SunCar Technology (US:SDA) Prnewswireยท2025-05-19 20:36Core Viewpoint - SunCar Technology Group Inc. reported a strong financial performance in Q1 2025, with a 20% increase in revenue compared to the same period in 2024, driven by partnerships and product innovations in the auto eInsurance and auto services sectors [2][3][7]. Financial Performance - Revenue for Q1 2025 reached $102.6 million, up from $85.6 million in Q1 2024, marking a 20% growth [7]. - Auto eInsurance revenue increased by 37% to $45.9 million, compared to $33.5 million in the prior-year period [8]. - Technology Services revenue rose by 41% to $10.7 million, up from $7.5 million in Q1 2024 [8]. - Auto Services revenue grew by 3% to $46.0 million, compared to $44.6 million in the same period last year [8]. - Operating loss narrowed to $3.0 million for Q1 2025, compared to a loss of $4.5 million in Q1 2024 [8][15]. - Adjusted EBITDA improved to negative $1.3 million in Q1 2025 from negative $3.1 million in Q1 2024 [8][9]. Partnerships and Collaborations - SunCar expanded its partnership with BYD, collaborating with 50 dealerships in East China to provide insurance solutions for premium EV brands [4][8]. - The company completed a differentiated SAAS insurance solution for Leapmotor dealers and integrated Tesla's service packages into its platform [8]. - SunCar secured a landmark designated driver contract with China Construction Bank, projected to generate RMB 60 million over the next 18 months [8]. - Collaborations with PICC and Ping An were deepened, enhancing service offerings across multiple regions [8]. 2025 Outlook - The company has provided full-year 2025 revenue guidance of $521 million to $539 million, reflecting an expected growth of 18% to 22% [10]. - This growth is attributed to the continued demand across its business and the early stages of many partnerships [10]. Company Overview - Founded in 2007, SunCar is a leader in cloud-based auto eInsurance and services in China, focusing on connecting drivers with a variety of services through a nationwide network [11]. - The company aims to transform the customer journey in the largest passenger vehicle market globally, leveraging its intelligent cloud platform for enterprise customers [11].