HyreCar, Inc.

Q3 net revenue grew 6% year over year to $10.3 million, from $9.7 million a year ago, and was down slightly from $10.5 million in Q2. Gross margin was 37.5%, up 7 points year over year and at an all-time high, while rental days were 313,000, down 5% year over year. Adjusted EBITDA was a $4.1 million loss, versus a $5.1 million loss in the same period last year, and cash operating expenditures were $7.9 million, or $7.2 million excluding one-time warehouse-line expenses. Looking ahead, management expects Q4 to be a record quarter, gross margin to approach 40% by end of Q4, Q4 adjusted EBITDA to be flat to Q2, and adjusted EBITDA breakeven by end of 2023; they also cited a cash operating expenditure target around $7.4 million and a cash-flow breakeven level of about 6,500 to 7,000 active bill rentals, implying a $70 million to $75 million run-rate revenue base.

Joe Furnari framed the quarter as one of execution and scaling, emphasizing that the company closed a $100 million warehousing line and has already deployed over $20 million through AmeriDrive. He highlighted strong demand trends, better marketplace quality, faster owner approval times, and a growing EV mix, and said October was HyreCar’s best month ever for gross bookings and revenue. His tone was upbeat and confident, repeatedly describing Q4 as on track to be the strongest quarter in company history.

Eduardo Iniguez emphasized improving profitability and cost discipline, citing Q3 net revenue of $10.3 million, gross margin of 37.5%, operating expenses of $9.2 million, and a $4.1 million adjusted EBITDA loss. He noted daily average net revenue increased from $29 to $33 year over year, and said the company is offsetting inflation-related repair and claims pressure through cost control, loss recovery, and tighter underwriting. He also said cash was $12.1 million at quarter end, cash operating expenditures are being managed around $7.4 million, and management still sees breakeven at roughly 6,500 to 7,000 active bill rentals.

Analysts focused on whether the company was seeing macro headwinds from inflation, fuel prices, or pricing pushback; management said they were not seeing meaningful headwinds and that inflation was actually helping driver demand, citing Uber’s comment that 70% of new drivers cite inflationary pressures as a reason to drive. Questions also centered on the AmeriDrive rollout and whether it could be a template for other fleet operators; Joe said AmeriDrive is a learning sandbox and that HyreCar intends to turn the model into a franchise playbook with financing, insurance, telematics, marketing, and support. Management clarified that the 7,000 net new cars target was specific to AmeriDrive.