With the biggest market share in its home state of Florida, EzFill Holdings (NASDAQ:EZFL) is the industry pioneer in the rapidly expanding mobile gasoline sector.
EzFill Holdings’ (NASDAQ:EZFL)
Tuesday saw the announcement of EzFill Holdings’ (NASDAQ:EZFL) expansion onto Florida’s west coast, more specifically Tampa Bay’s Gulf of Mexico region.
Tampa Bay is Florida’s largest open water estuary, spanning over 400 square miles, and has a population of approximately 3.2M, or almost twice as many as Miami, according to the mobile fuel company, making it a prime location for it to grow in all three of its verticals: commercial fleet, marine, and direct sales to consumers.
Tampa serves as a prime illustration and is proven to be a superb market for us. An estimated opening date for Jacksonville is the end of September. The CEO of EzFill Holdings, Michael McConnell, stated that the company’s top priorities for the upcoming months are to continue growing both inside and outside of Florida. With a 52-week range of $0.36 to $5.49, EZFL shares are up 2% in premarket trading to trade at $0.72.
The company recorded $3.8 million in revenue, a 103% increase over the $1.8 million reported for the same period in 2021. This rise was brought about by a 30% increase in delivered gallons as well as an increase in the average gallon price.
EzFill Holdings Q2 financials
As per the published financials, total gallons delivered in Q2 were 789,970, an increase from the 607,765 in Q2 of last year. The increase was occasioned by new customers in both existing and emerging markets, as well as the expansion of some existing customers into these new markets.
The main reason for the increase in average margin per gallon, which went from $0.37 to $0.49, was the addition of new fleet clients, whose average margins were much higher.
The company’s cash balance was $10.2 million on June 30, 2022, down from $16.9 million at year-end 2021. At the end of the quarter, the company had $850,000 in outstanding borrowings under its line of credit and no long-term debt.
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Author Jowi Kwasu 
