with a 44% increase per gallon to $0. 65 from $0. 45 in 2022 —
— Net loss decreased by 40% and approx. Reduction of $7 million from last year.
– 148 new fleet accounts added in 2023 –
MIAMI, FL, April 02, 2024 (GLOBE NEWSWIRE) — EzFill Holdings, Inc. (“EzFill” or the “Company”) (NASDAQ: EZFL), a pioneer and emerging leader in the cellular provisioning industry, announced its monetary report. . Results for the three- and twelve-month periods ended December 31, 2023.
4Q23 and Full Year 2023 Highlights (in U. S. Dollars, Gallons Delivered)
Fourth Quarter 2023
Fourth Quarter 2022
Year 2023
Year 2022
Financial Highlights
Income
5 690 746
4 858 819
23 216 423
15 044 721
Net loss
(3 427 569
)
(6 290 176
)
(10 471 889
)
(17 505 765
)
Adjusted EBITDA*
(1 454 235
)
(2 622 533
)
(6 013 755
)
(11 409 858
)
Operational Highlights
Total Gallons Delivered
1 468 956
1 238 923
5 853 167
3 589 415
Average Fuel Margin Per Gallon
$
0,70
$
0,43
$
0,65
$
0,45
* See end of this press for the reconciliation with US GAAP
Commenting on the quarterly and annual results, Yehuda Levy, EzFill’s interim CEO, said, “2023 was a smart year. We increased our cash by 54%, particularly we increased our fleet business by adding 148 new fleet accounts in 2023. , many of which have locations we’ve been serving lately across our markets, we particularly increased our consistent average margin with gallons in 2023 despite a volatile year for fuel costs and a competitive business environment. We closed the year with a gross profit and were able to accomplish all of this while implementing consistent national power measures and reducing our consistent feed costs.
“As we look to the future,” Levy continued, “we look forward to continuing the strong expansion of our visitor base. We’re also editing our build offerings to help grow our business. We continue to focus on gross profit through the combination of pricing and pricing. Every member of our team has played a key role in our achievements this year and I must congratulate them all on a wonderful 2023. “
Fourth Quarter 2023 Operational Highlights
●
During the fourth quarter of 2023, the Company reported a profit of $5. 7 million, up from $4. 9 million in the same period last year, an increase of 17% due to increased average fuel costs consistent with the gallon and the accumulation of gallons delivered. Total number of gallons delivered in the fourth quarter of 2023: 1. 47 million, a 19% increase compared to the same period last year.
●
Operating expenses were $2. 8 million and $5. 7 million in the fourth quarter of 2023 and 2022, respectively, a 50% cut due to the effective implementation of operational efficiencies by the company under the leadership of Interim CEO Yehuda Levy.
●
Depreciation and amortization of $0. 3 million in the fourth quarter of 2023, a 43% decrease from the same time last year.
●
Interest expense increased in the fourth quarter year-over-year due to borrowing to fund operating expenses.
●
Net loss for the fourth quarter of $(3. 4) million compared to $(6. 37) million for the same period last year, a reduction of 45% compared to the prior year period.
●
Fourth quarter 2023 adjusted EBITDA loss of $(1. 5) million, compared to an adjusted EBITDA loss of $(2. 6) million in the fourth quarter of 2022, an increase of 45%.
FY 2023 Financial Results
●
We generated revenue of $23,216,423 for the year ended December 31, 2023, to $15,044,721 for the year ended December 31, 2022, an increase of $8,171,702 or 54%. This increase is also due to a 39% increase in gallons delivered. as an increase in average value consistent with the gallon. The additional gallons went to new and existing markets.
●
Cost of goods sold amounted to $21,845,574 for the year ended December 31, 2023, resulting in gross profit of $1,370,849, to $(173,513) for the prior year. Our gross profit increased year-over-year also due to higher fuel margins. such as higher delivery prices and motive power efficiency.
●
We incurred operating expenses of $9,087,223 for the year ended December 31, 2023, compared to $15,543,145 for last fiscal year, a reduction of $6,455,922 or 42%. The reduction is mainly due to minimizing expenses such as payroll, sales and marketing, insurance, generation, and public companies.
●
Depreciation and amortization decreased during the year.
●
For the year ended December 31, 2023, the Company recorded an impairment rate of $105,506 similar to fabrics purchased for the structure of delivery cars up to the amount of use up to the expected realizable value.
