DropCar Inc, a top app-based mobility services and logistics software provider for vehicle, saw their shares increase recently after the business reported a growth in 2nd quarter revenue. This increase in revenue is due mostly to an influx of cash brought in through new automobile partnerships.
In response, investors sent DropCar shares up 10.2% to US$0.97 in the morning session.
Across the six months ended June 30, DropCar’s enterprise business-to-business segment’s revenue more than doubled from the year-ago period to US$485,000 from US$206,000, pushed up by the onboarding of new automotive partners, particularly in the car-sharing arena as well as organic growth from its existing customers.
Over the same six-month period, DropCar’s consumer segment saw an even bigger jump in revenue to US$3.08 million, up from US$1.32 million, in the comparable period last year.
DropCar did note that its consumer group’s gross margins failed to see the same benefits of scale as its business-to-business segment.
“With more than 250,000 vehicle movements to date, and a list growing every day of [original equipment manufacturers], dealer, fleet companies and car-sharing companies interested in our technology and services, we have established our platform as an enabling technology for the future of urban mobility,” said DropCar CEO Spencer Richardson in a statement.
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