HyreCar (HYRE) Reports Q2 Loss of $0.92; Offers FY18 Revenue Guidance

HyreCar (NASDAQ: HYRE) reported Q2 EPS of ($0.92). Revenue for the quarter came in at $2.3 million.

“Our record revenue of approximately $2.3 million in the second quarter of 2018 was a direct result of increased demand for car sharing services,” said Joe Furnari, Chief Executive Officer of HyreCar. “As we reach critical mass, we are also starting to see some operating leverage in the business, as evidenced by our 14x increase in gross profit during the quarter. Given this operational momentum, we expect to be cash flow positive by the second quarter of 2019.

“Our strong adoption to-date is a result of our unique marketplace platform, which matches drivers with car owners, while leveraging HyreCar’s proprietary insurance offering that ensures a driver is covered while ‘off the clock’ with a ride-sharing company.

“During the last month, we signed strategic partnerships with HopSkipDrive—which allows us to connect drivers in the Denver area with large capacity vehicles for child transportation—and DriveItAway—a leading car dealer focused shared mobility company with strong ties to Lyft. Through our relationship with DriveItAway, we then secured a strategic partnership with the National Independent Automobile Dealers Association, which has over 17,000 dealership members. Although these partnerships are in their early stages, we believe these relationships will contribute to our revenue growth.

“In summary, our model is being proven out in a meaningful way, with the ‘right solution’ at the ‘right time’ that alleviates the supply bottlenecks facing the ride-sharing market today. We look forward to continued operational execution and stockholder value creation over the long-term,” concluded Furnari.

GUIDANCE:

HyreCar sees FY2018 revenue of $10 million.

For earnings history and earnings-related data on HyreCar (HYRE) click here.

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