Carma (CMA) H2 2025 earnings summary

Executive summary

• Operates a technology-led, full-stack digital platform for buying and selling used vehicles in Australia, with a vertically integrated business model covering sourcing, reconditioning, AI-powered pricing, retail, wholesale, financing, and delivery.

• Transitioned to a public company and appointed new independent non-executive directors after year-end.

Financial highlights

• Revenue increased to $71.4 million for the year ended 30 June 2025, up from $68.9 million year-over-year.

• Gross profit rose to $5.2 million from $0.9 million year-over-year.

• Net loss after income tax was $35.9 million, compared to $33.4 million in the prior year.

• Net operating cash outflows were $19.3 million, up from $16.6 million year-over-year.

• Convertible notes issued during the year raised $29.9 million.

Outlook and guidance

• Directors expect the planned IPO to complete within months after the reporting date, converting convertible notes to equity and raising $44.9 million (net of IPO costs).

• Forecasts assume 79% revenue growth and gross profit margin improvement to 9.2%.

• Underwriting agreement for the IPO is expected to further strengthen funding.