© Reuters. DropCar slides 10.5% post Q1 results
- DropCar ( -10.6%) reports Q1 revenue growth of 660.9% Y/Y to $4.87M.
- Automotive revenues expanded ~139% Y/Y to $1.7M.
- Dropcar B2B: Segment revenues were up 139% Y/Y, driven by organic growth of existing enterprise customers & the onboarding of new top-tier automotive partners, particularly in the car sharing segment. Increased number of automotive clients drove ~240% Y/Y growth in B2B job volumes.
- Dropcar Consumer: Q1 was strategically successful for consumer segments (WILL & STEVE), in terms of positioning, market testing & price discovery. The company increased it's base STEVE subscription rate from $349 to $379 / month; STEVE’s Q1 revenues grew 140% Y/Y & 10% Q/Q.
- DropCar’s low voltage contracting business, which was acquired during the WPCS merger, had a strong Q1, generating revenues of $3.2M, gross margins of $0.9M & operating income of $0.3M. The management has decided to explore & consider strategic alternatives for this stand-alone contracting segment as it does not provide meaningful revenue, operational or strategic synergies.
- Previously: DropCar reports Q1 results (May 15)
- Now read: EnSync up 3% on Q3 results