HyreCar (HYRE) Misses Q1 EPS by 21c

HyreCar (NASDAQ: HYRE) reported Q1 EPS of ($0.37), $0.21 worse than the analyst estimate of ($0.16). Revenue for the quarter came in at $7.45 million versus the consensus estimate of $7.47 million.

First Quarter 2021 Financial Highlights

• Revenue was $7.45 million, compared to $5.78 million in the same period last year, an increase of 29%.
• Net Loss of ($7.2) million and earnings per share of ($0.37), compared to ($4.1) million and ($0.25) in the same period last year.
• Adjusted EBITDA of ($3.4) million and adjusted EBITDA per share of ($0.16), also referred to as adjusted net loss per share, compared to $(3.3) million or ($0.20) per share in the same period last year.
• Cash and Cash Equivalents were $25.5 million as of March 31, 2021.

“HyreCar’s first-quarter revenues grew to $7.4 million in the quarter, showing the resilience of our platform and the growing demand for our services as the country opens up,” said Joe Furnari, Chief Executive Officer of HyreCar. “With the additional cars we are onboarding on a daily basis our daily rental rates continue to grow and we are well-positioned to take advantage of opportunities in rideshare and delivery as states continue to re-open.”

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

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