HyreCar Inc. announced unaudited earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported revenue was $2,273,499 compared to $631,244 a year ago. Operating loss was $3,169,681 compared to $756,858 a year ago. Loss before provision for income taxes $5,042,285 compared to $768,876 a year ago. Net loss was $5,042,285 or $0.92 per basic and diluted share compared to $768,876 or $0.19 per basic and diluted share a year ago. Adjusted LBITDA was $1.3 million compared to $0.6 million a year ago. The revenue increases were primarily due to the growth of the company's business, which resulted from the expansion of the sales team, increased marketing spend and brand awareness. The increase in net loss is primarily due to two non-cash line items: non-cash stock-based compensation recognized in the second quarter, and non-cash interest expense incurred in the second quarter from the conversion of the company's 2018 bridge notes into common stock during the IPO.

For the six months, the company reported revenue was $3,987,682 compared to $1,136,569 a year ago. Operating loss was $4,743,738 compared to $1,437,014 a year ago. Loss before provision for income taxes $6,809,316 compared to $1,592,106 a year ago. Net loss was $6,809,316 or 1.27 per basic and diluted share compared to $1,592,106 or $0.40 per basic and diluted share a year ago. Adjusted LBITDA was $2.7 million compared to $1.2 million a year ago.

The company reaffirmed revenue guidance for the full year ending December 31, 2018. The company expects anticipates revenue of at least $10 million, an increase of at least 213% when compared to revenues of $3.2 million for the full year ended December 31, 2017.

The company expects to be cash flow positive by second quarter of 2019.