Executive Summary

Q3 2024 revenue grew 13% year over year to $6.99M; gallons delivered rose 26% YoY to 1.87M, and average fuel margin per gallon improved to $0.71, driving a 74% YoY increase in gross profit to $0.61M .
Adjusted EBITDA loss improved 15% YoY to $(1.09)M, reflecting margin gains and operational efficiencies; however, net loss widened to $(8.08)M due to a sharp increase in interest expense, including ~$4.5M tied to debt conversion and a $0.91M loss on extinguishment of related party debt .
Operating loss was flat YoY at $(1.61)M, with OpEx ex-D&A of ~$2.0M vs $1.7M prior year; cash rose to $0.83M with ~$1.3M working capital at quarter-end .
Strategic update: EzFill entered a letter of intent to acquire Yoshi Mobility’s fleet fueling operation, potentially expanding into four new states and bolstering scale; the announcement aligns with EzFill’s growth narrative and may be a forward catalyst pending close .

What Went Well and What Went Wrong

What Went Well

Revenue growth of 13% YoY to $6.99M on stronger volume and improved pricing; average fuel margin per gallon increased to $0.71 from $0.67 YoY .
Gross profit rose 74% YoY to $0.61M, aided by higher fuel margins, increased fees, and operational efficiencies .
Management cited “strategic partnerships and new accounts” and highlighted expected expansion into four new states post-Yoshi transaction; “Our mission remains clear, to lead the way in delivering convenience and sustainability” — Interim CEO Yehuda Levy .

What Went Wrong

Net loss widened to $(8.08)M driven by interest expense of $5.60M, including ~$4.5M related to debt conversion and $0.91M loss on extinguishment of related party debt; LPS deteriorated to $(1.95) from $(1.46) YoY .
Cost of sales rose to $6.38M vs $5.81M prior year, reflecting sales growth and hiring of additional drivers; OpEx ex-D&A increased to ~$2.0M vs ~$1.7M YoY on payroll, stock comp, marketing, and public company expenses .
No quantitative guidance was issued, limiting near-term visibility for investors; balance sheet shows modest cash ($0.83M) and improvement in working capital to ~$1.3M, but financing costs created significant earnings drag in the quarter .

Financial Results

Income Statement and EPS

Metric	Q1 2024	Q2 2024	Q3 2024
Revenue ($USD)	$6,597,119	$7,398,278	$6,985,962
Cost of Sales ($USD)	$6,135,335	$6,847,450	$6,379,137
General & Administrative ($USD)	$1,489,031	$1,805,734	$1,950,288
Depreciation & Amortization ($USD)	$276,522	$264,368	$269,561
Loss from Operations ($USD)	$(1,303,769)	$(1,519,274)	$(1,613,024)
Interest Expense ($USD)	$(659,153)	$(1,902,409)	$(5,601,813)
Loss on Debt Extinguishment ($USD)	—	—	$(907,500)
Net Loss ($USD)	$(1,899,122)	$(3,361,233)	$(8,075,509)
Loss Per Share (Basic & Diluted)	$(0.45)	$(1.67)	$(1.95)
Adjusted EBITDA ($USD)	$(1,162,140)	$(1,090,456)	$(1,091,334)

Notes:

Q3 interest expense included ~$4.5M tied to debt conversion; also recorded $0.91M loss on extinguishment of related party debt .
Adjusted EBITDA reconciliations provided in each quarter’s release .

KPIs and Operating Metrics

KPI	Q1 2024	Q2 2024	Q3 2024
Gallons Delivered	1,660,617	1,837,580	1,872,524
Avg Fuel Margin per Gallon ($/gal)	$0.59	$0.60	$0.71
Cash ($USD, quarter-end)	$48,613	$306,811	$828,185
Working Capital ($USD, quarter-end)	—	—	~$1,300,000

Segment breakdown: Not disclosed; EzFill operates across consumer, commercial, and specialty (marine/construction) verticals, but financial reporting is consolidated without segment totals .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Company guidance	Q3 2024 and FY 2024	None provided	None provided	Maintained (no guidance)

Management did not issue quantitative revenue, margin, OpEx, OI&E, tax rate, or segment guidance in Q3 2024; commentary referenced anticipated expansion and Yoshi fueling acquisition LOI as strategic milestones rather than numeric guidance .

Earnings Call Themes & Trends

No Q3 2024 earnings call transcript was available in our document set; themes below reflect management commentary from earnings releases.

