Carma (ASX:CMA), the Australian used car platform, disclosed key financial and operational results for FY26 at its 2026 Annual General Meeting, reporting 5,416 units delivered, revenue of $113.8 million, and gross profit of $10.5 million, with all metrics showing year-on-year growth compared to FY25.

Key Points

  • Units delivered reached 5,416, up 86% versus FY25, while revenue rose 59% to $113.8 million
  • Gross profit doubled to $10.5 million, up 102% versus FY25
  • Pro Forma EBITDA margin improved by 1,248 basis points to negative 26.5% versus FY25
  • Sell-to Carma centres supplied 89% of all vehicles purchased in FY26, with nine centres open at year end
  • Independent Non-Executive Director Nicky Sparshott joins the board on 1 December 2026

FY26 Financial and Operational Performance

According to the filing, Carma delivered 5,416 units in FY26, representing an 86% increase versus FY25, with revenue of $113.8 million, up 59% on the prior year. Gross profit reached $10.5 million, up 102% versus FY25. The company also disclosed that vehicles purchased totalled 6,235, up 127% versus FY25, while retail units reconditioned rose 99% to 3,743. Reconditioned vehicles per operating day reached 15.1, up 101% versus FY25. Online inventory days stood at 36, down four days compared to FY25. The Pro Forma EBITDA margin was negative 26.5%, an improvement of 1,248 basis points versus FY25.

Sell-to Carma Network and Vehicle Sourcing

The filing states that Sell-to Carma became the exclusive acquisition channel for 89% of all vehicles purchased in FY26. The company operates nine centres, with geographical expansion beyond Sydney including centres in Newcastle (Kotara) and Wollongong (Albion Park) in New South Wales. The filing notes that buying directly from consumers is now the primary source of vehicles for the company. The upgrade of Carma's 35,000 square metre reconditioning facility at St Peters was completed in August 2025, with the company preparing for scaling with a second shift.

Board Composition and Governance

The filing disclosed the current board composition presented at the AGM. Owen Wilson serves as Independent Non-Executive Chair, with prior roles as CEO of REA Group from 2019 to 2025 and Chairman of Trade Me New Zealand. Tanya Cox serves as Independent Non-Executive Director and Chair of the Audit and Risk Committee. Nicky Sparshott, former CEO of Unilever Australia and New Zealand and Global CEO of T2 Tea, and a current Non-Executive Director of Metcash and Australian Agricultural Company, joins the board on 1 December 2026. Co-founders Lachlan MacGregor and Yosuke Hall serve as Executive Directors in the roles of CEO and Chief Commercial Officer respectively. Carma listed on the ASX on 5 November 2025 through a $100 million offer, including $70 million of new equity for the company.