Business
SunCar Technology Reports 27% Revenue Growth, Including 55% Increase in Auto e-Insurance Business and Over 250% Increase in the Number of Electric Vehicle Insurance Policies in 1H 2024
Adjusted EBITDA Increased to $6.4 Million for the First Half of 2024 Conference Call and Webcast on September 16th at 8 AM ET NEW YORK, Sept. 16, 2024
About this update from Suncar Technology Group Inc.
[{"type":"text","content":"Adjusted EBITDA Increased to $6.4 Million for the First Half of 2024\nConference Call and Webcast on September 16th at 8 AM ET \nNEW YORK, Sept. 16, 2024 /PRNewswire/ -- SunCar Technology Group Inc. (the \"Company\" or \"SunCar\") (NASDAQ: SDA), an innovative leader in cloud-based B2B software-focused auto services and auto e-insurance in China, today provided a business update and reported financial results for the first half of fiscal year 2024.\n\nFirst Half 2024 Financial Results\nTotal revenue increased by 27% to $203.1 million for the six months ended June 30, 2024, from $159.4 million for the six months ended June 30, 2023.Auto Services ' revenue increased by 9% to $107.5 million for the six months ended June 30, 2024, from $98.8 million for the six months ended June 30, 2023. The increase was driven by an increase in the number of completed service orders and the addition of new enterprise clients. This segment leverages SunCar's software platform, facilitating a wide variety of auto services such as car wash, airport pickup, concierge services, courtesy car, and roadside assistance.Auto eInsurance revenue increased by 55% to $73.7 million for the six months ended June 30, 2024, from $47.7 million for the six months ended June 30, 2023, which was driven by the increased number of insurance policies sold in the six months ended June 30, 2024.SunCar ranked First in China in selling auto insurance premiums tailored to EV owners. EV sales increased rapidly in the first half of the year, and our auto insurance business expanded rapidly.Customer growth remained strong, as demonstrated by an over 250% increase in new insurance policies.Technology Services revenue increased by 70% to $21.9 million for the six months ended June 30, 2024, from $12.9 million for the six months ended June 30, 2023. This increase was due to an increased demand from insurance companies and their sales partners for our software, which streamlines workflows, manages customer relationships, and automates order processing. The Company's ongoing technology upgrades and use of a private cloud platform have simplified development and enhanced service capacity, enabling this rapid growth.Operating costs and expenses increased to $261.7 million for the six months ending June 30, 2024, and $158.3 million for the six months ending June 30, 2023. Of the $261.7 mi...