On Tuesday, HyreCar reported preliminary financial results for the second quarter, and the carsharing start-up appears to be on quite a trajectory.

After recently rolling out a successful initial public offering, HyreCar shared that its estimated revenues for the quarterly period that ended June 30 are expected to be approximately $2.1 million, an increase of 233 percent when compared to revenues of $0.6 million in the year-ago period.

HyreCar explained this increase was primarily attributed to customer retention rate, expansion, and new unique users on the company’s site.

Officials also shared that estimated Q2 gross profit margin is expected to be approximately 40 percent, an increase when compared to a gross profit margin of 11.4 percent generated a year earlier.

The company noted that the margin expansion primarily stemmed from the renewal of the company’s insurance contract with AIG, which decreased insurance expenses in the second quarter.

In Q2, HyreCar had 90,559 rental days on its proprietary platform, an increase of 155 percent when compared to 35,473 daily active rentals in the second quarter of 2017.

HyreCar emphasized that its 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.

For the full year, HyreCar is anticipating revenues of at least $10 million, an increase of at least 213 percent when compared to revenue of $3.2 million for all of last year.

“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,” Furnari went on to say.

New board member

In other company news, HyreCar recently announced that Brooke Skinner Ricketts has joined its board of directors; a move that was effective July 23.

Skinner Ricketts brings nearly two decades of relevant marketing and automotive industry expertise to HyreCar, and currently serves as chief marketing officer for Cars.com.

Prior to Cars.com, Skinner Ricketts served as vice president of brand and design Avant, an online fintech platform that provides credit alternatives consumers. Previously, Skinner Ricketts was head of brand strategy at Twitter, responsible for revenue-driving creative ideas for Fortune 200 clients.

“Brooke brings a wealth of invaluable experience and strategy to our board of directors,” Furnari said. “Her tenure at industry leading technology companies, such as Cars.com, has been focused on ensuring that their digital marketplaces are well trusted by both consumers and partners, while enhancing the overall brand and image.

“We are eager to leverage her experience as we gain critical mass and grow our peer-to-peer ridesharing platform,” Furnari continued.

Skinner Ricketts added, “I’m excited to join HyreCar’s team as a director. I look forward to contributing to HyreCar’s growth and success. The automotive industry is evolving rapidly and HyreCar is at the forefront transforming the industry with an incredibly relevant solution.”