SunCar Technology (US:SDA)2025-06-27 11:16Company Overview - SunCar is a leading digital provider of B2B auto insurance and auto services in China, selling over 6 million insurance contracts and 22.5 million auto services transactions in 2024[8] - The company's technology platform connects 20 auto manufacturers, 1,480 enterprise customers, 48,000 auto service providers, and 85 insurance companies[8, 13] - SunCar is leveraging AI, including DeepSeek integration, to optimize the auto insurance and service industry[8, 24] Financial Performance - SunCar's LTM revenue as of March 31, 2025, was $459 million, with a 24% revenue growth rate[8] - Adjusted EBITDA grew over 370% to approximately $12 million as of March 31, 2025[8] - Auto eInsurance service revenue was $183 million, and auto service revenue was $228 million for the LTM period as of March 31, 2025[13] Market and Growth Opportunities - China's auto insurance market has a Gross Merchandise Value (GMV) of over $130 billion, and the addressable market for auto services is over $110 billion[13] - SunCar's eInsurance GMV is approximately $2.2 billion, implying a market share of around 1-2%[47] - The company is positioned to benefit from China's EV market boom, with EVs representing 52.3% of new car sales in April 2025[22]