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AutoWeb, Inc. (Nasdaq: AUTO) reports Q1 2021 results with revenues of $17.9 million, down from $24.5 million YoY, primarily due to lower lead and click volumes amid COVID-19 recovery. Gross profit rose 8% to $5.8 million, achieving a gross margin of 32.5%. The company recorded a net income of $0.3 million versus a loss of $4.1 million in Q1 2020. Operational improvements led to a 1,060 bps gross margin increase and positive adjusted EBITDA of $0.2 million. Cash reserves remained stable at $15.5 million, while a tax benefit preservation plan aims to protect $104.1 million in net operating loss carryforwards.
AutoWeb, Inc. (Nasdaq: AUTO) will host a conference call on May 6, 2021, at 5:00 p.m. ET to discuss its Q1 2021 financial results. The call will be led by President & CEO Jared Rowe and CFO Mike Sadowski, followed by a Q&A session. The company emphasizes the importance of its Tax Benefit Preservation Plan to maintain its net operating loss carryforwards (NOLs) of approximately $104.1 million. The plan aims to prevent ownership changes that could limit the usage of these NOLs for tax purposes.
AutoWeb, Inc. (Nasdaq: AUTO) reported a notable financial performance for Q4 and full year 2020, despite the impacts of COVID-19. Total revenues for Q4 were $17.3 million, down from $26.7 million a year prior, while gross profit increased by 6% to $5.9 million, marking the best Q4 gross margin at 34.0% since 2017. The net loss improved significantly to $0.9 million, compared to $3.2 million in Q4 2019. The company's strategic focus on operational efficiencies and traffic acquisition positions it well for recovery in 2021, with positive cash flow and improved adjusted EBITDA of $0.5 million.
AutoWeb, Inc. (Nasdaq: AUTO) will host a conference call on March 11, 2021, at 5:00 PM ET to discuss its financial results for Q4 and the full year ended December 31, 2020. President & CEO Jared Rowe and CFO Mike Sadowski will lead the call, which includes a Q&A session. The company also highlighted its Tax Benefit Preservation Plan to protect about $104.1 million in net operating loss carryforwards from potential ownership changes under federal tax law. The call will be available live via the company's website, with a replay accessible until March 18, 2021.
AutoWeb, Inc. (Nasdaq: AUTO) has announced a significant sales increase for two of its dealer clients, the Platinum Group and Homer Skelton Ford. The Platinum Group reported a 75% increase in total sales and a 528% rise in internet sales over 16 weeks, while Homer Skelton Ford experienced a 90% increase in internet sales. The case study highlights the effectiveness of integrating AutoWeb’s leads with Dealer Synergy's CRM strategies, showcasing the potential for dealerships to thrive by optimizing customer engagement and follow-up processes.
AutoWeb has appointed Michael Sadowski as executive vice president and chief financial officer (CFO), effective Nov. 30, 2020. Sadowski succeeds J.P. Hannan, who will assist in the transition. With over 20 years of experience in finance and operations in the automotive sector, Sadowski's background includes leadership roles at Cox Automotive and General Electric. His induction includes options for 120,000 shares of common stock, vesting over time with performance triggers. This change is expected to enhance AutoWeb's focus on innovation and growth.
AutoWeb, Inc. (AUTO) has enhanced its digital marketing platform by partnering with MotiveMetrics to improve search engine marketing capabilities. The implementation of MotiveMetrics’ +AI software allows AutoWeb to generate targeted ads based on consumer search intent, leveraging AI for efficiency. The collaboration aims to modernize AutoWeb's marketing strategy, ensuring better performance in digital advertising. This initiative is expected to lead to increased consumer engagement and enhanced operational efficiency, making AutoWeb's marketing efforts more consistent and predictable.
AutoWeb, Inc. (NASDAQ: AUTO) reported third-quarter financial results for 2020, showing total revenues of $17.8 million, down from $28.6 million year-over-year. Despite challenges in the automotive market, gross profit increased 8% to $6.4 million, and gross margin reached 36.1%. Net loss improved to $0.4 million or $(0.03) per share, compared to a net loss of $1.7 million in Q3 2019. Adjusted EBITDA rose to $1.0 million. The company is focused on aligning marketing spend with consumer demand amid ongoing market uncertainties, while enhancing product offerings to improve lead generation.
AutoWeb, Inc. (Nasdaq: AUTO) will hold a conference call on November 5, 2020, at 5:00 p.m. Eastern time to discuss its Q3 2020 financial results. President & CEO Jared Rowe and CFO J.P. Hannan will lead the call. The replay will be available after the call until November 12, 2020. Additionally, the company highlighted its Tax Benefit Preservation Plan to preserve approximately $100.5 million in net operating loss carryforwards (NOLs) and mitigate ownership change risks under Section 382.
TAMPA, Fla., Aug. 31, 2020 – AutoWeb, Inc. (Nasdaq: AUTO) will participate in several financial conferences this September. Key presentations include the LD Micro 500 Conference on September 1 at 3:20 PM ET, 9th Annual Gateway Conference on September 10 at 11:00 AM ET, and H.C. Wainwright Global Investment Conference on September 14 at 2:00 PM ET. Additionally, AutoWeb will be involved in Lake Street's BIG4 Conference on September 17 with virtual meetings. Investors can contact the company for more details.
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