Summary by Moomoo AI
Carvana reported strong Q2 2024 results with revenue increasing 14.9% to $3.41 billion, driven by a 32.5% surge in retail vehicle sales to 101,440 units. The company achieved net income of $48 million, compared to a net loss of $105 million in Q2 2023, while gross profit rose 43.3% to $715 million. Total gross profit per unit increased to $7,049 from $6,520 year-over-year.The company's retail vehicle sales revenue grew 22.9% to $2.41 billion, though average selling price decreased to $23,768 from $25,624 due to market depreciation. Other sales and revenues, including loan sales and ancillary products, increased 21.3% to $279 million. Operating expenses remained relatively flat at $455 million despite higher sales volume, reflecting improved operational efficiency.Looking ahead, Carvana continues to focus on driving profitability through operational efficiency while returning to growth. The company maintained strong liquidity with $542 million in cash and total liquidity resources of $4.1 billion as of June 30, 2024. During Q2, Carvana raised $347 million through its at-the-market offering program and repurchased $250 million of Senior Secured Notes.
