SunCar Reports 28% Q1 Revenue Growth to $131.2M and $1.6M Profit
SDA•SunCar Technology posted Q1 revenue of $131.2 million, up 28% year-over-year, and net profit of $1.6 million, reversing a $3.6 million loss from last year. EV insurance premiums grew 43% to $514.4 million, and adjusted EBITDA turned positive at $4.5 million with a 3.4% margin.
1. Q1 Financial Performance
SunCar achieved 28% revenue growth to $131.2 million in Q1 2026 and reported net income of $1.6 million, reversing a $3.6 million loss a year ago. Adjusted EBITDA swung to positive $4.5 million, lifting margin to 3.4% from negative 1.3%.
2. Segment Revenue Growth
Auto eInsurance revenue rose 36% to $62.3 million, technology services revenue climbed 43% to $15.3 million, and auto service revenue increased 16% to $53.5 million. EV insurance premiums expanded 43% to $514.4 million, while EV-related insurance revenue grew 37% to $22.6 million.
3. Strategic Partnerships and Contracts
SunCar deepened integrations with EV partners, expanding Tesla’s platform adoption and launching Xiaomi’s CRM on its cloud. The firm secured major contracts, including a $50 million deal with AgBank and a $13 million agreement with Minsheng Bank, plus multiple insurer partnerships.
