According to the Journal report, Haddad is undecided on whether to raise capital through a traditional IPO or take the special-purpose acquisition (SPAC) route. A SPAC is a corporation formed for the sole purpose of raising capital from investors, with the money then used to acquire a privately held company to take it public in an IPO.
Turo is forecasted to earn a record $153 million in revenues for 2020, according to the report, even as the coronavirus pandemic devastated travel overall. The company cut 30% of its workforce in March and slashed its marketing costs to conserve cash.
The company reported its first profitable quarter in 2020, according to the report. Haddad expects the company to turn a profit in 2022.