HyreCar Announces First Quarter 2022 Financial Results – Yahoo Finance

May 17, 2022 by No Comments

LOS ANGELES, May 16, 2022–(BUSINESS WIRE)–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 first quarter ended March 31, 2022.

First Quarter 2022 Financial Highlights

  • Revenue was $9.6 million, compared to $7.4 million during the same period of 2021, an increase of approximately 28% from the same quarter last year

  • Net loss was ($5.3) million and earnings per share of ($0.24), compared to ($7.2) million and ($0.37) in the same period last year

  • Adjusted EBITDA of ($4.1) million and adjusted EBITDA per share of ($0.20), also referred to as adjusted net loss per share, compared to ($3.4) million or ($0.18) per share in the same period last year

  • Cash, Cash Equivalents and Restricted Cash were approximately $11.0 million as of March 31, 2022

Additional First Quarter 2022 Highlights and Recent Developments

  • New driver signups to the platform in the first quarter of 2022 were up 10% quarter over quarter

  • Entering Q2, revenue growth has accelerated and is currently pacing towards $10.2 million to $10.7 million for the second quarter of 2022

  • Recurring operating expenses decreased by close to 20% compared to Q1 of 2021

  • Commercial bookings represented more than 70% of all cars rented on the platform

  • Utilization remained high for large commercial fleets listed on the platform, hovering between 80%-90% during Q1

“HyreCar’s first quarter revenue rose to $9.6 million in the quarter and our gross margins remained in excess of 30% even in a more seasonally challenged quarter with weather-related insurance claims. March was our strongest revenue month in the company’s history and that momentum has continued in the second quarter with similarly strong April and the first half of May. Based on quarter to date performance, we are forecasting Q2 revenue of $10.2 million to $10.7 million. We also expect continued gross margin growth and anticipate ending the year around 40%,” said Joe Furnari, HyreCar’s Chief Executive Officer. “We anticipate macro tailwinds to continue to drive revenue and ADRs higher as used car prices level off, car supply is anticipated to be supported by our warehouse credit facility initiative, and demand continues to grow for gig services.”

Adjusted EBITDA is a non-GAAP financial measure. See the reconciliations of these measures to their respective most directly comparable GAAP measure below in this press release.

First Quarter 2022 Financial Discussion

Total revenue in the first quarter of 2022, increased approximately 28% to $9.6 million, compared to $7.4 million, in the first quarter of 2021. Revenue growth over and above the 5% increase in rental days was driven by favorable pricing in the first quarter.

Gross profit totaled $2.9 million for the three months ended March 31, 2022, an increase of $0.2 million or 3.4% from $2.7 million recognized during the three months ended March 31, 2021. On a sequential basis, gross margin experienced a slight seasonal decline to 31% from 34% in the December 31, 2021 quarter due to more accidents per rental day in the winter season as well as continued trends in inflation for car parts and vehicles.

Operating expenses, consisting of general and administrative, sales and marketing, and research and development expenses, totaled $8.3 million for the three months ended March 31, 2022, a decrease of approximately 17% …….

Source: https://finance.yahoo.com/news/hyrecar-announces-first-quarter-2022-200500124.html

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