Carma (CMA) H1 2026 earnings summary

Executive summary

• Revenue rose 34% year-over-year to $50.9 million for H1 FY26, driven by record vehicle sales volumes and strong growth in both retail and wholesale channels.

• Delivered 2,225 units in H1 FY26, up 49% year-over-year, with retail units up 17% and wholesale units up 165%.

• Gross profit more than doubled to $4.7 million, with gross margin improving to 9.2% from 6.1% year-over-year.

• Net loss attributable to shareholders widened to $30.6 million, impacted by $13.3 million in non-recurring IPO and convertible note costs, while adjusted loss after tax narrowed to $17.3 million.

• Completed IPO in November 2025, raising $70 million in new equity and converting all convertible notes to ordinary shares.

Financial highlights

• Total revenue for H1 FY26 was $50.9m, up 34% from $38.1m in H1 FY25.

• Gross profit rose to $4.7m, a 102% increase from $2.3m in H1 FY25, with gross profit margin improving to 9.2%.

• Adjusted EBITDA loss was $13.7m, with margin improving to -26.9% from -32.9%.

• Adjusted loss after tax (excluding IPO and convertible note costs) was $17.3m, margin improved to -34.0%.

• Cash and cash equivalents at period end were $58.3m, with $10m drawn on a $30m bailment finance facility.

Outlook and guidance

• On track to meet or exceed FY26 Prospectus forecasts, with annualised exit revenue run rate projected above $200m.

• Revenue from 1 January to 25 February 2026 is up 76% year-over-year, driven by growth in both retail and wholesale units.

• Four new Sell-to-Carma locations planned for H2 FY26 to support continued expansion.

• Growth strategy focuses on scaling the Sell-to-Carma sourcing network, expanding reconditioning capacity, and improving unit economics.

• Strong liquidity position supports ongoing expansion and operational scaling.