Getaround, Inc

CIK:0001839608|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue	$ 22,387	$ 23,799	$ 58,127	$ 53,939
Cost of revenue (exclusive of depreciation and amortization shown separately below):
Sales and marketing	5,197	4,118	14,165	15,486
Operations and support	15,255	16,874	42,545	45,000
Technology and product development	3,686	4,156	12,097	12,286
General and administrative	11,103	11,662	38,553	40,224
Depreciation and amortization	1,911	4,135	8,556	9,914
Total Operating Expenses	38,880	42,897	121,274	128,012
Loss from Operations	(16,493)	(19,098)	(63,147)	(74,073)
Other Income (Expense)
Convertible promissory note and note payable fair value adjustment	708	(8,686)	(5,314)	(8,010)
Warrant liability fair value adjustment	14	36	5	209
Interest income (expense), net	(30)	222	(180)	506
Other income (expense), net	284	(64)	10,168	331
Total Other Income (Expense)	976	(8,492)	4,679	(6,964)
Loss before Benefit for Income Taxes	(15,517)	(27,590)	(58,468)	(81,037)
Income Tax Expense (Benefit)	7	(244)	46	(623)
Net Loss	(15,524)	(27,346)	(58,514)	(80,414)
Change in fair value of the convertible instrument liability	8,542	15,628	9,703	15,628
Foreign Currency Translation (Loss) Gain	3,841	(2,111)	1,223	(1,876)
Comprehensive Loss	$ (3,141)	$ (13,829)	$ (47,588)	$ (66,662)
Net Loss Per Share Attributable to Stockholders:
Basic	$ (0.15)	$ (0.29)	$ (0.59)	$ (0.87)
Diluted	$ (0.15)	$ (0.29)	$ (0.59)	$ (0.87)
Weighted average shares outstanding, Basic	100,475,081	93,204,630	98,497,942	92,707,994
Weighted average shares outstanding, Diluted	100,475,081	93,204,630	98,497,942	92,707,994
Service revenue [Member]
Revenue	$ 22,122	$ 23,387	$ 57,235	$ 52,810
Cost of revenue (exclusive of depreciation and amortization shown separately below):
Cost of revenue	1,719	1,920	5,295	4,995
Lease revenue [Member]
Revenue	265	412	892	1,129
Cost of revenue (exclusive of depreciation and amortization shown separately below):
Cost of revenue	$ 9	$ 32	$ 63	$ 107

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows from Operating Activities
Net loss	$ (58,514)	$ (80,414)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	8,556	9,914
Provision for bad debts	3,298	5,250
Stock-based compensation	11,016	9,953
Compensation expense related to shareholder settlement	0	48
Gain on extinguishment of debt	(99)	(285)
Change in fair value - convertible instrument liability	14,084	7,765
Change in fair value - warrant liability	(5)	(209)
Change in fair value - note payable	(8,770)	245
Change in fair value - prepaid ad inventory	51	91
Non-cash interest expense	22	53
Non-cash lease expense	613	851
Gain from disposal of property and equipment	(6)	(21)
Loss on lease termination	2,856
Loss from foreign currency remeasurement	406	43
Net changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(3,170)	(5,441)
Prepaid expenses and other current assets	2,139	935
Operating leases liabilities	(2,042)	(1,418)
Other assets	(2,656)	(1,386)
Accounts payable	(9,175)	8,917
Accrued host payments and insurance fees	847	3,717
Accrued expenses and other liabilities	(4,662)	(2,226)
Deferred taxes	60	(663)
Deferred revenue	323	318
Net Cash Used in Operating Activities	(44,828)	(43,963)
Cash Flows from Investing Activities
Purchases of property and equipment	(115)	(791)
Capitalized software	(881)	(3,292)
Proceeds from sale of property and equipment	31	111
Acquisition of Hyrecar, net of cash acquired	0	(7,826)
Net Cash Used in Investing Activities	(965)	(11,798)
Cash Flows from Financing Activities
Proceeds from issuance of Mudrick Bridge Note, net of issuance costs	0	2,988
Proceeds from issuance of Mudrick Super Priority Note, net of issuance costs	61,172	11,660
Repayment of PGE loan	0	(856)
Repayment of Promissory Note	(229)	0
Net Cash Provided by (Used in) Financing Activities	60,943	13,792
Effect of Foreign Currency Translation on Cash	22	(161)
Net change in cash and cash equivalents and restricted cash and cash equivalents	15,172	(42,130)
Cash and Cash Equivalents and Restricted Cash, beginning of period	15,625	67,894
Cash and Cash Equivalents and Restricted Cash, end of period	30,797	25,764
Noncash Investing and Financing Items [Abstract]
Issuance of Mudrick Super Priority Bridge Note to repay Mudrick Bridge Note		3,041
Mudrick Bridge Note repayment of principal and accrued but unpaid interest		(3,041)
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	30,797	22,164
Restricted cash included in current assets		3,600
Total Cash, Cash Equivalents and Restricted Cash at the End of Period	$ 30,797	$ 25,764

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 30,797	$ 15,624
Accounts receivable, net	728	853
Prepaid expenses and other current assets	7,811	10,131
Total Current Assets	39,336	26,608
Property and equipment, net	1,528	8,504
Operating lease right-of-use assets, net	1,281	12,162
Goodwill	96,984	95,869
Intangible assets, net	6,826	13,358
Other assets	7,360	4,635
Total Assets	153,315	161,136
Current Liabilities
Accounts payable	6,408	15,552
Accrued host payments and insurance fees	14,257	13,192
Operating lease liabilities, current	194	2,268
Notes payable, current ($0 and $18,568 measured at fair value, respectively)	1,583	19,904
Other accrued liabilities	43,401	48,107
Deferred revenue	1,024	684
Total Current Liabilities	66,867	99,707
Notes payable ($70,970 and $0 measured at fair value, respectively)	73,764	2,122
Convertible notes payable ($44,760 and $40,370 measured at fair value, respectively)	44,760	40,469
Operating lease liabilities (net of current portion)	1,087	15,487
Deferred tax liabilities	274	212
Warrant liability	15	20
Total Liabilities	186,767	158,017
Commitments and contingencies (Note 12)
Stockholders' Equity (Deficit)
Common stock, $0.0001 par value, 1,000,000,000 shares authorized; 97,120,623 and 92,827,281 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	10	9
Additional paid-in capital	870,179	859,163
Stockholder notes	(8,284)	(8,284)
Accumulated deficit	(934,469)	(875,955)
Accumulated other comprehensive income	39,112	28,186
Total Stockholders' Equity (Deficit)	(33,452)	3,119
Total Liabilities and Stockholders' Equity	$ 153,315	$ 161,136