HYRE - HyreCar Needs To Reinvigorate Growth And Address Near-Term Capital Needs

• Niche carsharing services provider reports mixed fourth quarter and full-year 2021 results with gross margin and opex improvements offset by weaker-than-expected top-line growth.
• Company continues to struggle with an undersupply of cars on its platform. As a result, rental days were down for a second quarter in a row.
• At the current rate of cash usage, HyreCar will have to raise additional capital by the end of Q3 at the latest point.
• On the call, management outlined expectations of securing a warehousing credit facility in the near future to reinvigorate growth and bridge current car market conditions.
• Investors would be well-served to remain on the sidelines until near-term capital needs have been addressed and growth is back on track.

For further details see: