HyreCar (HYRE) Misses Q4 EPS by 18c, Revenues Miss; Offers Q1 Revenue Mid-Point Guidance Above Consensus

HyreCar (NASDAQ: HYRE) reported Q4 EPS of ($0.31), $0.18 worse than the analyst estimate of ($0.13). Revenue for the quarter came in at $3.1 million versus the consensus estimate of $3.22 million.

“Our record revenue and gross profit for the fourth quarter and full year 2018 resulted from the aggressive adoption of our proprietary ridesharing solution,” said Joe Furnari, Chief Executive Officer of HyreCar. “We continue to see strong awareness as evidenced by rental days which grew 121% to 393,000 days in 2018 and has now reached an annualized rate of 550,000 in the first two months of 2019, a metric we expect to grow rapidly with the continual onboarding of new institutional vehicle supply to meet driver demand for participation in the dynamic ridesharing economy.”

“Growth is directly correlated to offering a complete solution for automotive dealers to earn incremental revenue streams on otherwise idle inventory. In our third quarter call, we noted that we had approximately 25 dealerships representing an estimated 250 cars on our platform–a number we expected to double in the fourth quarter of 2018. Today, I am proud to report that we have exceeded these expectations with over 100 dealers listing more than 1,200 cars on our platform. We are undoubtedly reaching a key inflection point in the history of our company and the ridesharing industry as a whole, and I look forward to creating long-term value for our shareholders as we continue to execute upon our growth plans,” concluded Furnari.

GUIDANCE:

HyreCar sees Q1 2019 revenue of $3.4-3.7 million, versus the consensus of $3.46 million.

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

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