HyreCar (HYRE) Misses Q1 EPS by 8c, Revenues Beat

HyreCar (NASDAQ: HYRE) reported Q1 EPS of ($0.25), $0.08 worse than the analyst estimate of ($0.17). Revenue for the quarter came in at $5.8 million versus the consensus estimate of $5.51 million.

First Quarter 2020 Highlights

• Revenue was $5.8 million, compared to $3.5 million in 2019, an increase of 65%.
• Adjusted EBITDA of ($3.3) million, or ($0.20) per share, compared to ($1.4) million and ($0.14) in the first quarter of 2019.
• Rental days increased 16% to 229,371 in Q1 2020 from 197,243 in Q4 2019.
• Weekly rental days have rebounded from a floor of 14,000 in early April to now over 17,000 (table below), we hope to be back at 20,000 weekly days in the second quarter
• New drivers to the platform in Q1 2020 were up 63 % year over year.
• Customer Satisfaction Rates continue to improve as industry leading answer rates greater than 90%, new product updates and claims resolution times reduced due to improved processes.

“HyreCar’s first quarter revenues grew 20% sequentially to $5.8 million and through the first two and a half months of the first quarter we were on pace to exceed $6.0 million in quarterly revenue, exhibiting the leverage and growth capabilities of HyreCar’s platform,” said Joe Furnari, Chief Executive Officer of HyreCar. “We are very happy that our weekly rental days are back to over 17,000 - within 5% of our first quarter average of 17,800 and we continue to see acceleration in the month of May. We believe that the combination of states reopening for ride-share and the increase in demand for delivery services, reflected in our weekly rental numbers, should allow us to continue to see steady revenue growth in the coming quarters.”

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

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