Getaround Reports Third Quarter 2024 Financial Results
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) ha riportato i risultati finanziari del terzo trimestre 2024 con un fatturato di 22,4 milioni di dollari, in calo rispetto ai 23,8 milioni di dollari dell'anno precedente, principalmente a causa della sospensione delle operazioni nello Stato di New York. L'azienda ha mostrato metriche finanziarie migliorate, con una perdita netta in diminuzione del 43%, pari a 15,5 milioni di dollari, e una perdita di EBITDA rettificato che migliora del 18%, fissata a 9,3 milioni di dollari. Il valore lordo delle prenotazioni è aumentato a 65,1 milioni di dollari rispetto ai 53,0 milioni di dollari del secondo trimestre 2024. Il margine lordo da ricavi di servizio è salito al 90%, mentre il margine di contribuzione dei viaggi è diminuito al 48%. L'azienda ha nominato AJ Lee come CEO ad interim.
Getaround (OTCQB: GETR) reportó los resultados financieros del tercer trimestre de 2024, con ingresos de 22,4 millones de dólares, en comparación con los 23,8 millones del año anterior, principalmente debido a las operaciones suspendidas en el Estado de Nueva York. La compañía mostró métricas financieras mejoradas, con una pérdida neta que disminuyó un 43% a 15,5 millones de dólares, y una pérdida de EBITDA ajustado que mejoró un 18% a 9,3 millones de dólares. El valor bruto de las reservas aumentó a 65,1 millones de dólares desde los 53,0 millones de dólares del segundo trimestre de 2024. El margen bruto de ingresos por servicio se expandió al 90%, mientras que el margen de contribución por viaje disminuyó al 48%. La compañía nombró a AJ Lee como CEO interino.
Getaround (OTCQB: GETR)는 2024년 3분기 재무 결과를 보고하며 수익이 2,240만 달러로 지난해의 2,380만 달러에서 감소했다고 발표했습니다. 이는 주로 뉴욕주에서의 운영 중단 때문입니다. 회사는 순손실이 1,550만 달러로 43% 감소하고, 조정 EBITDA 손실이 930만 달러로 18% 개선되는 등 재무 지표가 개선되었음을 보여주었습니다. 총 예약 가치는 2024년 2분기의 5,300만 달러에서 6,510만 달러로 증가했습니다. 서비스 수익의 총 마진은 90%로 확대되었고, 여행 기여 마진은 48%로 감소했습니다. 회사는 AJ Lee를 임시 CEO로 임명했습니다.
Getaround (OTCQB: GETR) a publié les résultats financiers du troisième trimestre 2024 avec un chiffre d'affaires de 22,4 millions de dollars, en baisse par rapport à 23,8 millions de dollars l'année précédente, principalement en raison de l'interruption des opérations dans l'État de New York. L'entreprise a montré des indicateurs financiers améliorés, avec une perte nette diminuant de 43% à 15,5 millions de dollars et une perte d'EBITDA ajusté améliorée de 18% à 9,3 millions de dollars. La valeur brute des réservations a augmenté à 65,1 millions de dollars contre 53,0 millions de dollars au 2ème trimestre 2024. La marge brute des revenus de service a été élargie à 90%, tandis que la marge de contribution par voyage a diminué à 48%. L'entreprise a nommé AJ Lee en tant que PDG par intérim.
Getaround (OTCQB: GETR) berichtete über die Finanzzahlen für das dritte Quartal 2024 mit einem Umsatz von 22,4 Millionen Dollar, ein Rückgang von 23,8 Millionen Dollar im Vorjahr, hauptsächlich aufgrund der ausgesetzten Aktivitäten im Bundesstaat New York. Das Unternehmen zeigte verbesserte finanzielle Kennzahlen, wobei der Nettogewinn um 43% auf 15,5 Millionen Dollar sank und der bereinigte EBITDA-Verlust um 18% auf 9,3 Millionen Dollar verbesserte. Der Bruttobuchungswert stieg im Vergleich zum zweiten Quartal 2024 von 53,0 Millionen Dollar auf 65,1 Millionen Dollar. Die Bruttomarge aus Serviceeinnahmen erweiterte sich auf 90%, während die Reisemargenbeiträge auf 48% sanken. Das Unternehmen ernannte AJ Lee zum Interims-CEO.
