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Share Name | Share Symbol | Market | Type |
---|---|---|---|
HyreCar Inc | NASDAQ:HYRE | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.165 | 0.162 | 0.175 | 0 | 01:00:00 |
FY 2018 Revenues Expected to Range Between $9.75-$10.25 Million; Gross Profit Expected to Range Between $4.5-$5.0 Million
HyreCar Inc. (NASDAQ: HYRE), the car sharing marketplace for ride sharing, today reported financial results and provided a corporate update for the third quarter ended September 30, 2018.
Financial Summary:
Three Months Ended September 30,
Year-over-Year % Change 2018 2017 Revenues $2.7 million $0.8 million 224.3% Gross Profit $1.5 million $0.1 million 1,144% Gross Profit Margin 54.0% 14.1% 283.8% Net Loss $(1.8) million $(1.3) million (38.0%) Earnings per Share (Fully-Diluted) $(0.15) $(0.28) 46.4%Nine Months EndedSeptember 30,
Year-over-Year % Change 2018 2017 Revenues $6.7 million $2.0 million 239.7% Gross Profit $3.0 million $0.2 million 1,208% Gross Profit Margin 44.2% 11.5% 284.3% Net Loss $(8.6) million $(2.9) million (198%) Earnings per Share (Fully-Diluted) $(1.15) $(0.68) (69.1%)Recent Operational Highlights:
Management Commentary:
“I am pleased to announce record growth in the third quarter of 2018, which stemmed directly from increased platform adoption by both automotive dealerships and rideshare drivers,” said Joe Furnari, Chief Executive Officer of HyreCar. “As automotive dealers are faced with more change and uncertainty than at any point in their existence, the incentive to list vehicles on the HyreCar platform and participate in the exciting Mobility as a Service industry is greater than ever before. This represents a significant opportunity in our goal to gain critical mass in the marketplace.
“Participation in the HyreCar platform truly presents a win-win situation for all participants, providing aspiring rideshare drivers with a reliable, low-cost source for insured vehicles, while automotive dealers gain a new pool of prospective buyers and simultaneously diversify their businesses into the Mobility as a Service industry. HyreCar currently generates more than 30,000 new driver leads per month, representing an immense growth opportunity as we continue to scale and bring institutional vehicle supply online.”
“We are continuing our steady pace of operational execution throughout all areas of our business. We are increasingly well known at all levels of the industry and are now universally recognized as a thought leader within the shared mobility arena. Our recent strategic partnerships, such as those with TIKD, PassTime and Shift, further bolster our value proposition to institutional vehicle supply sources – from which we fully expect to drive strong sequential growth. In addition, our revenue and gross profit growth has positioned us well to reach our stated goal of becoming cash flow positive by the second quarter of 2019,” concluded Furnari.
Third Quarter 2018 Financial Results
Total revenue in the third quarter of 2018 increased 224% to a record $2.7 million, compared to $0.8 million in the third quarter of 2017. Sequentially, this represents an increase of 18% when compared to revenue of $2.3 million in the second quarter of 2018. The revenue increases were primarily due to the growth of the Company’s business, which resulted from the expansion of the sales team and increased digital marketing spend and brand awareness.
Gross profit in the third quarter of 2018 increased to $1.5 million, compared to $0.1 million in the same year-ago quarter. Gross profit margin in the third quarter of 2018 increased significantly to 54%, compared to 14% in the same year-ago quarter. Margin expansion was driven by increases in driver revenue and referral income.
Total operating expenses, consisting of research and development, sales and marketing and general and administrative expenses, were $3.2 million in the third quarter of 2018, compared to $1.4 million in the same quarter of 2017. The increase in operating expenses was primarily due to expanding selling, general and administrative expenses to support revenue growth.
Net loss in the third quarter of 2018 totaled $1.8 million, or $(0.15) per share, compared to a net loss of $1.3 million, or $(0.28) per share, in the same quarter of 2017. The increase in net loss is primarily due to expanding operating expenses to support revenue growth.
Cash at September 30, 2018 totaled $8.7 million, compared to $11.9 million at June 30, 2018.
Full Year 2018 Revenue Guidance
For the full year ending December 31, 2018, HyreCar expects revenues to range between $9.75 to $10.25 Million. The Company expects gross profit for the full year ending December 31, 2018 to range between $4.5 to $5.0 Million.
Conference Call
Management will host an investor conference call at 2:00 p.m. Pacific Standard Time on November 8, 2018, to discuss HyreCar’s third quarter 2018 financial results, provide a corporate update, and conclude with a Q&A from participants.
To participate, please use the following information:
Date: Thursday, November 8, 2018Time: 2:00 p.m. Pacific Standard Time (5:00 p.m. Eastern Standard Time)U.S. Dial-in: 1-800-263-0877International Dial-in: 1-646-828-8143Conference ID: 8958715Webcast: http://public.viavid.com/index.php?id=131907
Please dial in at least 10 minutes before the start of the call to ensure timely participation.
A playback of the call will be available through November 15, 2018. To listen to the replay, call 1-844-512-2921 within the United States or 1-412-317-6671 when calling internationally. Please use the replay pin number 8958715.
A webcast will also be available for 90 days on the IR section of the HyreCar website or by clicking here.
