CarLotz, Inc. (NASDAQ: LOTZ) a used vehicle consignment and Retail Remarketing business that focuses on corporate vehicle sourcing partners and retail sellers of used vehicles consisting of the ability to access the previously unavailable retail sales channel, announced financial results for the first quarter ended March 31, 2021.
At last check-in after-market trading, shares of CarLotz Inc. (LOTZ) were down -10.91% at $5.8. LOTZ’s stock closed the last session at $6.51, decreasing by -7.92% or -$0.56. Shares of the company fluctuated between $6.47 and $7.18 throughout the day. LOTZ shares have fallen by -35.16% over the last 12 months, and they have moved down by -13.20% in the past week.
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About First Quarter Financial Result
Net revenues had a rise of 123% to $56.6 million compared to $25.4 million in the same period of the prior year. Retail unit sales were 2,554 versus 1,453 in the previous year period, depicting an increment of 76%
Net loss attributable to common shareholders was $(15.0) million, or $(0.15) per diluted share, for the first quarter of 2021 in comparison to $(1.5) million, or $(0.03) per diluted share in the same quarter last year. Adjusted EBITDA was $(16.9) million from $(1.4) million in the first quarter of the prior year.
A record 2,554 retail units were sold during the first quarter of 2021, with three new hubs being opened in Seattle, WA, Merritt Island, FL, and Nashville, TN.
“We have been very pleased with our new hub performance to date and have signed close to a dozen leases and have several more leases under negotiation for 2021 and 2022 sites.” Commented Michael Bor, Chief Executive Officer and co-founder of CarLotz
About CarLotz, Inc.
CarLotz utilizes a technology-enabled purchasing, sourcing, and selling model that specializes in seamless omnichannel experience and diversified selection of vehicles while using a fully contactless end-to-end e-commerce platform that allows no trouble in purchasing and sales.
The proprietary Retail Remarketing technology facilitates the vehicle sourcing partners with real-time performance stats and data analytics as well as custom business intelligence results that allow price and vehicle triage optimization along the wholesale and retail channel. Through the marketplace model, immense value is produced for both sellers and buyers via price, selection, and customer experience.
Conclusion
LOTZ Financial report did not provide investors with a better-than-expected outlook and failed to induce adequate investor interest, with LOTZ stock plummeting significantly at the last check.