Executive Summary

Revenue grew 21% year over year to $7.40M, driven by a 16% increase in gallons delivered; Adjusted EBITDA loss improved to $(1.09)M and operating efficiency gains lowered OpEx versus last year .
EPS was $(1.67) and net loss widened to $(3.36)M as interest expense surged to $1.90M due to increased related-party borrowing; gross profit margin held at ~7.4% on $0.60 average fuel margin per gallon .
Cash ended Q2 at $0.31M and the company disclosed $9.8M of long-term debt; subsequent financing included a $165K note with conversion option and commitment shares, highlighting dilution and balance sheet risk .
No Wall Street consensus was available via S&P Global for Q2 2024; stock-relevant catalysts are accelerating revenue/gallons growth vs. rising interest burden, dilution risk from recent financing, and ongoing listing compliance considerations .

What Went Well and What Went Wrong

What Went Well

Revenue up 21% YoY to $7.40M on 1.84M gallons (+16% YoY), with average fuel margin per gallon steady at $0.60, reflecting customer additions and execution in new markets .
Adjusted EBITDA loss improved to $(1.09)M from $(1.84)M YoY (~41% improvement) on pricing, delivery fees, and operating efficiencies .
Management emphasized operational discipline: “Our focus on customer-centric solutions and operational efficiency has yielded impressive results” and cited successful second-year fueling for the Formula 1 Miami Grand Prix .

What Went Wrong

Interest expense jumped to $1.90M vs. $12.8K YoY, materially worsening below-the-line results due to increased related-party borrowings .
Net loss widened to $(3.36)M vs. $(2.47)M YoY despite gross profit improvement, highlighting the impact of financing costs .
Balance sheet constraints: cash $0.31M at quarter-end and disclosure of $9.8M long-term debt, plus a new $165K convertible note and commitment shares, reinforcing dilution and liquidity risks .

Financial Results

Metric	Q4 2023	Q1 2024	Q2 2024
Revenue ($USD)	$5,690,746	$6,597,119	$7,398,278
Net Loss ($USD)	$(3,427,569)	$(1,899,122)	$(3,361,233)
EPS (Basic & Diluted, $)	$(0.77)	$(0.45)	$(1.67)
Cost of Sales ($USD)	$5,316,544	$6,135,335	$6,847,450
Gross Profit ($USD)	$374,202	$461,784	$550,828
Gross Profit Margin (%)	6.6%	7.0%	7.4%
Adjusted EBITDA ($USD)	$(1,454,235)	$(1,162,140)	$(1,090,456)
Interest Expense ($USD)	$752,922	$659,153	$1,902,409

Notes:

Gross profit and margin are calculated from reported revenue and cost of sales; citations reference source inputs.
No S&P Global consensus estimates available for Q2 2024.

KPIs

KPI	Q4 2023	Q1 2024	Q2 2024
Gallons Delivered	1,468,956	1,660,617	1,837,580
Avg Fuel Margin per Gallon ($)	$0.70	$0.59	$0.60
New Accounts Added (approx.)	—	22 new fleet customers	40 new commercial accounts
Cash And Equivalents ($USD)	$226,985 (12/31/23)	$48,613 (3/31/24)	$306,811 (6/30/24)
Long-term Debt ($USD)	$353,490 (12/31/23, notes payable LT)	~$0.6M (quarter-end disclosure)	$9.8M (quarter-end disclosure)
Notes Payable – Related Parties (Current, $USD)	—	$6,237,234	$7,515,713

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY/Q3-Q4 2024	Not provided	Not provided	Maintained (no formal guidance)
Margins (Gross/Adj. EBITDA)	FY/Q3-Q4 2024	Not provided	Not provided	Maintained (no formal guidance)
OpEx	FY/Q3-Q4 2024	Not provided	Not provided	Maintained (no formal guidance)

Management did not issue formal numerical guidance ranges; April preliminary update indicated approximately $2.6M revenues, gross profit ~$236K, and improved net loss for April, but this was not formal forward guidance and was disclosed as preliminary unaudited figures .

Earnings Call Themes & Trends

No Q2 2024 earnings call transcript was available in the document set.

