HyreCar reported total revenue in the first quarter of 2019 of $3.5 million, compared to $1.7 million in the first quarter of 2018, a 105% increase.
Sequentially, this represents an increase of 13% when compared to revenue of $3.1 million in the fourth quarter of 2018. The revenue increase was driven primarily by higher rental days, which grew to more than 138,000 during the first quarter and are now at an annualized run rate of over 550,000 rental days.
Gross profit in the first quarter of 2019 increased to a record $2 million, or 55.6% of revenues, compared to $0.4 million, or 24.7% of revenues, in the first quarter of 2018.
Total operating expenses, consisting of research and development, sales and marketing and general and administrative expenses, were $3.7 million in the first quarter of 2019, compared to $2 million in the same year-ago quarter. The increase in operating expenses was primarily due to increased staffing expenses to support higher revenue and includes $0.3 million in non-cash stock-based compensation costs.