PARTS iD, Inc. - ID STOCK NEWS

PARTS iD, Inc. (NYSE American: ID) announced the appointment of Lev Peker to its board of directors, effective September 28, 2022. Peker, who previously led CarParts.com, brings significant experience in the automotive e-commerce sector and is expected to enhance the company's strategic direction and profitability. He will also chair the audit committee, succeeding Ann Schwister, who resigned for personal reasons. The company focuses on the $400 billion automotive aftermarket, aiming for innovative digital commerce solutions.

PARTS iD, Inc. (NYSE American: ID) reported a 20.1% decrease in net revenue for Q2 2022, totaling $104.3 million, compared to $130.4 million in Q2 2021. Gross margin slightly declined to 19.7%. The company recorded an operating loss of $0.9 million, down from operating income of $0.8 million in the prior year. Adjusted EBITDA fell to $1.3 million from $4.2 million year-over-year. Management highlighted challenges from inflation and supply chain issues but noted efforts to optimize costs and achieve annual savings of $12 million.

PARTS iD, Inc. (NYSE American: ID) will announce its financial results for Q2 2022 on August 8, 2022, after market close. A conference call will follow at 4:30 p.m. ET, where management will discuss the results. A live webcast will be available on the company's website, along with a slide presentation. Investors can access a replay of the call until August 15, 2022. PARTS iD specializes in digital commerce for the automotive aftermarket, offering a wide range of parts and accessories through its platform.

PARTS iD announces the launch of ARC Moto Gear, a new in-house clothing brand available exclusively at MOTORCYCLEiD.com. The product line features jackets, pants, boots, and gloves designed for comfort, protection, and style at competitive prices. This marks a significant milestone for PARTS iD as it diversifies its offerings beyond CARiD.com. CEO Nino Ciappina highlights the brand's quality and value, aiming to enhance customer loyalty and profitability. The company emphasizes an intuitive shopping experience, further solidifying its position in the motorcycle aftermarket industry.

PARTS iD, Inc. (NYSE American: ID) reported Q1 2022 results showing a 13.0% decline in net revenue to $94.9 million, compared to Q1 2021. Gross margin decreased to 19.5% from 20.9% in 2021. The company experienced an operating loss of $(4.8) million, worsening from $(0.8) million in the previous year, with a net loss of $(4.0) million. Adjusted EBITDA was $(1.7) million. The decrease in performance is attributed to global supply chain disruptions and a reduction in customer traffic and conversion rates, despite increases in average order value and product catalog expansion.

PARTS iD, Inc. (NYSE American: ID) has announced its financial results for the first quarter ending March 31, 2022, will be released on May 10, 2022, after the market close. Management will host a conference call at 4:30 p.m. ET on the same day to discuss these results. The event will feature a slide presentation and will be accessible via a live webcast on the company’s website. A telephonic replay will be available until May 24, 2022. PARTS iD is a digital commerce company specializing in the automotive market.

PARTS iD, Inc. (NYSE American: ID) has expanded its tire installation network by adding over 5,000 new locations, reaching a total of 7,270 installers across all 48 contiguous U.S. states and Washington, DC. This expansion enhances installer density in populous areas such as Texas and Southern California, while also improving coverage in previously underserved regions like Iowa and Montana. The company's digital platform, CARiD.com, allows users to browse over 15,000 SKUs of tires, providing a seamless shopping experience and access to local installation options.

PARTS iD, Inc. (NYSE American: ID) has announced that its executive team will be participating in the Canaccord Genuity eCommerce Sustainable Advantage Virtual Forum. The fireside chat is scheduled for 11:00 AM Eastern Time on March 24, 2022, and will be broadcast live online. As a leader in the automotive aftermarket, PARTS iD aims to enhance user experiences through technology-driven solutions. The company focuses on offering a comprehensive range of products while committing to digital commerce innovation.

PARTS iD reported a 11.9% increase in full year 2021 revenue to $448.7 million, while fourth quarter revenue rose 14.5% to $106.6 million. Despite the revenue growth, the company faced challenges with a net loss of $(8.0 million) compared to net income of $2.1 million in 2020. Gross margin declined from 21.4% to 20.1% due to rising product and shipping costs. Operating expenses increased, leading to an operating loss of $(9.1 million), down from operating income in 2020. PARTS iD aims to counteract external pressures and enhance shareholder value going forward.