Aankondiging • Feb 04
HyreCar Inc.(NasdaqCM:HYRE) dropped from NASDAQ Composite Index HyreCar Inc. has been removed from NASDAQ Composite Index . Aankondiging • Jan 18
HyreCar Inc. Appoints Eduardo Iniguez as Chief Financial Officer On January 11, 2023, the Board of Directors of HyreCar Inc. appointed Eduardo Iniguez to serve as the Company’s Chief Financial Officer. Mr. Iniguez had been serving as the Company’s Interim Chief Financial Officer since September 30, 2022 and will continue to serve as the Company’s Interim Chief Executive Officer in addition to his role as Chief Financial Officer. Aankondiging • Dec 17
HyreCarInc.'s Securities to Be Delisted from the Nasdaq Capital Market On December 13, 2022, HyreCar Inc. (the “Company”) received a letter from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, based upon the Company’s non-compliance with the $35 million market value of listed securities requirement set forth in Nasdaq Listing Rule 5550(b)(2) as of December 12, 2022, the Company’s securities will be suspended from trading on and delisted from The Nasdaq Capital Market at the opening of business on December 22, 2022 unless the Company requests a hearing before a Nasdaq Hearings Panel (the “Panel”) to appeal Nasdaq’s delisting determination by 4:00 p.m. Eastern Time on December 20, 2022. The Company plans to timely request a hearing before the Panel, which request will stay any further suspension or delisting action by Nasdaq at least pending completion of the hearing process and the expiration of any extension period that may be granted by the Panel following the hearing. In accordance with the Nasdaq Listing Rules, the Panel has the discretion to grant the Company an extension through June 12, 2023. Notwithstanding, there can be no assurance that the Panel will determine to continue the Company’s listing or that the Company will timely evidence compliance with the terms of any extension that may be granted by the Panel following the hearing. As previously disclosed, on June 14, 2022, Nasdaq notified the Company that, based upon the Company’s non-compliance with the $35 million market value of listed securities requirement over the previous 30-consecutive business days, and in accordance with the Nasdaq Listing Rules, the Staff granted the Company a 180-calendar day period to regain compliance. The Company did not regain compliance by December 12, 2022, which resulted in the Staff’s issuance of the delisting determination. Aankondiging • Dec 13
HyreCar Inc. Appoints Eduardo Iniguez as Interim CEO HyreCar Inc. announced that on December 9, 2022, it has announced the appointment of Eduardo Iniguez as Interim CEO of HyreCar. Iniguez is laser-focused on managing the joint venture as it continues to acquire and deploy cars through the line. At the same time, he will continue to optimize operating expenses to accelerate the company’s path towards cash flow breakeven. Prior to HyreCar, Iniguez was the VP of Corporate Finance at AllClear, a global aerospace and defense manufacturing, distribution, and logistics company. There, he served as CFO of one of the company’s joint ventures and had direct responsibility for 11 P&Ls with the GMs of five business units, including the largest privately-held aerospace distribution company in the world, indirectly reporting to him. He led multiple successful mergers and acquisitions, partnering with some of the most respected private equity firms to scale businesses and increase enterprise value. In the past seven months at HyreCar, he has led the restructuring of headcount to build lean, high-performing teams and aggressively managed spend to balance growth and margin expansion, resulting in annualized savings of over $2.8 million. Reported Earnings • Nov 16
Third quarter 2022 earnings released: US$0.23 loss per share (vs US$0.29 loss in 3Q 2021) Third quarter 2022 results: US$0.23 loss per share (improved from US$0.29 loss in 3Q 2021). Revenue: US$10.3m (up 6.4% from 3Q 2021). Net loss: US$5.39m (loss narrowed 12% from 3Q 2021). Revenue is forecast to grow 36% p.a. on average during the next 2 years, compared to a 8.5% growth forecast for the Transportation industry in Europe. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 31% per year, which means it is performing significantly worse than earnings. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Independent Director Michael Root was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Aankondiging • Nov 11
