Revenue up 31.6% over Q3 2020, up 42% for the nine-month period
Company to host conference call to discuss Q3 results Wednesday at
Third Quarter 2021 Highlights:
- Record revenue of
$2.72M , up 31.6% over Q3 2020 revenue of$2.07M - Entered into a $15 million debt facility in
July 2021 - Active Rentals per day up 15% from Q1
- Record Driver Retention, Average Rental days per driver up 21% from Q1
- EVs and hybrids are now 23% of our approximately 600 total vehicle fleet
“We are thrilled to report yet another quarter of record revenue,” commented
“EVmo is achieving record revenues and revenue growth rates despite being capital constrained. This augers very well for 2022 and beyond when we anticipate being well capitalized,” commented Executive Chairman,
According to Global Market Insights, the ridesharing market in
Third Quarter Financial Results:
- Total revenue in the third quarter of 2021 increased 31.6% to a record
$2.72 million , up from$2.07 million in the third quarter of 2020. Revenue growth in the third quarter was primarily driven by an increase in rentals of the Company’s vehicle fleet. 2021 nine month record revenue of$7.67 million , up 42% over the 2020 period revenue of$5.4 million . - Cost of revenues in the third quarter of 2021 was
$2.3 million , up from$1.2 million in the third quarter of 2020. The increase was due to higher depreciation expense and insurance expense related to an increase in the Company’s fleet size. - Selling and marketing expenses were
$26,565 in the third quarter of 2021, a 76.7% decrease compared to the third quarter of 2020 as the Company sales and marketing strategy yields higher vehicle utilization and record driver retention. - Net loss in the third quarter of 2021 totaled
$4.8 million , compared to a net loss of$391,484 in the third quarter of 2020. The increase is primarily due to higher professional services expenses, including banking and legal fees associated with the Company’s$15 million debt facility, announced in July, and legal fees related to litigation settlements. There was no change in rental operating expenses, quarter over quarter. - Cash and cash equivalents totaled $3.5 million as of
September 30, 2021 .
Webcast and Conference Call
The Company will host a conference call and webcast to discuss its third quarter financial results on
https://viavid.webcasts.com/starthere.jsp?ei=1513999&tp_key=d1b76e0ceb
For interested individuals unable to join the conference call, a dial-in replay of the call will be available until
About
The Company provides an online rideshare vehicle booking platform to service the ridesharing and delivery gig economy which includes both our owned and maintained passenger and cargo delivery fleet and third-party fleets. We also provide fleet management services with our industry leading technology platform to fleet providers.
The company provides
Forward-Looking Statement Disclaimer
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this press release are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," " intend," "plan," "believe," "potential, " "continue," "is/are likely to" or other similar expressions. The company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the company cautions investors that actual results may differ materially from the anticipated results.
Investor Relations Contact:
1-800-RED-CHIP (733-2447)
Or 407-491-4498
Dave@redchip.com
Company Contact
Email: investors@evmo.com
For more investor information go to
www.Evmo.com
Source:
Source:
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