Revenue growth remains inconsistent with quarterly fluctuations between 5.6% and 43.7%, while gross margins exhibit extreme instability, swinging from a negative 55.4% in 2025Q4 to 50.3% in 2026Q1.
| Sales/Revenue | 517.86M | 489.29M | 441.9M | 363.75M | 282.41M | 249.24M | 238.93M | 0 |
| Revenue Growth % | 16.91% | 10.73% | 21.49% | 28.8% | 13.31% | 4.32% | - | - |
| Cost of Goods Sold | 455.37M | 438.56M | 390.43M | 322.06M | 232.29M | 212.07M | 211.45M | 0 |
| COGS % of Revenue | - | 89.63% | 88.35% | 88.54% | 82.25% | 85.09% | 88.5% | - |
| Gross Profit | 62.5M | 50.74M | 51.46M | 41.69M | 50.12M | 37.16M | 27.48M | 0 |
| Gross Margin % | 12.07% | 10.37% | 11.65% | 11.46% | 17.75% | 14.91% | 11.5% | - |
| Gross Profit Growth % | - | -1.41% | 23.45% | -16.82% | 34.87% | 35.24% | - | - |
| Operating Expenses | 52.64M | 46.85M | 109.83M | 57.15M | 62.7M | 26.8M | 19.64M | 0 |
| OpEx % of Revenue | - | 9.58% | 24.85% | 15.71% | 22.2% | 10.75% | 8.22% | - |
| Selling, General & Admin | 43.44M | 37.89M | 69.58M | 43.04M | 54.22M | 23.15M | 14.62M | 0 |
| SG&A % of Revenue | - | 7.74% | 15.75% | 11.83% | 19.2% | 9.29% | 6.12% | - |
| Research & Development | 9.2M | 8.96M | 40.24M | 14.11M | 8.48M | 3.65M | 5.03M | 0 |
| R&D % of Revenue | - | 1.83% | 9.11% | 3.88% | 3% | 1.46% | 2.1% | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 9.86M | 3.88M | -58.36M | -15.46M | -12.58M | 10.36M | 7.83M | 0 |
| Operating Margin % | 1.9% | 0.79% | -13.21% | -4.25% | -4.45% | 4.16% | 3.28% | - |
| Operating Income Growth % | - | 106.66% | -277.46% | -22.94% | -221.41% | 32.23% | - | - |
| EBITDA | 16.21M | 10.82M | -53.09M | -10.59M | -6.88M | 14.41M | 9.45M | 171.86K |
| EBITDA Margin % | 3.13% | 2.21% | -12.01% | -2.91% | -2.44% | 5.78% | 3.95% | - |
| EBITDA Growth % | 131.61% | 120.38% | -401.09% | -53.98% | -147.73% | 52.58% | 5396.92% | - |
| D&A (Non-Cash Add-back) | 6.36M | 6.93M | 5.28M | 4.87M | 5.7M | 4.05M | 1.61M | 171.86K |
| EBIT | 9.98M | 2.19M | -57.07M | -10.57M | -7.01M | 10.36M | 7.83M | -34.63K |
| Net Interest Income | -4.02M | -4.24M | -4.53M | -4.43M | -3.66M | 20.07K | -2.1M | 0 |
| Interest Income | 211K | 0 | 0 | 0 | 0 | 20.07K | 3.2K | 0 |
| Interest Expense | 4.24M | 4.24M | 4.53M | 4.43M | 3.66M | 0 | 2.1M | 0 |
| Other Income/Expense | -6.17M | -5.94M | -3.24M | 455K | 1.9M | 171K | 540K | -34.63K |
| Pretax Income | 3.69M | -2.05M | -61.6M | -15.01M | -10.67M | 10.53M | 8.37M | -34.63K |
| Pretax Margin % | 0.71% | -0.42% | -13.94% | -4.13% | -3.78% | 4.22% | 3.5% | - |
| Income Tax | 878K | 346K | 2.85M | 2.57M | 231K | 938K | 1.75M | 0 |
| Effective Tax Rate % | 23.82% | -16.85% | -4.63% | -17.14% | -2.16% | 8.91% | 20.92% | 0% |
| Net Income | -2.97M | -3.94M | -68.66M | -26.91M | -6.67M | -23.72M | -12.99M | -34.63K |
| Net Margin % | -0.57% | -0.81% | -15.54% | -7.4% | -2.36% | -9.52% | -5.44% | - |
| Net Income Growth % | 92.72% | 94.26% | -155.14% | -303.54% | 71.89% | -82.57% | -37424.91% | - |
| Net Income (Continuing) | 2.81M | -2.4M | -64.45M | -17.58M | -10.9M | 9.59M | 6.62M | -34.63K |
| Discontinued Operations | 0 | 0 | 0 | 0 | -994K | -27.66M | -16.4M | 0 |
| Minority Interest | 59.97M | 58.13M | 54.34M | 51.91M | 42.06M | 0 | 0 | 0 |
| EPS (Diluted) | -0.03 | -0.04 | -0.72 | -0.31 | -0.08 | 0.05 | 0.01 | -0.00 |
| EPS Growth % | 93.53% | 94.44% | -132.26% | -283.66% | -267.29% | 383% | - | - |
| EPS (Basic) | - | -0.04 | -0.72 | -0.31 | -0.08 | -0.04 | 0.02 | -0.00 |
| Diluted Shares Outstanding | 102.01M | 102.08M | 96M | 85.44M | 82.55M | 81.6M | 225M | 7.46M |
| Basic Shares Outstanding | 102.01M | 102.08M | 96M | 85.44M | 82.55M | 491.04M | 1.3B | 7.46M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Liquidity and Margin Volatility
