Getaround(GETR) - 2024 Q2 - Quarterly Results

Financial Performance - GAAP net loss for Q2 2024 was $12.0 million, a significant improvement from a net loss of $30.3 million in the same period last year[1] - Adjusted EBITDA loss improved by 49% to $11.4 million from a loss of $22.4 million year-over-year[1] - Total revenues for Q2 2024 were $18.6 million, flat compared to the same period last year[3] - Net Loss for Q2 2024 was $12,025,000, a significant improvement from a Net Loss of $30,269,000 in Q2 2023, representing a reduction of approximately 60%[16] - Adjusted EBITDA for Q2 2024 was $(11,413,000), compared to $(22,353,000) in Q2 2023, indicating a year-over-year improvement of about 49%[16] Revenue and Margins - Gross Booking Value decreased by 1% to $53.0 million[3] - Gross margin from Service Revenue expanded to 88%, an increase of 286 basis points year-over-year[3] - Trip Contribution Margin increased to 53%, up 980 basis points compared to the previous year[3] Financing and Cash Position - The company secured an additional $50 million in financing during the quarter[2] - Cash and cash equivalents increased to $30.9 million from $15.6 million at the end of 2023[7] Governance and Strategy - New leadership team appointed three independent board members to enhance governance and strategy[2] - The company aims to maintain positive momentum with margin improvement and growth in profitable markets for the remainder of 2024[2] Expenses and Adjustments - The company recorded a fair value adjustment of $(11,356,000) related to warrant liability and convertible promissory notes in Q2 2024, contrasting with a gain of $2,060,000 in Q2 2023[16] - Stock-based compensation increased to $4,112,000 in Q2 2024 from $2,840,000 in Q2 2023, reflecting a rise of approximately 45%[16] - Depreciation and amortization expenses were $2,772,000 in Q2 2024, down from $3,297,000 in Q2 2023, showing a decrease of about 16%[16] - Interest and other income (expense), net, improved to $1,322,000 in Q2 2024 from $(263,000) in Q2 2023, marking a positive turnaround[16] - The company incurred $3,774,000 in expenses not incurred in the regular course of business in Q2 2024, compared to only $190,000 in Q2 2023[16] - Income tax benefit decreased slightly to $(12,000) in Q2 2024 from $(208,000) in Q2 2023[16]