Lyft achieved its first fiscal year of adjusted EBITDA profitability in 2021, reporting adjusted EBITDA of $92.9 million compared to an adjusted EBITDA loss of $755.2 million in fiscal year 2020.
Revenue for the fiscal year 2021 was $3.2 billion, an increase of 36% over $2.4 billion in fiscal year 2020. Net loss was $1 billion compared to a net loss of $1.8 billion in fiscal year 2020.
For the fourth quarter of 2021, adjusted EBITDA was $74.7 million, an increase of $224.7 million compared to an adjusted EBITDA loss of $150 million in Q4 2020.
Revenue for Q4 ticked up 70% year-over-year – a “new COVID record,” according to Lyft co-founder and CEO Logan Green - from $569.9 million in Q4 2020 to $969.9 million. The figure also topped Q3 2021 revenue of $864.4 million by 12%.
Net loss for Q4 2021 was $258.6 million compared to a net loss of $458.2 million in Q4 2020.
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In a call with analysts, Green said Lyft was able to reach new highs thanks to supply improvement and ride growth.
For the quarter ending December 31, 2021, active riders increased 49.2% from 12.6 million in Q4 2020 to 18.7 million. The figure is shy of the 18.9 million active riders reported in Q3 2021.
Green said total active drivers improved by 34%, and new driver activations were up nearly 50% year-over-year.
Lyft CFO Elaine Paul added that revenue per active rider reached an all-time high in Q4 2021, up 14% from Q4 2020 to $51.79.
“We had a solid Q4 and achieved full-year revenue growth of 36% in 2021. Revenue per active rider, contribution margin and adjusted EBITDA all reached new highs in the fourth quarter, driven by improving service levels and higher ride volumes in our marketplace,” Paul said.
“Despite short-term headwinds from omicron, we remain optimistic about full-year 2022.”