TrueCar reports Q1 EPS (6c), consensus (2c)

Reports Q revenue $41.1M, consensus $41.02M. TrueCar stated in its letter to investors: “In Q1, we continued to deliver. We delivered double-digit revenue growth year over year, significantly reduced our net loss, and achieved positive adjusted EBITDA. Q1 revenue grew 11% YoY driven by growth in our core dealer business and the continued strength of OEM incentive revenue. Meanwhile, our net loss decreased to $5.8M from $19.6M in Q1 2023 and we achieved adjusted EBITDA profitability of $0.9M, a $12.3M improvement YoY. Moreover, the supportive macro trends that we highlighted in the prior quarter – namely the normalization of new vehicle inventory and average days supply – have continued their upward trajectory in Q1, reinforcing that franchise dealers increasingly need access to TrueCar’s robust audience of new vehicle shoppers.”