Market Overview

HyreCar Reports Preliminary Second Quarter 2018 Results; Provides Full Year 2018 Revenue Guidance


Second Quarter 2018 Revenues Expected to Increase by 233% to a Record
$2.1 Million; Gross Profit Margin Estimated to Expand to 40%

HyreCar Inc. (NASDAQ:HYRE), the carsharing marketplace for ridesharing,
today reported preliminary financial results for the second quarter
ending June 30, 2018.

Second Quarter 2018 Preliminary Financial Results

Estimated revenues for the quarterly period ending June 30, 2018 are
expected to be approximately $2.1 million, an increase of 233% when
compared to revenues of $0.6 million for the quarterly period ending
June 30, 2017. This increase was primarily attributed to customer
retention rate, expansion, and new unique users on the company's site.

Estimated gross profit margin for the quarterly period ending June 30,
2018 is expected to be approximately 40%, an increase when compared to a
gross profit margin of 11.4% for the quarterly period ending June 30,
2017. The margin expansion was primarily attributed to the renewal of
the company's insurance contract with AIG, which decreased insurance
expenses in the second quarter of 2018.

In the second quarter of 2018, HyreCar had 90,559 rental days on its
proprietary platform, an increase of 155% when compared to 35,473 daily
active rentals in the second quarter of 2017.

HyreCar's 2018 second quarter anticipated financial results are
preliminary and based on the most current information available and are
subject to the completion of the financial statements.

Full Year 2018 Revenue Guidance

For the full year ending December 31, 2018, HyreCar anticipates revenues
of at least $10 million, an increase of at least 213% when compared to
revenue of $3.2 million for the full year ending December 31, 2017.

Management Commentary

"Our record preliminary revenues of approximately $2.1 million in the
second quarter of 2018 was a direct result of an increased demand for
carsharing services. As we reach critical mass, we are also starting to
see some operating leverage in the business, as evidenced by our gross
profit margin of 40% in the second quarter of 2018," said Joe Furnari,
Chief Executive Officer of HyreCar. "On the heels of our IPO in
June—which provided us with gross proceeds of $12.6 million—we believe
we now have the growth capital to aggressively invest in our platform
and scale our business meaningfully to capture the market opportunity."

About HyreCar

HyreCar Inc. operates in the carsharing marketplace for ridesharing
through its proprietary technology platform. The Company is establishing
a leading presence in Mobility as a Service (MaaS) through vehicle
owners and institutions, such as dealers and OEM's, who have been
disrupted by automotive asset sharing. HyreCar currently operates in 34
states and Washington, D.C. providing a unique revenue opportunity for
both owners and drivers. By providing a safe, secure, and reliable
marketplace, HyreCar is transforming the industry – one driver, one
vehicle, one road at a time. For more information, please visit

Forward Looking Statements

Statements in this release concerning HyreCar's future expectations and
plans, including without limitation, HyreCar's expectations regarding
its future results, performance, prospects and opportunities, may
constitute forward looking statements for the purposes of the safe
harbor provisions under The Private Securities Litigation Reform Act of
1995 and other federal securities laws and are subject to substantial
risks, uncertainties and assumptions. You should not place reliance on
these forward-looking statements, which include words such as "believe,"
"intend," "may," "potential" or similar terms, variations of such terms
or the negative of those terms. Although the Company believes that the
expectations reflected in the forward-looking statements are reasonable,
the Company cannot guarantee such outcomes. Actual results may differ
materially from those indicated by these forward-looking statements as a
result of various important factors, as well as those risks more fully
discussed in the section entitled "Risk Factors" in HyreCar's
prospectus, dated June 26, 2018, that was filed with the U.S. Securities
and Exchange Commission under File No. 333-225157, as well as
discussions of potential risks, uncertainties, and other important
factors in HyreCar's subsequent filings with the U.S. Securities and
Exchange Commission. All such statements speak only as of the date made,
and the Company undertakes no obligation to update or revise publicly
any forward-looking statements, whether as a result of new information,
future events or otherwise.

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