RICHMOND, Va. -

While its net loss and other metrics were on par with expectations, CarLotz had stronger first-quarter retail sales and net revenues than expected.

Reporting Q1 results Monday, the consignment-to-retail used-vehicle marketplace moved 2,554 retail units in Q1, beating the year-ago period’s 1,453 retail vehicle sales.

CarLotz’s previous guidance had called for 1,900 to 2,100 retail sales in Q1.

As for net revenue, CarLotz pulled in $56.6 million, which was up from $25.4 million in the first quarter of last year.

The Q1 2021 revenue bested the guidance of $42 million to $46 million.

Looking at other metrics included in the CarLotz chart of guidance/results comparisons for Q1, it met Q1 expectations on:

— New hub openings (three)
— Gross profits (which came in at $2.0 million)
— SG&A expenses (which were at $18.9 million, excluding a $42 million non-cash stock compensation expense)
— Net loss ($15 million).

The one metric in the set that was below expectations was retail gross profit per unit. Guidance was a range of $1,3000 to $1,500. The result was $1,182.

CarLotz chief executive officer and co-founder Michael Bor said in a news release: “We are excited to announce that, in advance of much of the growth we are driving this year through new hub development and nationwide expansion, we already are posting a 123% growth in revenue. We sold a record 2,554 retail units during the first quarter, opened three new hubs in Seattle, Wash., Merritt Island, Fla., and Nashville, Tenn.

“And, we have announced planned new hub openings in Charlottesville, Va., Bakersfield, Calif., Highland Park, Ill., and Clearwater, Fla., in the coming months. We have been very pleased with our new hub performance to date and have signed close to a dozen leases and have several more leases under negotiation for 2021 and 2022 sites.”

Looking forward, CarLotz still anticipates 18,000 to 20,000 retail unit sales for 2021, with 13,000 to 15,000 for the second half.