Turo Inc (N:TURO)
Business Focus: Passenger Car rental
| Sector: Industrials | Industry: Passenger Transportation, Ground & Sea |
| Company Contact | |
| Address: | 111 SUTTER STREET, FLOOR 12 SAN FRANCISCO CA 94104 |
| Tel: | N/A |
| Website: | https://turo.com |
| IR: | See website |
| Key People | ||
| Andre Haddad Chairperson of the Board, Chief Executive Officer | Tom Wang Chief Product Officer | Alex Benn President |
| Charles Fisher Chief Financial Officer | Julie Weingardt Chief Operations Officer | Lorie Canchola Boyd Chief People Officer |
| Avinash Gangadharan Chief Technology Officer | Andrew Mok Chief Marketing Officer | Albert Mangahas Chief Data Officer | Jeff Platt Chief Insurance Officer |
| Business Overview |
| Turo Inc. is an operator of car sharing marketplace where guests can book their car whenever needed from hosts. The Company offers cars ranging from afar or looking for a car down the street, searching for a rugged truck or something smooth and swanky for a once-in-a-lifetime event, guests can take the wheel of the car for any occasion, while hosts can take their underutilized personal vehicles or building an car sharing business from the ground up. The Company operates in United States, Canada, and the United Kingdom. The Company's platform provides peer-to-peer car sharing through a technology platform that connects hosts and guests and enables them to transact. It also enables hosts to list vehicles, adjust their availability, and modify prices to access demand patterns in their market. Guests can search by location, type, price, use case, and many other categories to find the vehicle for their needs. |
| Financial Overview |
| For the three months ended 31 March 2023, Turo Inc revenues increased 30% to $186.2M. Net loss applicable to common stockholders increased from $7M to $23.9M. Revenues reflect United States segment increase of 26% to $175.5M, International segment increase from $4.1M to $10.7M. Higher net loss reflects Change in fair value of redeemable conve increase from $10.5M to $26M (expense), Product development - Balancing value increase from $8.7M to $18.1M (expense). |
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