SunCar Posts US$3.4 Mln Net Income In First Half 2026
KUALA LUMPUR, Sept 23 (Bernama) -- SunCar Technology Group Inc (SunCar), an innovative leader in artificial intelligence (AI)-powered auto insurance and auto services, has reported net income of US$3.4 million for the six months ended June 30, an improvement of US$8.9 million from a net loss of US$5.5 million in the same period last year. (US$1=RM4.06)
The company said the improvement reflected revenue growth in electric vehicle (EV) insurance and technology services, together with disciplined expense management.
Revenue increased 24 per cent to US$276.5 million in the first half of 2026 from US$222.3 million a year earlier, driven by continued growth in auto insurance and stronger growth in auto services.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) surged 276 per cent to US$9.4 million from US$2.5 million, reflecting improved operating performance and cost efficiency, SunCar said in a statement.
“Our top-line growth of 24 per cent demonstrated that SunCar can maintain strong revenue growth while also growing profits. Major wins for the company in the first half, including the AgBank chauffeur contract and multiple Huawei ecosystem customer wins, show that the size and scope of SunCar’s contracts are increasing,” said its Chairman and Chief Executive Officer, Zaichang Ye.
Insurance premiums for EVs increased 31 per cent to US$915.9 million from US$697.6 million, while auto eInsurance service revenue rose 29 per cent to US$126.2 million from US$97.8 million. Auto service revenue also increased 22 per cent to US$122.3 million from US$100.1 million.
SunCar added that operating costs and expenses increased 21 per cent to US$270.2 million from US$223.5 million, while integrated service costs rose 39 per cent to US$141.3 million from US$101.5 million. Selling expenses, however, fell 49 per cent to US$5.6 million, while general and administrative expenses declined 56 per cent to US$6.7 million.
During the first half, SunCar continued to expand its auto insurance and services with customers including Tesla, Xiaomi, NIO, Li Auto and Zeekr. Its auto services business also secured contracts with PICC, Ping An Insurance, Ping An Bank, Agricultural Bank of China and China UnionPay.
SunCar said its AI initiatives also progressed during the period, with AI feature testing completed for eight original equipment manufacturer (OEM) projects. Automated testing coverage reached 75 per cent of vehicles, while overall operational efficiency increased 45 per cent and error rates fell 80 per cent.
The company maintained its forecast for full-year 2026 revenue of approximately US$600 million.
-- BERNAMA