Carwow posts £24m loss as revenue tops £100m

Carwow announced its 2025 results showing a pre‑tax loss of £23.9 million, up from £19.7 million in 2024, while revenue reached £104.2 million – a 22 percent increase and the first time the marketplace broke the £100 million mark, a key signal for dealers in the UK automotive market.

Key takeaways

• Revenue rose 22 % to £104.2 million, first time above £100 million.
• Pre‑tax loss increased to £23.9 million, up from £19.7 million.
• Marketplace segment generated £74.3 million of total revenue.
• Cash reserves fell to £15 million by December 2025.
• Sell My Car division continued rapid scaling and YouTube reached 10.8 million subscribers.

Financial performance

Carwow recorded a pre‑tax loss of £23,912,502 for the year ended December 2025, compared with a £19.7 million loss the previous year. The increase reflects heavy investment in technology and product development across its marketplace and media operations.

Total revenue climbed 22 percent to £104.2 million. The core marketplace contributed £74.3 million, up from £58.9 million, while the Media and Content division added £29.9 million, reflecting growth in its automotive publishing titles.

Cash position and going‑concern assessment

Cash reserves dropped sharply from £34 million at the end of 2024 to £15 million by December 2025. Net assets fell from £30.9 million to £9.6 million, and the business continues to carry £26.1 million of venture debt due in December 2026.

Despite the decline, the board stated that forecasts and cash‑flow projections demonstrate sufficient resources to operate as a going concern for at least the next 12 months.

Operational developments

The Sell My Car division, which runs daily auctions of used vehicles to dealers, continued to scale rapidly throughout 2025. This expansion supports dealers seeking efficient wholesale channels.

Carwow’s media portfolio now includes Auto Express and Evo, and its content channels amassed 2.2 billion video views in the year. The YouTube audience grew to 10.8 million subscribers, offering a sizeable platform for brand exposure.

What this means for dealers

Stronger marketplace revenue and an expanding auction division suggest more vehicle inventory and pricing data will become available to dealers, potentially improving procurement efficiency.

However, the reduced cash buffer and rising losses signal that Carwow may need to prioritise cost control and could delay further investment in dealer‑focused technology until cash flow stabilises.

Frequently asked questions

How might Carwow's increased loss affect its marketplace services for dealers?

The higher loss reflects significant investment rather than a loss of market traction. Dealers can expect the platform to continue operating, but Carwow may tighten spending on new features until cash generation improves, possibly slowing the rollout of advanced tools.

What does the decline in cash reserves mean for Carwow's ability to invest in dealer‑focused technology?

With cash falling to £15 million, Carwow faces tighter financial constraints. While the company affirmed sufficient resources for the next year, any new technology projects are likely to be scrutinised closely and may be phased in more conservatively.

Will Carwow's growth in media and YouTube audience benefit dealer marketing opportunities?

Yes. The enlarged media footprint and 10.8 million YouTube subscribers give dealers a broader audience for promotions and brand messaging, particularly through Carwow's integrated content channels and native advertising options.