A recent close of $2.1200 in EVmo Inc (OTCPk: YAYO)’s stock showed an unexpected 5.21% rise. In the past week, EVmo stock gained 3.41%, compared with a monthly gain of -29.53%. While YAYO stock increased without any current news, the company recently released its financial results, which may provide additional information.
What was YAYO’s performance like?
EVmo Inc. was previously known as YayYo Inc. YAYO links rideshare, delivery and logistics companies, as well as the customers of drivers, with companies in the rideshare, delivery and logistics business that need drivers to operate. In this ever-expanding gig economy, Yayo is a leading provider of rental vehicles to drivers and delivery companies. Innovative policy and program initiatives make YAYO unique by supporting drivers from both very high and very low income levels.
EVmo, which provides vehicles for the rideshare and delivery gig economy industries, recently announced financial results for the first quarter ended March 31, 2021.
First Quarter 2021 Highlights:
- For the Q1, 2021, YAYO recorded revenue of $2.3M which was up 31.3% over Q1 2020 revenue of $1.7M.
- Gross profit reported by YAYO in the reported quarter was 57% higher than Q1 2020.
- A company-operated maintenance facility has also been introduced by Yayo.
- This facility will lower maintenance costs and enable a quicker return to service.
- In the reported quarter, YAYO received electric vehicles (EVs) from Tesla and Hyundai.
- Managed fleet at YAYO is now 14 percent electric, and is expected to continue growing in that direction through 2021.
Did YAYO accomplish anything else during this reported quarter?
To accommodate its accelerated growth, EVmo (YAYO) moved headquarters into a larger and more impressive facility. YAYO entered the last-mile logistics space, deploying cargo vans with high roofs. YAYO also came restructuring a $5M credit line to meet increased demand.