Getaround, Inc.

Q2 2024 revenue was $18.6 million, flat versus Q2 2023. Gross booking value fell 1% to $53 million, and trips declined to 235,000 from 257,000 in Q2 2023. Gross margin from service revenue improved to 88%, up 300 basis points year over year, while trip contribution margin rose from 43% to 53%. Trip contribution profit was $9.7 million, up 23% year over year, and adjusted EBITDA loss improved to $11.4 million from $22.4 million a year ago. Operating expenses were $40.7 million, down $6.6 million year over year. No explicit next-quarter or full-year numeric guidance was given; management said the remainder of 2024 will focus on sustaining margin improvement and growing in markets and segments with profitable unit economics, with 2025 global platform implementation expected to support top-line growth.

Eduardo Iniguez framed the quarter as evidence that the company’s reset is starting to work, pointing to operational streamlining, margin improvement, and a sharper focus on profitable growth rather than growth at any cost. He highlighted Connect technology, TrustScore, a global platform, and the team’s restructuring as the main strategic pillars, and said Getaround will keep pursuing partnerships, gig expansion, and AI-enabled features. His tone was cautiously optimistic: he stressed that the company still faces market and regulatory challenges, but said the business is moving toward a sustainable model.

Patricia Huerta focused on the financial turnaround in the quarter, citing flat revenue at $18.6 million, gross margin from service revenue of 88%, trip contribution profit of $9.7 million, and an adjusted EBITDA loss of $11.4 million. She said operating expenses fell to $40.7 million, down $6.6 million year over year, mainly from lower marketing, operations, support, and G&A spending. She also noted cash of $30.9 million at quarter-end and said the company added $20 million of cash in July using the existing Mudrick Capital debt facility.

On the NYSE issue, management said Getaround has been out of compliance for some time, withdrew its appeal, and will remain a public company while focusing on SEC requirements and operational reset; they said exchange options can be revisited later. On growth, Eduardo said the company will balance cost discipline with profitable expansion, leaning on repeat usage, Connect convenience, geographic expansion, and longer-distance rentals. He also said AI could improve liquidity, personalization, risk pricing, and customer support, but gave no quantified rollout plan.