HyreCar released preliminary unaudited financial results for the fourth quarter and full year ending Dec. 31, 2018.

Revenues for Q4 2018 are expected to be approximately $3.3 million, an increase of approximately 162% when compared to revenues of $1.3 million for Q4 2017. 

Revenues for Q4 2018 are expected to be approximately $10.0 million, an increase of approximately 209% when compared to revenues of $3.2 million for Q4 2017. The growth in revenue is a result of continued expansion of the company’s scalable network business model, which now spans across all 50 states in America.

The company expects gross profit for Q4 2018 to be approximately $1.9 million, an increase of approximately 2,100% when compared to gross profit of approximately $86,000 in Q4, 2017. Gross profit margin for the fourth quarter of 2018 is anticipated to be approximately 58%, compared to 7% in Q4 2017.

The company expects gross profit for Q4 2018 to be approximately $4.9 million, an increase of approximately 1,500% when compared to gross profit of $0.3 million in Q4 2017. Gross profit margin for fiscal 2018 is anticipated to be approximately 49%, compared to 10% in fiscal 2017. This increase was primarily due to greater operating efficiencies as the company expands its platform.

HyreCar’s 2018 anticipated financial results are preliminary and based on the most current information available and are subject to the completion of the financial statements.

The company anticipates releasing its annual financial reporting at the end of March.