EzFill Q1 2023 revenue up 123% to $5.2M; net loss narrows to $2.3M

During the first quarter of 2023, the Company reported revenue of $5.2 million, up from $2.3 million in the prior year period, a 124% increase, primarily due to a 122% increase in gallons delivered. Total gallons delivered in the first quarter of 2022 were 1,315,266 compared to 591,505 in the prior year period, reflecting new customers in existing and new markets, as well as expansion of certain existing customers to new markets. Average fuel margin per gallon was $0.47 for the quarter, similar to the prior year period. Cost of sales was $5.1 million for the first quarter of 2023 compared to $2.3 million for the prior year period. The increase from the prior year reflects the increase in sales as well as the hiring of additional drivers, primarily in new markets. Our gross profit improved year over year due to higher fuel revenue as well as increased delivery fees and driver efficiency. Operating expenses, excluding depreciation and amortization, were $2.2 million for the first quarter