Carvana continues to rack up strong top-line results but posted a wider loss in the third quarter after producing its first profit ever — $45 million — in the second quarter.
The online used-vehicle retailer had a third-quarter net loss of $68 million, compared with a net loss of $18 million in the year-earlier quarter.
Revenue more than doubled to $3.48 billion in the latest period, on retail vehicle sales that grew 74 percent to 111,949.
Carvana reported a second consecutive quarter of positive earnings before interest, taxes, depreciation and amortization — $6 million, down from the $112 million it posted in the second quarter.
Total gross profit per vehicle was $4,672, up from $4,056 in the year-earlier quarter. Retail gross profit per vehicle was $1,769, vs. $1,857 in the third quarter of 2020.
Carvana said the quarter was hit by operating constraints brought on by the aggressive acquisition of customer cars as well as the ongoing coronavirus pandemic.
The company sees operating capacity as a key driver to growth going forward. It remains on track to launch eight new inspection and reconditioning centers by the end of 2022.
Carvana increased available inventory to an average of 16,400 vehicles in the third quarter, up from 12,800 in the second quarter of this year.
It added nine markets during the period, which it said now allows it to cover 80.6 percent of the U.S. population.
Also during the third quarter, the company announced a partnership with Hertz, in which the rental car operator will leverage Carvana's technology and logistics to sell more vehicles online.
Carvana shares were trading up 2.1 percent to $307 after market close Thursday.