HyreCar Inc. Receives a Letter from Nasdaq Regarding Minimum Bid Price On November 4, 2022, HyreCar Inc. ("the Company") received a letter ("the Notice") from the listing qualifications staff ("the Staff") of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that, it is not in compliance with the minimum bid price requirement set in Nasdaq Listing Rule 5550(a)(2) for continued listing. Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of $1.00 per share, and Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. The Notice has no immediate effect on the listing of the Company's common stock, par value $0.00001 per share ("the Common Stock"), which continues to trade on the Nasdaq Capital Market under the symbol HYRE. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 calendar days, or until May 3, 2023, to regain compliance. If at any time before May 3, 2023, the closing bid price of the Company’s Common Stock closes at or above $1.00 per share for a minimum of 10 consecutive business days, subject to Nasdaq’s discretion to extend this period pursuant to Nasdaq Listing Rule 5810(c)(3)(H), Nasdaq will provide written notification that the Company has achieved compliance with the minimum bid price requirement, and the matter would be resolved. If the Company does not regain compliance during the compliance period ending May 3, 2023, then Nasdaq may grant the Company a second 180 calendar day period to regain compliance, provided the Company meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and will need to provide written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary. The Company will continue to monitor the closing bid price of its Common Stock and seek to regain compliance with all applicable Nasdaq requirements within the allotted compliance periods. If the Company does not regain compliance within the allotted compliance periods, including any extensions that may be granted by Nasdaq, Nasdaq will provide notice that the Common Stock will be subject to delisting. The Company would then be entitled to appeal that determination to a Nasdaq hearings panel. There can be no assurance that the Company will regain compliance with the minimum bid price requirement during the 180-day compliance period, secure a second period of 180 days to regain compliance or maintain compliance with the other Nasdaq listing requirements. Aankondiging • Nov 08
HyreCar Inc. to Report Q3, 2022 Results on Nov 14, 2022 HyreCar Inc. announced that they will report Q3, 2022 results After-Market on Nov 14, 2022 Aankondiging • Sep 21
HyreCar Inc. announced that it has received $4.999999 million in funding On September 19, 2022, HyreCar Inc. closed the transaction. The transaction included participation from 4 investors. Reported Earnings • Aug 17
Second quarter 2022 earnings released: US$0.20 loss per share (vs US$0.46 loss in 2Q 2021) Second quarter 2022 results: US$0.20 loss per share (up from US$0.46 loss in 2Q 2021). Revenue: US$10.5m (up 16% from 2Q 2021). Net loss: US$4.38m (loss narrowed 53% from 2Q 2021). Over the next year, revenue is forecast to grow 32%, compared to a 7.4% growth forecast for the Transportation industry in Germany. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has fallen by 24% per year, which means it is performing significantly worse than earnings. Aankondiging • Aug 09
HyreCar Inc. to Report Q2, 2022 Results on Aug 15, 2022 HyreCar Inc. announced that they will report Q2, 2022 results After-Market on Aug 15, 2022 Aankondiging • Aug 03
HyreCar Receives Non-Compliance Letter from Nasdaq On July 27, 2022, HyreCar Inc. (the Company") received a letter (the Notice") from the listing qualifications staff (the Staff") of The Nasdaq Stock Market LLC (Nasdaq") notifying the Company that, it is not in compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) for continued listing. Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of $1.00 per share, and Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. The Notice has noimmediate effect on the listing of the Company's common stock, par value $0.00001 per share (the Common Stock"), which continues to trade on the Nasdaq Capital Market under the symbol HYRE." In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 calendar days, or until January 23, 2023, to regain compliance. If at any time before January 23, 2023, the closing bid price of the Company's Common Stock closes at or above $1.00 per share for a minimum of 10 consecutive business days, subject to Nasdaq's discretion to extend this period pursuant to Nasdaq Listing Rule 5810(c)(3)(H), Nasdaq will provide written notification that the Company has achieved compliance with the minimum bid price requirement, and the matter would be resolved. If the Company does not regain compliance during the compliance period ending January 23, 2023, then Nasdaq may grant the Company a second 180 calendar day period to regain compliance, provided the Company meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and will need to provide written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary. The Company will continue to monitor the closing bid price of its Common Stock and seek to regain compliance with all applicable Nasdaq requirements within the allotted compliance periods. If the Company does not regain compliance within the allotted compliance periods, including any extensions that may be granted by Nasdaq, Nasdaq will provide notice that the Common Stock will be subject to delisting. The Company would then be entitled to appeal that determination to a Nasdaq hearings panel. There can be no assurance that the Company will regain compliance with the minimum bid price requirement during the 180-day compliance period, secure a second period of 180 days to regain compliance or maintain compliance with the other Nasdaq listing requirements. Board Change • Aug 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Independent Director Michael Root was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Aankondiging • Jul 13
