Shift Technologies, Inc.

Total revenue in the second quarter was $47.3 million. Retail units sold were 1,998 and wholesale units sold were 187. Adjusted GPU was $1,522, including F&I and other components of $865, which the company said remained pressured by a difficult financing environment and high interest rates. Adjusted SG&A was $23.6 million versus $28.3 million in the first quarter, a 17% sequential improvement. Adjusted EBITDA loss was $20.6 million, a 14% improvement from Q1. Cash and cash equivalents ended at $32.2 million. Looking ahead, management said SG&A should decline in future quarters from the restructuring and other productivity initiatives, with the restructuring plan alone expected to reduce SG&A by approximately $14 million annually. No revenue or profit guidance was provided.

Ayman Moussa said his focus since joining in June has been to urgently improve results, reduce cash burn, and raise additional capital to reach positive unit economics and profitability. He argued the business had become too complex, too geographically stretched, and distracted by repeated strategy changes, while also facing a difficult macro backdrop of high interest rates and elevated used-car prices. His tone was direct and urgent, emphasizing simplification, local market focus, and a return to core used-car fundamentals.

Oded Shein walked through the quarter’s numbers and highlighted the company’s cost actions. He cited $47.3 million of revenue, $1,522 of adjusted GPU, $23.6 million of adjusted SG&A, and a $20.6 million adjusted EBITDA loss, while noting cash and cash equivalents of $32.2 million at quarter-end. He also said other cash uses included working capital, interest expense, and costs tied to closed hubs and debt restructuring, and added that the Ally floor-plan amendment removed the minimum liquidity covenant to give the company more flexibility.

There was no analyst Q&A because management said it would not take questions due to the ongoing review of strategic alternatives. Instead, management used the call to address liquidity directly, saying it is evaluating all avenues to raise additional capital, including negotiations with existing debt holders. The board-led strategic alternatives process remains ongoing, and updates will be provided as available.