Car-sharing marketplace Turo swings to a profit in a boost to potential IPO

By Steve Gelsi

Company reports net income of $9.9 million on a 10% revenue increase in the first half of 2024

Turo Inc. reversed a year-ago loss to post a profit for the six months that ended June 30 as the car-sharing marketplace moves ahead with plans to float an initial public offering.

Turo said it swung to $9.92 million in net income in the first half of 2024, after losing $22.92 million in the year-ago period.

Revenue for the first six months of 2024 rose 9.7% to $452.72 million.

The financial update was contained in a Friday amendment to the company's IPO prospectus as Turo continues to drive toward its stock-market debut, some three years after it submitted confidential IPO documents to U.S. securities regulators.

Turo has yet to set an estimated price range for its IPO, but the profit it posted for the first six months of 2024 illustrates to prospective IPO investors that its business is generating net income.

Turo also reported net income of $14.7 million on revenue of $879.7 million for full-year 2023.

For full-year 2022, Turo reported $154.7 million in net income on revenue of $746.6 million, up from a 2021 loss of $40.38 million on revenue of $469.05 million.

San Francisco-based Turo operates a peer-to-peer car-sharing platform founded in 2009 by entrepreneur Shelby Clark and formerly known as RelayRides.

Turo has raised about $498 million in financing, including capital from GV, Shasta Ventures, August Capital, Trinity Ventures, Canaan Partners and Quiet Capital, according to Forge Global, which runs a private stock marketplace.

-Steve Gelsi

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08-09-24 1109ET

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