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.

HyreCar Inc., the carsharing marketplace for ridesharing and food/package delivery services, updated its reported financial results and provided a corporate update for the fourth quarter and year ended Dec. 31, 2019 and announced receipt of $2.0 Million in funds from the SBA Paycheck Protection Program.

“We are pleased that our rental days have begun to increase in the second quarter post COVID-19 effects as our efforts to increase delivery services are beginning to show signs of traction. Helping our drivers transition into the fast-growing delivery businesses is having immediate effects during these changing times,” said Joe Furnari, CEO of HyreCar.

The Paycheck Protection Program Loan is from the 2020 Cares Act through the Small Business Administration and HyreCar’s financial services partner, JPMorgan Chase.

“JPMorgan Chase has been a great financial partner for us, guiding us through the intricacies of the Paycheck Protection Program and working with the SBA to expedite our application as an existing client. We went from application to funding of $2 Million in just four days, including a weekend,” said Scott Brogi, CFO of HyreCar. “This support, along with our flexible business model and measured cost reduction steps, will allow us to maintain our team as we look ahead to the second half of 2020 and we hopefully begin to rebound as a country.”

HyreCar Inc., the carsharing marketplace for ridesharing and food/package delivery services, reported financial results and provided a corporate update for the fourth quarter and year ended Dec. 31, 2019.

Full year 2019 financial highlights include: revenue was $15.9 million, compared to $9.8 million in 2018, an increase of 62 percent; net loss of ($12.4) million and earnings per share of ($0.89), compared to ($11.2) million and ($1.31) in 2018; adjusted loss of ($10.4) million and adjusted earnings per share of ($0.75), also referred to as adjusted net income per share, compared to ($0.83) in 2018.

Fourth quarter 2019 financial highlights include: revenue was $4.8 million, compared to $3.2 million in 2018, an increase of 50 percent; net loss of ($4.9) million and earnings per share of ($0.40), compared to ($2.6) million and ($0.31) in 2018; adjusted loss of ($4.4) million or and adjusted earnings per share of ($0.36), also referred to as adjusted net income per share.

“HyreCar’s fourth-quarter revenues grew to $4.8 million, even as we continued to improve and expand every aspect of our partnerships and platform,” said Joe Furnari, CEO of HyreCar. “Despite uncertain times, we see opportunities to maintain our current business now and expand our business as the country goes back to work.”

HyreCar Inc, the carsharing marketplace for ridesharing, announced preliminary results for the fourth quarter ended Dec. 31. Fourth quarter revenues are expected to be between $4.6 million to $4.8 million, and the number of rental days, that grew each month throughout the quarter, should be approximately 190,000 for the quarter.

“We exceeded all of our expectations in the fourth quarter even as we continued to improve and expand every aspect of our partnerships and platform,” said Joe Furnari, CEO. “In addition to higher revenues, as our commercial initiatives accelerated car supply in key markets, utilization of these cars continues to grow and retention of cars, drivers and vehicle owners has increased during the quarter.”

HyreCar Names Two VPs

November 24, 2019

HyreCar Inc. announced that John Fitzgerald has been appointed vice president of dealer initiatives, and Rav Karwal has been made vice president of inside sales.

Fitzgerald brings over 20 years of automotive dealer sales and management experience to HyreCar, leading teams across automotive brands including CarSaver at Walmart, Edmunds and AutoNation. Karwal is an entrepreneurial executive with a successful track record leading revenue, sales, and other go-to-market strategies at early to later-stage ventures, including HGM, Apprion, and Scholast iSoft.

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