Getaround Inc (GETR) News & EventsGETRGetaround Inc

Getaround announce wind-down of U.S. operations

Getaround announced that it has plans to commence an orderly wind-down of its U.S. business operations, which includes its car-share and HyreCar businesses. Getaround's European business will continue operating to provide car-sharing services for customers in all current European markets. Getaround, together with its financial and legal advisors, engaged in an extensive analysis of all available alternatives to identify a solution that would allow the U.S. business to continue. The company ultimately determined that an orderly wind-down of the U.S. business is necessary to maximize the value of Getaround's assets for all stakeholders.

Getaround reports Q3 EPS (15c) vs. (29c) last year

Reports Q3 revenue $22.4M vs. $23.8M last year. "We believe Getaround continues to gain momentum following our restructuring efforts, positioning the Company for what we expect will be its most successful year to date," said AJ Lee, Interim CEO. "While revenue in the third quarter saw a minor decrease compared to 2023, primarily attributable to the planned suspension of operations in New York State, the Company demonstrated sequential top-line growth from the second quarter. This growth - coupled with an 18% reduction in Adjusted EBITDA loss on a year-over-year basis - underscores the effectiveness of our operational execution and a focus on cost optimization that we believe puts us on a secure trajectory for sustainable and profitable growth."