The revenue increase was driven primarily by a higher net revenue margin associated with two new subscription tiers launched in the second quarter.
Management will host an investor conference call at 2 p.m. PDT Wednesday to discuss HyreCar's second quarter 2019 financial results, provide a corporate update, and conclude with Q&A from participants.
The show will focus on business models, income opportunities, and the continual changing future of mobility.
Michael Root, a seasoned technology executive and software thought leader, who brings three decades of technology experience, having built scalable cloud based solutions for companies like Riot Games, will replace HyreCar’s co-founder Abhishek Arora on the board of directors.
This represents an increase of 13% when compared to revenue of $3.1 million in the fourth quarter of 2018.
Jay Vijayan is currently the founder & CEO of Tekion Corp., a Silicon Valley startup that is disrupting and transforming the business applications and automotive retail experience.
A webcast will also be available for 90 days on the IR section of the HyreCar website.
The renewed insurance program, which was previously underwritten by Y-Risk on behalf of AIG, now resides with The Hartford.
The application was developed with Mitek, a leader in identity verification technology, to allow interested drivers to easily verify their identity when digitally applying to rent a car through HyreCar’s new seamless mobile interface.
The company anticipates releasing its annual financial reporting at the end of March.