GETR ->> Getaround Reports Strong 3Q 2023 Results with 42% Year-Over-Year Growth in Revenue
Delivered Total Revenues of $23.8 million, increasing 42% year-over-year, and reflecting an annualized run-rate of over $95 million
Gross Booking Volume of $69 million, reflecting an annualized run-rate of $276 million
GAAP Net Loss of $27.3 million, a 16% improvement from the same period last year
Adjusted EBITDA loss of $11.3 million, a 43% improvement from the same period last year
Gross Margin from Service Revenue remained at 87%, up 27 basis points year-over-year
Trip Contribution Margin increased to 52%, up 640 basis points year-over-year
SAN FRANCISCO--(BUSINESS WIRE)-- Getaround (NYSE: GETR), the world's first connected carsharing marketplace, today announced financial results for the period ended September 30, 2023.
“Getaround is now the leader in gig car sharing. We believe our performance in the third quarter marked an inflection point in our growth as a company, with a significant increase in total revenues over 2022, achieving an annualized revenue run-rate of $95 million,” said Sam Zaid, CEO and Founder of Getaround. “We’ve greatly improved our unit economics as we’ve cycled through a few quarters of our TrustScore A.I. and made significant progress reducing our cost structure. We remain hyper-focused on delivering profitable growth, expanding our margins, narrowing our losses, and achieving our profitability goals, which we expect will drive value for our shareholders.”
2023 Business Highlights
Announced restructuring plan in February to reduce costs by $25 million-$30 million annually, streamlining operations and increasing efficiency
Acquired highly synergistic HyreCar assets in May, which we believe will accelerate our path to profitability
Launched TrustScore A.I., which is expected to enhance our gross margin and carsharing marketplace safety
Formed a strategic alliance with TransUnion, which is expected to enhance risk management capabilities and Getaround marketplace economics
Full Year 2023 Outlook
For the fiscal year ending December 31, 2023, the Company expects:
Gross Booking Value to be in the range of $200 million to $205 million
Adjusted EBITDA loss to be in the range of $68 million to $70 million
The Company estimates that 2023 full year operating expenses include approximately $22 million of costs that are not expected to recur in 2024. These costs include heightened professional fees and capital markets expenses following our business combination at the end of 2022, together with the full benefit of restructuring initiatives that were completed throughout the year.
The guidance provided above constitutes forward-looking statements and actual results may differ materially. Refer to the “Forward-Looking Statements” safe harbor section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.
Adjusted EBITDA is a non-GAAP financial measure and excludes estimates for, among other things, stock-based compensation expense, depreciation and amortization expense, contingent compensation expense, and certain expenses determined to be incurred outside of the regular course of business. A reconciliation of this non-GAAP financial guidance measure to a corresponding GAAP financial guidance measure is not available on a forward-looking basis because the Company does not provide guidance on GAAP Net Loss and is not able to present the various reconciling cash and non-cash items between GAAP Net Loss and non-GAAP Adjusted EBITDA without unreasonable effort. In particular, stock-based compensation expense is impacted by the Company’s future hiring and retention needs, as well as the future fair market value of its common stock, all of which is difficult to predict and is subject to change. The actual amount of these expenses during 2023 will have a significant impact on the Company’s future GAAP financial results.
Conference Call Details
Getaround will host a conference call with analysts to discuss its third quarter 2023 results and business outlook today at 5:00 p.m. Eastern time. To listen to the conference call via the Internet, please go to the Investors page of Getaround’s website. To listen to the conference call via telephone, please call 1-877-704-4453 (domestic) or 1-201-389-0920 (international).
A replay of the conference call will be available starting at 9:00 p.m. Eastern time on December 14, 2023, until 11:59 p.m. Eastern time on December 27, 2023, on the Investors page of Getaround's website, or by calling 1-844-512-2921 (domestic) or 1-412-317-6671 (international), Access ID: 13743068.
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