CarLotz Inc. (LOTZ) shares surged 10.74% in after-hours on Monday, November 08, 2021, and closed at $4.33. Even in the regular trading session, LOTZ’s stock gained 0.26%. LOTZ shares have fallen 61.40% over the last 12 months, and they have moved down 1.26% in the past week. Over the past three months, the stock has lost 2.98%, while over the past six months, it has declined 29.80%.
Let’s see what’s going on with the company?
LOTZ latest announcement
On November 08, 2021, CarLotz, Inc. (LOTZ) released its financial results for the third quarter ended September 30, 2021.
Q3 2021 financial highlights
- LOTZ reported total revenue of $68.0 million in Q3 2021 compared to $29.8 million in the same period in 2020.
- The cost of sales was $66.01 million in Q3 2021 compared to $26.22 million in Q3 2020.
- Total operating expenses were $29.44 million in Q3 2021 compared to $4.3 million in Q3 2020.
- It suffered a net loss of $3.5 million or $0.03 per diluted share in Q3 2021 compared to a net loss of $0.5 million or 40.01 per diluted share in Q3 2020.
- Adjusted EBITDA was $22.8 million compared to $0.6 million in the third quarter of 2020.
LOTZ expanding its network
The new hub in Golden state
On October 25, 2021, CarLotz (LOTZ), opened the 2nd hub in the Golden State to serve the greater Los Angeles area. Located at 85 Auto Center Drive in Pomona, California, this is CarLotz’s second location to open in the Golden State this year and will provide Los Angeles-area guests with easy access to its service, value and inventory.
New Plano hub
On October 11, 2021, CarLotz (LOTZ) opened a hub located at 1001 Preston Road in Plano, TX. It is the 2nd hub of the company in the Lone Star State and will provide CarLotz’s guests in the Dallas/Fort Worth Metroplex with easy access to its unique buying and selling experience.
New Alabama hub
On September 30, 2021, CarLotz (LOTZ), opened a second hub in Alabama which is located at 6561 University Drive in Huntsville, Alabama. Earlier this month, the company opened its first hub in Mobile. These hubs will provide CarLotz’s guests in Alabama and its surrounding markets with easy access to its unique buying and selling experience.
LOTZ in the Georgia state
On September 20, CarLotz (LOTZ), opened its first hub in Georgia. CarLotz’s omnichannel offering welcomes guests in the greater Atlanta area to experience easy access to its unique buying and selling experience. The hub is located at 4400 Stone Mountain Highway in Lilburn.
Conclusion
The recent financial results announcement were the reason behind its exceptional gains in the after-hours on Monday and we can see it continuing its streak on Tuesday as well.
