Getaround, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting a mixed performance in revenue and losses compared to the previous fiscal period. The company, which operates a peer-to-peer car-sharing platform, experienced a decline in service revenue for Q3 2024, totaling $22.1 million, down 5% from $23.4 million in Q3 2023. Total revenues for the same period decreased by 6% to $22.4 million from $23.8 million, primarily due to the suspension of operations in New York State and lower U.S. car-sharing revenue.

For the nine months ended September 30, 2024, total revenues increased by 8% to $58.1 million, compared to $53.9 million in the prior year. Service revenue for this period also rose by 8% to $57.2 million, driven by incremental revenue from the 2023 business combination, although this was partially offset by the aforementioned operational suspension and lower revenue from the launch of the Getaround TrustScore.

Operating expenses for Q3 2024 were reduced to $38.9 million from $42.9 million in Q3 2023, contributing to a narrower loss from operations of $16.5 million, an improvement from a loss of $19.1 million in the prior year. The net loss for Q3 2024 was $15.5 million, significantly lower than the $27.3 million loss reported in Q3 2023. For the nine-month period, the net loss decreased to $58.5 million from $80.4 million in the previous year.

The company’s cash position improved, with cash and cash equivalents rising to $30.8 million as of September 30, 2024, compared to $15.6 million at the end of 2023. However, Getaround indicated that it may need to raise additional capital to sustain operations, raising concerns about its ability to continue as a going concern.

Strategically, Getaround completed an acquisition of assets from HyreCar Inc. for $8.13 million in May 2023, aimed at enhancing its presence in the Mobility as a Service sector. The company also faced significant challenges, including the delisting of its common stock from the NYSE in August 2024 due to non-compliance with market capitalization requirements, leading to trading on the OTCQB Venture Market.

Overall, while Getaround showed some revenue growth in the nine-month period, it continues to grapple with operational challenges and financial losses, necessitating careful management of its resources and potential capital raises.