The following is a summary of the SunCar Technology Group, Inc. (SDA) Q4 2023 Earnings Call Transcript:
Financial Performance:
SunCar reported total revenue of $364 million for fiscal year 2023, an increase of 29% from the previous year.
The Auto Service segment recorded a revenue of $215 million, marking an 8% increase from fiscal year 2022.
Significant growth was seen in the Auto e-Insurance sector with a revenue of $149 million, a 79% increase from 2022.
Net losses were decreased slightly from $18 million in 2022 to $12 million in 2023.
Business Progress:
SunCar has expanded its Auto Service providers to over 47,000 across more than 350 Chinese cities.
Insurance sales partners have grown to over 64,000 as of December 2023.
The company has established ties with over 80 leading insurance companies, including the top 10 holding over 90% market share in auto insurance in China.
It has strategically expanded collaborations with electric vehicle manufacturers and managed to move its adjusted EBITDA to a positive value by the end of 2023.
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