HyreCar Reports Strong Q1

By Staff Writer May 19, 2020

HyreCar Inc., a carsharing marketplace for ridesharing and delivery, reported first quarter growth in its financial results and provided a corporate update for the first quarter ended March 31.

“HyreCar’s first quarter revenues grew 20 percent 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, CEO of HyreCar. “We are very happy that our weekly rental days are back to over 17,000 - within 5 percent of our first quarter average of 17,800 and we continue to see acceleration in the month of May.”

Total revenue in the first quarter of 2020 increased 65 percent, to a record $5.8 million, compared to $3.5 million, in the first quarter of 2019. Revenue growth in the first quarter was primarily driven by increased booking revenue that rose 16 percent during the quarter as net rental days increased from approximately 197,000 in the fourth quarter 2019 to approximately 229,000 in the first quarter. Revenues were also impacted by a reduction in new driver incentives, seasonality and timing of commercial car supply onto the platform.

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Last modified on Tuesday, 19 May 2020 14:23

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