Car leasing startup HyreCar Inc. released first quarter earnings on May 9, reporting $3.5 million in revenue, up 105% from first quarter 2018.

The company’s net loss decreased slightly to $1.7 million this quarter, down from $1.8 million in first quarter 2018.

HyreCar’s software platform allows prospective ride-share drivers to find and lease vehicles from dealerships.

HyreCar reported $9.8 million in revenue in 2018, up 203% from $3.2 million in 2017.

“Our momentum has continued unabated, as evidenced by our record revenues in the first quarter, driven by our continued increase in rental days on our platform,” HyreCar Chief Executive Joe Furnari said in a statement that the company is on the “cusp of net profitability” and credited the uptick on increased demand and efficiencies realized through lowered internal costs and automating internal processes.

HyreCar reports it is now active in all 50 states and lists 114 dealers and more than 1,700 cars on its platform. Its stock rose 2.8% in after-hours trading on May 9, according to Nasdaq.

Tech reporter Samson Amore can be reached at [email protected] or (323) 556-8335. Follow him on Twitter @samsonamore.