HyreCar Inc. Revises Revenue Guidance for the Second Quarter of 2022 HyreCar Inc. revised revenue guidance for the second quarter of 2022. The company issued revised guidance of expected net revenue between $10.4 million and $10.6 million, narrowing previous guidance of expected net revenue between $10.2 million and $10.7 million, based on the company’s strong performance in the second quarter. Board Change • Jul 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Independent Director Michael Root was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Aankondiging • Jun 22
HyreCar Inc. Receives Notice of Delisting or Failure to Satisfy Continued Listing Rule or Standard from Nasdaq On June 14, 2022, HyreCar Inc. received a letter from the listing qualifications department staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, for the last 30 consecutive business days, the Company’s minimum Market Value of Listed Securities (“MVLS”) was below the minimum of $35 million required for continued listing on the Nasdaq Capital Market pursuant to Nasdaq listing rule 5550(b)(2). The Staff also noted the Company does not meet the alternative standards under Nasdaq listing rule 5550(b)(1) or 5550(b)(3) for continued listing on the Nasdaq Capital Market. The Notice has no immediate effect on the listing of the Company’s common stock, par value $0.00001 per share (the “Common Stock”), which continues to trade on the Nasdaq Capital Market under the symbol “HYRE.” In accordance with Nasdaq listing rule 5810(c)(3)(C), the Company has 180 calendar days, or until December 12, 2022, to regain compliance. The Notice states that to regain compliance, the Company’s MVLS must close at $35 million or more for a minimum of ten consecutive business days (or such longer period of time as the Nasdaq staff may require in some circumstances, but generally not more than 20 consecutive business days) during the compliance period ending December 12, 2022. If the Company does not regain compliance by December 12, 2022, the Staff will provide written notice to the Company that the Common Stock is subject to delisting. At that time, the Company may appeal any such delisting determination to a hearings panel. Aankondiging • May 26
Hyrecar Inc. Announces Executive Changes HyreCar Inc. announced the appointment of Greg Tatem as Chief Technology Officer and the transition of Ken Grimes to an executive advisory role, effective May 23, 2022. With over 25 years of experience leading strong development teams, Tatem brings a deep technical background and experience in e-commerce, user segmentation and front-end technology to HyreCar. He previously held leadership, technology and engineering roles at Wine.com and Williams Sonoma. Tatem’s expertise in leading teams and building customer-centric software will be invaluable in his new role as CTO. Reported Earnings • May 17
First quarter 2022 earnings released: US$0.24 loss per share (vs US$0.38 loss in 1Q 2021) First quarter 2022 results: US$0.24 loss per share (up from US$0.38 loss in 1Q 2021). Revenue: US$9.55m (up 28% from 1Q 2021). Net loss: US$5.33m (loss narrowed 26% from 1Q 2021). Over the next year, revenue is forecast to grow 34%, compared to a 11% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has fallen by 35% per year, which means it is performing significantly worse than earnings. Aankondiging • May 12
HyreCar Inc. to Report Q1, 2022 Results on May 16, 2022 HyreCar Inc. announced that they will report Q1, 2022 results After-Market on May 16, 2022 Aankondiging • May 03
HyreCar Inc., Annual General Meeting, Jun 23, 2022 HyreCar Inc., Annual General Meeting, Jun 23, 2022, at 10:00 Pacific Standard Time. Agenda: To elect one (1) Class I member to its Board of Directors; to ratify the appointment of dbbmckennon as its independent registered public accounting firm for the fiscal year ending December 31, 2022; and to transact such other matters as may properly come before the Annual Meeting and any adjournment or postponement thereof. Breakeven Date Change • Apr 27
No longer forecast to breakeven The 5 analysts covering HyreCar no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of US$3.20m in 2023. New consensus forecast suggests the company will make a loss of US$11.9m in 2023. Breakeven Date Change • Mar 17
