Shift Technologies, Inc.

Total revenue in the quarter was $47.3 million. Retail units sold were 1,998 and wholesale units sold were 187. Adjusted GPU was $1,522, with F&I and other components at $865, which management said continued to be pressured by difficult financing conditions and high interest rates. Adjusted SG&A was $23.6 million versus $28.3 million in the first quarter, a 17% sequential improvement, and adjusted EBITDA loss was $20.6 million, a 14% improvement from Q1. The company ended the quarter with $32.2 million in cash and cash equivalents. Management did not provide formal next-quarter or full-year financial guidance; instead, it said SG&A should decline in future quarters due to the restructuring and other productivity initiatives, and that the restructuring alone is expected to reduce SG&A by approximately $14 million annually.

Ayman Moussa said his priority is to quickly change the business course by reducing cash burn, improving results, and ultimately achieving positive unit economics and profitability. He identified overly complicated processes, a lack of localization, and repeated strategy changes as key internal issues, while also noting macro headwinds from high rates and elevated used-car prices. His tone was urgent and corrective, emphasizing simplification, local execution, and faster operational discipline.

Oded Shein focused on the quarter’s financial performance and liquidity. He highlighted $47.3 million of revenue, $23.6 million of adjusted SG&A, and a $20.6 million adjusted EBITDA loss, and said the restructuring should lower SG&A materially over time, including about $14 million annually from the restructuring alone. He also noted $32.2 million of cash and cash equivalents at quarter-end, said cash was affected by working capital, interest expense, and closed-hub and debt-restructuring costs, and disclosed that the company amended its Ally floor plan after quarter-end to eliminate the minimum liquidity covenant and gain flexibility.

There was no Q&A because management said it would not take questions due to the ongoing review of strategic alternatives. The most notable disclosure instead was that the company is evaluating all avenues to raise additional capital, including negotiations with existing debt holders, and will provide updates as available. Management also framed the quarter as backward-looking and said the reported results do not reflect the July 11 restructuring or how it is now thinking about the business.