Small Cap Losers: HYRE, ONTF, APPH
3:46 pm Wednesday, August 11th, 2021
HyreCar Inc (NASDAQ: HYRE) slumped 48% after the company reported Q2 results; the company’s revs increased +62% to $9.1 million, and Rental Days increased +44% yr/yr. Adj. EBITDA declined to $(7.1) million vs $(1.7) million in the prior-year period; operating expenses increased to $10.1 million vs $3.7 million in the prior-year period due to investments to drive higher top of funnel volume and to scale co for accelerated growth in 2021 and beyond. Downgraded at Ladenburg Thalmann.
ON24 Inc (NYSE: ONTF) reported upside Q2 results and issued downside guidance for Q3 and FY21 EPS and revs. ARR increased +44% yr/yr in the quarter. Co’s guidance revision for FY21 reflects the impact of customer churn ARR in Q2 as well as the expected impact from revenue mix, as co expects a smaller percentage of its revs to come from Professional Services in the second half of 2021. Downgraded at Canaccord Genuity and at JPMorgan. Falls to record lows. The stock is down 30%.
Appharvest Inc (NASDAQ: APPH) announced results for Q2; the company delivered net sales of $3.1 million, an increase of $0.8 million from co’s inaugural harvest in Q1. Co sold 8.6 million pounds of tomatoes in Q2. Results were adversely impacted by operational headwinds with the ramp-up to full production at co’s first CEA facility as well as by labor and productivity challenges. Cut its FY21 net sales outlook to $7-9 million from $20-25 million. Co also announced plans to organize internally under a holding company structure. Posts new lows. The stock plunged 28%.
