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carlotz CarLotz Announces Second Quarter 2021 Financial Results August 9 , 2021 Unit Sales Grew 46 % to 2,009 , Ahead of Expectations Revenue Growth of 92 % to $ 50.8 million Record Gross Profit of $ 4.2 million and GPU Ahead of Expectations Withdraws Previously Provided 2021 Outlook due to Channel Constraints RICHMOND , Va . , Aug. 09 , 2021 ( GLOBE NEWSWIRE ) -- CarLotz , Inc. ( " CarLotz " or the " Company " ) , a leading consignment - to - retail used vehicle marketplace , today announced financial results for the second quarter ended June 30 , 2021 . Highlights of Second Quarter 2021 Financial Results • Net revenues increased 92 % to $ 50.8 million from $ 26.4 million in the same period in 2020 • Gross Profit increased 53 % to $ 4.2 million from $ 2.7 million in the prior year period • Retail Gross Profit per Unit ( " Retail GPU " ) increased 17 % to $ 2,175 from $ 1,858 in the prior year period • Retail unit sales were 2,009 compared to 1,376 in the prior year period , an increase of 46 % • Net Loss attributable to common shareholders was $ ( 7.2 ) million , or $ ( 0.06 ) per diluted share , for the second quarter 2021 versus $ ( 0.2 ) million , or $ ( 0.00 ) per diluted share in the prior year period Adjusted EBITDA was $ ( 15.2 ) million compared to $ ( 0.3 ) million in the second quarter of 2020 " We are very pleased with our second quarter results , having met our unit guidance and significantly outperforming our GPU guidance , " said Michael Bor , Co - Founder and CEO of CarLotz . " Despite a dynamic operating environment , the quarter was highlighted by record Gross Profit and four new hub openings , in addition to the announcement of the opening of six additional hubs . I am extremely proud of the hard work and commitment demonstrated by the entire team over the last six months since we became a public company , including doubling our number of hub locations , hiring experienced talent across the company , and executing on significant technology and marketing initiatives to provide a structure to support significant growth . " Mr. Bor continued , " Looking ahead to the second half of the year , we recognize the macro environment remains challenging to our business model and we will continue to make the strategic and tactical investments necessary to further establish the base on which to scale into a nationwide vehicle consignment and sales marketplace . To that end , we remain very confident in our long - term consignment strategy and value proposition and are intensely focused on driving long - term value for all our stakeholders . " Fiscal 2021 Outlook As a result of the continued disruption caused by the chip shortage and the corresponding lack of visibility into the wholesale market and commercial vehicle sourcing , the Company is withdrawing its previously provided financial outlook for fiscal 2021 at this time . Qualitatively , the Company expects to see unit growth in the third quarter over the second quarter of 2021. Additionally , we have seen gross profit compression in the third quarter to date compared to the second quarter and we expect it to continue through the end of the year as a result of the Company's reliance on competitively - sourced owned inventory until consignment volumes increase . Webcast and Conference Call Information A conference call to discuss the second quarter 2021 financial results is scheduled for today , August 9 , 2021 at 5:30 pm ET . Interested parties may listen to the conference call via telephone by dialing 1-833-962-1461 , or for international callers , 1-929-517-0392 . A telephone replay will be available until 11:59 pm ET on August 16 , 2021 and can be accessed by dialing 1-855-859-2056 , or for international callers , 1-404-537-3406 and entering replay Pin number : 9089546 . The conference call webcast will be available at www.investors.carlotz.com . About CarLotz , Inc. CarLotz is a used vehicle consignment and Retail Remarketing TM business that provides our corporate vehicle sourcing partners and retail sellers of used vehicles with the ability to access the previously unavailable retail sales channel , while simultaneously providing buyers with prices that are , on average , below those of traditional dealerships . Our mission is to create the world's greatest vehicle buying and selling experience . We operate a technology - enabled buying , sourcing , and selling model that offers a seamless omnichannel experience and comprehensive selection of vehicles , while allowing for a fully contactless end - to - end e - commerce interface that enables no - hassle buying and selling . Our proprietary Retail Remarketing TM technology provides our corporate vehicle sourcing partners with real - time performance metrics and data analytics , along with custom business intelligence reporting that enables price and vehicle triage optimization between the wholesale and retail channels . Through our marketplace model , we generate significant value for both sellers and buyers through price , selection , and experience .