Getaround, a global carsharing marketplace, has reported its financial performance and business developments for the year ended December 31, 2023. The company, which operates a proprietary technology platform for carsharing, has not paid any cash dividends on its common stock and does not expect to pay dividends in the foreseeable future due to reinvestment of earnings and restrictions from the Convertible Notes Indenture. Getaround's platform supports approximately 2.0 million unique guests and 80,000 active cars across 1,000 cities in 8 countries, facilitating around 7.9 million carsharing trips and generating over $520 million for hosts. Despite exiting the New York market, which is expected to impact annualized service revenue by $5 million to $7 million, the company has seen a net improvement in annualized trip contribution profit by an estimated...Show More

Getaround, a global carsharing marketplace, has reported its financial performance and business developments for the year ended December 31, 2023. The company, which operates a proprietary technology platform for carsharing, has not paid any cash dividends on its common stock and does not expect to pay dividends in the foreseeable future due to reinvestment of earnings and restrictions from the Convertible Notes Indenture. Getaround's platform supports approximately 2.0 million unique guests and 80,000 active cars across 1,000 cities in 8 countries, facilitating around 7.9 million carsharing trips and generating over $520 million for hosts. Despite exiting the New York market, which is expected to impact annualized service revenue by $5 million to $7 million, the company has seen a net improvement in annualized trip contribution profit by an estimated $2 million. Getaround has also settled litigation with Broadspire Services, resulting in a net payment to the company of approximately $10.3 million. The company has engaged in additional financing activities, including amending and restating a super priority note to an aggregate principal amount of $40,303,393, maturing on August 7, 2026. Getaround's future plans include leveraging its technology platform and scaled network to provide a differentiated product offering and grow its marketplace globally. However, the company acknowledges the need for additional equity or debt financing to support its operations and growth, as it has incurred cumulative losses and expects to continue incurring losses for the foreseeable future.