Getaround(GETR) - 2024 Q1 - Quarterly Results

Financial Performance - Total Revenues reached $17.2 million, representing a 49% increase year-over-year[9] - Gross Booking Value was $44.9 million, an increase of 41% year-over-year[9] - Gross Profit from Service Revenue amounted to $13.9 million, up 54% year-over-year, with a gross margin of 83%[9] - Trip Contribution Profit increased to $6.8 million, a 38% rise year-over-year, with a Trip Contribution Margin of 40%[9] - GAAP Net Loss was $31.0 million, a 36% decrease from the previous year[9] - Adjusted EBITDA loss improved to $15.3 million, reflecting a 23% improvement year-over-year[9] - Service revenue for the three months ended March 31, 2024, was $16,806,000, up from $11,199,000 in the same period of 2023, representing a growth of 50.5%[21] - Gross profit from Service revenue increased to $13,886,000 for the three months ended March 31, 2024, compared to $9,033,000 in the prior year, resulting in a gross margin improvement from 81% to 83%[21] - Adjusted EBITDA for the three months ended March 31, 2024, was $(15,282,000), an improvement from $(19,856,000) in the same period of 2023[23] - The net loss for the three months ended March 31, 2024, was $(30,965,000), compared to $(22,799,000) in the prior year[23] Operational Changes - The company secured $20 million in financing in January and an additional $50 million in April, totaling up to $70 million for operations and growth investments into 2025[5] - The restructuring of operations is expected to reduce total operating expenses, with benefits reflected in the second quarter financial results and beyond[5] - The company suspended consumer carsharing operations in New York State due to high insurance costs, which are fifty times greater than those required for rental car companies[5] Future Outlook - The company anticipates continued improvement in Adjusted EBITDA beginning in the second quarter of 2024[6] Expense Details - The fair value adjustment of warrant liability and convertible promissory notes contributed $17,387,000 to the Adjusted EBITDA calculation for the three months ended March 31, 2024[23] - Depreciation and amortization expenses increased to $3,873,000 for the three months ended March 31, 2024, from $2,482,000 in the same period of 2023[23] - Stock-based compensation expense was $3,299,000 for the three months ended March 31, 2024, slightly down from $3,565,000 in the prior year[23] - The company incurred $2,129,000 in expenses not related to the regular course of business for the three months ended March 31, 2024, compared to $392,000 in the same period of 2023[23]