HyreCar Announces Fourth Quarter and Full-Year 2019 Results

HyreCar Inc. (NASDAQ: HYRE), the carsharing marketplace for ridesharing and food/package delivery services, today reported financial results and provided a corporate update for the fourth quarter and year ended December 31, 2019.

Full Year 2019 Financial Highlights

• Revenue was $15.9 million, compared to $9.8 million in 2018, an increase of 62%.

• 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

• Revenue was $4.8 million, compared to $3.2 million in 2018, an increase of 52%.

• 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.

Additional Fourth Quarter 2019 Highlights

• New drivers to the platform in Q4 2019 were up 69% year over year

• Number rental days on our platform increased 35% from approximately 145,738 in Q3 2019 to 197,243 in Q4 2019, and commercial bookings represented 76% of all cars rented on the platform.

• Customer Satisfaction Rates continue to improve to industry-leading answer rates of 90% or greater and Customer Experience ratings increase across major consumer rating websites

• Technological improvements to security architecture, backend systems to ensure scalability of the Hyrecar platform and reduction of technology costs through code optimizations.

• Commercial inventory starts have begun to accelerate with the onboarding of two large regional rental fleet partners with over vehicles in Q4

“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, Chief Executive Officer 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.”