DropCar slides 10.5% post Q1 results [Seeking Alpha]
DROPCAR (DCAR)
US:NASDAQ Investor Relations:
wpcsir.com
Company Research
Source: Seeking Alpha
DropCar slides 10.5% post Q1 resultsDropCar (DCAR-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 contracti
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