Shift Grows Revenue 200% in Q3'2021, Raises Guidance for 2021
Achieved record revenue and units sold levels in the third quarter; year-over-year growth of 200% and 100%, respectively
Total Gross Profit of $13.0 million, an increase of 248% year-over-year
Projecting 151% year-over-year Q4'2021 revenue growth, at the midpoint of management guidance range
Management raises full-year revenue guidance to $621 million - $629 million, over 3x year-over-year growth at the midpoint of the range
SAN FRANCISCO, Nov. 11, 2021 (GLOBE NEWSWIRE) -- Shift Technologies, Inc. (Nasdaq: SFT), a leading end-to-end ecommerce platform for buying and selling used cars, today reported third quarter financial results for the period ended September 30, 2021. Management’s commentary on third quarter financial results and fourth quarter and full year 2021 outlook 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 third quarter was another exceptional quarter for Shift. We delivered 3x year-over-year revenue growth, while continuing to improve operating leverage. The operational excellence of our team allowed us to effectively navigate through the unique and challenging market conditions,” said Co-CEO and Co-Founder Toby Russell.
“Our commitment to providing a world-class used car buying and selling experience to our customers continues to be our focus, and it is clear that our business model is resonating with customers,” added Co-CEO and Co-Founder George Arison. “As a result, we are again raising our revenue guidance for the year, and we will continue our work to build Shift into a leading, transformative platform for auto sales.”
Conference Call Information
Shift senior management will host a conference call today to discuss the Company’s Q3'2021 financial results and fourth 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 Thursday, November 18, 2021, and can be accessed by dialing (855) 859-2056 or (404) 537-3406 and entering the passcode 5778317.
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:
Coralyn Lee
press@shift.com
Source: Shift Technologies, Inc.
