ACV Auctions reports revenue growth and narrower loss in Q1

ACV Auctions Inc.’s revenue grew 54 percent on an annual basis in the first quarter to $69.1 million.

The company’s net loss for the period was $17.4 million, compared with a loss in the year-ago quarter of $27.5 million.

The digital automotive auction firm was in 125 U.S. regions at the end of the period and plans to grow to 160 by year end, company executives told analysts and investors in a conference call Thursday.

The company reaped about $385 million in net proceeds from an initial public offering at $25 per share on March 24.

Shares in the company fell 2.1 percent to close at $28.45 on Friday in New York.

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