![]() ![]() #SHIFT TECHNOLOGIES INC COMPANY FULL#Guidance for the 2023 full year is as follows: Q1'23 ending cash balance of approximately $70.0 million.Adjusted EBITDA 1,2 loss of $24 - $26 million.Revenue in the range of $56 - $58 million,.We are providing guidance for the first quarter of fiscal year 2023 as follows: SG&A expenses were $41.9 million, or 64.0% of revenue, versus $63.8 million or 32.5% of revenue last year and $49.8 million, or 30.8% of revenue in the third quarter of 2022.įirst Quarter 2023 and Full Year 2023 Outlook.Adjusted EBITDA 1 loss was $25.5 million or 38.9% of revenue, compared to $30.0 million or 18.5% of revenue in the third quarter of 2022. Net income for the fourth quarter includes a gain on bargain purchase of $76.7 million related to the acquisition of CarLotz, Inc. Net income was $13.0 million or 20% of revenue, compared to a net loss of $75.8 million or 47% of revenue in the third quarter of 2022. ![]() Gross profit per unit was $895 Adjusted gross profit per unit 1 ("Adjusted GPU") was $1,041.Total revenue for the quarter was $65.6 million.The Company has closed its location in Downers Grove, IL, to focus on its West Coast markets.Īll comparisons for the quarter are year-over-year unless otherwise specified.On March 22, 2023, the Company was informed by the Nasdaq Stock Market that the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2), otherwise known as the minimum bid price requirement, and the matter is now closed.In addition to announcing fourth quarter results, the Company announces the following: Given the structural changes to our strategy, we expect sequential improvement in financial performance each quarter in 2023." We also continue to invest in our technology and marketplace to improve the customer experience and expand our business. During the fourth quarter, we closed our merger with CarLotz and began our transition to an omnichannel selling model which is now complete. "Given market dynamics of the auto industry and capital markets, we adjusted our strategy to prioritize balance sheet health, reduce cash burn, and accelerate our path to profitability. "2022 was a year of significant change for Shift," said CEO Jeff Clementz. A live audio webcast will also be available on Shift's Investor Relations website. Management's commentary on fourth quarter financial results and outlook for the first quarter 2023 can be found by accessing the Company's prepared remarks on, or by listening to today's conference call. (Nasdaq: SFT), a leading end-to-end ecommerce platform for buying and selling used cars, today reported fourth quarter financial results for the period ended December 31, 2022. SAN FRANCISCO, Ma(GLOBE NEWSWIRE) - Shift Technologies, Inc. Regained compliance with Nasdaq Stock Market minimum bid price requirement.Successfully closed the merger with CarLotz and transitioned to omnichannel selling model.Sold 2,520 retail units and achieved $65.6 million in revenue. ![]()
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