HyreCar Reports Increased Revenue

By Staff Writer April 01, 2021

HyreCar Inc., the carsharing marketplace, reported financial results – including a jump in revenue –  and provided a corporate update for the fourth quarter and year ended Dec. 31, 2020.

Revenue was $25.2 million, compared to $15.9 million in 2019, an increase of 59 percent. Net Loss of ($15.2) million and earnings per share of ($0.87), compared to ($12.5) million and ($0.90) in 2019. Adjusted EBITDA of ($11.0) million and adjusted EBITDA per share of ($0.63), also referred to as adjusted net loss per share, compared to ($0.69) in 2019.

Fourth quarter 2020 financial highlights showed revenue was $7.0 million, compared to $4.9 million in 2019, an increase of 42 percent. The company had an adjusted net loss of ($4.1) million and adjusted net loss per share of ($0.23), also referred to as adjusted net loss per share, compared to ($0.27) in 2019.

New drivers to the platform in Q4 2020 were up 29 percent year-over-year. The Cost per Rental improved by 58 percent year-over-year through marketing automation and advancements in driver data and the number of rental days on the platform increased 41 percent from approximately 197,000 in Q3 2020 to 277,000 in Q4 2020

“HyreCar’s fourth-quarter revenues grew to $7.0 million in a tough quarter, overshadowed by a resurgence in COVID,” said Joe Furnari, chief executive officer of HyreCar. “With the additional cars we are onboarding on a daily basis our 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.”

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Last modified on Thursday, 01 April 2021 13:47