Wed, Aug 14, 8:22 PM (153 days ago)
EzFill Holdings, Inc. reported a net loss of $3.36 million for Q2 2024, a significant increase from a loss of $2.47 million in Q2 2023. Revenue rose 21% year-over-year to $7.40 million, driven by a 16% increase in gallons delivered. However, costs of sales also increased by 21% to $6.85 million, primarily due to higher fuel sales and additional driver hires. Operating expenses decreased by 24% to $1.81 million, reflecting reduced payroll and marketing costs. The company ended Q2 2024 with a cash balance of $306,811 and a working capital deficit of $7.55 million, indicating liquidity challenges. Accumulated deficits reached $50.58 million. The reliance on related party financing for operations raises concerns about future funding availability. The company is actively seeking additional capital to sustain operations and expand into new markets. Overall, while revenue growth is promising, significant losses and liquidity issues pose risks to the company's operational viability and future growth potential.