The recent gains were hard-won. Carvana's revenue growth didn't just slow down in 2022; it turned negative for several quarters. The company also posted negative free cash flows in every quarter from its 2016 initial public offering (IPO) to the spring of 2023. The cash burn intensified as the stock chart crumbled in 2022. The company made it through that cash crunch by taking on more debt -- in an environment of rising interest rates.