EZFill Holdings, Inc. reported its financial results for the nine months ended September 30, 2024, showing significant changes in revenue, expenses, and overall financial health compared to the previous fiscal period. The company generated net sales of $20.98 million, a 20% increase from $17.53 million in the same period of 2023. Fuel sales accounted for 96.53% of total revenues, rising from $17.13 million to $20.25 million year-over-year.

Despite the revenue growth, EZFill experienced a net loss of $13.34 million for the nine months ended September 30, 2024, compared to a loss of $7.04 million in the prior year. The net loss available to common stockholders was $13.42 million, reflecting a continued struggle to achieve profitability. The company reported a net loss of $8.08 million for the third quarter alone, significantly higher than the $2.23 million loss reported in the same quarter of 2023.

Total costs and expenses for the nine-month period increased to $25.42 million from $23.61 million in 2023, driven by higher interest expenses, which surged to $8.16 million from $966,374 in the prior year. Operating expenses decreased by 16% to $5.25 million, down from $6.25 million, indicating some cost management efforts.

As of September 30, 2024, EZFill's total assets were $5.62 million, a slight decrease from $5.72 million at the end of 2023. However, total liabilities dropped significantly to $2.06 million from $7.62 million, resulting in total stockholders' equity of $3.56 million, a substantial improvement from a negative equity position of $(1.91) million at the end of 2023.

The company reported cash on hand of $828,185, up from $226,985 at the end of 2023. This increase was attributed to net cash provided by financing activities, which totaled $4.11 million, including a $3.30 million loan from a related party and $1.40 million from the issuance of Series B convertible preferred stock.

Strategically, EZFill is pursuing growth through market expansion, additional financing, and potential acquisitions. The company amended its agreement to acquire NextNRG Holding Corp., increasing the shares to be issued from 40 million to 100 million. This acquisition is part of a broader strategy to enhance its business model and operational capabilities.

Overall, while EZFill Holdings, Inc. has shown revenue growth, it continues to face challenges in achieving profitability and managing its financial obligations. The company has indicated a need for additional capital to sustain operations moving forward.