Proactiveinvestors USA & Canada HyreCar Inc https://www.proactiveinvestors.com Proactiveinvestors USA & Canada HyreCar Inc RSS feed en Wed, 19 Jun 2019 12:02:09 -0400 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[Media files - HyreCar looking to double revenue this year using rental cars for Uber and Lyft ]]> https://www.proactiveinvestors.com/companies/stocktube/13580/hyrecar-looking-to-double-revenue-this-year-using-rental-cars-for-uber-and-lyft-13580.html Tue, 04 Jun 2019 14:14:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/13580/hyrecar-looking-to-double-revenue-this-year-using-rental-cars-for-uber-and-lyft-13580.html <![CDATA[News - HyreCar sees quarterly revenue double as carsharing company widens reach to all 50 US states ]]> https://www.proactiveinvestors.com/companies/news/217542/hyrecar-sees-quarterly-revenue-double-as-carsharing-company-widens-reach-to-all-50-us-states-217542.html HyreCar (NASDAQ:HYRE), the carsharing marketplace, saw its revenue in the fourth quarter more than double as it expanded its HyreCar platform to include all 50 states in the US, in a bid to provide cars for Uber and Lyft drivers.

It is estimated that 40% of the 50,000 drivers applying monthly to services like Lyft and Uber do not own a qualifying vehicle. On the flip side, there are owners with idle vehicles who have no desire to work as a driver, but who could leverage that vehicle for revenue.

HyreCar works as an intermediary, a matchmaker of vehicles and qualified drivers.

READ: HyreCar is a ride-sharing play that should be on every investor's map

In its latest reporting period, the Los Angeles-based company saw its revenue climb to $3.1 million, up from $1.3 million in the year-ago quarter. Its net loss, however, widened to $2.6 million, or $0.31 loss per share, from a loss of $1.3 million, or $0.28 loss per share, in the corresponding period last year.

The results failed to impress the Street’s analysts who had forecast that HyreCar would lose $0.13 per share on revenue of $3.22 million.

And after pushing HyreCar shares up earlier in the day, investors had a change of heart and the stock fell 5% to $5.80 in Friday’s morning trade.

Over 100 car dealers are now listing more than 1,200 cars on HyreCar’s platform, said Joe Furnari, CEO of HyreCar in a statement.

“Growth is directly correlated to offering a complete solution for automotive dealers to earn incremental revenue streams on otherwise idle inventory,” Furnari said.

The company’s cash slipped to $6.8 million as of December, compared to $8.7 million in September.

On an optimistic note, HyreCar said it increased the number of days when vehicles were rented to 393,000 in 2018 from 178,000 in 2017.

Contact Ellen Kelleher at ellen@proactiveinvestors.com

 

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Fri, 29 Mar 2019 09:39:00 -0400 https://www.proactiveinvestors.com/companies/news/217542/hyrecar-sees-quarterly-revenue-double-as-carsharing-company-widens-reach-to-all-50-us-states-217542.html
<![CDATA[Media files - HyreCar shifts into gear as it partners with car dealers and expands from peer-to-peer car-sharing ]]> https://www.proactiveinvestors.com/companies/stocktube/12707/hyrecar-shifts-into-gear-as-it-partners-with-car-dealers-and-expands-from-peer-to-peer-car-sharing-12707.html Fri, 22 Mar 2019 15:49:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/12707/hyrecar-shifts-into-gear-as-it-partners-with-car-dealers-and-expands-from-peer-to-peer-car-sharing-12707.html <![CDATA[Media files - Tim Collins calls HyreCar 'Tinder for the ride-sharing business' ]]> https://www.proactiveinvestors.com/companies/stocktube/12531/tim-collins-calls-hyrecar--tinder-for-the-ride-sharing-business--12531.html Fri, 08 Mar 2019 14:19:00 -0500 https://www.proactiveinvestors.com/companies/stocktube/12531/tim-collins-calls-hyrecar--tinder-for-the-ride-sharing-business--12531.html <![CDATA[News - HyreCar is a ride-sharing play that should be on every investor's map ]]> https://www.proactiveinvestors.com/companies/news/216040/hyrecar-is-a-ride-sharing-play-that-should-be-on-every-investor-s-map-216040.html Drivers without cars; cars without drivers — maybe it’s not a huge problem to be solved, but for one company, it just may be an opportunity to profit.

