Car Vending Machine company announces first positive net income quarter
Source Carvana Co.
Carvana Co. (NYSE: CVNA), an e-commerce platform for buying and selling used cars, announced financial results for its 2021 second quarter, ended June 30. Retail units sold were 107,815, an increase of 96% year over year.
"This was a landmark quarter for Carvana. We delivered over 100,000 cars in the quarter growing 96% vs. a year ago and reported our first positive net income quarter,” said Carvana founder and chief executive Ernie Garcia.
“This quarter we were also named to the Fortune 500 list, becoming one of the four-fastest companies to ever make the list with organic growth," Garcia added. "We are extremely proud of this milestone and even prouder of the team that has made all of this possible.”
KEY POINTS
- Revenue of $3.336 billion, an increase of 198% YoY.
- Total Gross Profit of $552 million, an increase of 268% YoY.
- Net Income of $45 million, up from $(106) in the prior year period.
- EBITDA of $112 million, up from $(69) in the prior year period.
Carvana's iconic vending machine concept allows customers to buy their cars and secure auto financing entirely online, then select a day and time convenient for them to pick up their vehicle at the Car Vending Machine. The company currently operates 24 vending machines.
