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 total units delivered up 49%.

• Gross profit increased by 102% to $4.7 million, with gross profit margin improving by 310bps to 9.2% compared to H1 FY25.

• EBITDA margin (adjusted for IPO costs) improved from -32.9% to -26.9% year-over-year.

• Adjusted loss after tax (excluding IPO and convertible note costs) narrowed by 9% year-over-year to $17.3 million, margin improved to -34.0%.

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

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 margin improving to 9.2% from 6.1%.

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

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

• Net tangible assets per share increased to 48.72 cents from 14.20 cents year-over-year.

Outlook and guidance

• 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.

• St Peters reconditioning facility expected to exceed 20 retail units reconditioned per shift soon.

• 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.