DriveItAway Holdings, Inc. reported significant financial developments in its 10-K filing for the fiscal year ending September 30, 2025. The company generated revenues of $987,937, marking a 114% increase from $460,661 in the previous fiscal year. This growth was primarily attributed to the addition of six vehicles to its rental fleet, contributing to a total of 32 vehicles added over the past two years. Despite the revenue increase, the company experienced a net loss of $4,902,480, which is an increase of 118% from the net loss of $2,248,243 reported in the prior year. The operating loss also widened to $868,503 from $568,155, driven by a 42% rise in operating expenses, which totaled $1,004,196.
In terms of operational metrics, DriveItAway has expanded its vehicle subscription model, which allows consumers to rent vehicles with an option to purchase. The company has focused on the subprime and deep subprime markets, where traditional financing options are limited. As of September 30, 2025, DriveItAway had no employees but utilized seven independent contractors. The company has also formed strategic partnerships, including a notable collaboration with Free2move, the mobility division of Stellantis, which aims to enhance dealer profitability through flexible lease-to-own programs.
The company’s balance sheet reflects a working capital deficiency of $8,988,114, up from $4,335,188 the previous year. Current liabilities surged to $9,070,576, compared to $4,373,184 in 2024, largely due to increased accounts payable and derivative liabilities. Cash reserves increased slightly to $39,930 from $33,588, but the company continues to face challenges in covering its operational costs. DriveItAway's management has indicated that it plans to raise additional capital through equity financing to support its operations and growth strategy.
Looking ahead, DriveItAway aims to leverage its technology platform to capture a larger share of the vehicle subscription market, particularly among younger consumers aged 18-34, who are increasingly seeking flexible vehicle ownership options. The company plans to expand its presence in additional cities and strengthen partnerships with automotive dealers to enhance visibility and market penetration. However, the filing also highlights substantial doubt about the company's ability to continue as a going concern without securing adequate financing to cover its operational needs in the coming year.
About Driveitaway Holdings, Inc.
DriveItAway Holdings, Inc. operates a mobility platform enabling car dealerships to sell vehicles through eCommerce via an app-based subscription model. It offers flexible lease-to-ownership programs, primarily targeting subprime consumers and entry-level buyers, with a focus on electric vehicles. The company provides turnkey solutions, proprietary technology, insurance, and training to facilitate online vehicle sales and subscriptions, leveraging telematics and digital screening to reduce risks and expand market reach.
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