Following the release of its quarterly results, the leading end-to-end ecommerce platform for buying and selling used cars, Shift Technologies, Inc. (Nasdaq: SFT) is up 14.71% in pre-market trading.
Technology-driven, hassle-free customer experiences have been the cornerstone of Shift’s success. In addition to making car purchase and ownership simple, Shift’s mission is to make buying or selling a used car enjoyable, fair, and accessible to everyone. Shift provides a total car ownership experience with comprehensive, digital services including:
- Selecting the right vehicle
- Getting the car test drive before purchasing it
- With financing and vehicle protection products seamlessly integrated into the purchase transaction.
- A digital trade-in/sale transaction that is efficient, and
- An integrated approach to delivering high-value services during vehicle ownership.
Shift today reported fourth quarter and annual financial results for the period ended December 31, 2020.
- For the fourth quarter, total revenue grew 168% year-over-year, reaching a record $73.4 million against $27.35 million in the fourth quarter of 2019.
- Total units sold during Q4 were 4,666, up 147% from 1,890 sold in Q4 2019.
- For the fourth quarter, net loss was -$4.5 million as compared to a year-ago quarterly net loss of -$20.5 million.
- Net loss per share was -$0.07 against net loss of -$6.51 in the corresponding quarter of 2019.
- Total revenue for full year 2020 grew 18% to $195.7 million from $166.23 million in prior year.
- In 2020, total units sold were 13,135, up 18% from 11,091 units sold in 2019.
- Net loss was -$59.1 million as compared to a net loss of -$80.5 million posted by the company in 2019.
- Net loss per share for full year 2020 was -$3.12 whereas in the 2019, it was a net loss of -$25.30 per share.