HyreCar Stock Plunges On Wider Than Expected Q2 Loss

HyreCar Inc HYRE reported a second-quarter revenue increase of 62% year-over-year to $9.1 million, beating the consensus of $8.94 million.
The revenue increase was driven by rental days increasing by 44% to ~333,000 in the quarter.
Adjusted loss per share widened to $(0.36) from $(0.10) in 2Q20, missed the consensus of $(0.12).
The gross margin fell by 3,660 bps to 8.9%.
The operating loss increased to $(9.33) million from $(3.86) million a year ago.
Adjusted EBITDA loss widened to $(7.12) million from $(1.69) million a year ago.
HyreCar recorded a 49% Y/Y increase in new drivers to the platform. Commercial bookings represented more than 75% of all cars rented on the platform.
Cash and cash equivalents were $24.9 million as of June 30, 2021.
Price Action: HYRE shares are trading lower by 28.2% at $13.73 during the premarket session on Wednesday.