Executive Summary

Q3 2023 delivered record revenue of $6.16M (+51% YoY) on 1.49M gallons delivered (+49% YoY); net loss improved to $(2.23)M and Adjusted EBITDA loss narrowed to $(1.16)M, driven by higher per-gallon margins and materially lower operating expenses .
Sequentially, revenue was roughly flat vs Q2 ($6.16M vs $6.13M), with gallons down (1.49M vs 1.58M) and average fuel margin per gallon slightly lower ($0.57 vs $0.60); however, operating expenses ex-D&A fell substantially ($1.68M vs $2.37M), improving bottom-line trends .
Liquidity and leverage remain key watch items: quarter-end cash fell to $0.41M, stockholders’ equity dropped to $0.14M, and related-party notes increased to $3.15M; management previously disclosed reliance on related-party loans to fund operations .
No Wall Street consensus from S&P Global was available for EZFL for Q3 2023; therefore, beat/miss vs estimates cannot be determined at this time (consensus unavailable via S&P Global).

What Went Well and What Went Wrong

What Went Well
- Record revenue and improved profitability metrics: revenue $6.16M (+51% YoY), net loss reduced by ~$1.85M YoY, Adjusted EBITDA loss improved by ~$2.13M YoY .
- Margins improved YoY: average fuel margin per gallon rose to $0.57, up $0.14 YoY; management also cited ongoing efficiency gains lowering payroll, technology, stock comp, and public company expenses .
- Commercial growth: 25 new commercial accounts added in the quarter (79 YTD), underpinning gallon growth and revenue scale; CEO: “we increased our revenue to another record… increased our margins by $0.14 per gallon” .
What Went Wrong
- Sequential softness in volumes and per-gallon margins: gallons delivered declined to 1.49M from 1.58M in Q2, and average fuel margin per gallon slipped to $0.57 from $0.60 .
- Higher interest burden tied to increased debt lifted interest expense; management explicitly noted interest expense increased due to more outstanding debt .
- Tight liquidity and rising leverage: cash declined to $0.41M; related-party notes rose to $3.15M, and equity fell to $0.14M; company previously stated reliance on related-party loans to fund operations .

Financial Results

P&L and key metrics (chronological columns: oldest → newest)

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023
Revenue ($)	4,091,403	5,231,334	6,130,661	6,163,682
Net Loss ($)	(4,076,409)	(2,348,771)	(2,468,811)	(2,226,738)
Diluted EPS ($)	(1.23)	(0.70)	(0.71)	(0.58)
Adjusted EBITDA ($)	(3,293,330)	(1,842,034)	(1,545,807)	(1,162,140)
Cost of Sales ($)	4,208,155	5,068,783	5,646,291	5,813,957
Operating Expenses ex-D&A ($)	3,476,261	2,196,646	2,369,026	1,684,340
Depreciation & Amortization ($)	480,632	273,087	277,608	278,442

KPIs

KPI	Q3 2022	Q1 2023	Q2 2023	Q3 2023
Gallons Delivered (units)	994,447	1,315,226	1,583,320	1,486,199
Avg Fuel Margin per Gallon ($/gal)	0.43	0.47	0.60	0.57
New Accounts Added (quarter)	—	34 fleet	20 fleet	25 commercial
New Accounts YTD	—	—	54	79

Balance Sheet Snapshot

Metric	Q1 2023	Q2 2023	Q3 2023
Cash ($)	504,581	1,359,333	405,230
Notes Payable – Related Parties ($)	—	1,171,800	3,145,997
Total Liabilities ($)	4,110,114	5,416,323	6,258,535
Stockholders’ Equity ($)	3,659,799	1,799,365	137,506

Context vs prior year and prior quarter:

YoY: Revenue +51%, gallons +49%, average fuel margin +$0.14/gal; net loss narrowed by ~$1.85M; Adjusted EBITDA improved by ~$2.13M .
QoQ: Revenue flat; gallons -6% vs Q2 (1.49M vs 1.58M); avg margin -$0.03/gal; op ex ex-D&A down ~$0.68M, improving profitability .

