Carvana Co.’s fourth-quarter revenue soared amid increased unit gross sales, although a big outlay to restructure debt led to a better netloss.

The net used-vehicle retailer mentioned Thursday it posted a fourth-quarter web lack of $154.6 million, in contrast with a web lack of $125.7 million within the year-earlier period. Carvana mentioned the online loss included $34 million in prices to refinance senior unsecured notes.

Income surged 65 % to $1.83 billion. Retail gross sales jumped 43 % to 72,172 items.

The corporate mentioned gross revenue elevated 71 % to $243.9 million, whereas gross revenue per unit rose $549 to $3,379.

Carvana bought 72,200 autos from prospects through the newest interval, greater than double the quantity in fourth quarter of 2019.

“Development in autos acquired from prospects additionally fed our retail stock, diversifying our choice and enhancing acquisition costs,” Carvana said in a letter to shareholders. “In This fall, we sourced 65 % of retail items bought from prospects, up from 43 % in This fall 2019 and 56 % final quarter.”

Carvana additionally opened two reconditioning facilities within the quarter, one close to Orlando and one other close to Memphis, Tenn. The corporate additionally opened two used-vehicle merchandising machines within the fourth-quarter, one close to Detroit and one other in Atlanta. Carvana had 27 merchandising machines in operation as of Dec. 31.

The corporate additionally entered 5 new markets. Carvana mentioned on the finish of 2020 it was working in 266 U.S. markets, masking practically 74 % of the nation’s inhabitants.

Carvana shares traded down 7.8 % at $243 in after-hours buying and selling.

For all of 2020, Carvana reported web lack of $462.2 million, in contrast with a lack of $364.6 million in 2019. In 2020, Carvana’s automobile gross sales elevated 37 % to 244,111, whereas income rose 42 % to just about $5.59 billion. Its gross revenue in 2020 jumped 57 % to $793.8 million, whereas gross revenue per unit rose $400 to $3,252. Carvana mentioned it purchased 204,000 autos from prospects final yr, up 95 %.

Carvana, of Tempe, Ariz., ranks No. 4 on Automotive Information‘ record of the highest 100 retailers primarily based within the U.S. in used-vehicle gross sales, retailing 177,549 used autos in 2019.