Getaround's Q3 2024 revenue dropped to $22.4 million, with a net loss of $15.5 million.

From GlobeNewswire: 2024-11-14 09:00:00

Getaround, the connected carsharing marketplace, reported third-quarter 2024 financial results. Total revenue was $22.4 million, GBV reached $65.1 million, and gross margin from service revenue increased to 90%. The company’s net loss was $15.5 million, and AJ Lee was appointed as Interim CEO. Revenue decreased due to operations suspension in NY.

Despite a revenue decrease compared to 2023, Getaround showed sequential growth in Q3. Adjusted EBITDA loss reduced by 18%, reflecting operational execution and cost optimization efforts. Quarterly conference calls will resume at the end of fiscal 2024. The company aims for sustainable and profitable growth in the future.

Getaround’s financial results for Q3 2024 showed a revenue drop to $22.4 million from $23.8 million in the prior year. Operating loss was $16.5 million, with a reported net loss of $15.5 million. The company is focused on cost optimization and operational execution to achieve sustainable growth in the future.

Gross Booking Value (GBV) is a key indicator for Getaround’s market scale. In Q3 2024, GBV reached $65.1 million. Trip Contribution Profit decreased to 48%, but the company believes it is on a secure trajectory for growth. Adjusted EBITDA was a loss of $9.3 million. Getaround aims to enhance operational performance and profitability.

Adjusted EBITDA, a key performance measure for Getaround, was a loss of $9.3 million in Q3 2024. This measure helps assess operating performance and business planning. The company focuses on core results and aims for sustainable growth. Investors can find more information about Getaround’s financial performance on their website.



Read more at GlobeNewswire:: Getaround Reports Third Quarter 2024 Financial Results