- Net loss decreased 43% year-over-year to $15.5 million
- Adjusted EBITDA loss improved 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 by 300 basis points to 90%
- Revenue declined to $22.4 million from $23.8 million year-over-year
- Trip Contribution Margin decreased by 400 basis points to 48%
- Operating loss of $16.5 million
- Suspended operations in New York State impacting revenue
Net Loss Declines
OAKLAND, Calif., Nov. 14, 2024 (GLOBE NEWSWIRE) -- Getaround (OTCQB: GETR), the world's first connected carsharing marketplace, today announced financial results for the third quarter of 2024 ended September 30, 2024.
Third Quarter 2024 Highlights
- Total revenue of
$22.4 million versus$23.8 million in the prior-year period - Gross Booking Value of
$65.1 million compared to$53.0 million as of June 30, 2024 - Gross Margin from Service Revenue expanded to
90% , an increase of 300 basis points year-over-year - Trip Contribution Margin decreased to
48% , a decrease of 400 basis points year-over-year - GAAP net loss of
$15.5 million compared to$27.3 million a year ago - Adjusted EBITDA loss of
$9.3 million versus$11.3 million in 2023 - Appointed AJ Lee, Chief Operating Officer, to the role of Interim Chief Executive Officer
“We believe Getaround continues to gain momentum following our restructuring efforts, positioning the Company for what we expect will be its most successful year to date,” said AJ Lee, Interim CEO. “While revenue in the third quarter saw a minor decrease compared to 2023, primarily attributable to the planned suspension of operations in New York State, the Company demonstrated sequential top-line growth from the second quarter. This growth – coupled with an
The Company expects to resume hosting quarterly conference calls at the end of fiscal 2024.
Financial Results
Getaround reported revenue of
The Company reported an operating loss of
About Getaround
Offering a digital experience, Getaround (OTCQB: GETR) makes sharing cars and trucks simple through its proprietary cloud and in-car Getaround Connect® technology. The company empowers consumers to shift away from car ownership through instant and convenient access to desirable, affordable, and safe cars from entrepreneurial hosts. Getaround’s on-demand technology enables a contactless experience — no waiting in line at a car rental facility, manually completing paperwork or meeting anyone to collect or drop off car keys. Getaround’s purpose is to propel the world’s transition to a more sustainable society, economy and environment with its peer-to-peer connected carsharing marketplace. Launched in 2011, Getaround is available today in more than 1,000 cities across 8 countries including the United States and Europe. For more information, please visit https://www.getaround.com/.
Forward-Looking Statements
This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995. In particular, the statements contained in the quotations of our interim Chief Executive Officer with respect to expectations regarding the Company’s competitive position in the carsharing space, operational execution, cost optimization, and ability to achieve sustainable and profitable growth. Forward-looking statements can be identified by the fact that they do not relate strictly to historical facts and generally contain words such as "believes,” "expects,” "may,” "will,” "should,” "seeks,” "approximately,” "intends,” "plans,” "estimates,” "anticipates,” and other expressions that are predictions of or indicate future events. Although the forward-looking statements contained in this press release are based upon information available at the time the statements are made and reflect management's good faith beliefs, forward-looking statements inherently involve known and unknown risks, uncertainties and other factors, including the dilutive effect of future financings, which may cause the actual results, performance or achievements to differ materially from anticipated future results.
