Carvana reports Q3 adjusted EBITDA of $148M

Reports Q3 revenue $2.77B, consensus $2.78B. In Q3 2023, Carvana sold 80,987 retail units for total revenue of $2.773B “while demonstrating continued significant progress on its path to profitability,” the company stated. “We have always believed Carvana will be the largest and most profitable automotive retailer, and our focus on unit economics over the past several quarters led to Q3 results that clearly validate the differentiation and profitability potential of our business model,” says Ernie Garcia, Carvana Founder and CEO. “For the second consecutive quarter, we delivered GPUs that far exceed our 2021 high water marks and generated hundreds of millions of positive net income and Adjusted EBITDA despite a challenging industry environment. While our focus today remains on continuing to drive operating efficiency and even stronger unit economics, we are incredibly well positioned for a return to profitable growth when the time is right as evidenced by the operating leverage we realized in Q3 and the substantial infrastructure we have built to support efficient scaling.”