EzFill reports record April with revenue up 32%

MIAMI – EzFill Holdings, Inc. (NASDAQ: EZFL), a leading player in the mobile fuel industry, announced a record-breaking April with revenues reaching approximately $2.6 million, marking a 32% increase from the previous year. The company also indicated a gross profit surge of 62% to about $236,000, and a net loss reduction by 69%, down by roughly $0.5 million.

The significant revenue boost is attributed to the expansion of its construction equipment and generator business, fleet business, and technological advancements that have enhanced operational efficiencies and margins. Moreover, the company has secured 7 new commercial accounts, which include a diverse range of businesses such as construction, transportation services, and wholesale grocery transport.

EzFill’s Interim Chief Executive Officer, Yehuda Levy, attributed the success to the team’s dedicated efforts and customer support, stating that continuous innovation and operational improvements have been key to achieving these results.

Despite the positive preliminary figures, EzFill has yet to complete its consolidated financial statements for the period ending April 30, 2024. The company cautions that the results are unaudited and subject to adjustments. It emphasizes that these figures should not be seen as a substitute for comprehensive financial statements prepared according to generally accepted accounting principles.

EzFill has established itself as a disruptor in the traditional gas station fueling model, offering on-demand fueling services that cater to consumer, commercial, and specialty markets, including marine and construction equipment.

With the decline in the number of gas stations in the U.S., major corporations are investing in the mobile fueling sector, recognizing the shift in consumer behavior towards convenient fueling services.

This press release contains forward-looking statements that are based on current expectations and assumptions. Still, they involve uncertainties and risks, meaning actual future results could differ materially from those projected.

The information for this article is based on a press release statement from EzFill Holdings, Inc.

InvestingPro Insights

EzFill Holdings, Inc. (NASDAQ: EZFL) has shown a robust performance in April, as highlighted by their impressive revenue and gross profit increases. Delving deeper into the company’s financial health through InvestingPro data, we observe that the company has experienced a substantial revenue growth of 37.06% over the last twelve months as of Q1 2024. This aligns with the company’s reported expansion and could be a positive signal for potential investors.

Still, it is important to consider the broader financial context. The company’s market capitalization stands at $9.29 million, which suggests that while growing, EzFill is still a relatively small player in the market. Furthermore, the gross profit margin for the same period was 6.79%, indicating that while the company is earning more revenue, it retains a relatively low percentage of that revenue as gross profit, which is consistent with one of the InvestingPro Tips highlighting weak gross profit margins.

InvestingPro Tips also suggest caution, noting that EzFill operates with a significant debt burden and may have trouble making interest payments on its debt. The company’s financials show a negative P/E ratio of -0.96 for the last twelve months as of Q1 2024, which can often be a red flag for profitability issues. Moreover, the stock has seen a 1 Month Price Total Return of -22.8%, which may raise concerns about short-term investment volatility.

For investors looking for a deeper dive into EzFill’s financials and future prospects, there are 11 more InvestingPro Tips available at https://www.investing.com/pro/EZFL, which could provide valuable insights. Moreover, by using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, granting access to a wealth of expert financial analysis and data.

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