Rideshare Rental Inc (OTCMKTS:YAYO), formerly YayYo Inc, reported fiscal 2020 net revenue that rose 11% year-over-year to approximately $8 million despite a second-quarter sales decline due to COVID-19 related shutdowns.
For the fourth quarter ended December 31, 2020, the Beverly Hills, California-based company reported revenue of $2.3 million, a 30% jump compared to revenue posted in the fourth quarter of 2019.
“While I'm quite pleased about our fourth quarter performance, I believe our innovative culture will allow us to capitalize on the significant opportunities that lie ahead, including but not limited to deepening our entry into the EV space,” Rideshare Rental CEO Ramy El-Batrawi said in a statement.
READ: RideShare Rental CEO Ramy El-Batrawi increases his stock position by 5 million shares in the company
He added: “Further, we are hopeful that we will experience continued revenue growth, assuming that demand continues to be strong. We expect to add more cars in 2021 and we will strive to maintain an approximate 95% utilization rate on our available cars and vans. With the anticipated greater need for additional delivery capacity from local and regional carriers, we will, as needed, continue to purchase more vans for rent by last-mile logistic companies. “
“We also see a significant opportunity in the EV space, and we intend to apply diverse strategies in realizing it.”
“Overall, we have been able to make great strides both in the technology and the deployment of our vehicles and we have put a strong foundation in place in 2020, particularly over the last two quarters.”
Rideshare Rental noted that its vehicle rental operations, including its electric vehicles (EV) operations (excluding corporate overhead), were profitable in 4Q 2020, continuing the trend from 3Q, as the company’s gross profit percentage increased to about 34% for the quarter and approximately 30% for the year.
The company also said it was able to capture additional market share by pivoting to the delivery gig industry, a sector that experienced increased activity throughout the COVID-19 shutdown.
Rideshare Car Rentals is an online rideshare vehicle booking platform created to service the ridesharing and logistics marketplace, through its owned-fleet vehicles and third party fleet vehicles.
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