“Simultaneously, in order to maximize shareholder value, the Board of Directors, alongside management and advisors, is evaluating strategic alternatives for the business.” I want to thank everyone for all of their hard work,” said CEO Jeff Clementz. In addition to our omni-channel strategy, our tech team is highly focused on preparing to launch the dealer marketplace in the third quarter 2023. “While making significant progress in managing our cost structure, our team has shown improvement in the execution of our omni-channel strategy as evidenced by the sequential improvement of total adjusted GPU to $1,777 in the first quarter, a 71% increase compared to fourth quarter 2022. Cash and cash equivalents totaled $68 million at March 31, 2023.Adjusted EBITDA1 loss was $24.0 million or 41.7% of revenue, compared to $25.5 million or 38.9% of revenue in Q4'22.Net loss and comprehensive loss was $48.1 million or 83% of revenue, compared to net income of $13.0 million or 20% of revenue in Q4'22 (net income for the fourth quarter included a gain on bargain purchase of $76.7 million related to the acquisition of CarLotz, Inc.).Gross profit per unit was $1,477 Adjusted gross profit per unit1 (“Adjusted GPU”) was $1,777.
Total revenue for the quarter was $57.7 million.A live audio webcast will also be available on Shift’s Investor Relations website. Management’s commentary on first quarter financial results can be found by accessing the Company’s prepared remarks on, or by listening to today’s conference call. SFT, a consumer-centric omnichannel retailer for buying and selling used cars, today reported first quarter financial results for the period ended March 31, 2023. For more information please visit Investor Relations:ĭrew Haroldson, The Blueshirt Shift Technologies, Inc.SAN FRANCISCO, May 11, 2023 (GLOBE NEWSWIRE) - Shift Technologies, Inc. Shift provides comprehensive, digital solutions throughout the car ownership lifecycle, enabling customers to purchase a vehicle online with financing and vehicle protection products, and a vision to provide high-value support services during car ownership. Shift’s mission is to make car purchase and ownership simple - to make buying or selling a used car fun, fair, and accessible to everyone. Shift is a leading end-to-end auto ecommerce platform transforming the used car industry with a technology-driven, hassle-free customer experience. A telephonic replay of the conference call will be available until Tuesday, November 15, 2022, and can be accessed by dialing (877) 344-7529 or (412) 317-0088 and entering the passcode 5809211. Live Call: (833) 634-1255 or (412) 317-6015Īn archived webcast of the conference call will be accessible on Shift’s Investor Relations page. What: Shift Third Quarter 2022 Earnings Conference Call
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