Shift Technologies reports Q4 EPS $1.25, consensus ($4.68)

Reports Q4 revenue $65.6M, consensus $73.2M. Reports Total retail units sold were 2,520. Gross profit per unit was $895; Adjusted gross profit per unit1 was $1,041."2022 was a year of significant change for Shift," said CEO Jeff Clementz. "Given market dynamics of the auto industry and capital markets, we adjusted our strategy to prioritize balance sheet health, reduce cash burn, and accelerate our path to profitability. During the fourth quarter, we closed our merger with CarLotz and began our transition to an omnichannel selling model which is now complete. We also continue to invest in our technology and marketplace to improve the customer experience and expand our business. Given the structural changes to our strategy, we expect sequential improvement in financial performance each quarter in 2023."Net income was $13M or 20% of revenue, compared to a net loss of $75.8M or 47% of revenue in the third quarter of 2022. Net income for the fourth quarter includes a gain on bargain purchase of $76.7M related to the acquisition of CarLotz, Inc. Adjusted EBITDA1 loss was $25.5M 38.9% of revenue, compared to $30M or 18.5% of revenue in the third quarter of 2022.