Carlotz Inc (NASDAQ: LOTZ) stock fell over 4.8% on 16th March, 2021 (as of 10:27:53 UTC-4 · USD; Source: Google finance) after the company posted mixed results for the fourth quarter of FY 20. The company has reported Net Loss attributable to common shareholders of $(4.8) million in the fourth quarter 2020 versus $(4.6) million in the prior year period. Meanwhile, the Company has completed its merger transaction with Acamar Partners on January 21, 2021. As a result of the transaction, the Company has raised $315 million of net cash to fund its growth plans for the foreseeable future. Further, the company has expanded multi-faceted strategic relationship with Ally Financial, as announced on March 11, 2021
LOTZ in the fourth quarter of FY 20 has reported the adjusted loss per share of $1.30, missing the analysts’ estimates for the adjusted loss per share of $1.23. The company had reported the adjusted revenue growth of 40 percent to $37 million in the fourth quarter of FY 20, beating the analysts’ estimates for revenue of $26.4 million. Adjusted EBITDA was $(3.9) million compared to $(2.6) million in the fourth quarter of 2019
For the first quarter of 2021, the Company expects three hub openings (Seattle, Orlando and Nashville), Retail Units Sold in the range of 1,900 to 2,100, Net Revenue to be in the range of $42 to $46 million, Gross Profit to be in the range of $1.6 to $2.0 million, Retail GPU to be in the range of $1,300 to $1,500, SG&A expenses to be in the range of $17 to $19 million and Net Loss to be in the range of $(16) to $(15) million.
For 2021, the Company expects 14 to 16 hub openings (includes Seattle, Orlando and Nashville), most of which are expected to open in the back half of the year, Retail Units Sold of 18,000 to 20,000 with 13,000 to 15,000 in the second half of year, Net Revenue to be in the range of $335 to $375 million, Gross Profit to be in the range of $30 to $37 million, Retail GPU to be in the range of $1,800 to $2,000, SG&A expenses to be in the range of $107 to $112 million, Depreciation expense to be in the range of $3 to $4 million, Interest expense to be in the range of $400,000 to $500,000, Net Loss to be in the range of $(87) to $(74) million and Capital expenditures to be in the range of $45 to $50 million.