Carma Limited (ASX: CMA) today held its 2026 Annual General Meeting, where Chair Owen Wilson and CEO Lachlan MacGregor delivered addresses detailing the company’s first year as a listed entity and its strategic path forward. Carma is a fully digital platform transforming how Australians buy and sell pre-owned cars, offering inspected and reconditioned vehicles verified by the NRMA.
For the 2026 financial year, Carma reported significant operational growth. It delivered 5,416 cars, an 86 per cent increase, with revenue rising 59 per cent to $113.8 million. Gross profit doubled to $10.5 million. While the Pro Forma EBITDA loss was $30.2 million, the margin improved over 12 percentage points to negative 26.5 per cent, as revenue growth outpaced costs. The company successfully scaled its ‘Sell-to-Carma’ model and reconditioning facility.
The Chair noted market headwinds from March, including rising fuel prices and weakened consumer confidence. Carma responded by repricing and increasing reconditioning output. In governance, Tanya Cox was appointed an independent Non-Executive Director and Chair of the Audit and Risk Committee, effective 1 December, enhancing board independence. The Board acknowledged the share price trading below its IPO offer and affirmed management accountability for growth, efficiencies, and a path to positive EBITDA.
Looking to FY27, CEO Lachlan MacGregor reaffirmed expectations for revenue to grow over 80 per cent. Key initiatives include the “Apollo” programme for process optimisation, migrating to an AI-integrated technology platform, and launching a second reconditioning shift at its St Peters facility in the March quarter of FY27, doubling capacity. Carma anticipates exiting FY27 reconditioning approximately 750 retail units per month, expecting to achieve positive EBITDA when processing 45 to 60 units per operating day, a range targeted before the end of calendar 2027.
