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lyn Lyft Announces Strong Third Quarter Results Q3 revenue of $ 864.4 million grew 73 % year - over - year Q3 net loss significantly narrowed Adjusted EBITDA profitable for the second quarter in a row SAN FRANCISCO , CA , November 2 , 2021 - Lyft , Inc. ( Nasdaq : LYFT ) today announced financial results for its third quarter ended September 30 , 2021 . Exhibit 99.1 " We had a great quarter . Driver supply materially improved in Q3 , up nearly 45 % versus last year , reflecting strong new driver trends , " said Logan Green , co - founder and chief executive officer of Lyft . " We are well positioned for a continued recovery and I'm excited to build on the momentum in our business . " ● " In Q3 we achieved record Revenue Per Active Rider as ride frequency increased . We also hit a new all - time high Contribution Margin and posted our second consecutive quarter of Adjusted EBITDA profitability , which is a demonstration of the strong leverage in our operating model , " said Brian Roberts , chief financial officer of Lyft . " Given our success onboarding new drivers and expected supply tailwinds , we anticipate our service levels will naturally improve in Q4 and lead to lower prices . " ● Third Quarter 2021 Financial Highlights Lyft reported Q3 revenue of $ 864.4 million versus $ 499.7 million in the third quarter of 2020 , an increase of 73 percent year - over - year , and versus $ 765.0 million in the second quarter of 2021 , an increase of 13 percent quarter - over - quarter . Net loss for Q3 2021 was $ 71.5 million versus a net loss of $ 459.5 million in the same period of 2020 and a net loss of $ 251.9 million in second quarter of 2021. Net loss for Q3 includes $ 203.3 million of stock based compensation and related payroll tax expenses . Net loss margin for Q3 was 8.3 percent compared to 92.0 percent in the third quarter of 2020 and 32.9 percent in second quarter of 2021 . Adjusted net income for Q3 2021 was $ 17.8 million versus an Adjusted net loss of $ 280.4 million in the third quarter of 2020 and an Adjusted net loss of $ 18.0 million in the second quarter of 2021 . Lyft reported Contribution for Q3 2021 of $ 513.6 million versus $ 248.8 million in the third quarter of 2020 , up 106 percent year - over - year and up 14 percent from $ 452.0 million in Q2 2021. We achieved a new record Contribution Margin of 59.4 percent during the quarter , which was up nearly 10 percentage points year - over - year . Contribution Margin for Q3 2021 also exceeded the Company's outlook of 58.5 to 59 percent¹ . Adjusted EBITDA for Q3 2021 was $ 67.3 million , marking the Company's second consecutive quarterly Adjusted EBITDA profit . The Q3 result was an improvement of $ 307.0 million compared to the third quarter of 2020 and $ 43.5 million compared to the second quarter of 2021. Adjusted EBITDA for Q3 2021 also exceeded the Company's most recent outlook for its Adjusted EBITDA² . Adjusted EBITDA margin for Q3 2021 was positive 7.8 percent versus the Adjusted EBITDA margins of negative 48.0 percent in the third quarter of 2020 and positive 3.1 percent in the second quarter of 2021 . On July 13 , 2021 , Lyft completed a transaction with Woven Planet Holdings , Inc. ( " Woven Planet " ) , a subsidiary of Toyota Motor Corporation , for the divestiture of certain assets related to Lyft's self driving vehicle division , Level 5. As part of the transaction , Lyft entered into multi - year non - exclusive commercial agreements with Woven Planet to help accelerate the development and enhance the 1 Company outlook for Contribution Margin for the third quarter of 2021 as reported during the second quarter 2021 Financial Results Earnings Call on August 3 , 2021 . 2 Company outlook for Adjusted EBITDA for the third quarter of 2021 was between $ 25 million and $ 35 million as reported during the second quarter 2021 Financial Results Earnings Call on August 3 , 2021 .