Shift Technologies Stock Gains After Q2 Beat, Raised FY21 Outlook

Shift Technologies Inc SFT reported second-quarter FY21 sales growth of 377% year-on-year, to $154.9 million, beating the analyst consensus of $125.6 million.
Total units sold were 7,815, a rise of 240% Y/Y, with the e-commerce channel growing 222% to 5,871 units.
Adjusted gross profit of $16.5 million increased 345.9% Y/Y.
The operating loss widened to $(33.4) million.
The company held $239 million in cash and equivalents as of June 30, 2021.
Adjusted EBITDA loss was $(26.1) million, versus $(10.5) million last year.
Loss per share of $(0.41) beat the analyst consensus of $(0.44).
Outlook: Shift Technologies sees FY21 sales of $575 million - $595 million (prior $480 million - $520 million) versus the consensus of $504.4 million.
The company sees Q3 sales of $155 million - $170 million, versus the consensus of $133.99 million.
Shift Technologies expect a Q3 adjusted EBITDA loss of $(36) million - $(34) million.
Price Action: SFT shares are trading higher by 7.93% at $10.07 in premarket on the last check Wednesday.