Retail

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.

For an update on how the coronavirus pandemic has affected kiosks, click here.