Key Financial Highlights for Fiscal Year Ended
Revenue increased 298% to
Gross profit increased 1,220% to
Gross margin on delivered fuel increased 248 basis points to 3.28%
Operating loss increased 19% to
Net loss increased 389% to
Adjusted EBITDA loss decreased 22% to
Acquired Fuel Trader Supply and Fuel Trader Resource Management
Entered Branded Jobber Contract with
Launched BluePetro Branded Fuel Offering for
Management Commentary
Boruff, continued, 'We continue to focus on utilizing technology and high customer service as differentiators from the larger markets players in our industry. As our financial results indicate, our nimbleness and efficiencies are paying off, and we will maintain our focus on accelerating revenue growth with an eye on achieving profitability by the end of calendar 2023. We continue to explore and identify additional strategic opportunities, including acquisitions of other assets or entities that are synergistic to our business, which we believe will increase shareholder value. Additionally, we are in discussions with lenders to replace the high interest debt used for the Fuel Trader acquisitions to significantly reduce our interest expense. We look forward to updating our shareholders with our progress over the coming months.'
Financial Results for Fiscal Year Ended
Revenue for the fiscal year ended
Gross profit for the fiscal year ended
Operating expenses for the fiscal year ended
Loss from operations for the fiscal year ended
Net loss for the fiscal year ended
Adjusted EBITDA for the fiscal year ended
Cash and cash equivalents totaled
Non-GAAP Financial Measures
The Company has provided in this release certain non-GAAP financial measures, including Adjusted EBITDA, to supplement the consolidated financial statements, which are prepared in accordance with generally accepted accounting principles in
Management uses these financial metrics internally in analyzing the Company's financial results to assess operational performance and to determine the Company's future capital requirements. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared in accordance with GAAP. The Company believes that both management and investors benefit from referring to these financial metrics in assessing our performance and when planning, forecasting and analyzing future periods. The Company believes these financial metrics are useful to investors and others to understand and evaluate the Company's operating results and it allows for a more meaningful comparison between the Company's performance and that of competitors. Our use of Adjusted EBITDA has limitations as an analytical tool, and you should not consider this performance measure in isolation from or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are that Adjusted EBITDA does not reflect: cash capital expenditures for assets underlying depreciation and amortization expense that may need to be replaced or for new capital expenditures; interest income (expense), net; other income, net; the potentially dilutive impact of stock-based compensation; gain on the extinguishment of term debt and the provision for income taxes. Other companies, including companies in our industry, may calculate Adjusted EBITDA differently, which reduces its usefulness as a comparative measure.
Because of these limitations, you should consider these financial metrics along with other financial performance measures, including total revenues, subscription revenue, deferred revenue, net income (loss), cash and cash equivalents, restricted cash, net cash used in operating activities and our financial results presented in accordance with GAAP.
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Forward-looking Statements
Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans, or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties. Forward-looking statements are not a guarantee of future activities and are subject to many risks and uncertainties. Due to such risks and uncertainties, actual events may differ materially from those reflected or contemplated in such forward-looking statements. Forward-looking statements can be identified by the use of the future tense or other forward-looking words such as 'believe,' 'expect,' 'anticipate,' 'intend,' 'plan,' 'should,' 'may,' 'will,' 'continue,' 'strategy,' 'position,' 'opportunity,' statements regarding the 'flexibility' of the Company or the negative of any of those terms or other variations of them or by comparable terminology.
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