Tue, May 14, 9:30 PM (73 days ago)
EzFill Holdings, Inc. reported a net loss of $1.9 million for Q1 2024, a slight improvement from the $2.3 million loss in Q1 2023. Revenues increased by 26% to $6.6 million, driven by a 26% rise in fuel gallons delivered and higher related fees. Cost of sales rose by 21% to $6.1 million due to increased fuel sales and additional drivers. Operating expenses decreased by 32% to $1.5 million, mainly due to reduced payroll, stock-based compensation, marketing, and public company expenses. Interest expense surged to $659,153 from $49,749 due to increased related-party borrowing. Cash flow from operations used $1.1 million, with cash on hand at $48,613. The company faces a working capital deficit of $6.3 million and anticipates needing additional capital to continue operations.