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HyreCar Inc. (NASDAQ: HYRE) has announced strategic partnerships with AmeriDrive Holdings and Cogent Bank to enhance vehicle supply for its carsharing platform. These alliances aim to support significant growth, with AmeriDrive providing over $65 million in assets to improve car availability. CEO Joe Furnari highlighted a sustained 50% growth rate despite challenges, aiming to serve the gig economy nationally. AmeriDrive anticipates adding over 6,000 cars this year. A conference call for investors is scheduled for January 28, 2021, to provide further insights.
HyreCar Inc. (NASDAQ: HYRE) reported strong financial results for Q3 2020, achieving a revenue of $6.8 million, reflecting an 83% year-over-year increase and 21% sequential growth. The CEO highlighted this performance as validation of their business model post-COVID. Total operating expenses decreased to $4.7 million, down from $5.2 million in the prior year. Adjusted EBITDA improved to ($1.6 million) from ($3.1 million) year-over-year. The net loss narrowed to $1.8 million from $3.6 million in Q3 2019. As of September 30, cash on hand was $6.8 million.
HyreCar Inc. (Nasdaq: HYRE) announced it will release its Q3 financial results on November 11, 2020, after market close. A subsequent earnings call is scheduled for 1:30 p.m. PST, where participants can dial in to discuss the results. The call will be webcast and accessible via the company's Investor Relations website. HyreCar operates a leading carsharing marketplace focused on ridesharing and delivery, supporting a transformative model in the Transportation as a Service (TaaS) sector.
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