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EH

EzFill Holdings Inc (EZFL)·Q1 2024 Earnings Summary

Executive Summary

  • Q1 2024 revenue increased 26% year over year to $6,597,119 on 26% higher gallons delivered; adjusted EBITDA loss improved 37% YoY, and loss per share improved to $(0.45) from $(0.70) .
  • Sequentially, revenue rose vs Q4 2023 ($6.60M vs $5.69M) and net loss narrowed materially ($1.90M vs $3.43M), supported by higher average fuel margin per gallon ($0.59 in Q1 vs $0.70 in Q4, $0.57 in Q3) and lower operating costs .
  • Liquidity remains tight: quarter-end cash was $48,613, long-term debt ~$0.35M, and interest expense rose to $659K due to increased borrowing from related parties; Nasdaq granted an extension to July 12, 2024 to regain equity compliance, and AJB notes maturities were extended to July 17, 2024 with 165,000 shares issued as consideration .
  • No formal financial guidance or earnings call transcript available; consensus estimates via S&P Global were unavailable for EZFL, limiting beat/miss analysis .

What Went Well and What Went Wrong

What Went Well

  • Strong top-line and volume growth: revenue up 26% YoY to $6.6M; gallons delivered up 26% to 1.66M, with average fuel margin per gallon improving to $0.59 from $0.47 .
  • Operating efficiency gains: operating expenses excluding D&A fell to $1.49M from $2.20M YoY, driven by reductions in payroll, stock comp, marketing, and public company expenses .
  • Management tone emphasizes execution and expansion: “Our pursuit of excellence, coupled with our commitment to innovation, has propelled us to achieve continuously better and better results… We signed some exciting account and relationships during the quarter” — Interim CEO Yehuda Levy .

What Went Wrong

  • Liquidity pressure persists: cash fell to $48,613 at quarter end vs $226,985 at year-end; total stockholders’ deficit widened to $(3.31)M .
  • Higher interest burden: interest expense increased to $659,153 from $49,749 YoY, reflecting increased borrowing from related parties .
  • Listing risk outstanding: Nasdaq panel granted extension until July 12, 2024 to regain equity compliance; delisting risk remains if compliance is not achieved .

Financial Results

Headline metrics (oldest → newest)

MetricQ3 2023Q4 2023Q1 2024
Revenue ($USD)$6,163,682 $5,690,746 $6,597,119
Net Loss ($USD)$(2,226,738) $(3,427,569) $(1,899,122)
Loss per Share ($USD)$(0.58) $(0.77) $(0.45)
Adjusted EBITDA ($USD)$(1,162,140) $(1,454,235) $(1,162,140)
Gallons Delivered1,486,199 1,468,956 1,660,617
Avg Fuel Margin per Gallon ($)$0.57 $0.70 $0.59

Income statement components (oldest → newest)

MetricQ3 2023Q4 2023Q1 2024
Cost of Sales ($USD)$5,813,957 $5,316,544 $6,135,335
Loss from Operations ($USD)$(1,613,057) $(2,742,057) $(1,303,769)
Depreciation & Amortization ($USD)$278,442 $279,049 $276,522
Interest Expense ($USD)$622,777 $752,922 $659,153

KPIs and balance sheet snapshots

KPIQ2 2023Q3 2023Q4 2023Q1 2024
New Fleet Customers Added (period)20 25 148 added in FY 2023 22
Cash ($USD, quarter-end)$1,359,333 $405,230 $226,985 $48,613
Long-Term Debt ($USD)$1,062,827 $742,053 $353,490 $353,558
Stockholders’ Equity/Deficit ($USD)$1,799,365 $137,506 $(1,906,206) $(3,312,101)

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
RevenueFY 2024N/AN/ANo formal guidance provided in press release
Margins/OpEx/Tax/DividendsFY 2024N/AN/ANo formal guidance provided in press release
Regulatory/Listing2024N/ANasdaq equity compliance extension granted until July 12, 2024 N/A
Debt Maturity2024Notes maturing earlierAJB notes extended to July 17, 2024; 165,000 shares issued as consideration Extension/Share issuance

Earnings Call Themes & Trends

Note: No public Q1 2024 earnings call transcript found in the document catalog; themes below reflect press releases and 8-Ks .

TopicPrevious Mentions (Q3 & Q4 2023)Current Period (Q1 2024)Trend
Operating efficiencies/OpExOpEx reduced materially; Q4 OpEx down ~50% YoY; continued focus on efficiencies G&A down YoY; continued efficiencies in payroll, stock comp, marketing, public company expenses Improving cost base
MarginsAvg fuel margin per gallon up to $0.70 in Q4; $0.57 in Q3 Avg fuel margin per gallon $0.59; higher delivery fees and driver efficiency cited Stable to mixed (seasonality)
Customer growth148 new fleet accounts in 2023; 25 added in Q3 22 new fleet customers in Q1; F1 Miami GP services highlighted Continuing expansion
Liquidity/fundingInterest expense higher due to loans; liquidity tightened through 2023 Cash decreased to $48.6K; interest expense up sharply YoY; reliance on related party borrowings Pressured
Listing complianceN/ANasdaq panel extension to July 12, 2024 to regain stockholders’ equity compliance At risk pending remediation

Management Commentary

  • “In Q1 2024 we continued our growth… Our pursuit of excellence, coupled with our commitment to innovation, has propelled us to achieve continuously better and better results.… We signed some exciting account and relationships during the quarter, and for the second year, we provided mobile fueling services for the Formula 1 Crypto.com Miami Grand Prix.” — Interim CEO Yehuda Levy .
  • Strategy focus: improving gross profit via pricing/fees, and driver and fuel purchasing cost efficiencies; enhancing technology offerings to grow the business (referenced in FY 2023 remarks) .

Q&A Highlights

  • No earnings call transcript was included in Q1 2024 8-K exhibits and none was found in the document catalog; therefore, Q&A details and any verbal guidance clarifications are unavailable .

Estimates Context

  • Wall Street consensus via S&P Global Capital IQ was unavailable for EZFL for Q1 2024 due to missing mapping; as a result, no EPS or revenue beat/miss analysis versus consensus can be provided.

Key Takeaways for Investors

  • The operating model is scaling: Q1 2024 delivered 26% YoY revenue growth on 26% higher gallons, with improved per-gallon margins and adjusted EBITDA loss narrowing YoY .
  • Sequential improvement matters: revenue and net loss improved vs Q4 2023, indicating momentum despite seasonality in per-gallon margin ($0.59 vs $0.70 in Q4) .
  • Cost discipline is visible: YoY reductions in G&A and improved driver efficiency and delivery fees support better unit economics .
  • Liquidity and financing are the near-term swing factors: very low cash, higher interest expense, and reliance on related party debt heighten execution and financing risk .
  • Corporate and listing developments are catalysts: Nasdaq compliance deadline (July 12, 2024) and AJB note extensions with share issuance are notable events for equity risk and dilution monitoring .
  • Without published guidance or consensus estimates, focus on operational KPIs (gallons, per-gallon margin, adjusted EBITDA trajectory) to gauge progress quarter to quarter .
  • Medium-term thesis hinges on scaling fleet/customer base across verticals while sustaining margin and cost efficiencies; funding capacity will be crucial for growth .