Carvana Co, the online used auto retailer, has released its Q1 2023 financial results, indicating total gross profit per unit had increased by 52% YoY.
The firm also achieved its SG&A reduction target, a year early, resulting in an annualised reduction of $1bn.
The company predicts a positive adjusted EBITDA for Q2 2023 and reported an adjusted EBITDA margin improvement of 9.4% YoY. Retail units sold of 79,240 were reported, a 25% decrease YoY, attributed to internal prioritisation of profitability initiatives.