These risks and uncertainties include those described in our filings which we make with the SEC from time to time, including the risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2023. You should not place undue reliance on these forward-looking statements, which speak only as of the date hereof. We do not undertake to update or revise any forward-looking statements after they are made, whether as a result of new information, future events, or otherwise, except as required by applicable law.
| Consolidated Balance Sheet | ||||||
| (In thousands, except share and per share data) | September 30, 2024 | December 31, 2023 | ||||
| (Unaudited) | ||||||
| Assets | ||||||
| Current Assets | ||||||
| Cash and cash equivalents | $ | 30,797 | $ | 15,624 | ||
| Accounts receivable, net | 728 | 853 | ||||
| Prepaid expenses and other current assets | 7,811 | 10,131 | ||||
| Total Current Assets | $ | 39,336 | $ | 26,608 | ||
| Property and equipment, net | 1,528 | 8,504 | ||||
| Operating lease right-of-use assets, net | 1,281 | 12,162 | ||||
| Goodwill | 96,984 | 95,869 | ||||
| Intangible assets, net | 6,826 | 13,358 | ||||
| Other assets | 7,360 | 4,635 | ||||
| Total Assets | $ | 153,315 | $ | 161,136 | ||
| Liabilities and Stockholders’ Equity (Deficit) | ||||||
| Current Liabilities | ||||||
| Accounts payable | $ | 6,408 | $ | 15,552 | ||
| Accrued host payments and insurance fees | 14,257 | 13,192 | ||||
| Operating lease liabilities, current | 194 | 2,268 | ||||
| Notes payable, current ( | 1,583 | 19,904 | ||||
| Other accrued liabilities | 43,401 | 48,107 | ||||
| Deferred revenue | 1,024 | 684 | ||||
| Total Current Liabilities | $ | 66,867 | $ | 99,707 | ||
| Notes payable ( | 73,764 | 2,122 | ||||
| Convertible notes payable ( | 44,760 | 40,469 | ||||
| Operating lease liabilities (net of current portion) | 1,087 | 15,487 | ||||
| Deferred tax liabilities | 274 | 212 | ||||
| Warrant liability | 15 | 20 | ||||
| Total Liabilities | $ | 186,767 | $ | 158,017 | ||
| Stockholders’ Equity (Deficit) | ||||||
| Common stock, | $ | 10 | $ | 9 | ||
| Additional paid-in capital | 870,179 | 859,163 | ||||
| Stockholder notes | (8,284) | (8,284) | ||||
| Accumulated deficit | (934,469) | (875,955) | ||||
| Accumulated other comprehensive income | 39,112 | 28,186 | ||||
| Total Stockholders’ Equity (Deficit) | $ | (33,452) | $ | 3,119 | ||
| Total Liabilities and Stockholders’ Equity (Deficit) | $ | 153,315 | $ | 161,136 | ||
| Consolidated Statements of Operations and Comprehensive Loss | |||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||
| (In thousands, except per share data) (Unaudited) | 2024 | 2023 | 2024 | 2023 | |||||
| Service revenue | $ | 22,122 | 23,387 | 57,235 | 52,810 | ||||
| Lease revenue | 265 | 412 | 892 | 1,129 | |||||
| Total Revenues | $ | 22,387 | 23,799 | 58,127 | 53,939 | ||||
| Costs and Expenses | |||||||||
| Cost of revenue (exclusive of amortization and depreciation shown separately below): | |||||||||
| Service | $ | 1,719 | 1,920 | 5,295 | 4,995 | ||||
| Lease | 9 | 32 | 63 | 107 | |||||
| Sales and marketing | 5,197 | 4,118 | 14,165 | 15,486 | |||||
| Operations and support | 15,255 | 16,874 | 42,545 | 45,000 | |||||
| Technology and product development | 3,686 | 4,156 | 12,097 | 12,286 | |||||
| General and administrative | 11,103 | 11,662 | 38,553 | 40,224 | |||||
| Depreciation and amortization | 1,911 | 4,135 | 8,556 | 9,914 | |||||
| Total Operating Expenses | $ | 38,880 | 42,897 | 121,274 | 128,012 | ||||
| Loss from Operations | $ | (16,493) | (19,098) | (63,147) | (74,073) | ||||
| Other Income (Expense) | |||||||||
| Convertible promissory note and note payable fair value adjustment | 708 | (8,686) | (5,314) | (8,010) | |||||
| Warrant liability fair value adjustment | 14 | 36 | 5 | 209 | |||||
| Interest income (expense), net | (30) | 222 | (180) | 506 | |||||
| Other income, net | 284 | (64) | 10,168 | 331 | |||||
