Carma (CMA) H2 2026 earnings summary

Executive summary

• Revenue grew 59% year-over-year to AUD 113.8 million, with gross profit up 102% to AUD 10.5 million and gross profit margin improving by 196 basis points to 9.2%.

• Units delivered increased 86% to 5,416, with retail up 50% and wholesale up 180%, driven by expansion of Sell-to-Carma sourcing and network growth to nine locations.

• Vehicles purchased through direct channels grew 3.5x, with Sell-to-Carma accounting for 89-90% of sourcing.

• Major upgrades to the St Peters facility doubled reconditioning throughput and efficiency.

• Successful IPO raised up to $100 million, funding inventory and growth initiatives.

Financial highlights

• Retail gross profit per unit increased 22% to AUD 2,500; wholesale gross profit per unit up 95% to AUD 400.

• Gross profit margin improved by 196 basis points to 9.2%.

• Pro forma EBITDA margin improved by 1,248 basis points to -26.5%.

• Pro forma EBITDA was AUD -30.2 million; cash and available funding at year-end totaled AUD 41.3 million.

• Vehicle inventory increased by AUD 18.3 million, with 625 vehicles available for sale at year-end.

Outlook and guidance

• FY27 revenue expected to grow over 80% as market stabilizes and unit growth continues.

• Second shift at St Peters facility to double reconditioning capacity to 60 units per day, with minimal additional capex.

• Targeting exit FY27 at over 35 retail units per operating day, scaling rapidly toward 60.

• Path to positive EBITDA expected when reconditioning reaches 45-60 units per day, anticipated before end of calendar 2027.

• Retail deliveries for July-August FY27 up 120% year-over-year; August on track for record month.