Vending

Carvana lifts Q1 2022 sales, widens loss

Image courtesy of Carvana.

April 21, 2022

Carvana, an e-commerce platform for buying and selling used cars online that offers a car vending machine, reported a higher loss despite improved sales for Q1 2022, according to a letter to shareholders. Highlights include:

• Revenue rose 56% from $2.2 billion in Q1 2021 to $3.5 billion in Q1 2022.
• The company's net loss rose from $82 million in Q1 2021 to $506 million in Q1 2022.
• Basic and diluted loss per Class A share was $2.89.
• Retail units sold totaled 105,185, a 14% gain over the prior comparative quarter.

Shares traded at $87.52 today against a 52-week range of $83-$95.

"Q1 was a unique environment," Ernie Garcia, founder and CEO of Carvana, said in a press release. "Omicron, high used vehicle prices, rapid changes in interest rates and other macro factors impacted Carvana and the used vehicle industry as a whole."

The company expects to continue to gain significant market share in 2022 through continued growth in retail units and revenue.

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