Getaround Announces Restructuring Plan to Accelerate the Path to Profitability

Getaround (NYSE: GETR) (“Getaround'' or “the Company”), the world's first connected carsharing marketplace, today announced the Company will restructure its workforce and operations to reduce costs and align with the globalization of the Company’s carsharing business, as it strives to lengthen its cash runway and accelerate its path to profitability.

This new plan includes a workforce reduction, effective immediately, that impacts approximately 30% of the Company’s North American staff. The Company anticipates that this cost reduction program will result in savings of approximately $7 million on an annualized run-rate basis. The Company expects to incur up to $1 million in restructuring costs in connection with the workforce reductions.

“Our focus on profitability and sustainable business growth necessitated this difficult workforce reduction program,” said Sam Zaid, Getaround CEO. “We’ve made significant progress over the past year, including steady improvements in revenue growth and unit economics, as well as in overall adjusted EBITDA profile and operating efficiency. We launched a new artificial intelligence model (Trustscore AI) to improve the safety and economics of our marketplace, deployed a powerful new global app that unifies and enables seamless trip coordination across the U.S. and Europe, and expanded to gig carsharing, enabling gig workers across the U.S. to rent cars to drive for services like Uber and DoorDash. As the only truly global and digital carsharing marketplace, and as the leader in gig carsharing, we believe Getaround is increasingly well positioned for the future.”

Zaid continued, “I want to thank all those teammates who contributed to the substantial progress Getaround has experienced. While we believe this restructuring plan is the right decision for the business, it does not diminish the challenge of letting talented colleagues go, or the gratitude we have for the dedication and professionalism of the team.”

About Getaround

Offering a 100% digital experience, Getaround (NYSE: GETR) makes sharing cars and trucks simple through its proprietary cloud and in-car Connect technology. The company empowers consumers to shift away from car ownership through instant and convenient access to desirable, affordable, and safe cars from entrepreneurial hosts. Getaround’s on-demand technology enables a contactless experience — no waiting in line at a car rental facility, manually completing paperwork or meeting anyone to collect or drop off car keys. Getaround’s mission is to utilize its peer-to-peer marketplace to help solve some of the most pressing challenges facing the world today, including environmental sustainability and access to economic opportunity. Launched in 2011, Getaround is available today in more than 1,000 cities across the United States and Europe. For more information, please visit https://www.getaround.com/.