HomeTop MoversWhy did CarLotz Inc. (LOTZ) face headwinds in the after-hours on Monday?

Why did CarLotz Inc. (LOTZ) face headwinds in the after-hours on Monday?

CarLotz Inc. (LOTZ) shares declined 4.89% in after-hours on Monday, August 09, 2021, and closed at $4.47 per share. In the regular trading session, LOTZ’s stock gained 2.84%. LOTZ shares have fallen 53.98% over the last 12 months, and they have moved up 4.91% in the past week. Over the past three months, the stock has lost 27.80%, while over the past six months, it has declined 48.24%.

Let’s have a look at its latest news.


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LOTZ recent financial results announcement

On August 09, 2021, CarLotz, Inc (LOTZ) reported its financial results for the second quarter ended June 30, 2021.

Q2 2021 financial highlights

  • LOTZ reported revenue of $50.8 million in Q2 2021 compared to $26.4 million in Q2 2020.
  • In Q2 2021, gross profit was $4.2 million compared to $2.7 million in Q2 2020.
  • The total operating expenses were $23.18 million in Q2 2021 compared to $3.23 million in Q2 2020.
  • It suffered a net loss of $7.2 million, or $0.06 per diluted share in Q2 2021 compared to $0.2 million, or $0.00 per diluted share in Q2 2020.
  • The company’s Adjusted EBITDA was $15.2 million in Q2 2021 compared to $0.3 million in the second quarter of 2020.

FY2021 Financial Outlook

The company withdraw its previously provided financial outlook for fiscal 2021.

LOTZ participation in the upcoming investor conference

CarLotz (LOTZ) will participate at the J.P. Morgan Virtual Auto Conference on Thursday, August 12, 2021. The company will be presented by Michael Bor, Co-Founder and Chief Executive Officer, and Tom Stoltz, Chief Financial Officer.

LOTZ continuing its Expansion

On August 05, 2021, CarLotz (LOTZ), announced today it will continue expanding in the South and open its first hub in Louisiana. Located at 9550 Airline Highway in Baton Rouge, the hub will provide CarLotz’s guests in the capital city with easy access to its service, value, and inventory. The hub is expected to open in the coming months.

LOTZ expansion in Texas

On July 29, 2021, CarLotz announced opening a second hub in Texas. Located at 1001 Preston Road in Plano, the hub will provide CarLotz’s guests in the greater Dallas area with easy access to its service, value, and inventory. The hub is expected to open later this year.

LOTZ arrived in Colorado

On July 26, 2021, CarLotz (LOTZ), opened its first hub in Colorado. Located at 8120 West Tufts Avenue, the hub will serve guests throughout the greater Denver community and beyond.

CarLotz continues its rapid expansion, providing its full omnichannel offerings to guests in California, Colorado, Florida, Illinois, North Carolina, Tennessee, Texas, Virginia and Washington State as well as Georgia and Missouri (both coming soon).

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Conclusion

The withdrawing financial guidance for FY 2021 and reporting a net loss for Q2 2021 were the reasons behind its turnaround in the after-hours on Monday and LOTZ stock can further go down in the coming days.

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