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Carvana boosts Q4 and FY 2021 sales, improves losses

Image courtesy of Carvana.

February 28, 2022

Carvana Co., an e-commerce platform for buying and selling used cars that offers a car vending machine, lifted sales for Q4 and FY 2021 while improving its losses, according an earnings release. Highlights include:

• The company sold 113,016 retail units in Q4 2021, a 57% gain over Q4 2020, representing $3.75 billion in revenue, a 105% increase.
• Net loss for the quarter was $182 million, a gain of $154 million.
• Basic and diluted net loss per Class A share was $1.02.
• For the full year, the company sold 425,237 units, a 74% gain over 2020, representing $12.81 billion, a 129% gain over 2020.
• Net loss was $287 million for 2021, an improvement of $462 million.
• Basic and diluted loss per Class A share was $1.63.
• Gross profit per unit rose from $3,252 to $4,537 for the year.
• The number of car vending machines rose from 27 to 30 in 2021.

Shares traded at $152.57 Friday against a 52-week range of $107.50-$376.83.

"2021 was a year full of meaningful milestones. We sold our 1 millionth car, achieved our first positive earnings quarter, and became the fastest growing e-commerce company in U.S. history," Ernie Garcia, founder and CEO, said in a press release."

In 2022, the company expects to grow retail units sold to over 550,000.