Topic	Previous Mentions (Q1 2024)	Previous Mentions (Q2 2024)	Current Period (Q3 2024)	Trend
AI/technology initiatives	Not specifically highlighted; focus on operational efficiency and customer solutions	Not specifically highlighted; emphasis on efficiency and commercial wins	Not specifically highlighted; focus on innovation and operational excellence	Stable (operational focus)
Supply chain/operations	Improved driver efficiency and delivery fees; growth from new customers in existing/new markets	Added 40 new commercial accounts; hiring drivers in new markets	Optimizing gallons per delivery; new customers in existing markets	Improving utilization
Tariffs/macro	No mention	No mention	No mention	Neutral
Product performance	Strong volume growth; higher fuel margins vs PY	Volume growth; margins steady at $0.60/gal	Volume growth; margins up to $0.71/gal	Positive margin trajectory
Regional trends	Florida leadership; growth markets referenced	Existing and newly developed markets adding customers	Expansion into four new states anticipated post-Yoshi transaction	Expanding footprint
Regulatory/listing	Nasdaq stockholders’ equity compliance extension (risk of delisting)	—	—	Resolved/mitigated (equity improved)
R&D/innovation	Operational improvements noted	Efficiency emphasis	“Commitment to innovation”; Yoshi deal aligns with sustainability trajectory	Rising strategic emphasis

Management Commentary

“In Q3 2024, EzFill delivered another quarter of strong growth… Our focus on operational excellence and our commitment to innovation continue to drive our progress… We look forward to closing the Yoshi transaction and expanding our operations into four new states in the coming months.” — Interim CEO Yehuda Levy .
“We are proud to report a strong quarter of growth in Q2, driven by our team’s pursuit of excellence and our strategic initiatives… for the second year, we have successfully completed fueling services for the Formula 1 Crypto.com Miami Grand Prix.” — Interim CEO Yehuda Levy .
“In Q1 2024 we continued our growth… We remain steadfast in our mission to keep growing this amazing company.” — Interim CEO Yehuda Levy .
Strategic alignment: Yoshi Mobility’s divestiture of its fuel division via LOI with EzFill underscores industry consolidation and supports EzFill’s multi-vertical fueling positioning .

Q&A Highlights

No Q3 2024 earnings call transcript was available in our document set; no Q&A content identified. We searched for transcripts in Q4/Q3 2024 ranges and found none [ListDocuments 2024-10/12 returned no earnings-call-transcript; 2024-10/11 filings included 8-K and 10-Q only].

Estimates Context

Wall Street consensus estimates from S&P Global were unavailable for EZFL due to missing CIQ mapping; we attempted retrieval but could not access EPS and revenue consensus for Q3 2024. As a result, we cannot provide vs-consensus comparisons for this quarter [GetEstimates error: Missing CIQ mapping for EZFL].
Investors should focus on internal trajectories (volume, margin per gallon, Adjusted EBITDA improvements) and monitor future filings for mapping resolution and potential coverage expansion .

Key Takeaways for Investors

Volume and pricing tailwinds: 26% YoY volume growth and higher average fuel margins ($0.71/gal) improved gross profit 74% YoY; operational efficiencies are benefiting Adjusted EBITDA despite scaling expenses .
Financing impact dominates earnings: Elevated interest expense ($5.60M) and debt extinguishment losses drove the widened net loss; monitor capital structure changes post debt-to-equity conversion and any further financing actions .
Strategic consolidation: The Yoshi fueling LOI can add scale and new-state entry, potentially improving route density, utilization, and unit economics; closure and integration execution are near-term catalysts .
Liquidity improving but modest: Cash increased to $0.83M and working capital to ~$1.3M; ensure adequate funding for expansion while guarding against dilution or expensive debt .
Operational focus: Continued optimization of gallons per delivery and efficiency in driver operations underpin margin improvements; sustaining $/gal margins will be critical amid market fuel price dynamics .
Visibility: No formal guidance and lack of consensus estimates limit near-term modeling precision; track the 10-Q and subsequent disclosures for updates and potential guidance as the Yoshi transaction progresses [10 listed in filings].
Trading/PM lens: Near-term stock narrative likely hinges on debt conversion impacts vs. operating momentum and the Yoshi deal timeline; watch for additional updates on financing costs, equity movements, and state expansion milestones .

EzFill Holdings Inc (EZFL)·Q3 2024 Earnings Summary