HyreCar Inc. (HYRE) stock plunge during current market trading. Here’s to know why?

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HyreCar Inc. (NASDAQ: HYRE) stock declined by 43.99% in the current market trading session. HyreCar is a national leader with a proprietary technology that operates a vehicle-sharing marketplace for ridesharing. Vehicle owners and institutions, such as franchise car dealerships, individual car dealerships, and car rental businesses, have been affected by automobile asset sharing, and the Company has built a dominant presence in Transportation-as-a-Service.

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HYRE stock, Financial Highlights

Hyrecar announced its second-quarter 2021 financial results. Given below is the summary:

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  • In the second quarter of 2021, sales climbed by 62 percent to a new high of $9.1 million, up from $5.6 million in the second quarter of 2020. Rental days increased 44 percent to roughly 333,000 in the second quarter of 2021, accounting for the majority of revenue increases.
  • Gross profit for the second quarter of 2021 was $0.8 million, with a gross profit margin of 24 percent after one-time expenditures linked to the claims portfolio transfer to a single claims processor.
  • In the second quarter of 2021, total operational expenditures, which included general and administrative, sales and marketing, and research and development expenses, were $10.1 million, up from $3.7 million in the previous year’s same quarter.
  • In the second quarter of 2021, the company lost $9.3 million, or ($0.45) per share, relative to $3.8 million, or $0.22 per share, the previous year.
  • After deducting some non-cash stock-based compensation, depreciation, and amortization, adjusted total loss for the second quarter was $7.1 million, or $0.36 per share.
  • As of June 30, 2021, cash and cash equivalents totaled $24.9 million.

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Joe Furnari, Chief Executive Officer of HyreCar commented,

HYRE recently secured millions of dollars in funding for their fleet partners, solidifying the ecosystem to assist drivers and fleets in participating in the transportation as a service sector through joint ventures with some of the biggest sectors in the gig ecosystem, and laying the foundation for introducing vehicles and drivers at level over the next 18 months.

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