Summary by Moomoo AI
On May 9, 2024, Getaround, Inc., a carsharing marketplace, reported its financial results for the first quarter of 2024, which ended on March 31, 2024. The company announced a significant increase in total revenues, up 49% year-over-year to $17.2 million, and a 41% increase in Gross Booking Value to $44.9 million. Despite these gains, Getaround reported a GAAP Net Loss of $31.0 million, which is a 36% decrease from the previous year, and an Adjusted EBITDA loss of $15.3 million, a 23% improvement from the prior year. The company has undergone a leadership transition and has raised additional capital to support operations into 2025. Getaround has also streamlined operations, including integrating its North American operations into its global platform and exiting unprofitable markets, such as suspending consumer carsharing in New York State due to high insurance costs. The company's CFO, Tom Alderman, expressed optimism for the growth of the Gig business, driven by the HyreCar asset acquisition in May 2023, and anticipates ongoing cost improvements from recent restructuring initiatives throughout the remainder of 2024.