No longer forecast to breakeven The 4 analysts covering HyreCar no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of US$3.20m in 2023. New consensus forecast suggests the company will make a loss of US$11.4m in 2023. Aankondiging • Feb 03
HyreCar Inc. Announces Executive Changes HyreCar Inc. announced that A.J. Lee has been appointed Senior Vice President, Growth, and Megan Behrens, Senior Vice President, Product & Operations, has expanded the scope of her responsibilities. These appointments replace Henry Park’s role as COO, who resigned from HyreCar as of January 31, 2022. Reported Earnings • Nov 10
Third quarter 2021 earnings released: US$0.29 loss per share (vs US$0.10 loss in 3Q 2020) The company reported a mediocre third quarter result with increased losses and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: US$9.65m (up 42% from 3Q 2020). Net loss: US$6.15m (loss widened 234% from 3Q 2020). Aankondiging • Oct 01
HYRE Investors Have Opportunity to Lead HyreCar Inc. Securities Fraud Lawsuit Howard G. Smith announced that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against HyreCar Inc. Class Period: May 14, 2021 and August 10, 2021 The complaint filed in this class action alleges that throughout the Class Period, Defendants failed to disclose to investors that: (1) HyreCar had materially understated its insurance reserves; (2) HyreCar had systematically failed to pay valid insurance claims incurred prior to the Class Period; (3) HyreCar had incurred significant expenses transitioning to its new third-party insurance claims administrator and processing claims incurred from prior periods; (4) HyreCar had failed to appropriately price risk in its insurance products and was experiencing elevated claims incidence as a result; (5) HyreCar had been forced to dramatically reform its claims underwriting, policies, and procedures in response to unacceptably high claims severity and customer complaints; and (6) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times. Lead Plaintiff Deadline: October 26, 2021. Aankondiging • Aug 28
Robbins Geller Rudman & Dowd LLP Files Class Action Suit against HyreCar Inc Robbins Geller Rudman & Dowd LLP announced that it filed a class action lawsuit charging HyreCar Inc. and certain of its executives with violations of the Securities Exchange Act of 1934 and seeking to represent purchasers of HyreCar securities between May 14, 2021 and August 10, 2021, inclusive (the "Class Period"). The HyreCar class action lawsuit was commenced on August 27, 2021 in the Central District of California. Breakeven Date Change • Aug 12
Forecast breakeven pushed back to 2023 The 5 analysts covering HyreCar previously expected the company to break even in 2022. New consensus forecast suggests losses will reduce by 9.4% per year to 2022. The company is expected to make a profit of US$455.6k in 2023. Average annual earnings growth of 90% is required to achieve expected profit on schedule. Reported Earnings • Aug 11
Second quarter 2021 earnings released: US$0.46 loss per share (vs US$0.22 loss in 2Q 2020) The company reported a mediocre second quarter result with increased losses and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: US$9.06m (up 62% from 2Q 2020). Net loss: US$9.34m (loss widened 142% from 2Q 2020). Executive Departure • Jul 13
Chief Financial Officer Robert Brogi has left the company During their tenure, earnings grew by 28% annually compared to the industry average, which went down by 29%. On the 5th of July, Robert Brogi left the company after 2.8 in the role. As of March 2021, Robert still personally held 162.37k shares (€192k worth at the time). Robert is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.42 years. Recent Insider Transactions • Jun 05
Insider recently sold €256k worth of stock On the 3rd of June, Grace Wang sold around 18k shares on-market at roughly €14.52 per share. In the last 3 months, there was an even bigger sale from another insider worth €1.0m. Insiders have been net sellers, collectively disposing of €2.3m more than they bought in the last 12 months. Recent Insider Transactions • May 21
Independent Director recently sold €116k worth of stock On the 18th of May, Michael Root sold around 10k shares on-market at roughly €11.63 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €106k more than they bought in the last 12 months. Reported Earnings • May 15
First quarter 2021 earnings released: US$0.38 loss per share (vs US$0.25 loss in 1Q 2020) The company reported a soft first quarter result with increased losses and weaker control over costs, although revenues improved. First quarter 2021 results: Revenue: US$7.45m (up 29% from 1Q 2020). Net loss: US$7.21m (loss widened 78% from 1Q 2020). Reported Earnings • Apr 01
Full year 2020 earnings released: US$0.87 loss per share (vs US$0.90 loss in FY 2019) The company reported a solid full year result with improved revenues and control over costs, although losses increased. Full year 2020 results: Revenue: US$25.2m (up 59% from FY 2019). Net loss: US$15.2m (loss widened 22% from FY 2019). Aankondiging • Feb 25