| Total Other Income (Expense) | $ | 976 | (8,492) | 4,679 | (6,964) | ||||
| Loss before Benefit for Income Taxes | $ | (15,517) | (27,590) | (58,468) | (81,037) | ||||
| Income Tax Expense (Benefit) | 7 | (244) | 46 | (623) | |||||
| Net Loss | $ | (15,524) | (27,346) | (58,514) | (80,414) | ||||
| Change in fair value of the convertible instrument liability | 8,542 | 15,628 | 9,703 | 15,628 | |||||
| Foreign Currency Translation (Loss) Gain | 3,841 | (2,111) | 1,223 | (1,876) | |||||
| Comprehensive Loss | $ | (3,141) | (13,829) | (47,588) | (66,662) | ||||
| Net Loss Per Share Attributable to Stockholders: | |||||||||
| Basic | $ | (0.15) | (0.29) | (0.59) | (0.87) | ||||
| Diluted | $ | (0.15) | (0.29) | (0.59) | (0.87) | ||||
| Weighted average shares outstanding (Basic and Diluted) | 100,475,081 | 93,204,630 | 98,497,942 | 92,707,994 | |||||
Non-GAAP Financial Measures
We use Gross Booking Value, Gross Margin from Service Revenue, Trip Contribution Profit, Trip Contribution Margin and Adjusted EBITDA, each of which are non-GAAP financial measures, in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies, and to communicate with the Getaround Board concerning our financial performance. Our definitions of these non-GAAP financial measures may differ from definitions used by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar financial measures. Furthermore, these financial measures have certain limitations in that they do not include the impact of certain expenses that are reflected in our consolidated statements of operations that are necessary to run our business. Thus, these non-GAAP financial measures should be considered in addition to, and not as a substitute for, or in isolation from, financial measures prepared in accordance with GAAP.
We compensate for these limitations by providing a reconciliation of each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure, and to view the non-GAAP financial measures in conjunction with their most directly comparable GAAP financial measures.
Gross Booking Value
Gross Booking Value (“GBV”) represents the dollar value of all service transactions on our platform during a period, charged to both guests and hosts, net of cancellations. This includes charges for transactions resulting from all revenue generating activities, inclusive of all pass-through fees and taxes, net of lease revenue. As such, we consider GBV to be a key indicator of our market scale. Growth of GBV reflects our ability to attract and retain guests and hosts on our platform.
The following tables present a reconciliation of Gross Booking Value from the most comparable GAAP measure, Service Revenues, for the periods presented:
| Gross Booking Value | |||||||
| (In thousands) | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | |||||
| Service Revenues | $ | 22,122 | 23,387 | ||||
| Plus: Host reimbursements | 42,875 | 45,149 | |||||
| Plus: Pass-through fees | 67 | 700 | |||||
| Gross Booking Value | $ | 65,064 | 69,236 | ||||
Trip Contribution Profit and Trip Contribution Margin
Trip Contribution Profit is defined as our gross profit from Service revenue adjusted for: (i) cost of Service revenue, amortization and depreciation; and (ii) trip support costs, which consist of auto insurance expenses, claims support and customer relations costs. We define Trip Contribution Margin as Trip Contribution Profit divided by Service revenue recognized during the period presented. We believe these measures are leading indicators of our ability to achieve profitability and sustain or increase it over time. Trip Contribution Profit and Trip Contribution Margin are measures we use to understand and evaluate our operating performance and trends. Trip Contribution Profit and Trip Contribution Margin have generally increased over the periods as Service revenue increased while costs considered in the calculation of Trip Contribution Profit decreased as a percentage of Total Revenues.
