Summary by Moomoo AI
Getaround, Inc., a global carsharing marketplace, reported a net loss of $30.965 million for the first quarter ended March 31, 2024, compared to a net loss of $22.799 million for the same period in 2023. The basic and diluted net loss per share increased to $0.32 from $0.25 year-over-year. Despite the net loss, the company's service revenue grew by 50% to $16.806 million, driven by the acquisition of HyreCar Inc.'s assets and improvements in revenue management. The company's total revenues increased by 49% to $17.156 million. Getaround's operating expenses also rose, with a notable increase in insurance and claims expenses due to the HyreCar acquisition. The company's Adjusted EBITDA loss improved by 23% to $15.282 million. Getaround's platform supports approximately 2.1 million unique guests and has about 75,000 active cars across 8 countries. The company has facilitated around 8.1 million carsharing trips and hosts have earned over $540 million via the marketplace. Getaround's future plans include focusing on improving unit economics and operational efficiency. The company's liquidity position includes cash and cash equivalents of $24.5 million as of March 31, 2024.