Carvana (CVNA)
Published 2026-02-05 • by thebearcave
Thesis Summary
Detailed Deep Dive
Gotham City Research published on Carvana (NYSE: CVNA — $87.3 billion), an online platform for buying and selling used cars. Gotham City alleged that Carvana’s “2023-2024 earnings are overstated by $1 billion+ and far more dependent on related parties than disclosed.” Gotham published the 2024 annual report for the related party, DriveTime, and alleged that money-losing related parties “fuel over 73% of Carvana’s EBITDA.”