●
Interest expense increased in the current year due to the accumulation of loans obtained through the Company to finance its operations.
●
We incurred a net loss of $(10,471,889) for the year ended December 31, 2023, to $(17,505,765) for the last fiscal year, a minimization of $7,033,876 or 40% due to the above. Loss consistent with the percentage minimized to $(2. 79) from $(5. 30) in 2022.
Balance Sheet
As of December 31, 2023, the Company had money and money equivalents of $0. 23 million, to $2. 1 million at the end of fiscal year 2022.
About EzFill
EzFill is a leader in the fast-growing cellular fuels industry, with the largest market share in its home state of Florida. Their project is to revolutionize the fueling style of gas stations by offering consumers and businesses the convenience, safety and contactless benefits. of on-demand refueling facilities brought directly to their sites. For advertising and specialty customers, on-site delivery downtime allows operators to begin their daily operations with vehicles fully fueled. For more information, stop at www. ezfl. com.
As the number of gas stations in the U. S. increases, the number of gas stations in the U. S. will increase. As the U. S. economy continues to decline, giants such as Shell, Exxon, GM, Bridgestone, Enterprise and Mitsubishi have identified the growing shift in customer habit and are investing in the development of on-call cellular refueling service. As the only company offering fuel supply across 3 verticals: customer, commercial, and specialty, adding marine and structure equipment, EzFill is well-positioned to capitalize on the growing call for convenient and cost-effective cellular refueling options.
Forward-Looking Statements
This press release includes “forward-looking statements. ” Forward-looking statements reflect our current view of long-term developments. When used in this press release, the words “anticipate”, “believe”, “estimate”, “expect”, “long-term”, “intend”, “plan” or the negative form of those terms and similar expressions, To the extent they relate to us or our management, identify forward-looking statements. These statements include, but are not limited to, statements contained in this press release relating to our business strategy, the long-term effects of operations and our prospects for liquidity and capital resources. Forward-looking statements are based on our existing expectations and assumptions regarding our business, the economy and other long-term conditions. Because forward-looking statements relate to the long term, they are subject to inherent uncertainties, risks and changes in cases that are difficult to predict. Our actual effects would likely differ materially from those considered in the forward-looking statements. These are not statements of old facts or promises of long-term results. Therefore, we caution you not to rely on any such forward-looking statements. Important points that could also cause actual effects to differ materially from those indicated in the forward-looking statements include, but are not limited to, our ability to raise capital to fund litigation operations; our ability to protect our intellectual property rights; the effect of any infringement action or other litigation brought against us; festival of other suppliers and products; our ability to expand and commercialize products and services; adjustments in government regulations; our ability to complete complete capital raising transactions; and other points related to our industry, operations and effects of operations. Actual effects would likely differ materially from those anticipated, believed, estimated, expected, planned or planned.
Factors or occasions that can also cause our actual effects to vary could arise from time to time, and it is not imaginable that we expect them all. We cannot guarantee long-term effects, activity levels, functionality or achievements. The Company assumes no legal responsibility to update any forward-looking statement to reflect any occasion or event that may occur after the date of this release, unless required by applicable securities laws.
For information, please contact:
Investor & Media ContactTelx, Inc. Paula LunaPaula@Telxcomputers. com
Note on the Use of Non-GAAP Financial Measures
To supplement our condensed consolidated monetary statements, which are prepared in accordance with accounting principles sometimes accepted in the United States (GAAP), we use non-GAAP measures. Adjusted EBITDA is a non-GAAP monetary measure that we use in our monetary functionality analyses. This measure does not deserve to be considered as a replacement for GAAP measures, nor does it deserve to be considered as a replacement for the effects of operations decided in accordance with GAAP. We believe that reporting Adjusted EBITDA, a non-GAAP financial measure that excludes the effect of net interest expense, taxes, depreciation, amortization and share-based payment expenses, provides additional information that is useful and essential for an intelligent understanding of our monetary effects. Non-GAAP measures are not officially explained by GAAP, and other entities may use calculation methodologies other than ours to calculate Adjusted EBITDA. As a complement to GAAP monetary measures, we believe Adjusted EBITDA helps investors who adhere to the practice of some investment analysts who adjust GAAP monetary measures to exclude pieces that would possibly mask underlying functionality and distort comparability.
