Turo’s revenue did not fall in 2023: it rose 18% to $879.676 million. What cratered was the growth rate, which had been 59% in 2022. Turo also remained profitable on a GAAP net-income basis, but earnings dropped sharply. The IPO framing is now outdated: Turo withdrew its proposed offering in February 2025.
What happened to Turo’s revenue growth in 2023?
Turo’s net revenue increased by $133.084 million in 2023, from $746.6 million to $879.676 million, according to its SEC registration statement. But the pace of growth slowed substantially after a much faster 2022.
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| Year | Net revenue | Year-over-year growth | GAAP net income |
|---|---|---|---|
| 2021 | $469.0 million | 213% | not stated (Turo, Inc., SEC Form S-1/A, 2024) |
| 2022 | $746.6 million | 59% | $154.7 million |
| 2023 | $879.676 million | 18% | $14.7 million |
These historical figures are reported in Turo’s 2024 SEC Form S-1/A. The distinction matters: Turo was still generating more revenue each year, but its annual increase was far smaller as a percentage of the prior year’s total.
Why did revenue keep rising while growth slowed?
Turo attributed its 2023 revenue increase to a 27% rise in rental days, partly offset by a decrease in price per day. Gross booking value—the total value of bookings made through the platform—rose 17%, according to the company’s filing. More rental activity supported higher revenue, while the lower price per day tempered the gain.
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A separate contemporaneous analysis reported gross margin of 51.4% in 2023, down from 54.3% in 2022, and operating profit of $13.7 million in 2023. Those measures offer additional context, but they are not interchangeable with revenue or net income. TechCrunch’s March 2024 analysis reported those figures.
Was Turo profitable in 2023?
Yes, by GAAP net income: Turo reported $14.7 million in 2023, compared with $154.7 million in 2022. That is a steep decline—roughly 90%—but it means the company remained net-income positive for the year. Net income is not the same measure as EBITDA or adjusted EBITDA.
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Turo said in a March 2025 company post that 2024 revenue was $958 million and that the business had been EBITDA positive for four years. That is the company’s characterization of its EBITDA performance; the post does not establish audited 2024 net income. Turo’s 2024 year-in-review post also described the company’s plans after the IPO decision.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Is Turo still going public?
No announced IPO is established by the available 2025 updates. Turo filed publicly to go public in January 2022 and continued updating its registration filing, but it withdrew its IPO plans in February 2025. CEO Andre Haddad said that “the board decided now is not the right time for Turo to pursue a public offering,” as reported by TechCrunch on February 13, 2025.
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In March 2025, Haddad described the decision as a postponement and said the company remained committed to its growth plans. That language signals that Turo had not abandoned growth ambitions; it does not mean an offering was still actively under way. The reported withdrawal superseded earlier coverage framing Turo as ready to launch an IPO. Neither continued revenue growth nor profitability by itself establishes when, or whether, the company will relaunch a public offering.
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- Funds do not expire but your Visa Virtual eGift Card has a ‘valid thru’ date (9 years from date of purchase). If funds remain after this date has passed, please call the Toll Free number found on your Visa Virtual eGift Card for a replacement card. A one-time purchase fee applies at the time of checkout.
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