Turo has canceled its planned IPO, according to a regulatory filing on Feb. 13.

The car-sharing platform first announced plans to go public in 2021 and filed for an IPO in January 2022, but delays followed due to unfavorable market conditions.

CEO Andre Haddad said that “now is not the right time” and that the company will focus on long-term value creation instead.

Despite steady revenue growth from US$150 million in 2020 to US$958 million in 2024, Turo’s momentum has slowed since its pandemic peak.

The company has been profitable since 2022, but net income dropped from US$154.7 million in 2022 to US$14.7 million in 2023.

Meanwhile, competitor Getaround announced the shutdown of its US operations this week, highlighting ongoing challenges in the car-sharing industry.