HyreCar (HYRE) Reports Q3 Loss of $0.15

HyreCar (NASDAQ: HYRE) reported Q3 EPS of ($0.15). Revenue for the quarter came in at $2.69 million.

“I am pleased to announce record growth in the third quarter of 2018, which stemmed directly from increased platform adoption by both automotive dealerships and rideshare drivers,” said Joe Furnari, Chief Executive Officer of HyreCar. “As automotive dealers are faced with more change and uncertainty than at any point in their existence, the incentive to list vehicles on the HyreCar platform and participate in the exciting Mobility as a Service industry is greater than ever before. This represents a significant opportunity in our goal to gain critical mass in the marketplace.

“Participation in the HyreCar platform truly presents a win-win situation for all participants, providing aspiring rideshare drivers with a reliable, low-cost source for insured vehicles, while automotive dealers gain a new pool of prospective buyers and simultaneously diversify their businesses into the Mobility as a Service industry. HyreCar currently generates more than 30,000 new driver leads per month, representing an immense growth opportunity as we continue to scale and bring institutional vehicle supply online.”

“We are continuing our steady pace of operational execution throughout all areas of our business. We are increasingly well known at all levels of the industry and are now universally recognized as a thought leader within the shared mobility arena. Our recent strategic partnerships, such as those with TIKD, PassTime and Shift, further bolster our value proposition to institutional vehicle supply sources – from which we fully expect to drive strong sequential growth. In addition, our revenue and gross profit growth has positioned us well to reach our stated goal of becoming cash flow positive by the second quarter of 2019,” concluded Furnari.

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

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