HyreCar Inc. (NASDAQ: HYRE), the carsharing marketplace for ridesharing, newly stated fiscal results and offered a corporate update for the 3rd-quarter finished September 30, 2k19.
3rd-Quarter 2k19 Fiscal Highlights
- Revenue was $3.70M, a contrast to $2.70M in 2k18, a boost of 38.00 percent.
- Gross profit was $2.30M, contrast to $1.50M in 2k18, a boost of 61.00 percent.
- Net Loss of $3.60M or ($0.240) for each share, contrast to a net loss of $1.80M and ($0.150) in 2k18.
- Adjusted Loss of $3.00M or ($0.200) on a for each share basis, also referred to as adjusted net income for each share, contrast to ($0.140) in 2k18.
3rd-Quarter 2k19 Financial Negotiation
Total revenue in the 3rd-quarter of 2k19 raised 38.00 percent, to a record $3.70M, contrast to $2.70M, in the 3rd-quarter of 2k18. Revenue growth in the 3rd-quarter was mainly driven by raised booking revenue that rose 4.30 percent during the quarter as net rental days raised from about 140,000 in the 2nd-quarter to about 146,000 in the 3rd-quarter. Revenues were also influenced by a reduction in new driver incentives, seasonality and timing of commercial car supply onto the platform.
Gross profit in the 3rd-quarter of 2k19 raised to a record $2.30M, or 63.00 percent of revenues, contrast to $1.50M, or 54.00 percent of revenues, in the 3rd-quarter of 2k18. Margin expansion was driven by a higher average net revenue margin and a reduced cost of insurance in the 3rd-quarter.
Total operating costs, consisting of sales and marketing, general and administrative, and research and development costs, were $6.00M in the 3rd-quarter of 2k19, contrast to $3.20M in the similar year-ago quarter. The incline in operating costs was mainly because of raised staffing costs, marketing and insurance claims payments, and includes $0.70M in non-cash stock-based compensation costs.
Net loss in the 3rd-quarter of 2k19 totalled $3.60M, or $(0.240) for each share, contrast to a net loss of $1.80M, or $(0.150) for each share, in the previous year’s quarter. Adjusted net loss for the 3rd-quarter, after apart from certain non-cash stock-based compensation for employee compensation and legal costs was $3.00M, or $(0.200) for each share. A reconciliation of net income to adjusted net income for each share is included within this press release.
Cash totalled $13.10M at September 30, 2k19. This represented a boost of $8.00M from $5.10M at the previous quarter finished June 30, 2k19 and a boost of $6.40M during the 1st-half of the financial year from $6.80M at December 31, 2k18. This incline was mainly the result of completion of a secondary offering in July 2k19 so has sufficient cash resources to continue operations indefinitely.
Additional 3rd-Quarter 2k19 Highlights
- New drivers to the platform in Q3 2k19 were up 54.00 percent year over year.
- Number of cars rented on our platform from commercial partners raised 85.00 percent from Q2 2k19 to Q3 2k19, and from September 2k19 to October 2k19 commercial bookings grew 98.00 percent sequentially.