Guidance Changes

No formal quantitative guidance (revenue, margins, OpEx, OI&E, tax rate, or dividends) was provided in the Q3 2023 press release/8-K; management focused commentary on cost reductions, operational efficiencies, and customer growth .

Metric	Period	Previous Guidance	Current Guidance	Change
—	—	—	No formal guidance provided in Q3 2023 materials	—

Earnings Call Themes & Trends

Note: No Q3 2023 earnings call transcript was available in the document set.

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q3 2023)	Trend
Operating efficiency and cost reductions	Q1: New CTO to improve driver efficiency, margins; focus on lower OpEx and scalable operations . Q2: Continued efficiencies with lower payroll, tech, stock comp, and public company costs .	Further OpEx reductions (ex-D&A) to $1.68M; reiterated focus on reducing expenses and improving operations .	Improving
Customer growth	Q1: 34 new fleet customers; diversified base . Q2: +20 new fleet customers, 54 YTD .	+25 new commercial accounts; 79 YTD .	Improving
Margins	Q1 avg fuel margin $0.47/gal . Q2 improved to $0.60/gal (+$0.13 QoQ) .	$0.57/gal (+$0.14 YoY); slight QoQ step-down vs Q2 .	Mixed (YoY up, QoQ down)
Capital/liquidity	Q1: $1.5M “cash position” including securities; $1.0M LOC drawn . Q2: Company noted reliance on related-party loans; $1.0M LOC outstanding .	Cash fell to $0.41M; related-party notes rose to $3.15M; equity down to $0.14M .	Deteriorating

Management Commentary

“We increased our revenue to another record in the third quarter of 2023, with an increase in gallons delivered by 49% year over year and we increased our margins by $0.14 per gallon. We continue to grow our commercial business, adding 25 new commercial accounts in the third quarter of 2023, bringing our total to 79 new accounts for the year” — Interim CEO Yehuda Levy .
“We continue to work on reducing our overall expenses and improving our operations. The team has helped achieve another quarterly record for revenues.” — Interim CEO Yehuda Levy .

Non-GAAP note: Adjusted EBITDA excludes net interest expense, taxes, D&A, and stock compensation; reconciliation provided with interest expense $0.62M, D&A $0.28M, and stock comp $0.16M in Q3 2023 .

Q&A Highlights

No Q3 2023 earnings call transcript was available in the document set; management commentary is limited to the press release and 8-K materials .

Estimates Context

S&P Global consensus estimates for Q3 2023 for EZFL were unavailable; as a result, we cannot assess beats/misses vs Wall Street expectations at this time (consensus unavailable via S&P Global).

Key Takeaways for Investors

Execution on scale and cost: The company is growing gallons and revenue while materially reducing operating expenses, translating into improving net loss and Adjusted EBITDA trends despite sequential volume/margin noise .
Margin sustainability: Average fuel margin per gallon improved materially YoY (+$0.14/gal), aided by pricing/mix and operational improvements; watch for stabilization after the QoQ step-down vs Q2 .
Commercial traction: 25 new commercial accounts in Q3 (79 YTD) supports sustained volume growth and network density benefits .
Liquidity risk: Low cash ($0.41M), rising related-party debt ($3.15M), and slim equity ($0.14M) highlight funding risk; management previously disclosed reliance on related-party loans to operate .
Interest expense headwind: Higher outstanding debt is lifting interest expense, a drag on net results that could persist until balance sheet is strengthened .
Near-term trading implications: Shares likely react to improving cost discipline and record revenues but may be capped by liquidity/financing overhang until capital structure is addressed .
Medium-term thesis: If the company maintains per-gallon margins and continues customer additions while improving route density and cost structure, operating losses can continue to narrow; however, capital access and balance sheet health remain the gating factors .

EzFill Holdings Inc (EZFL)·Q3 2023 Earnings Summary