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SEC filingSunCar grew revenue 10.7% to $489.3M and swung to operating income of $3.9M, while net loss narrowed 96.3% to -$2.4M, driven by cost discipline and expanding EV partnerships.
SunCar's revenue increased 10.7% to $489.3M in 2025, up from $441.9M in 2024. The growth was primarily driven by the auto eInsurance segment, as more enterprise customers adopted the company's online tools to streamline business workflows, manage customer relationships, and automate order processing. The company also benefited from expanding EV OEM partnerships, embedding its insurance and service platforms into the ecosystems of Tesla, Xiaomi, NIO, Li Auto, and Huawei. Management believes that as EVs continue to decrease in costs and improve in performance, market demand will grow further, providing a tailwind for both insurance and service segments.
SunCar significantly expanded its EV OEM partnerships in 2025, winning bids for the Huawei HarmonyOS Smart Car Alliance and becoming the primary partner for Xiaomi's digital insurance renewals. The company also deepened collaborations with NIO, Li Auto, Leapmotor, and Tesla. In the insurance sector, SunCar secured designated driver contracts with 13 provincial branches of PICC and expanded services with Ping An P&C. The company acquired Jiangxi Jiayi Auto Insurance Agency to expand regional coverage and signed a new agreement with China Post, adding 174 partner stores. Management's outlook emphasizes continued investment in AI technology, including integration of DeepSeek and ByteDance's Doubao large language models, and expansion of the SaaS-based technology service business. However, management cautioned that operating results in any period are not necessarily indicative of future performance.