(in thousands, except per unit and per share amounts) Please see the discussion in the section “Explanation of Non-GAAP Measures” and the reconciliations included at the end of this press release. The Company does not intend to disclose developments or provide updates on the progress or status of this process or discuss with investors the Company’s results of operations until it deems further disclosure is appropriate or required.ġ Adjusted Gross Profit, Adjusted Gross Profit per Unit (GPU), Adjusted EBITDA, and Adjusted EBITDA Margin are non-GAAP financial measures. There can be no assurance that this review process will result in a transaction or other strategic alternative of any kind. The Board expects to proceed in a timely manner, but has not set a definitive timetable for completion of this process. Shift Technologies’ Board of Directors, together with management and in consultation with our financial and legal counsels, is conducting a process to explore and evaluate strategic alternatives, including exploring a potential sale of certain operating businesses, third party investment or partnership opportunities and/or funding alternatives for our marketplace business, to further enhance value for all stakeholders. “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 EBITDA 1 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 unit 1 (“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. ![]() (Nasdaq: 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. SAN FRANCISCO, (GLOBE NEWSWIRE) - Shift Technologies, Inc.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |