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Getaround, Inc. (NYSE: GETR) is an innovative on-demand carsharing marketplace headquartered in San Francisco since 2009. The company offers a seamless and contactless car rental experience through its proprietary technology, Getaround Connect®. This platform allows users to rent, unlock, and drive cars using just their smartphones, eliminating the need for physical interaction or paperwork.
Getaround has grown significantly since its inception, boasting over 200,000 members across the United States. The service provides flexible and affordable car rental options, with rates starting at $5 per hour, which includes insurance and incurs no membership fees. Car owners who share their vehicles on the platform can earn between $500 and $1,000 per month.
The company won TechCrunch Disrupt in 2011 and launched its on-demand carsharing service two years later. Over the years, Getaround has forged strategic partnerships to enhance its offerings. A notable collaboration with Axle, a universal API for insurance data, allows users to bring their own insurance to the platform, thereby offering more flexible protection and cost savings of up to 15% for eligible guests. This partnership also helps Getaround manage risks more effectively.
Getaround's mission revolves around environmental sustainability and economic opportunity. By offering a 100% digital carsharing experience, it aims to reduce reliance on personal car ownership and promote shared mobility. The company's platform is available in over 1,000 cities across the United States and Europe, making it a significant player in the carsharing industry.
For more information, please visit Getaround's website or download the app at get.co/mobile. The Wall Street Journal has also featured Getaround's latest funding round, which you can read about here.
Getaround (OTCQB: GETR) reported Q3 2024 financial results with revenue of $22.4 million, down from $23.8 million year-over-year, primarily due to suspended operations in New York State. The company showed improved financial metrics with net loss declining 43% to $15.5 million and Adjusted EBITDA loss improving 18% to $9.3 million. Gross Booking Value increased to $65.1 million from $53.0 million in Q2 2024. Gross Margin from Service Revenue expanded to 90%, while Trip Contribution Margin decreased to 48%. The company appointed AJ Lee as Interim CEO.
Getaround (OTCQB: GETR), the world's first connected carsharing marketplace, has announced an upgrade in the quotation of its common stock and public warrants from the OTC Pink Market to the OTCQB® Venture Market, effective September 4, 2024. The OTCQB, operated by OTC Markets Group, requires companies to meet stricter standards, including current financial reporting with the SEC, passing a minimum bid price test, and maintaining audited financials through a PCAOB registered firm. This upgrade is expected to potentially broaden Getaround's investor base, including institutional investors, which could lead to increased liquidity and greater analyst coverage for the company.
Getaround (OTC: GETR), the leading connected carsharing platform, has achieved ISO 27001 certification, reinforcing its commitment to information security and data protection. This certification validates Getaround's robust framework for managing sensitive information and opens doors for new strategic partnerships.
Key points:
- ISO 27001 is the international standard for information security management systems (ISMS)
- The certification process involved a comprehensive audit by an independent body
- AJ Lee, COO of Getaround, emphasized the strategic importance of this achievement
- The certification is expected to unlock significant partnership opportunities with industry leaders
- Getaround's commitment to operational excellence and customer satisfaction remains a top priority
Getaround (OTC: GETR), the connected carsharing marketplace, reported its Q2 2024 financial results. Key highlights include:
- GAAP net loss reduced to $12.0 million from $30.3 million a year ago
- Adjusted EBITDA loss improved 49% to $11.4 million
- Total revenues flat at $18.6 million
- Gross Booking Value decreased 1% to $53.0 million
- Gross margin from Service Revenue expanded to 88%
- Trip Contribution Margin increased to 53%
The company secured an additional $50 million in financing and appointed new board members and an Interim CFO. CEO Eduardo Iniguez emphasized the focus on efficiency, expense reduction, and charting a new path for Getaround.
Getaround (OTC: GETR), a leading connected carsharing marketplace, will release its Q2 2024 financial results on August 12, 2024 after U.S. markets close. A conference call and webcast to discuss the results and provide a corporate update is scheduled for 5:00 p.m. ET / 2:00 p.m. PT the same day. Interested individuals can access the live webcast and replay via the Getaround Investor Relations page.
To participate in the call, dial 1-844-826-3033 or 1-412-317-5185. Questions for management should be emailed to investors@getaround.com by 1:00 p.m. PT on August 9, 2024. A telephone replay will be available three hours post-call until August 26, 2024 by dialing 1-844-512-2921 or 1-412-317-6671.
Getaround (OTC: GETR), the world's first connected carsharing marketplace, has announced significant changes in its leadership and financial structure. Patricia Huerta, CPA, has been appointed as Interim Chief Financial Officer, effective July 19, 2024, replacing Tom Aldermen. Huerta, who currently serves as Getaround's Chief Accounting Officer, brings over 25 years of experience in finance and public accounting.
In addition to the leadership change, Getaround has secured $20 million in additional funding from Mudrick Capital Management L.P. The funds, received on July 16, 2024, are part of the company's existing debt facility. This financial boost aims to support Getaround's growth and operational needs as it continues to develop its carsharing marketplace.
Getaround (NYSE: GETR) announced that the New York Stock Exchange (NYSE) has suspended trading of its common stock and initiated the delisting process. This decision follows NYSE's determination that Getaround failed to maintain an average global market capitalization of at least $15 million over 30 consecutive trading days as per Rule 802.01B. Getaround intends to appeal the decision and plans to resume trading on the OTC Markets Group platform with the ticker GETR starting July 10, 2024. The company is also applying to trade on the OTCQX Best Market. Despite the delisting, Getaround's business operations and focus remain unaffected. The company will stay listed on NYSE during the appeal and continue to disclose financial and operational information as required by the Securities Exchange Act of 1934.
Getaround (NYSE: GETR), a leading carsharing marketplace, has secured a $20 million capital commitment from Mudrick Capital Management. This financing will be provided by July 26, 2024. Additionally, Mudrick Capital plans to convert $10 million of existing convertible debt into Getaround shares at $0.25 per share, subject to shareholder approval during the company's annual meeting on July 31, 2024. This move reflects Mudrick Capital's confidence in Getaround's progress towards profitability.
Getaround (NYSE: GETR), the first connected carsharing marketplace globally, announced that its CEO, Eduardo Iniguez, will present at the 2024 Wedbush Disruptive Transportation Conference. The event is scheduled for May 16, 2024, from 8:30 a.m. to 9:00 a.m. Pacific Time. Hosted by Dan Ives, Wedbush Senior Equity Research Analyst, the session includes a presentation and a fireside chat interview. The presentation will be live-streamed, with a replay available for 30 days starting May 17, 2024, on Getaround’s investor relations website.
Roamly, an API-enabled digital insurance platform, announced the launch of its proprietary Carshare Insurance product, aimed at commercial fleet vehicle operators. Named Roamly Carshare, the new product offers customized coverage for carsharing users during both rental and non-rental periods. This integration aims to help car-sharers by removing premiums for non-utilized features, thus enhancing profitability. Roamly's Carshare Insurance is now live on Getaround, a leading car-sharing marketplace. The global car sharing market is poised to hit $51.7 billion by 2030, making this launch timely and significant. Roamly's CEO, Jeff Cavins, emphasized the importance of this partnership in supporting the shift toward eco-friendly transportation.
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