Getaround reports FY2023 revenues of $72.7M (+22% YoY); net loss improves 16% to $113.9M

Getaround, Inc

New CEO Eduardo Iniguez and Chair Jason Mudrick appointed in early 2024.
GAAP net loss of $113.9M, improving 16% YoY; Adjusted EBITDA loss of $72.0M, improving 20% YoY.
Trip Contribution Margin fell to 40% from 47% due to NY insurance costs and HyreCar liabilities.
Suspending consumer carsharing operations in New York State as of April 1, 2024, citing excessive insurance requirements.
Restructuring reduced annualized operating expenses by >$25M; HyreCar acquisition drove revenue growth.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Getaround, Inc reported the year ended December 31, 2023 results: revenue $72.7 million, net income GAAP Net Loss of $113.9 million.

Period: the year ended December 31, 2023
Revenue: $72.7 million
Net income: GAAP Net Loss of $113.9 million
Result: reported results

Exact text from the filing

focus on cost optimization measures. Throughout the year we also recognized significant benefits from the business restructuring announced in February 2023." ● Total Revenues of $72.7 million, an increase of 22% year-over-year ● Gross Booking Value of $204 million, an increase of 16% year-over-year ● Gross margin from Service revenue was 85%, consistent with the prior

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Source: SEC EDGAR

accession 0000950170-24-038263

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