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AutoWeb, Inc. (Nasdaq: AUTO) reported its Q2 2020 financial results, highlighting a gross profit increase of 11% to $6.0 million and a gross margin rise to 35.5%, the highest since 2016. Despite a revenue decline to $17.0 million compared to $27.1 million in Q2 2019, the company achieved a reduced net loss of $1.4 million. Adjusted EBITDA turned positive at $0.4 million. Operating expenses fell by 30%, reflecting effective cost management. AutoWeb continues to navigate the challenges posed by the coronavirus pandemic with a focus on profitability and operational efficiency.
AutoWeb, Inc. (Nasdaq: AUTO) will host a conference call on August 5, 2020, at 5:00 p.m. ET to discuss its financial results for Q2 2020. CEO Jared Rowe and CFO J.P. Hannan will lead the call, which will also feature a Q&A session. The company has approximately $100.5 million in net operating loss carryforwards, and it aims to preserve these tax attributes through its Tax Benefit Preservation Plan. As of June 30, 2020, there are 13,146,831 shares outstanding. A replay of the call will be available through August 12, 2020.
AutoWeb, Inc. (Nasdaq: AUTO) reported preliminary unaudited results for April and May 2020, showing total revenues of $5.8 million in May, up 9% from $5.3 million in April. Gross profit rose 33% to $2.2 million with a gross margin of 37.4%. Although net loss decreased from $(1.0 million) to $(0.4 million), cash decreased by 7% to $5.3 million. The company emphasizes improvements amid the COVID-19 pandemic, with a near 70% increase in retail dealer activity and a positive outlook for recovery.