Sun, 07 Jun 2020

YayYo, Inc. Announces Results for Q1 2020

ACCESSWIRE
19 May 2020, 02:19 GMT+10

BEVERLY HILLS, CA / ACCESSWIRE / May 18, 2020 / YayYo, Inc. ('YayYo' or 'the Company') (OTC PINK:YAYO), a leading provider of vehicles to the rideshare industry, through its wholly-owned subsidiary, Rideshare Car Rentals, LLC, today announced financial results for the quarter ended March 31, 2020.

Q1 2020 Highlights

  • Decrease in revenue of only 1.7% during COVID-19 shutdowns
  • Gross margin decreased to 19.8% compared to 39.2% for Q1 2019 due to decreased utilization

'Covid-19 did affect our first quarter. We where focused on renting cars to the rideshare industry. We quickly pivoted our marketing form renting cars for rideshare to renting cars for delivery services bringing our utilization rate back up. ' said Ramy El-Batrawi, CEO. ' As of mid May we have brought are rental number back to the level of pre Covid-19 shutdown. With the additional cars that where bought in the first quarter we should see growth come back in future quarters. We believe we are well positioned to capture more market share as other companies in our sector has shut down their operations during this shut down'

Rideshare Car Rentals LLC, our wholly-owned subsidiary, is an online rideshare and Gig Economy vehicle booking platform which includes both our owned-fleet and third party fleets.

Fleet Management

Distinct Cars LLC, our wholly-owned subsidiary, maintains a fleet of passenger vehicles that are commercially available for rent by gig-economy drivers.

About YayYo, Inc.

YayYo bridges the gap between rideshare and delivery drivers needing a suitable vehicle and rideshare and delivery companies that depend on attracting and keeping drivers. YayYo uniquely supports drivers in both the higher and lower economic categories with innovative policies and programs. YayYo seeks to become the preeminent provider of rental vehicles to drivers in the ever-expanding Gig Economy.

YayYo Inc provides SEC filings, investor events, press and earnings releases, about our financial performance, on the investor relations section of our website (yayyo.com).

Forward-Looking Statement Disclaimer

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this press release are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as 'may,' 'will,' 'expect,' 'anticipate,' 'aim,' 'estimate,' 'intend,' 'plan,' 'believe,' 'potential,' 'continue,' 'is/are likely to' or other similar expressions. The company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the company cautions investors that actual results may differ materially from the anticipated results.

Company Contact:

Ramy El-Batrawi
Investors@yayyo.com
888-209-5643

YAYYO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
As of March 31, 2020 and December 31, 2019


YAYYO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended March 31, 2020 and 2019 (unaudited)


YAYYO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
For the Three Months Ended March 31, 2020 and 2019 (unaudited)


YAYYO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2020 and 2019 (unaudited)


SOURCE: YayYo, Inc.



View source version on accesswire.com:
https://www.accesswire.com/590291/YayYo-Inc-Announces-Results-for-Q1-2020

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