CALGARY, AB, Dec. 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 Q3 2022 performance and announces it has been named one of Canada’s Top Growing Companies for the third straight year.
Fuelled Logistics, officially launched in 2022, has been instrumental in Fuelled’s goal of delivering the best possible customer experience. Pictured, Fuelled Logistics was engaged to move large tanks from Edmonton, Alberta to Jasper, Alberta. These tanks were initially owned by a large energy midstream company and were purchased on Fuelled.com to be used as holding tanks for a hotel. (CNW Group/Fuelled Family of Companies)
“It is an honour for Fuelled to be named as one of the Top Growing Companies in Canada for the third straight year,” said Raj Singh, Founder and CEO of Fuelled. “This recognition is the result of the hard work and commitment of our people who are ultra-focused on living our values of Family, Integrity, Transparency and Fun while providing an Amazon like experience to our customers across the globe,” Singh continued.
Canada’s Top Growing Companies is an editorial ranking that was launched in 2019 celebrating the boldest entrepreneurial achievements by identifying and bringing the accomplishments of innovative businesses in Canada to the forefront. In order to qualify, companies underwent an in-depth review based on numerous requirements. In total, 430 companies earned a spot on this year’s ranking. The full list of 2022 winners along with information relating to them is published annually in the October “Report on Business” magazine issue. The list is out now and online here.
“Canada’s Top Growing Companies recognizes the tremendous ambition and innovation of entrepreneurs in Canada,” said Dawn Calleja, Editor of Report on Business magazine. “The next generation of Canadian businesses can draw inspiration from this ranking.”
“In an uncertain world, the success stories of the companies marked in this year’s Report on Business magazine’s list of Top Growing Companies are a beacon of optimism,” said Phillip Crawley, Publisher and CEO of The Globe and Mail. “The Globe and Mail congratulates them on their achievements.”
Fuelled Family of Companies Q3 2022 Results at a Glance
Record number of transactions in a fiscal quarter
both completed transactions and pieces of equipment sold
Significantly increased number of marketplace participants
First transactions for equipment being delivered to Brazil
First transactions for equipment being delivered to Australia
0 TRIF since inception in 2013
84 NPS (Net Promoter Score)
The company continues to operate without ever raising outside equity
“I would like to thank our people and our customers for making it possible to achieve another strong quarter,” said Singh. “Supply chain issues compounded by inflation have changed the landscape and mindset of our customers, presenting both a challenge and opportunity for Fuelled” commented Singh. “What I can say with certainty is that our team is positioned well to handle the headwinds while taking advantage of the opportunities”
Key Engagements
Recently, Fuelled has been engaged to market several highly engineered packages within and outside of the energy sector, these packages include:
600 person camp along with (2x) 15-plex office buildings and ancillary equipment – British Columbia, Canada
4 MW Solar (Caterpillar) Centaur 50 Turbine Generator (Turnkey Power Plant) – Alberta, Canada
High-quality production testing equipment – Texas, USA
Safety equipment including fire trucks and ambulances – Alberta, Canada
Natural gas pressure reduction skid package – Alberta, Canada
Slop oil centrifuge capable of treating ~1000bbl/day – Alberta, Canada
Gulf of Mexico offshore production equipment – Texas/Louisiana, USA
(5x) Unused 50MMSCFD 42″ x 24′ 1.0MMBTU Dehydrator Packages – Wyoming, USA
Q3 2022 Highlights
Fuelled achieves third consecutive year on The Globe and Mail’s Top Growing Companies List
Record quarterly number of transactions
Steady growth of US business on both supply and buy-side
International transactions continue to increase and become a larger part of the portfolio
Providing increased liquidity and recovery for sellers
Fuelled Auctions
Launched in 2022 Fuelled, hosted 7 online auctions in 2022
Continued growth of the Fuelled Logistics business
60% + of all Fuelled.com equipment sales now include logistics
Fuelled Appraisals business seeing steady demand and leveraging data from Fuelled.com platform
Equipment appraisals provided for financing, arbitration, and asset dispositions
Heightened awareness of “DKDC”, a Fuelled collaboration for mental health and wellness
“Record revenue for the first 9 months of 2022 is a direct indicator of Fuelled’s growth but the most important metric of success is Fuelled’s month over month consistent growth of both buy and sell side participants. To handle this growth, we are continuing to invest in process automation to remove friction from the buyer and seller’s experience.” Commented Austin Fraser, VP Finance & Operations.
Outlook
Inflation and higher interest rates have increased the cost of newly manufactured equipment and has had a positive effect on Fuelled’s buy side demand. Fuelled’s inventory of equipment, immediate availability and flexible financing options positions the company well in the current economic environment. Furthermore, Fuelled’s reach and continued growth into new markets and verticals has helped the company predict trends, take advantage of opportunities and address threats early on.
“Based on sustained buyer demand and Fuelled’s expanding market reach both domestically and internationally, consignment revenue will continue to grow in 2023. Logistics and Auctions – our newest customer driven service offerings – were a significant part of our 2022 success story and will be a major part of our growth strategy for 2023.” Commented Ajay Singh, VP Business Development.
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, 2021 and 2022.
SOURCE Fuelled Family of Companies