The following tables present a reconciliation of Trip Contribution Profit from the most comparable GAAP measure, gross profit from Service revenue, for the periods presented:
| Trip Contribution Profit and Trip Contribution Margin | |||||||
| (In thousands, except percentages) | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | |||||
| Gross profit from Service revenue | $ | 19,962 | 20,422 | ||||
| Gross margin from Service revenue | 90% | 87% | |||||
| Plus: Cost of Service revenue, amortization and depreciation | 451 | 1,045 | |||||
| Less: Trip support costs | (9,685) | (9,397) | |||||
| Trip Contribution Profit | $ | 10,728 | 12,070 | ||||
| Trip Contribution Margin | 48% | 52% | |||||
| Gross Profit and Gross Margin | |||||||
| (In thousands, except percentages) | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | |||||
| Service revenue | $ | 22,122 | 23,387 | ||||
| Less: Cost of Service revenue, net of amortization and depreciation | (1,709) | (1,920) | |||||
| Less: Cost of Service revenue, amortization and depreciation | (451) | (1,045) | |||||
| Gross profit from Service revenue | $ | 19,962 | 20,422 | ||||
| Gross margin from Service revenue | 90% | 87% | |||||
| Contribution Profit and Contribution Margin | |||||||
| (In thousands, except percentages) | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | |||||
| Net revenue | $ | 22,397 | 23,804 | ||||
| Variable operating expenses | (15,110) | (16,434) | |||||
| Contribution profit | $ | 7,287 | 7,370 | ||||
| Contribution margin | 33% | 31% | |||||
Adjusted EBITDA
We define Adjusted EBITDA as net income adjusted for: (i) fair value adjustment of instruments carried at fair value; (ii) interest income (expense) and other income (expense); (iii) income tax provision; (iv) depreciation and amortization; (v) stock-based compensation expense; (vi) contingent compensation; and (vii) certain expenses determined to be incurred outside of the regular course of business which includes: one-time expenses related to the shutdown of the Green St. Office, legal fees to raise capital, certain legal settlements and business combination-related legal fees, and investments in preparation of going public, initial implementation projects and transaction costs associated with proposed business combinations that are not subject to deferral. Adjusted EBITDA is a key performance measure that we use to assess operating performance and operating leverage of our business. As Adjusted EBITDA facilitates internal comparisons of our historical operating performance on a more consistent basis, we use this measure for business planning purposes. Accordingly, we believe that Adjusted EBITDA provides useful to investors and others in understanding and evaluating our results of operations in the same manner as our management and board of directors. The items excluded from our Adjusted EBITDA calculation are either non-cash in nature, or not driven by core results of recurring operations and therefore not predictable or recurring, rendering comparisons with prior periods and competitors less meaningful.
The following tables present a reconciliation of Adjusted EBITDA from the most comparable GAAP measure, Net Loss, for the periods presented:
| Adjusted EBITDA | |||||
| (In thousands) | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | |||
| Net Loss | $ | (15,524) | (27,346) | ||
| Plus: warrant liability, convertible promissory note and note payable fair value adjustment | (722) | 8,650 | |||
| Plus: interest and other income (expense), net | (254) | (158) | |||
| Minus: income tax benefit | 7 | (244) | |||
| Plus: depreciation and amortization | 1,911 | 4,135 | |||
| Plus: stock-based compensation | 3,605 | 3,548 | |||
| Plus: expense not incurred in the regular course of business | 1,725 | 138 | |||
| Adjusted EBITDA | $ | (9,252) | (11,277) | ||
Investors:
investors@getaround.com
Chris Witty
646-438-9385
cwitty@darrowir.com
Media:
press@getaround.com
Source: Getaround
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