Fuelled Family of Companies Achieves Record Results in Q2 2022 and Provides Operational Update
CALGARY, AB, Sept. 7, 2022 /PRNewswire/ - Fuelled Family of Companies ("Fuelled" or "the Company" or "we" or "our"), a technology-enabled company that uses platforms to manage, sell and disrupt, today reported an operational update on its Q2 2022 performance.
"Fuelled has provided record netbacks and record volumes to our sellers. Positive network effects have expanded the company's international reach and success for sellers and environmentally conscious and economic solutions for buyers. We are very happy with our results and feel like we have proved our hypothesis that culture is a competitive advantage. We are at a point where we are truly living our purpose of having fun connecting the world." commented Raj Singh, Founder & CEO
Q2 2022 Results at a Glance
- Record revenue up 417% from Q2 2021
- Record number of transactions in a fiscal quarter, both completed transactions and pieces of equipment sold
- Record number of new platform participants
- Hosted first 3 online auctions under the Fuelled Auctions business
- 0 TRIF since inception in 2013
- Net Promoter Score ("NPS") 84 up 1% from Q1 2022
- The company continues to operate without ever raising outside equity
"The deal flow that Fuelled managed in Q2 was driven by all divisions of Fuelled, and I'd like to thank everyone involved for their hard work and dedication to our customer's success. None of this would have been possible without your efforts." commented Austin Fraser, Vice President Finance and Operations. He added, "the increased volumes have sparked internal innovation and partnerships to help streamline the buyer/seller experience and automate reporting for both sides of the marketplace. We are hyper-focused on buyer and seller experience and will continue to be market leaders like Zappos in that respect."
Key Engagements
Recently, Fuelled has been engaged to market several highly engineered packages within and outside of the energy sector, these packages include:
- Natural gas pressure reduction skid package – Alberta, Canada
- Slop oil centrifuge capable of treating ~1000bbl/day – Alberta, Canada
- Production testing equipment capable of testing 8 wells at the same time – Alberta, Canada
- Gulf of Mexico offshore production equipment – Texas/Louisiana, USA
- Eagle Ford onshore production assets – Texas, USA
- Wellsite accommodations for housing, office, and storage needs – Alberta, Canada
- (5) x Unused 50MMSCFD 42" x 24' 1.0MMBTU Dehydrator Packages – Wyoming, USA
- High spec installed but unused equipment including electrical equipment and pumps – Nova Scotia, Canada
- Liquidation of natural gas compression equipment – Colorado, USA
- Industrial equipment used in cannabis, pharmaceuticals and food processing applications – Alberta, Canada
Q2 2022 Highlights
- Record quarterly revenue
- Record quarterly number of transactions
- Fuelled Auctions
- Launched in Q1, hosted 3 auctions with 3 more planned in 2022
- Continued growth of the Fuelled Logistics business
- 50% + of all Fuelled.com equipment sales now include logistics
- Turnkey projects include moving heavy equipment such as this PSA Processing Skid from British Columbia, Canada to New York, USA
- First online orders for heavy equipment being shipped from North America to Egypt
- Fuelled Appraisals business seeing steady demand and leveraging data from Fuelled.com platform
- Equipment Appraisals provided in Canada, USA and Middle East
- Heightened awareness of "DKDC", a Fuelled collaboration for mental health and wellness
"Fuelled has always had the vision of using technology to remove friction and bring transparency to a market that has otherwise been challenging and opaque. We always have and always will listen to our customers and take the direction from them on where to go next," said Raj Singh. "What we are being told is that our customers around the world are looking for an Amazon-like experience when buying heavy equipment online and we are proud to be a world leader in this digital space along with companies like Ritchie Brothers' Iron Planet," commented Singh.
Outlook
"We are seeing continued and sustained demand for heavy equipment across all regions. Higher commodity prices and inflation coupled with longer lead times have increased demand and recoveries for our seller's equipment. We now have a renewed effort to bring on new sellers and more equipment from existing clients to ensure that Fuelled can provide a comprehensive selection of equipment to our buyers." Said Ajay Singh, VP Business Development and International.
"Tightness in the world supply chain has created both an opportunity as well as a challenge for Fuelled," said Raj Singh. "We are seeing very strong demand for our products but at the same time feeling the challenge of onboarding new equipment to meet the needs of our worldwide customer base." We have been successful in countering this trend by adding to business development activities within and outside the energy sector." Singh continued. "What hasn't changed is our commitment to our platform participants to provide a world-class online buying experience and I am very excited for what the future holds for Fuelled and our customers."
About Fuelled Family of Companies
Fuelled Family of Companies is a technology-enabled company that uses platforms to manage, sell and disrupt. Fuelled operates multiple online platforms, a logistics business and a data-driven appraisal business. Fuelled was named a Globe and Mail, Top Growing Company in Canada in 2020 and 2021.
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SOURCE Fuelled Family of Companies
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