I’d wager most investors are familiar with private ride-hailing companies like Uber and Lyft. The private part of that description is about to end for Lyft. The company recently filed its IPO with the Nasdaq to raise up to $100 million at a valuation potentially as high as $25 billion.

Lyft posted revenue of $2.16 billion during 2018 on bookings of $8.8 billion. Despite the astronomical 528% growth in revenue, the company lost almost $1 billion in 2018. That’s billion with a capital B.

READ: HyreCar stock revs up after it posts a profit for the full year on record revenue

Lyft’s projected market cap between $20 billion and $25 billion may appear large, but its nothing compared to Uber’s potential $100 billion-plus IPO expected later this year or early next.

While Lyft and Uber race to the public markets with lofty valuations and bottom lines deep in the red, it may surprise investors to discover there’s already a public ride-sharing company trading with a market cap around $50 million. And this company stands to benefit from the rapid rise in Mobility-as-a-Service (MaaS) whether it is Lyft or Uber or another company that rises to the top.

The company? HyreCar Inc (Nasdaq: HYRE).

HyreCar isn’t a traditional service like Uber or Lyft, and it doesn’t compete with them either. The company acts more like a supplier and distributor in the industry. Seinfeld fans might call it an importer/exporter of cars and drivers.

The company’s mission is simple: match drivers without cars to cars without drivers.

Currently, it is estimated that 40% of the 50,000 drivers applying monthly to services like Lyft and Uber do not own a qualifying vehicle. On the flip side, there are owners with idle vehicles that have no desire to work as a driver, but who could leverage that vehicle for revenue. This not only includes private citizens, but also automobile dealers, OEMs, and fleet companies.

HyreCar works as an intermediary, a matchmaker of ideal vehicle(s) and qualified driver(s). Simply put, a driver, who wants to drive for a ride-sharing company like Uber or Lyft, rents an idle vehicle from a franchise or independent car dealer or even a private individual, and all this occurs through the HyreCar marketplace platform.

The drivers pay rent from which HyreCar deducts its share along with an insurance premium to cover both driver and owner. The remaining amount is sent to the vehicle’s owner. It is a fantastic opportunity for dealerships, OEMs, and fleet operators to capitalize on vehicle inventories, generating revenue from an industry like ride-sharing that it seen as a threat to the traditional dealer models.

Revenue growth exceeding 200% for fiscal year 2018 hints HyreCar’s platform holds promise. Not only was the company the No. 1 independent activator of new Lyft drivers in the US, but gross profits and gross profits margins soared in the fourth quarter as the power of the company’s scalable business model began to take hold.

Last month, the company provided preliminary revenue guidance for 2018. HyreCar anticipates full-year revenue of $10 million with gross profits growing 1,500% to reach $4.9 million. For the fourth quarter alone, management anticipates revenue of $3.3 million, a 162% increase versus the fourth quarter of 2017. Revenue growth exceeding 200% for fiscal year 2018 hints HyreCar’s platform holds promise.

Not only was the company the No. 1 independent activator of new Lyft drivers in the US, but gross profits and gross profits margins soared in the fourth quarter as the power of the company’s scalable business model began to take hold.

Despite improving revenue and profit margin metrics, HyreCar still must contend with cash burn and losing money. They still hold $6.8 million in cash on the balance sheet against no debt and anticipate reaching positive operating cash flow by the middle of 2019; however, if the company fails to reach this goal they could be faced with a need for additional capital by the end of the year.

HyreCar possesses the ability to easily identify where driver demand is highest and target scaling efforts specifically in those locations. With little inventory of its own, the company has the potential to grow geometrically as ride-sharing expands internationally. Additional competitors to Uber and Lyft act as catalysts to HyreCar’s top and bottom lines.

