YAYO - Rideshare Rental sees 2020 revenues of $8M an increase of 11% Y/Y

RideShare Rental, formerly YayYo (YAYO) has announced preliminary total net revenue of ~$8 million for FY 2020, which is an increase of ~11% Y/Y, despite the drop in revenues in Q2 caused by COVID-19.Q4 2020: Total net revenue of ~$2.3M (+30% Y/Y) which was highest quarterly revenue in company history; gross margin increased 400 bps to ~34%.The Company’s vehicle rental operations, including its EV operations, were profitable in Q4 2020, continuing the trend from Q3 2020.Q4 2020, saw the highest number of vehicles rented from the Company to date, generating the highest quarterly revenue in Company history.The Co. launched a new car-sharing program; deployed 40 EV cars in L.A.; also launched the entrance in the last-mile logistics space by deploying first 28 transit high-roof top cargo vans, and have realized a 100% utilization rate.Also, increased the line of credit with ACME Auto Leasing by an additional $1M.

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Rideshare Rental sees 2020 revenues of $8M, an increase of 11% Y/Y