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Getaround Inc. (GETR-4.82%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports total revenues of $22,387,000 for the quarter, a decrease from $23,799,000 in the same quarter of the previous year. The decrease in revenue is attributed to the suspension of operations in New York State and reduced revenue from U.S. carsharing operations.
Cost of revenue for the quarter was $1,728,000, representing 8% of total revenues, consistent with the previous year's percentage.
Sales and marketing expenses increased to $5,197,000 from $4,118,000, reflecting planned marketing spend.
Operations and support expenses decreased to $15,255,000 from $16,874,000, primarily due to a reduction in compensation expenses and other operational improvements.
Technology and product development expenses decreased to $3,686,000 from $4,156,000, primarily due to a decrease in compensation expenses.
General and administrative expenses decreased to $11,103,000 from $11,662,000, with notable reductions in office rent and bad debt expenses.
Depreciation and amortization expenses decreased to $1,911,000 from $4,135,000, due to the full amortization of certain intangible assets and the disposal of fixed assets.
The company reported a net loss of $15,524,000 for the quarter, compared to a net loss of $27,346,000 in the previous year.
Adjusted EBITDA for the quarter was a loss of $9,252,000, an improvement from a loss of $11,277,000 in the previous year, driven by reductions in operating expenses.
As of September 30, 2024, Getaround had $30,797,000 in cash and cash equivalents. The company acknowledges its need for additional capital to continue operations and address its going concern status.
The filing also details legal proceedings, including settlements with Broadspire Services, Inc. and iHeartMedia (IHRT-2.98%), and the termination of the lease for its San Francisco office.
Getaround's stock was delisted from the NYSE and is now quoted on the OTCQB Venture Market under the symbol 'GETR'.
The company continues to focus on expanding its carsharing marketplace and managing operational costs.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Getaround Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.