While it’s easy to call this an Uber or Lyft tangent opportunity, MaaS goes beyond ride-sharing. Revenue opportunities exist for package deliver, last-mile delivery, basic errands/tasks, leisure rentals, and food delivery. We already see these services from companies like Postmates, Amazon, Eaze, Instacart, GrubHub, DoorDash, Uber Eats, TaskRabbit, Turo, and Getaround.

It’s unlikely HyreCar can grow to the same levels as Uber, Lyft, or GrubHub, but with a first-mover advantage in the MaaS market, the potential upside probably outweighs the forthcoming IPOs from Lyft and Uber.

For investors consider an investment in the MaaS space, HyreCar should be on their map.

--At the time of publication, Collins had no positions in the stocks mentioned.

--Contact Tim Collins: timothyjcollins@msn.com

--Follow him on Twitter @retrowallst and @darknovelisttim

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Thu, 07 Mar 2019 14:40:00 -0500 https://www.proactiveinvestors.com/companies/news/216040/hyrecar-is-a-ride-sharing-play-that-should-be-on-every-investor-s-map-216040.html
<![CDATA[News - HyreCar stock revs up after it posts a profit for the full year on record revenue ]]> https://www.proactiveinvestors.com/companies/news/214197/hyrecar-stock-revs-up-after-it-posts-a-profit-for-the-full-year-on-record-revenue-214197.html HyreCar Inc (NASDAQ:HYRE) stock revved up Thursday after the company, which lets drivers rent cars to work for ridesharing companies, reported preliminary revenue more than tripled to $10 million in the fiscal year ended December 31, 2018, up from $3.2 million in the previous financial year.

The Los Angeles-based company saw a gross profit of $4.9 Million for the full year 2018. The company attributed the revenue surge to “continued expansion of the company’s scalable network business model” which now spans 50 states in America.

Shares in HyreCar surged 33.5% to $5.26 in the premarket.

For the fourth quarter ended December 2018, the company expects profit to be around $1.9 million, an increase of 2,100% when compared to profit of $86,000 in the same quarter a year ago.

The profit margin for fiscal 2018 is approximately 49%, compared to 10% in the previous fiscal year. This increase was primarily due to greater operating efficiencies as the company expands its platform.

“HyreCar had almost 400,000 rental days on its platform in 2018 as the expansion of dealer inventory drove record preliminary revenues of $3.3 million in the fourth quarter and $10 million for the full year 2018,” said HyreCar CFO Scott Brogi. “We are also realizing increased operating efficiencies as we scale.”

The CFO said “cash burn was dramatically lower” in the fourth quarter leaving the company with $6.8 million in cash and short-term investments.

“Now, with almost a year’s worth of growth capital currently in the bank, we are well positioned to reach our stated goal of positive operating cash flow by mid-2019,” said Brogi.

HyreCar operates a web-based car-sharing marketplace in the United States. Its marketplace allows car owners to rent their idle cars to ride-sharing service drivers, such as Uber and Lyft drivers. The company was founded in 2014.

Contact Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive

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Thu, 07 Feb 2019 09:29:00 -0500 https://www.proactiveinvestors.com/companies/news/214197/hyrecar-stock-revs-up-after-it-posts-a-profit-for-the-full-year-on-record-revenue-214197.html
<![CDATA[Media files - Hyrecar is capitalizing on insurance monopoly to drive growth ]]> https://www.proactiveinvestors.com/companies/stocktube/10586/hyrecar-is-capitalizing-on-insurance-monopoly-to-drive-growth-10586.html Tue, 25 Sep 2018 11:05:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/10586/hyrecar-is-capitalizing-on-insurance-monopoly-to-drive-growth-10586.html <![CDATA[Media files - Small-Cap Snapshot: HyreCar stock rockets higher on expansion of ownership program ]]> https://www.proactiveinvestors.com/companies/stocktube/10123/small-cap-snapshot-hyrecar-stock-rockets-higher-on-expansion-of-ownership-program-10123.html Tue, 14 Aug 2018 16:45:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/10123/small-cap-snapshot-hyrecar-stock-rockets-higher-on-expansion-of-ownership-program-10123.html