SunCar Technology Group Inc. reported its annual financial results for the year ended December 31, 2024, on April 28, 2025. The company achieved total revenue of $441.9 million, marking a 21.5% increase from $363.7 million in 2023.
Adjusted EBITDA surged by 492% to $9.8 million in 2024, compared to $1.6 million in the prior year, highlighting the scalability of SunCar's business model. The company reported a net loss of $68.66 million, primarily attributable to a one-time, non-cash share-based compensation expense of approximately $62.8 million related to an equity incentive plan.
Segment-wise, auto insurance revenue grew by 44.4% to $170.5 million, Technology Services revenue increased by 46.4% to $44.9 million, and Auto Services revenue rose by 5.3% to $226.5 million. These results reflect strong momentum and progress in advancing SunCar's AI cloud-enabled SaaS model and increasing recurring revenue.
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