“Looking ahead, we are focused on several strategic priorities that we believe will drive long term growth. We now expect Q4 revenue to be another record, in the range of $72 million to $75 million, representing 163% - 174% year over year growth, the strongest revenue growth in the Company’s recent history,” added Shift’s Co-CEO George Arison. “Our third quarter - and year to date - results demonstrate that there is a clear demand for our offerings and consumers are embracing Shift more than ever before. I couldn’t be more excited for the future of Shift.” “We are investing in market expansion, an innovative branding and marketing strategy, technology-enabled tools to drive efficiency and a world-class leadership team. In the third quarter, we grew total revenue 31%, Adjusted GPU 89% and total unit sales 34%, year over year, and sold nearly 1,000 ecommerce units per month,” said Shift’s Co-CEO Toby Russell. “This has been a transformative year for Shift and we are embarking on our life as a public company with exciting momentum.
and its common stock and warrants began trading on the Nasdaq Capital Market under the new symbols SFT and SFTTW, respectively.
Immediately following the Merger, INSU changed its name to Shift Technologies, Inc. As a result of the Merger, Shift became a direct wholly-owned subsidiary of INSU. (“INSU”) completed their merger (the “Merger”). A live audio webcast will also be available on Shift’s Investor Relations website.Īs previously announced, on October 13, 2020, Shift and Insurance Acquisition Corp. Management’s commentary on third quarter 2020 financial results and fourth quarter 2020 outlook can be found by accessing the Company’s shareholder letter on, or by listening to today’s conference call. 12, 2020 (GLOBE NEWSWIRE) - Shift (Nasdaq: SFT), a leading end-to-end ecommerce platform for buying and selling used cars, today reported third quarter financial results for the period ended September 30, 2020. Over 4,000 total units sold in the quarterĪchieved $3.7 million in Gross Profit and grew Adjusted Gross Profit 156% Year-over-Year to $3.9 million
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