First Quarter Continues Sequential Growth
LOS ANGELES–(BUSINESS WIRE)–HyreCar Inc. (Nasdaq: HYRE), the carsharing marketplace for ridesharing, announced it will release its financial results for the fourth quarter and full-year ended December 31, 2019, after market close on Wednesday, March 25, 2020. The announcement will be followed by a live earnings conference call at 2:00 p.m. PDT (5:00 p.m. EDT).
“We continued to exceed our expectations for the first quarter with a significant increase in vehicles rented this quarter to date. Additionally, we continued to expand our partnerships and platform utilization. As we previously highlighted, the December 2019 quarter had approximately 190,000 active rental days and $4.6 million to $4.8 million of revenue. For the first quarter of 2020, we continue to see strong growth and are currently on pace for approximately 20% sequential growth this quarter to 225,000 to 230,000 active rental days. We look forward to updating investors on our earnings call on March 25, 2020,” said Joe Furnari, Chief Executive Officer of HyreCar.
“Other ridesharing companies have commented regarding the COVID-19 situation and the potential effect on the ridesharing industry. Despite this unfortunate situation, we continue to benefit from robust driver interest on the demand side and new OEM & dealer partnerships on the supply side. We believe that the ridesharing industry is diversified enough that although it may suffer from travel disruption, it will benefit from the wider use of vehicles for local travel and delivery services, especially food and package delivery. Ridesharing is part of a transformational shift from traditional private vehicle usage, including on-demand rentals and subscription services. This shift is expected to be especially pronounced in periods of economic volatility.” Furnari continued, “We believe our company is in a position to leverage our unique platform and strategic partnerships to solve transportation needs that are changing at an accelerated rate. HyreCar and its partners offer the flexibility vehicle owners and drivers need without long-term commitments, especially during an uncertain time. We expect to continue to expand the number of cars on the platform while maintaining high utilization and retention throughout 2020.”
To participate in the call, please dial (866) 670-5260 (domestic) or (409) 217-8773 (international). The conference code is 1588584. This call is being webcast and can be accessed on the Investor Relations section of Hyrecar’s website at: https://ir.hyrecar.com/.
A replay of the webcast will be available approximately two hours after the conclusion of the call and remain available for approximately 90 calendar days.
About HyreCar
HyreCar is a nationwide leader operating a carsharing marketplace for ridesharing via its proprietary technology platform. HyreCar has established a leading presence in Transportation as a Service (TaaS) with both individual vehicle owners and car dealers and manufacturers, who are being disrupted by automotive asset sharing. By providing a unique opportunity through its safe, secure, and reliable marketplace, HyreCar is transforming the industry by empowering all to profit from TaaS.
Contacts
John Evans
Investor Relations
415-309-0230
j.evans@hyrecar.com
