EzFill Announces Preliminary Unaudited 2022 Fourth Quarter Revenues of Approximately $4.9 Million, Up 143 % From Prior Year Period
Adds Nine Fleet Accounts in January
New Fleet Accounts Expected to Add Approximately $2 Million Annual Revenue
MIAMI, FL, Feb. 10, 2023 (GLOBE NEWSWIRE) -- EzFill Holdings, Inc. (“EzFill” or the “Company”) (NASDAQ: EZFL), a pioneer and emerging leader in the mobile fuel industry, announced that, based on the information and data currently available, it expects to report 2022 fourth quarter revenues of approximately $4.9 million, an increase of approximately $2.9 million, or 143% from the prior year period. Full year revenues for 2022 are expected to be approximately $15.0 million, an increase of $7.8 million, or 108% from the prior year period. At the same time, the Company announced it added nine new fleet accounts during the month of January.
The revenue increase in the fourth quarter was driven primarily by strong growth in the fleet business, as reported when the Company previously announced its gallons delivered rose in the fourth quarter. Contributing to the 2022 growth were approximately 100 new fleet accounts. The new fleet accounts in January include companies ranging from moving and storage businesses, to plumbing and building supply companies, to freight shipping and facilities maintenance services. The new accounts will receive regularly scheduled fuel deliveries for approximately 230 customer assets and are expected to result in approximately 460,000 additional gallons of fuel delivered and approximately $2.0 million incremental revenue annually for EzFill based on recent fuel prices.
Mike McConnell, EzFill Chief Executive Officer, commented, “We closed out the 2022 year strong and the new year is off to an equally strong start with nine new fleet accounts, building on the momentum we took into the last month of 2022. The January new accounts are expected to add about 460,000 gallons annually, resulting in approximately $2.0 revenue based on recent fuel prices. In the fourth quarter of 2022, we delivered 1.24 million gallons. So, in just one month, we’ve already added almost 10% to the amount delivered in the prior three months.”
EzFill expects to report 2022 full year financial results in the second week of March 2023. EZFill has not completed the preparation of its consolidated financial statements for the year ended December 31, 2022. The preliminary, unaudited results presented in this press release as of and for the fourth quarter and year ended December 31, 2022 are based on current expectations and are subject to adjustment, as EZFill completes the preparation of its 2022 year-end consolidated financial statements. These preliminary, unaudited results are not a comprehensive statement of EZFill’s financial results for these periods and should not be viewed as a substitute for financial statements prepared in accordance with generally accepted accounting principles. Actual results may differ materially from those disclosed in this press release.
EzFill is a leader in the fast-growing mobile fuel industry, with the largest market share in its home state of Florida. Its mission is to disrupt the gas station fueling model by providing consumers and businesses with the convenience, safety, and touch-free benefits of on-demand fueling services brought directly to their locations. For commercial and specialty customers, at-site delivery during downtimes enables operators to begin their daily operations with fully fueled vehicles. For more information, visit www.ezfl.com.
With the number of gas stations in the U.S. continuing to decline, corporate giants such as Shell, Exxon, GM, Bridgestone, Enterprise, and Mitsubishi have recognized the increasing shift in consumer behavior and are investing in the fast growing on-demand mobile fueling industry. As the only company to provide fuel delivery in three vertical segments - consumer, commercial, and specialty including marine, we believe EzFill is well positioned to capitalize on the growing demand for convenient and cost-efficient mobile fueling options.
Forward Looking Statements
This press release contains “forward-looking statements” Forward-looking statements reflect our current view about future events. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “plan,” or the negative of these terms and similar expressions, as they relate to us or our management, identify forward-looking statements. Such statements, include, but are not limited to, statements contained in this press release relating to our business strategy, our future operating results and liquidity and capital resources outlook. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward–looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. They are neither statements of historical fact nor guarantees of assurance of future performance. We caution you therefore against relying on any of these forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, our ability to raise capital to fund continuing operations; our ability to protect our intellectual property rights; the impact of any infringement actions or other litigation brought against us; competition from other providers and products; our ability to develop and commercialize products and services; changes in government regulation; our ability to complete capital raising transactions; and other factors relating to our industry, our operations and results of operations. Actual results may differ significantly from those anticipated, believed, estimated, expected, intended or planned.
Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We cannot guarantee future results, levels of activity, performance or achievements. The Company assumes no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.
Investor and Media Contact:
Tradigital Investor Relations
Released February 10, 2023