HyreCar (HYRE) Misses Q2 EPS by 2c, Revenues Beat

HyreCar (NASDAQ: HYRE) reported Q2 EPS of ($0.22), $0.02 worse than the analyst estimate of ($0.20). Revenue for the quarter came in at $5.6 million versus the consensus estimate of $5.05 million.

Second Quarter 2020 Highlights

• Revenue was $5.6 million, compared to $3.8 million in 2019, an increase of 47%. This was down a modest 3% sequentially from $5.8 million in the first quarter of 2020.
• Adjusted EBITDA of ($1.7 million) or ($0.10) per share, compared to ($1.4 million) or ($0.12) per share in the second quarter of 2019 and a sequential improvement of $1.6 million over the ($3.3 million) or ($0.20) per share in the first quarter of 2020.
• Rental days improved modestly to over 230,000 in Q2 2020 from 229,000 in Q1 2020, despite containing our lowest rental weeks of the year.
• Weekly rental days have rebounded from a floor of 14,000 in early April to now almost 22,000 in early August (see table below).
• 60% of HyreCar Drivers rely on Delivery Services as the main source of income.

“HyreCar’s second quarter revenues grew 47%, year-over-year, and down modestly sequentially, to $5.6 million. For a quarter that included our lowest rental weeks, and the full effect of the nation's COVID shutdown, we believe that this shows 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 approximately 22,000 - and have exceeded the pre-COVID highs in March. 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 sequential revenue growth in the coming quarters.”

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

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