Uber Freight moved closer toward a positive EBITDA in the second quarter, but it isn’t there yet.
EBITDA at Uber Freight was negative $6 million, according to the company’s second quarter earnings released Wednesday. That was an improvement from the negative $7 million in the first quarter.
The results continue the streak where after posting positive EBITDA in the third and fourth quarters of 2022, Uber Freight has failed to bust through that breakeven point again.
However, the last two quarters have shown significant improvement in its negative EBITDA numbers. Uber Freight’s EBITDA in the fourth quarter of 2024 was negative $22 million. A year ago, it was negative $12 million before sliding to negative $19 million in the third quarter before the big decline at the end of the year.
The small shifts led to a slight improvement in the EBITDA margin as a percent of revenue, rising to negative 0.5% from negative 0.6%. In the fourth quarter, that number was negative 1.7%.
“Uber Freight is seeing strong momentum across our business, driven by continued growth in Transportation Management and brokerage, as well as improved margins,” a company spokeswoman said. “Our recent advancements in AI — including the launch of the industry’s first scaled AI logistics network powered by a proprietary large language model — are helping shippers automate execution, gain proactive intelligence, and unlock new efficiencies. We’re also seeing sustained strength in Intermodal, where volumes have grown significantly year-over-year as customers diversify their mode mix and benefit from our deep railroad partnerships.”
More than in the past, the company’s earnings report and conference call with analysts had nothing to say about its Freight division. There was no commentary in the earnings about the group’s performance, just a report on its financial numbers. There usually are a few sentences of comments on the company’s activities in the quarter; there were none this quarter.
References to Uber Freight on the parent company’s (NYSE: UBER) conference call with analysts are infrequent. There were none this quarter.
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