EZFL - EzFill Reports 103% Year-Over-Year Revenue Growth In First Year of Mobile Fuel Deliveries
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EzFillHoldings Inc. (NASDAQ: EZFL) released its second-quarterfinancial results this month, revealing 103% year-over-yearrevenue growth and other exciting updates.
Despite rising oilprices and major supply chain disruptions across oil and gas markets,EzFill doubled its revenue year over year from $1.85 million in thesecond quarter of 2021 to $3.76 million for the same period this year.
While othersimilarly sized fuel-distribution companies also saw year-over-yeargrowth, few managed to double revenue as EzFill did. Sunoco LP (NYSE: SUN) came close with 77%YoY growth in revenue, while Arko Corp. (NASDAQ: ARKO)and UGI Corp. (NYSE: UGI) reported 32% and 33% increases, respectively, in their most recent quarters.
Here’s what drove thegrowth and how EzFill plans to keep that strong momentum going throughthe rest of the year.
Fuel DeliveriesCommenced For EzFill’s Pioneering On-Demand Mobile FuelService
InEzFill’s first quarter, the company officially began mobile fuel deliveries to its base of mostlycommercial customers. Unlike other distributors that store fuel at gasstations, EzFill uses a fleet of trucks to deliver gasoline, dieseland specialty fuels to customers wherever they are.
Customers download anapp, schedule delivery at their location, and a certified technicianfills their tank wherever their car (or truck or boat) is parked. Theconvenient service allows individuals to skip the gas pump whilecommercial customers can schedule refueling during off hours so thatthey can start the day with a fully fueled fleet of vehicles.
High Demand From Commercial Customers
Gallonsdelivered rose 34% from the first quarter, while the company addedabout 40 new fleet customers with an estimated demand of approximately1.2 million gallons per year. This demand from commercial customersaccounts for the majority of its growth to date and the EzFillcontinues to sign agreements with major corporate customers acrosssoutheast Florida.
Expansion IntoNew Territory And New Market Segments
As a pioneer of the emerging mobilefuel-delivery industry, EzFill is still mostly serving Miami, wherethe company is based. However, this year, it added markets in WestPalm Beach, Tampa and Orlando.
Meanwhile, it’s adding new trucks and techniciansto its fleet to keep pace with rapidly growing demand and making plansto deploy its service in cities across the United States, including inNew York, Texas and Georgia.
One of its priorities in the coming months will beraising brand awareness among residential customers and boat owners toincrease its share of individual customers. Earlier this year, itannounced Miami Heat star Victor Oladipo is its brand ambassador topromote the on-demand fuel app to his audience.
EzFillis a leader in the fast-growing mobile fuel industry, with the largestmarket share in its home state of Florida. Its mission is to disruptthe gas station fueling model by providing consumers and businesseswith the convenience, safety, and touch-free benefits of on-demandfueling services brought directly to their locations. For commercialand specialty customers, at-site delivery during downtimes enablesoperators to begin their daily operations with fully fueled vehicles.
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