Shift Grows Revenue 107% in Q1'2022, Reiterates Guidance for 2022
May 10 2022 - 4:05PM
Shift Technologies, Inc. (Nasdaq: SFT), a leading end-to-end
ecommerce platform for buying and selling used cars, today reported
first quarter financial results for the period ended March 31,
2022. Management’s commentary on first quarter financial results
and outlook for the second quarter and full year 2022 can be found
by accessing the Company’s shareholder letter on
investors.shift.com, or by listening to today’s conference call. A
live audio webcast will also be available on Shift’s Investor
Relations website.
“The first quarter represented solid execution by
our team in a challenging operating environment. We more than
doubled revenue against the prior year period to $220 million,”
said CEO and Co-Founder George Arison. “In 2022, we are focused on
balancing growth and profitability, which includes driving
operational efficiencies, cost savings, and improving our liquidity
position. I’d like to thank our employees for their tremendous
commitment and resilience despite a challenging used car
market.”
Conference Call Information
Shift senior management will host a conference call
today to discuss the Company’s Q1'2022 financial results and second
quarter outlook. This call is scheduled to begin at 2:00 pm PT /
5:00 pm ET and can be accessed by dialing (833) 614-1395 or (914)
987-7116. To listen to a live audio webcast, please visit Shift’s
Investor Relations website at investors.shift.com. A telephonic
replay of the conference call will be available until Tuesday, May
17 2022, and can be accessed by dialing (855) 859-2056 or (404)
537-3406 and entering the passcode 1275604.
About Shift
Shift is a leading end-to-end auto ecommerce
platform transforming the used car industry with a
technology-driven, hassle-free customer experience. Shift’s mission
is to make car purchase and ownership simple — to make buying or
selling a used car fun, fair, and accessible to everyone. Shift
provides comprehensive, digital solutions throughout the car
ownership lifecycle: finding the right car, having a test drive
brought to you before buying the car, a seamless digitally-driven
purchase transaction including financing and vehicle protection
products, an efficient, digital trade-in/sale transaction, and a
vision to provide high-value support services during car ownership.
For more information, visit www.shift.com. The contents of our
website are not incorporated into this press release.
Forward-Looking Statements
This document includes “forward looking statements”
within the meaning of the “safe harbor” provisions of the United
States Private Securities Litigation Reform Act of 1995.
Forward-looking statements may be identified by the use of words
such as “forecast,” “intend,” “seek,” “target,” “anticipate,”
“believe,” “expect,” “estimate,” “plan,” “outlook,” and “project”
and other similar expressions that predict or indicate future
events or trends or that are not statements of historical matters.
Such forward looking statements include estimated financial
information. Such forward looking statements with respect to
revenues, earnings, performance, strategies, prospects and other
aspects of Shift’s business are based on current expectations that
are subject to risks and uncertainties. A number of factors could
cause actual results or outcomes to differ materially from those
indicated by such forward looking statements. These factors
include, but are not limited to: (1) Shift’s ability to sustain its
current rate of growth, which may be affected by, among other
things, competition, Shift’s ability to grow and manage growth
profitably, maintain relationships with customers and suppliers and
retain its management and key employees; (2) changes in applicable
laws or regulations; (3) the possibility that Shift may be
adversely affected by other economic, business, and/or competitive
factors; (4) the operational and financial outlook of Shift; (5)
the ability for Shift to execute its growth strategy; (6) Shift’s
ability to purchase sufficient quantities of vehicles at attractive
prices; and (7) other risks and uncertainties indicated from time
to time in other documents filed or to be filed with the SEC by
Shift. You are cautioned not to place undue reliance upon any
forward-looking statements, which speak only as of the date made.
Shift undertakes no commitment to update or revise the
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required by law.
Investor Relations Contact:
Drew Haroldson, The Blueshirt Group
IR@shift.com
Media Contact:
press@shift.com
Source: Shift Technologies, Inc.
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