HYRE - HYRE STOCK NEWS

HyreCar Inc. (NASDAQ: HYRE) announced CEO Joe Furnari's participation in the LD Micro Main Event XV conference, scheduled for October 25-27, 2022, at Luxe Sunset Boulevard Hotel, California. Furnari will present on October 26 at 5:00 PM PT and is available for one-on-one meetings. The company promotes a carsharing marketplace for rideshare and delivery services, leveraging its proprietary technology for Mobility as a Service (MaaS). HyreCar aims to empower partners and participants in the new mobility trends through its secure and reliable platform.

HyreCar (NASDAQ: HYRE) announced a significant partnership with AmeriDrive Holdings to enhance vehicle acquisition, purchasing an initial tranche of vehicles from a major U.S. rental car company. Over the next six months, 1,500 more vehicles are slated for purchase. AmeriDrive plans to expand its fleet by 6,000 to 7,000 cars on the HyreCar platform, aiming to be a leader in carsharing for the gig economy. This deal is expected to strengthen HyreCar's market position and operational capabilities.

HyreCar Inc. (NASDAQ: HYRE) has appointed Eduardo Iniguez as interim Chief Financial Officer, succeeding Serge De Bock, who will transition to a senior leadership role at another company on September 30. De Bock highlighted significant achievements, including a $100 million revolving credit line and improved margins. Iniguez, previously VP of Corporate Finance at AllClear Aerospace & Defense, brings over 14 years of financial experience. The company is focused on growth through new funding avenues and partnerships, showcasing confidence in its operational strategy.

HyreCar (NASDAQ: HYRE) has secured a $100 million warehousing line of credit from a global investment bank, with Medalist Partners contributing $20 million. This agreement enables fleet operator AmeriDrive to obtain 6,000 to 7,000 new vehicles for HyreCar's platform over the next 12-18 months. CEO Joe Furnari highlighted that each 10,000 rented cars could generate approximately $100 million in revenue, and this expansion is expected to alleviate car supply issues for rideshare and delivery drivers in North America.

HyreCar Inc. (NASDAQ: HYRE) reported strong second-quarter 2022 results, achieving record revenue of $10.5 million, up 16% year-over-year. Gross margin improved to a 12-month high of 35%, reflecting effective cost control and risk pricing strategies. Despite a net loss of $4.4 million and adjusted EBITDA of ($3.4) million, the company saw a 10% increase in revenue quarter-over-quarter and a 28% rise in first driver rentals. Cash and equivalents totaled approximately $6.7 million as of June 30, 2022. CEO Joe Furnari emphasized positive trends in driver demand amid a challenging macroeconomic environment.

HyreCar Inc. (Nasdaq: HYRE) has revised its guidance for expected net revenue to range between $10.4M and $10.6M for Q2 2022, indicating a 10% increase from $9.5M in Q1 2022. This change reflects strong performance amid rising demand, despite high gas prices. Preliminary results suggest gross margins may exceed previous quarters, and operating expenditures will remain stable. The company plans to announce new strategic partnerships and financing initiatives aimed at supporting further growth. Full Q2 results are expected mid-August.

HyreCar has appointed Greg Tatem as Chief Technology Officer, effective May 23, 2022, transitioning Ken Grimes to an advisory role. Tatem brings over 25 years of experience in tech leadership, having previously worked at Wine.com and Williams Sonoma. His expertise aims to expand HyreCar's technology capacity tenfold, enhancing the customer experience for ridesharing and delivery services. Grimes, who served as CTO since February 2021, will continue to support the company during the transition.

HyreCar Inc. (Nasdaq: HYRE) reported Q1 2022 financial results, with revenue reaching $9.6 million, a 28% increase year-over-year. Net loss improved to ($5.3 million) or ($0.24 per share), down from ($7.2 million) a year ago. Adjusted EBITDA was (4.1 million), reflecting a loss widening from ($3.4 million) in Q1 2021. The company has $11.0 million in cash as of March 31, 2022, and forecasts Q2 revenue between $10.2 million and $10.7 million. New driver signups were up 10% quarter-over-quarter.

HyreCar Inc. (NASDAQ: HYRE) will release its first quarter 2022 financial results on May 16, 2022, post-market close. A conference call will follow at 4:30 p.m. ET, hosted by CEO Joe Furnari, CFO Serge De Bock, and President Brian Allan. Participants can dial in or register online to join the call. The call will also be accessible via a live webcast, available for replay for three months. HyreCar operates a carsharing marketplace, enabling users to profit from Mobility as a Service through its technology platform.