Carma Doubles Car Deliveries With 114% Growth as Inventory Pipeline Surges
Carma doubles retail deliveries with 114% year-on-year growth
Carma Limited (ASX: CMA) delivered 805 Retail Units in the three months to 31 May 2026, representing a 114% increase on the 377 units delivered in the same period last year. May 2026 alone contributed 324 deliveries, with the retail delivery order book growing by a further 58 units during the month.
Carma is Australia’s fully digital used-car platform, offering NRMA-verified inspections and online checkout in under 10 minutes. The latest figures point to a business scaling at speed, with both deliveries and reconditioning capacity moving sharply higher year-on-year.
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The numbers behind the growth
Monthly delivery and revenue trajectory
The table below presents Carma’s monthly Retail Units delivered, Retail Revenue, and Reconditioning Days from July 2025 through May 2026, including quarterly subtotals.
| Period | Retail Units Delivered | Retail Revenue | Reconditioning Days | Notes |
|---|---|---|---|---|
| July 2025 | 166 | $5.3M | 23 | |
| August 2025 | 232 | $7.2M | 21 | |
| September 2025 | 235 | $7.1M | 22 | |
| Q1 FY2026 | 633 | $19.6M | 66 | Q1 subtotal |
| October 2025 | 249 | $7.5M | 22 | |
| November 2025 | 253 | $7.5M | 20 | |
| December 2025 | 244 | $7.0M | 18 | |
| Q2 FY2026 | 746 | $22.0M | 60 | Q2 subtotal |
| January 2026 | 249 | $7.1M | 19 | |
| February 2026 | 270 | $8.1M | 20 | |
| March 2026 | 255 | $7.5M | 22 | |
| Q3 FY2026 | 774 | $22.7M | 61 | Q3 subtotal |
| April 2026 | 226 | $6.4M | 19 | |
| May 2026 | 324 | $8.8M | 21 |
All figures are unaudited. Retail Revenue represents revenue generated from the sale of used vehicles to retail customers online through Carma’s website. Reconditioning Days reflects the number of days reconditioning operations were active.
Reconditioning capacity sets the pace
The supply side of Carma’s operation is expanding just as rapidly as the delivery numbers. Reconditioning volume for the three months to 31 May 2026 reached 1,295 units, a 139% increase on the 541 units reconditioned in the same period last year.
A particularly notable data point from May: the month’s output alone matched the entirety of the June quarter last year.
- Three months to 31 May 2026: 1,295 units reconditioned (+139% YoY)
- May 2026 alone: 521 units reconditioned and listed online
- May 2026 reconditioning output equalled full June quarter FY25 output
What is retail reconditioning and why does it matter for investors?
Reconditioning is the process by which Carma inspects, repairs, and certifies used vehicles before listing them for sale on its platform. Each car is assessed for mechanical condition, appearance, and safety, then brought up to a consistent standard before it is made available to buyers.
For a digital used-car platform, reconditioning is the primary operational throughput constraint. A vehicle cannot be sold until it is ready. This means Reconditioning Days and reconditioning volume directly govern inventory availability, which in turn drives Retail Units delivered and ultimately Retail Revenue. The pipeline is sequential: capacity at the reconditioning stage determines the ceiling for everything downstream.
Carma’s reconditioning process is verified by the NRMA, which has named Carma its Preferred Used Car Dealership. This provides a third-party quality assurance layer that supports customer confidence and underpins the platform’s fixed-pricing model.
For investors, accelerating reconditioning volume is a forward-looking signal. It indicates that Carma is building inventory headroom and expanding its capacity to fulfil future demand, not simply reflecting historical sales activity.
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Building toward the prospectus forecast period close
Since listing, Carma has published monthly Retail Units delivered and Retail Revenue data, committing to do so for a minimum of the prospectus forecast period to June 2026. This release is part of that consistent transparency cadence, designed to help investors understand the key drivers, monthly variability, and seasonality of revenue during the company’s early stage as a listed entity.
The longer-term growth arc provides context for current momentum. According to Figure 41 of Carma’s IPO Prospectus (page 69, dated 16 October 2025), quarterly deliveries grew from 222 units in Q1 FY23 to 633 units in Q1 FY26. The current trajectory represents the continuation of a multi-year scaling curve.
Monthly figures can vary based on the number of operating and delivery days, public and school holidays, and other seasonal factors, as noted in the announcement. With the order book growing by 58 units in May, the company enters the final month of the prospectus forecast period with visible demand signals intact.
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