About HyreCar
HyreCar Inc. (NASDAQ: HYRE) actively operates in 50 states plus the District of Columbia. The Company’s carsharing marketplace for ridesharing was created to leverage technology and establish a presence in automotive asset sharing. Drivers and vehicle owners alike can utilize the platform to create an opportunity for themselves where one did not previously exist. By providing a safe, secure, and reliable marketplace, HyreCar helps both parties come together– one driver, one vehicle, one road at a time. For more information, please visit www.hyrecar.com.
HyreCar prepares and publicly release quarterly unaudited financial statements prepared in accordance with GAAP.
Forward Looking Statements
Statements in this release concerning HyreCar Inc.’s (“HyreCar” or the “Company”) future expectations and plans, including, without limitation, HyreCar’s partnerships and technology solutions, its ability to add and maintain additional car listings from car dealers and consumer demand for cars to be used for ridesharing, may constitute forward looking statements for the purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995 and other federal securities laws and are subject to substantial risks, uncertainties and assumptions. You should not place reliance on these forward looking statements, which include words such as “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” or similar terms, variations of such terms or the negative of those terms. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee such outcomes. HyreCar may not realize its expectations, and its beliefs may not prove correct. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including, without limitation, market conditions and the factors described in the section entitled “Risk Factors” in HyreCar’s Prospectus, dated June 26, 2018, and HyreCar’s other filings made with the U. S. Securities and Exchange Commission. All such statements speak only as of the date made. Consequently, forward-looking statements should be regarded solely as HyreCar’s current plans, estimates and beliefs. Investors should not place undue reliance on forward-looking statements. HyreCar cannot guarantee future results, events, levels of activity, performance or achievements. HyreCar does not undertake and specifically declines any obligation to update, republish, or revise any forward-looking statements to reflect new information, future events or circumstances or to reflect the occurrences of unanticipated events, except as may be required by applicable law.
HYRECAR INC. BALANCE SHEETS (Unaudited)September 30,2018
December 31,2017
Assets Current assets: Cash $ 8,671,099 $ 213,944 Accounts receivable 128,600 41,000 Deferred offering costs - 135,608 Deferred expenses 13,988 35,153 Other current assets 139,651 118,020 Total current assets 8,953,338 543,725 Property and equipment, net 3,570 - Intangible assets, net 67,689 - Other assets 90,000 90,000 Total assets $ 9,114,597 $ 633,725 Liabilities and Stockholders’ Deficit Current liabilities: Accounts payable $ 784,538 $ 1,355,064 Accrued liabilities 404,340 119,226 Deferred revenue 44,602 47,718 Related party advances 9,629 9,629 Note payable, net of discount - 46,368 Notes payable - related party, net of discount - 278,607 Settlement payable - 24,444 Total current liabilities 1,243,109 1,881,056 Total liabilities 1,243,109 1,881,056 Commitments and contingencies (Note 3) - - Stockholders’ deficit: Preferred stock, 15,000,000 shares authorized, par value $0.00001, 0 and 2,429,638 issued and outstanding as of September 30, 2018 and December 31, 2017, respectively - 1,591,886 Common stock, 50,000,000 share authorized, par value $0.00001, 11,708,041 and 5,252,953 issued and outstanding as of September 30, 2018 and December 31, 2017, respectively 117 52 Additional paid-in capital 21,728,618 2,553,672 Subscription receivable - related party (7,392 ) (140,087 ) Accumulated deficit (13,849,855 ) (5,252,854 ) Total stockholders’ deficit 7,871,488 (1,247,331 ) Total liabilities and stockholders’ deficit $ 9,114,597 $ 633,725 HYRECAR INC. STATEMENTS OF OPERATIONS (Unaudited) Three MonthsendedSeptember 30,2018 Three MonthsendedSeptember 30,2017 Nine MonthsendedSeptember 30,2018 Nine MonthsendedSeptember 30,2017 Revenues $ 2,685,952 $ 828,285 $ 6,673,634 $ 1,964,854 Cost of revenues 1,235,702 711,724 3,723,121 1,739,202 Gross profit 1,450,250 116,561 2,950,513 225,652 Operating Expenses: General and administrative 1,210,436 479,485 5,256,169 1,157,587 Sales and marketing 1,421,363 678,341 3,097,586 1,349,277 Research and development 587,966 225,743 1,110,011 422,810 Total operating expenses 3,219,765 1,383,569 9,463,766 2,929,674 Operating loss (1,769,515 ) (1,267,008 ) (6,513,253 ) (2,704,022 ) Other (income) expense: Interest expense 3,261 21,251 2,039,719 175,615 Other (income) expense 6,678 - 44,029 728 Total other (income) expense 9,939 21,251 2,083,748 176,343 Loss before provision for income taxes (1,779,454 ) (1,288,259 ) (8,597,001 ) (2,880,365 ) Provision for income taxes - 800 - 800 Net loss $ (1,779,454 ) $ (1,289,059 ) $ (8,597,001 ) (2,881,165 ) Weighted average shares outstanding - basic and diluted 11,708,041 4,614,356 7,496,175 4,216,986 Weighted average net loss per share - basic and diluted $ (0.15 ) $ (0.28 ) $ (1.15 ) $ (0.68 )
View source version on businesswire.com: https://www.businesswire.com/news/home/20181108005932/en/
Media Relations:Ronjini JoshuaThe Silver TelegramHyreCar@thesilvertelegram.comorInvestor Contact:Ted HaberfieldPresident, MZ Group – MZ North AmericaHYRE@mzgroup.uswww.mzgroup.us
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