Acv Auctions, Inc. ( (ACVA) ) has released its Q3 earnings. Here is a breakdown of the information Acv Auctions, Inc. presented to its investors.
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ACV Auctions, Inc., listed on Nasdaq as ACVA, is a prominent digital automotive marketplace and data services provider that caters to dealers and commercial clients by offering innovative solutions for sourcing and selling used vehicles with enhanced transparency.
In its third-quarter earnings report, ACV Auctions, Inc. announced a significant revenue increase, surpassing the high-end of its guidance. The company also raised its full-year 2024 guidance, reflecting its strong market position and strategic growth initiatives.
Key financial metrics for the third quarter include a 44% year-over-year revenue increase to $171 million, a GAAP net loss of $16 million, and a non-GAAP net income of $8 million. The company’s adjusted EBITDA reached $11 million, demonstrating a positive shift from a loss position in the previous year. ACV Auctions also reported a 17% increase in its Marketplace GMV, totaling $2.5 billion, and a 32% rise in Marketplace Units, indicating robust customer engagement and market share growth.
Looking ahead, ACV Auctions projects continued growth, with full-year 2024 revenue expected to rise by 31% to 32% year-over-year. Despite challenges in the dealer wholesale market, the company remains optimistic about its ability to sustain growth as market conditions improve. This positive outlook is backed by its strategic focus on expanding dealer solutions and executing its commercial wholesale strategy effectively.
