Malaysia-based used car marketplace Carsome Group reported what it described as its most profitable quarter on record in April-June 2025 on the back of higher gross profit.
The integrated automobile e-commerce platform said its Q2 2025 earnings before interest, taxes, depreciation, and amortization (EBITDA) more than quadrupled year-on-year to over $5 million.
The company had turned Ebitda positive for the first time in the January-March (Q1) quarter of 2024, as per a previous announcement.
It had also announced an EBITDA of $4.3 million in the first quarter of 2025. The group’s gross profit rose 12% YoY, while its gross profit per unit (GPU) improved 24% from 2024 in those three months, the announcement added.
In another announcement in March, Carsome had said it recorded $10.5 million in adjusted EBITDA for the full year 2024—its first full year of profitability since inception. “FY2024 was a transformative period where Carsome maintained a stable topline while enabling profitability. Carsome continues to see improvements in its unit economics, leading to a 25% YoY growth in Gross Profit per Unit (GPU) in FY2024,” the statement said.
The latest Q2 2025 performance was driven by higher monetisation and productivity gains, the company said. Gross profit, it added, rose 19% from a year earlier, supported by strength in both the wholesale and retail segments.
Disciplined cost management continued to improve operational efficiency, with gross profit per unit also climbing, Carsome said. Cumulative EBITDA for the first half reached more than $10 million, about seven times the level a year earlier.
“Our agile operating model continues to drive market share gains in a rapidly evolving environment. We remain confident in delivering sustained profitable growth throughout the year, even amid regional macroeconomic uncertainties,” said Eric Cheng, co-founder and group CEO of Carsome.
The results come as Southeast Asian automotive markets face headwinds from economic uncertainty and supply chain disruptions affecting the broader region, according to a report published by the Institute for Global and Strategic Studies.
Despite facing various global challenges, Southeast Asia’s automotive industry has shown resilience through its distinctive strategies and characteristics, the report added.
Carsome, which operates across Malaysia, Singapore, Indonesia, and Thailand, recently introduced its CARSOME Value Plus range to broaden access to vehicles across more market segments.
In 2023—the latest annual financials available with Singapore’s Accounting and Corporate Regulatory Authority—Carsome remained loss-making, with its net loss widening to $170.5 million, more than 10 times the $15.22 million loss in 2022.
The surge was largely driven by a $164.73 million impairment on investments in subsidiaries, a one-off charge absent in the previous year, according to its financial statements.
This came despite other income more than doubling to $4.23 million from $1.92 million. Employee benefit expenses climbed 355% to $2.38 million, while other operating expenses dropped 96% to $0.43 million.
Interest expenses rose 20% to $7.21 million, foreign exchange losses narrowed 13% to $27,712, and depreciation reached $53,066, compared with none in 2022.
Founded in 2015 by Cheng and Teoh Jiun Ee, Carsome started off with vehicle inspection, ownership transfer, and car financing, before moving on to provide end-to-end solutions for car buyers and dealers.
Cheng said demand for mobility in Southeast Asia remained a structural need, and the company was expanding access to reliable vehicles, including through its newly launched CARSOME Value Plus range aimed at broadening market reach.
In February, Japan Consumer Credit Service (JACCS), part of Mitsubishi UFJ Financial Group, announced it was acquiring a 49% stake in the financing arm of Carsome Group. Carsome Group will hold the majority 51% stake.
The partnership between JACCS and Carsome Capital aims to expand auto financing in Malaysia, particularly for underserved borrowers, according to a statement.
