Suncar Technology Group Inc. ( (SDA) ) has released its Q4 earnings. Here is a breakdown of the information Suncar Technology Group Inc. presented to its investors.
SunCar Technology Group Inc., a leader in cloud-based B2B auto eInsurance and auto services in China, has reported its 2024 annual financial results, showcasing significant growth and strategic advancements in the auto services sector.
The company announced a 21% increase in revenue, reaching $441.9 million for the year 2024, alongside a remarkable 492% rise in adjusted EBITDA to $9.8 million. SunCar has expanded its collaborations, notably with Tesla and Xiaomi, and secured partnerships with major companies like SAIC Maxus and Sam’s Club, enhancing its service offerings across China.
Key financial highlights include a 44% increase in auto eInsurance revenue and a 46% rise in technology services revenue. SunCar also reported increased operating costs and expenses, primarily due to higher share-based compensation and research and development expenses. The company has made significant strides in AI-enhanced customer engagement and expanded its partnerships with major banks and insurance firms.
Looking ahead, SunCar’s management remains optimistic about the company’s growth trajectory, focusing on expanding AI and software development capabilities and deepening partnerships to deliver greater value to customers and shareholders.