According to quarterly financial data, SunCar Technology Group has exhibited highly volatile top-line performance, with revenue growth rates fluctuating between 5.6% and 43.7% over the last ten quarters, suggesting that the company's reliance on institutional partnerships creates significant lumpiness in its quarterly revenue recognition cycles.
The wide variance in quarterly revenue suggests that the company's B2B2C model is highly sensitive to the timing of contract renewals and institutional integration milestones. Investors should monitor whether this volatility is a structural feature of the insurance intermediation business or a temporary byproduct of scaling its NEV-focused service network.
As reported in recent income statements, SunCar's gross margins have experienced extreme swings, ranging from a negative 55.4% in 2025Q4 to a positive 54.4% in 2025Q3, indicating that the company lacks the pricing power or cost predictability required for stable profitability in the competitive Chinese auto-service market.
The erratic nature of these margins implies that the company may be struggling with the accounting treatment of its service fulfillment costs or facing unpredictable spikes in sub-agent commission expenses. This lack of margin consistency makes it difficult to forecast long-term profitability, as the core business appears unable to maintain a reliable spread between service revenue and direct costs.
Based on the provided financial figures, SunCar's operating income has failed to scale consistently with revenue, frequently dipping into negative territory despite double-digit top-line growth, which suggests that the company's administrative and customer acquisition costs are currently outpacing its ability to generate meaningful operational efficiencies.
The persistent inability to achieve sustained positive operating margins indicates that the company's current scale is insufficient to cover its overhead requirements. Without a clear inflection point where operating expenses decouple from revenue growth, the firm remains vulnerable to any slowdown in its primary insurance intermediation and after-sales segments.
Data from the last ten quarters reveals that SunCar's net income remains largely negative, with the company frequently reporting losses that highlight the inherent risks of its thin-margin, high-variable-cost structure in a market where institutional partners hold significant leverage over commission rates and service terms.
Short-sellers would likely focus on the company's inability to convert its revenue growth into positive cash flow, as well as the potential for future equity dilution to fund ongoing operations. The reliance on a relatively small cash position relative to its revenue base warrants further investigation into the company's long-term solvency and its ability to withstand potential regulatory or competitive shocks.
Quick answers to the most common questions about buying SDA stock.
For fiscal year 2025, SunCar Technology Group Inc. (SDA) reported total revenue of $489.3M.
SunCar Technology Group Inc. (SDA) reported a net loss of $3.9M for the fiscal year ending 2025.
SunCar Technology Group Inc. (SDA) reported an operating income of $3.9M, resulting in an operating profit margin of 0.8%. This margin reflects the operational efficiency of the business before interest and taxes.
SunCar Technology Group Inc. (SDA) generated $50.7M in gross profit for the year, representing a gross profit margin of 10.4%. This demonstrates the company's core pricing power and production efficiency.