ACV Auctions Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company achieved total revenue of $171.3 million for the three months ended September 30, 2024, a 44% increase from $119.0 million in the same period of 2023. Marketplace and service revenue also rose to $155.9 million, up from $104.5 million, driven by increased auction marketplace revenue and higher transportation arrangement revenue.

For the nine months ended September 30, 2024, total revenue reached $477.6 million, compared to $362.9 million in the prior year, marking a 32% increase. Marketplace and service revenue for this period was $429.8 million, up from $318.8 million, reflecting a 35% growth. The increase in revenue was attributed to higher auction marketplace activity, with auction marketplace revenue rising to $227.7 million from $159.9 million year-over-year.

Despite the revenue growth, ACV Auctions reported a net loss of $16.0 million for the three months ended September 30, 2024, an improvement from a net loss of $18.2 million in the same quarter of 2023. For the nine-month period, the net loss was $53.6 million, slightly higher than the $52.0 million loss reported in the same period of the previous year. The company’s operating expenses increased to $188.5 million for the third quarter, up from $141.3 million, primarily due to higher personnel-related costs and stock-based compensation.

The company completed four acquisitions during the nine months ended September 30, 2024, compared to two in the same period of 2023. Notable acquisitions included Alliance Auto Auctions for approximately $75.5 million and another business for $51.6 million. These acquisitions are expected to enhance ACV's service offerings and market presence.

As of September 30, 2024, ACV Auctions reported total assets of $1.03 billion, an increase from $922.9 million at the end of 2023. Cash and cash equivalents rose to $252.5 million, while total liabilities increased to $578.1 million. The accumulated deficit grew to $476.2 million, reflecting ongoing investments and operational losses.

The company’s adjusted EBITDA for the third quarter was $11.2 million, a significant improvement from a loss of $3.7 million in the same quarter of 2023. This positive shift indicates improved operational efficiency and revenue generation capabilities. The company continues to focus on expanding its marketplace units and enhancing customer engagement to drive future growth.