SunCar Technology Group Inc. Announced Its Operational Results For FY22; FY22 EPS $(0.03) Vs $(0.11) YoY; Revenue $282.4M Vs $249.2M YoY
Portfolio Pulse from Happy Mohamed
SunCar Technology Group Inc. reported its FY22 results, with revenues of $282.4M, up 13% YoY, and EPS of $(0.03) compared to $(0.11) YoY. The revenue increase was attributed to growth in all business units. However, operating costs and expenses also increased by 23% to $295.0M, leading to an operating loss of $12.6M. The net loss was $11.9M, a decrease of 34% from FY21. The company's cash and cash equivalents stood at $47.7M as of December 31, 2022.
July 03, 2023 | 4:30 pm
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SunCar Technology reported increased revenues but also higher operating costs, leading to an operating loss. This mixed financial performance could lead to uncertainty among investors.
While SunCar Technology reported increased revenues, the rise in operating costs and the resulting operating loss could lead to uncertainty among investors. The company's financial performance is mixed, which could impact its stock price in the short term.
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