Leaders at Shift Technologies Inc. say 2022 was going to be "a year of balanced growth and profitability" even before market conditions tightened amid rising inflation and continued supply constraints.
And while the online used-vehicle retailer based in San Francisco said it more than doubled revenue and sold more vehicles in the first three months of this year, those macro constraints are adding pressure to the business.
Last week, the company said it cut about 10 percent of its corporate staff in April. It paused its expansion into Las Vegas. And, perhaps most alarming, Shift said in a quarterly regulatory filing that "substantial doubt" exists about its ability to continue as a going concern.