The following is a reconciliation of the loss to the non-GAAP monetary measure called Adjusted EBITDA for the 3 and 12 months ended December 31, 2023 and 2022 (unaudited):
Three months ended December 31
Twelve months ended December 31
2023
2022
2023
2022
Net loss
$
(3 427 569
)
$
(6 290 176
)
$
(10 471 889
)
$
(17 505 765
)
Interest expense, net
752 922
13 802
1 719 296
19 486
Depreciation and amortization
279 049
492 514
1 108 186
1 769 622
Depreciation Changes
105 506
2 894 516
105 506
2 894 516
Stock-Based Compensation
835 857
266 811
1 525 146
1 412 283
Adjusted EBITDA
$
(1 454 235
)
$
(2 622 533
)
$
(6 013 755
)
$
(11 409 858
)
EzFill Holdings, Inc. Consolidated Statements of Operations
Three months ended December 31
Twelve months ended December 31
2023
2022
2023
2022
GAIN
Gain
$
5 690 746
$
4 858 818
$
23 216 423
$
15 044 721
TOTAL REVENUE
5 690 746
4 858 818
23 216 423
15 044 721
COSTS AND EXPENSES
Cost of goods sold
5 316 544
4 930 057
21 845 574
15 218 234
Operating Expenses
2 837 210
5 712 622
9 087 223
15 543 145
Depreciation and amortization
279 049
492 514
1 108 186
1 769 621
TOTAL COSTS AND EXPENSES
8 432 803
11 135 193
32 040 983
32 531 000
OPERATING LOSS
(2 742 057
)
(6 276 375
)
(8 824 560
)
(17 486 279
)
OTHER INCOME AND EXPENSES
Interest & Income
67 410
25 621
99 127
84 603
Interest expense
(752 922
)
(39 422
)
(1 719 296
)
(98 834
)
Loss on sale of marketable debt securities – net
27 160
5 255
LOSS BEFORE INCOME TAXES
(3 427 569
)
(6 290 176
)
(10 471 889
)
(17 505 765
)
PROVISION FOR INCOME TAXES
–
–
–
–
NET LOSS
$
(3 427 569
)
$
(6 290 176
)
$
(10 471 889
)
$
(17 505 765
)
NET LOSS PER SHARE
Basic & Diluted
$
(0,77
)
$
(1,90
)
$
(2,79
)
$
(05:30 am. )
)
Weighted Average Basic and Diluted Number of Non-Unusual Shares Outstanding
4 443 276
3 311 842
3 753 038
3 301 484
EzFill Holdings, Inc. and its subsidiariesConsolidated Balance Sheets
December 31, 2023
December 31, 2022
Assets
Current assets
Money
$
226 985
$
2 066 793
Investment in debt securities
–
2 082
Accounts Receivable – Net
1 192 340
766 692
Inventory
134 057
151 248
Prepaid & Others
220 909
329 351
Total assets
1 774 291
5 434 166
Property & Equipment, Net
3 310 187
4 589 159
Operation – right-of-use asset
297 394
521 782
Operating Rental – Right of Use – Related Party
286 397
–
Deposits
49 063
52 737
Total assets
$
5 717 332
$
10 597 844
Liabilities and shareholders (deficit)
Current liabilities
Accounts Payable and Liabilities
$
845 275
$
1 256 479
Accounts Payable and Accrued Liabilities – Similar Parts
72 428
–
Line of Credit
–
1 000 000
Documents Payable – Net
946 228
811 516
Documents payable – similar parts – net
4 802 115
–
Operating debt
246 880
230 014
Operating Lease Debt – Similar Part
72 034
–
Full Liability
6 984 960
3 298 009
Long-term liabilities
Tickets payable – net
353 490
1 198 380
Operating debt
69 128
316 008
Operating Lease Debt – Similar Part
215 960
–
Total long-term liabilities
638 578
1 514 388
Total Responsibilities
7 623 538
4 812 397
Commitments and contingencies
Shareholders (deficit)
Preferred stock – $0. 0001 pair; 5,000,000 authorized, unissued and featured shares, respectively
–
–
Common Shares: par value of $0. 0001, 50,000,000 legal shares, 4,776,531 and 3,335,674 issued and notable shares, respectively
451
334
Issueable Common Shares
26
–
Premium Sharing
43 410 367
40 674 864
Cumulative deficit
(45 317 050
)
(34 845 161
)
Other Cumulative Loss
–
(44 590
)
Total shareholders (deficit)
(1 906 206
)
5 785 447
Total liabilities and shareholders’ (deficit)
$
5 717 332
$
10 597 844