CarLotz Inc (NASDAQ:LOTZ), which is one of the leading players in the retail to consignment used vehicle marketplace industry, has seen its stock tank by as much as 9% over the course of the past week. While there is no fresh news about the company this week, the decline was possibly related to the announcement of the financial results for the second fiscal quarter for the period ended June 30, 2021 last week. Despite the strong performance from CarLotz, investors seem to be unimpressed.
The company managed to generate as much as $50.8 million in the form of revenues and that reflected a staggering 92% year on year rise from the $26.4 million in revenues that it had generated in the year ago period.
The situation with the gross profits was also similar as the company generated $4.2 million and managed to improve on the $2.7 million in gross profits in the prior year period. In this regard, it is also necessary to point out that the retail gross profit per unit shot up by as much as 17% and hit $2175. In the prior year period, the company generated only $1858 in the same metric. It is going to be interesting to see if the stock does manage to recover this week or not.