HyreCar Inc. Announces Executive Leadership Appointments HyreCar Inc. announced leadership appointments for newly created executive roles to leverage significant growth opportunities. Brian Allan (58)will assume the role of President, HyreCar Inc. after serving as the company’s Senior Vice-President of Strategic Partnerships. Mr. Allan has led HyreCar’s dealer and strategic partnership initiatives increasing institutional vehicle supply and incremental revenue opportunities since 2018. Mr. Allan joined HyreCar after a 30-year career as Group General Manager at Galpin Motors. Mr. Allan also served on several OEM dealer councils and advisory boards for automotive and technology firms. Ken Grimes (38) will assume the role of Chief Technology Officer after serving as Vice-President, Technology. Mr. Grimes led the technology team after succeeding HyreCar co-founder Abhi Arora in early 2019. Mr. Grimes is a veteran systems engineer and entrepreneur with over 18 years of management, research, and development expertise. His experience includes specialized modernizing legacy tech stacks with hyper-scale technologies including distributed systems, blockchain, and IoT. Megan Behrens (27) will assume the role of Senior Vice-President of Product & Operations after serving in critical roles since HyreCar’s inception in 2016. Ms. Behrens’s most recent position was Vice-President of Product where she held direct responsibility for customer retention, satisfaction, and lifetime value objectives. She also holds a degree in accounting from Cal State Fullerton. The executive appointments are effective March 1, 2021. Aankondiging • Feb 05
HyreCar Inc. has completed a Follow-on Equity Offering in the amount of $25.85 million. HyreCar Inc. has completed a Follow-on Equity Offering in the amount of $25.85 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 2,200,000
Price\Range: $11.75
Discount Per Security: $0.705 Is New 90 Day High Low • Jan 30
New 90-day high: €7.60 The company is up 157% from its price of €2.96 on 30 October 2020. The German market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Transportation industry, which is up 32% over the same period. Aankondiging • Jan 29
HyrecCar Partners with AmeriDrive Holdings to Create National Network of Vehicle Supply and Fleet Maintenance Operations HyreCar Inc. announced new and expanded strategic partnerships to significantly increase car supply on the HyreCar platform in key markets. The formal partnerships include AmeriDrive Holdings and Cogent Bank’s Specialty Lending Unit. The infrastructure and capital provided by these partnerships will be leveraged to enable HyreCar to enter the next level of growth and scalability. These companies and their partners represent some of the nation’s most
successful organizations that serve the mobility and transportation as a service industry. Is New 90 Day High Low • Jan 09
New 90-day high: €6.65 The company is up 109% from its price of €3.18 on 09 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Transportation industry, which is up 24% over the same period. Is New 90 Day High Low • Dec 08
New 90-day high: €6.40 The company is up 121% from its price of €2.90 on 09 September 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Transportation industry, which is up 22% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Reported Earnings • Nov 13
Third quarter 2020 earnings released: US$0.10 loss per share The company reported a solid third quarter result with reduced losses and improved revenues and control over expenses. Third quarter 2020 results: Revenue: US$6.81m (up 84% from 3Q 2019). Net loss: US$1.84m (loss narrowed 49% from 3Q 2019). Analyst Estimate Surprise Post Earnings • Nov 13
Revenue beats expectations Revenue exceeded analyst estimates by 6.5%. Over the next year, revenue is forecast to grow 55% compared to a 8.5% decline forecast for the Transportation industry in Germany. Is New 90 Day High Low • Nov 10
New 90-day high: €3.70 The company is up 18% from its price of €3.14 on 11 August 2020. The German market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Transportation industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Aankondiging • Nov 05
HyreCar Inc. to Report Q3, 2020 Results on Nov 11, 2020 HyreCar Inc. announced that they will report Q3, 2020 results on Nov 11, 2020 Is New 90 Day High Low • Oct 12
New 90-day high: €3.32 The company is up 36% from its price of €2.44 on 14 July 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Transportation industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Aankondiging • Aug 08
HyreCar Inc. to Report Q2, 2020 Results on Aug 13, 2020 HyreCar Inc. announced that they will report Q2, 2020 results at 5:00 PM, Eastern Standard Time on Aug 13, 2020 