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EzFill Holdings Inc. (NASDAQ: EZFL) released its second-quarter financial results this month, revealing 103% year-over-year revenue growth and other exciting updates.
Despite rising oil prices and major supply chain disruptions across oil and gas markets, EzFill doubled its revenue year over year from $1.85 million in the second quarter of 2021 to $3.76 million for the same period this year.
While other similarly sized fuel-distribution companies also saw year-over-year growth, 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 the growth and how EzFill plans to keep that strong momentum going through the rest of the year.
Fuel Deliveries Commenced For EzFill’s Pioneering On-Demand Mobile Fuel Service
In EzFill’s first quarter, the company officially began mobile fuel deliveries to its base of mostly commercial customers. Unlike other distributors that store fuel at gas stations, EzFill uses a fleet of trucks to deliver gasoline, diesel and specialty fuels to customers wherever they are.
Customers download an app, schedule delivery at their location, and a certified technician fills their tank wherever their car (or truck or boat) is parked. The convenient service allows individuals to skip the gas pump while commercial customers can schedule refueling during off hours so that they can start the day with a fully fueled fleet of vehicles.
High Demand From Commercial Customers
Gallons delivered rose 34% from the first quarter, while the company added about 40 new fleet customers with an estimated demand of approximately 1.2 million gallons per year. This demand from commercial customers accounts for the majority of its growth to date and the EzFill continues to sign agreements with major corporate customers across southeast Florida.
Expansion Into New Territory And New Market Segments
As a pioneer of the emerging mobile fuel-delivery industry, EzFill is still mostly serving Miami, where the company is based. However, this year, it added markets in West Palm Beach, Tampa and Orlando.
Meanwhile, it’s adding new trucks and technicians to its fleet to keep pace with rapidly growing demand and making plans to deploy its service in cities across the United States, including in New York, Texas and Georgia.
One of its priorities in the coming months will be raising brand awareness among residential customers and boat owners to increase its share of individual customers. Earlier this year, it announced Miami Heat star Victor Oladipo is its brand ambassador to promote the on-demand fuel app to his audience.
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.
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TraDigital IR- John C. McNamara