Topic	Previous Mentions (Q4 2023 and Q1 2024)	Current Period (Q2 2024)	Trend
Operational efficiency and OpEx control	Q4: OpEx down 50% YoY; efficiencies under interim CEO . Q1: OpEx (ex-D&A) $1.5M with reductions in payroll, stock comp, marketing, public company expenses .	Q2: OpEx (ex-D&A) $1.8M, continued efficiencies cited .	Improving operations; spending disciplined YoY.
Pricing/margin management	Q4: Avg margin per gallon $0.70 . Q1: Avg margin $0.59; YoY improvement vs $0.47 .	Q2: Avg margin $0.60; stable YoY .	Stable margins; resilient through volume growth.
Customer growth/new accounts	Q4: 148 new fleet accounts in 2023 . Q1: 22 new fleet customers .	Q2: 40 new commercial accounts .	Broadening customer base; multi-vertical expansion.
Financing and related-party borrowings	Q4: Interest expense elevated due to loans . Q1: Interest expense $659K .	Q2: Interest expense $1.90M, increased related-party borrowing; new $165K note with conversion feature .	Worsening financing burden; dilution risk rising.
Listing compliance risk	Q1: Nasdaq extension to July 12, 2024 to regain equity compliance .	Q2: No update within Q2 docs; risk context persists.	Uncertain; remains a watch item.
Technology and product enhancements	Q1: Tech enhancements cited for margin improvements .	Q2: Continued focus on efficiency and offerings; F1 Miami Grand Prix fueling execution .	Continued investment; supports operations.

Management Commentary

“We are proud to report a strong quarter of growth in Q2… Our focus on customer-centric solutions and operational efficiency has yielded impressive results… we remain committed to delivering exceptional value and driving sustainable growth.” – Interim CEO Yehuda Levy .
“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.” – Interim CEO Yehuda Levy .
“2023 was a strong year… we significantly increased our average margin per gallon… achieved operating efficiencies and brought operating costs down.” – Interim CEO Yehuda Levy .

Q&A Highlights

No Q2 2024 earnings call transcript was available; thus, there are no Q&A takeaways to report for the quarter.

Estimates Context

Wall Street consensus estimates via S&P Global were unavailable for EZFL for Q2 2024; we attempted retrieval but could not due to missing mapping in S&P Global CIQ systems (no EPS/Revenue consensus accessible). As a result, there is no estimates-based beat/miss analysis this quarter.
Implication: In the absence of consensus, investor focus should shift to trajectory (sequential and YoY), margin stability, and financing impacts on profitability and dilution risk .

Key Takeaways for Investors

Topline momentum: Revenue rose 21% YoY to $7.40M on 16% higher gallons, with margins per gallon steady, supporting a constructive demand backdrop .
Efficiency gains: Adjusted EBITDA loss improved YoY by ~41% to $(1.09)M; operating cost discipline continues though Q2 OpEx ex-D&A increased sequentially vs. Q1 .
Financing overhang: Interest expense spiked to $1.90M; recent $165K convertible note and commitment shares point to ongoing reliance on related-party financing and potential dilution .
Liquidity tight: Cash of $0.31M and disclosed $9.8M long-term debt at quarter-end underscore balance sheet constraints; watch subsequent capital actions and covenant terms .
Customer expansion: 40 new commercial accounts in Q2 and continued multi-vertical wins indicate execution strength and broader market penetration .
Listing risk: Prior Nasdaq extension to July 12, 2024 for equity compliance remains a monitoring point pending updates; regulatory status can be a stock-moving headline .
Trading implications: Near term, revenue/gallons growth and operational wins could be overshadowed by financing/dilution headlines; medium term, margin stability and scaling efficiency are critical to narrowing losses and de-risking the capital structure .

Appendix: Prior Quarter and Other Relevant Press Releases

Q1 2024 results: Revenue $6.60M, net loss $(1.90)M, EPS $(0.45), Adjusted EBITDA $(1.16)M; avg margin $0.59 per gallon; 22 new fleet customers .
April 2024 preliminary update: Approx. $2.6M revenue (+32% YoY), gross profit ~$236K (+62%), net loss improved by ~$0.5M; driven by construction/generator, fleet growth, tech margin enhancements .
Q4/FY 2023: Q4 revenue $5.69M; FY 2023 revenue $23.22M, first annual gross profit $1.37M; avg margin per gallon $0.65; significant OpEx reductions and 148 new fleet accounts .

EzFill Holdings Inc (EZFL)·Q2 2024 Earnings Summary