Faster Than Expected Progress - Carvana Confident About Its Plan To Drive Profitability

Carvana Co CVNA said it expects to achieve Adjusted EBITDA above $50 million in the second quarter of 2023.

CVNA sees Non-GAAP total gross profit per unit (GPU) to be above $6,000, an 63% improvement compared to the second quarter 2022.

In its Q1, the company reported a GPU of $4,303, an increase of 52% Y/Y, and reported Adjusted EBITDA loss of $(24) million.

While announcing its Q1 results, the company said it expected to achieve positive Adjusted EBITDA in Q2 2023.

Loans sold or securitized quarter-to-date total approximately $2 billion, compared to $1.3 billion sold or securitized quarter-to-date as of May 4th, 2023.

"Our record-breaking 2023 first quarter is evidence that our strategy is working, and our updated Q2 2023 outlook demonstrates that our progress continues to positively impact the business even faster than expected," said founder and CEO Ernie Garcia.

Price Action: CVNA shares are trading higher by 44% at $22.4 on the last check Thursday.