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DropCar Reports First Quarter 2018 Results
|·||DropCar lands its 4th Tier One automotive account and a Top-5 brand’s largest dealership|
|·||STEVE subscriber retention levels normalized late in Q1, following a ~9% January rate increase|
|·||Management expects to launch Tier-One partnerships in at least 2 new cities in the near term|
|·||DropCar is ramping efficiency initiatives identified & enabled by its machine-learning software|
|·||Automotive revenues expanded ~139% year-over-year (YoY) to $1.7M in Q1|
|·||WPCS contracting business generated $309K of operating income during its abbreviated Q1|
NEW YORK, May 15, 2018 (GLOBE NEWSWIRE) -- DropCar Inc. (Nasdaq: DCAR), the provider of app-based mobility services and logistics for automotive consumers and enterprises, today announced its results for the quarter ended March 31, 2018.
Spencer Richardson, Chief Executive Officer of DropCar, stated, “DropCar’s inaugural-yet-abbreviated quarter was exhilarating and electric, as we went public via the WPCS merger, bolstered our balance sheet with a $6 million private placement, seasoned our management team with key hires, and optimized our operating structure for accelerated growth. Most significantly, DropCar’s value proposition and unique market positioning, were further validated during Q1, as we landed our 4th top-tier automotive brand. In the near term, we expect to enter at least two new markets with premier B2B partners. Looking ahead, we are increasingly focused on leveraging DropCar’s logistics software platform, which utilizes machine-learning algorithms to optimize performance and efficiency, while generating new SaaS (software-as-a-service) and business intelligence revenue opportunities.”
DropCar's enterprise (B2B) segment grew its revenues 139% year-over-year in Q1, driven by organic growth of existing enterprise customers and the onboarding of new top-tier automotive partners, particularly in the car sharing segment.
Mercedes Benz, the first of DropCar’s four Tier-One corporate customers, increased its volume by 46% YoY during the first quarter of 2018. Meanwhile, during the second half of Q1, DropCar began generating revenues from its third and fourth Tier-One corporate B2B customers.
DropCar also added a number of automotive clients during the first quarter, including the largest global dealer of an undisclosed Top-5 car brand (based on calendar Q1 2018 unit sales according to Focus2Move.com’s Global Auto Database). Along these lines, the ramps of multiple automotive clients over the last few quarters drove ~240% YoY growth in B2B job volumes.
Looking forward, B2B is expected to be a prominent source of growth, both in terms of scale and scope. The Company’s Tier-One enterprise partners are anchoring DropCar’s expansion into new big cities, where consumer services will subsequently be layered on, so that performance equilibrium (i.e., the optimal balance between consumer and B2B) can be achieved.
In addition, management expects B2B will drive growth beyond car movements and client engagement services. As an example, DropCar believes that it has an opportunity to monetize its big data analytics, mined from its more than approximately 220,000 transactions (consumer and B2B) since inception.
The following information was filed by Dropcar, Inc. (DCAR) on Tuesday, May 15, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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