エドガーで原本を確認する
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For the month of April 2026
Commission File Number: 001-41706
SunCar Technology Group Inc.
(Translation of registrant’s name into English)
c/o Shanghai Feiyou Trading Co., Ltd.
Suite 209, No. 656 Lingshi Road
Jing’an District, Shanghai, 200072
People’s Republic of China
Tel: (86) 138-1779-6110
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
SunCar Technology Group Inc., a Cayman Islands exempted company, furnishes under the cover of Form 6-K the following:
| Exhibit No. | Description of Exhibit | |
| 99.1 | Earnings Release dated April 28, 2026, announcing its financial results for the fiscal year ended December 31, 2025. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Date: April 29, 2026 | SunCar Technology Group Inc. | |
| By: | /s/ Zaichang Ye | |
| Name: | Zaichang Ye | |
| Title: | Chief Executive Officer (Principal Executive Officer) |
|
Exbibit 99.1
SunCar Technology Reports Financial Results for Full Year 2025
April 28, 2026
Profitable in the Third and Fourth Quarters of 2025
Delivered Record Annual Revenue of $489 million
Q4 revenue increased 17% year-over-year to $151 million
Increased Auto Partners’ Premiums by over 190%
Signed Strategic AI Partnership with ByteDance
NEW YORK, April 28, 2026-- SunCar Technology Group Inc. (the "Company" or "SunCar") (NASDAQ: SDA), an innovative leader in AI-powered auto insurance and auto services, today announced financial results for the year ended December 31, 2025.
"SunCar had a transformational year where our products and partnerships with China’s leading EV companies became truly AI-centric.” Zaichang Ye, Chairman and CEO of SunCar, said. “China’s global leadership in open-source AI is now well-established. SunCar, through its partnership with ByteDance, is fully leveraging its partner’s valuable AI technology in both new product development and operations.”
“ByteDance’s world-class multimodal AI is allowing us to create products such as agent-based policy matching and pricing, video inspections, predictive maintenance, accident analysis, and other products we could only imagine several years ago.”
“I'm very pleased with our strong 2025 results, record revenue of $489 million, and profitability in the second half of the year. SunCar is building unique, AI-powered technology that enables our auto partners to sell insurance and other downstream services successfully. That is our key differentiator!”
Full Year, Third and Fourth Quarter 2025 Financial Highlights
| ● | Generated a profit of $1.4 million in the third quarter of 2025, increasing to a profit of $1.7 million in the fourth quarter of 2025. |
| ● | Fourth quarter revenue increased 17% to a record $151.2 million year-over-year. |
| ● | Full year revenue increased 11% to $489.3 million year-over-year. |
| ● | Full year net loss was $2.4 million compared to a net loss of $64.5 million in 2024. The significant reduction in net loss was due to a significant decrease in share-based compensation in 2025 compared to 2024. |
| ● | Full year adjusted EBITDA was $11.0 million, compared to $9.8 million in 2024. |
| ● | SunCar ended the year with cash and short-term investments of $46.6 million. |
Full Year 2025 & Recent Business Highlights
| ● | Tesla: Launched an integrated “Insurance + Auto Services” module on the Tesla App. SunCar installed its insurance platform at independent service centers in third-tier cities helping Tesla avoid the need to build its own service centers. |
| ● | Xiaomi: New Xiaomi models featured AI upgrades from SunCar’s Anji AI service center to provide owners with more customized auto insurance and services. |
| ● | NIO: With the launch of NIO’s ES8 and ONVO L90 models, SunCar’s technology provided NIO owners with “one-click” auto insurance policy shopping. |
| ● | Leapmotor: SunCar announced that it had taken over management of Leapmotor’s digital insurance platform and achieved 60%+ conversion rates. |
| ● | ByteDance AI Partnership: SunCar announced a partnership with ByteDance AI to develop leading AI-powered products and to optimize SunCar’s operations. |
| ● | Anji AI Development Center: SunCar announced that its Anji AI Center was contributing to 190%+ insurance sales growth for its partners, Xpeng and Tesla. |
| ● | Agricultural Bank of China: In April 2026, SunCar announced it had won an estimated $50 million, three-year concierge chauffeur contract with the bank. |
| ● | Ping An Bank: SunCar expanded its partnership with Ping An Bank to include all auto services for the Bank’s credit card and consumer finance centers. |
Full Year, Third and Fourth Quarter 2025 Financial Results
Third and Fourth Quarters 2025:
| ● | Fourth quarter revenue increased 17% year-over-year to a record $151.2 million |
| ● | Profit of $1.4 million in the third quarter, increasing to $1.7 million in the fourth quarter of 2025 |
Full year 2025:
| ● | Revenue increased 11% year-over-year to $489.3 million |
| ● | Net loss was $2.4 million compared to a net loss of $64.5 million in 2024. The significant reduction was due to a large decrease in share-based compensation expenses. |
| ● | Adjusted EBITDA was $11.0 million compared to $9.8 million a year ago. |
| ● | Auto eInsurance revenue increased 25% to $212.6 million year-over-year. This growth was driven by the increased number of insurance policies sold. |
| ● | Technology Services revenue increased 19% to $53.6 million from a year ago. |
| ● | Auto Services revenue decreased 1% to $223.1 million year-over-year. This decrease was due to management’s decision not to renew certain less-profitable contracts. |
| ● | Operating costs and expenses decreased to $485.4 million from $500.3 million a year ago. This decrease was due to operating efficiencies and the higher percentage of insurance revenue. |
| ● | Integrated service costs increased to $241.5 million in 2025, from $226.2 million a year ago. This increase was due largely to the growth of Technology Service revenue and its associated costs. |
| ● | Promotional services expenses increased to $197.0 million for the year ended from $164.3 million a year ago. This increase is in line with the growth of SunCar’s insurance segment. |
| ● | Selling expenses decreased to $18.9 million from $22.6 million a year ago. |
| ● | General and administrative expenses decreased to $19.0 million from $47.0 million a year ago. This decrease was primarily due to the absence of a one-time $62.0 million share-based compensation expense in 2024. |
| ● | Research and development expenses decreased from $40.2 million in 2024 to $9.0 million in 2025. This decrease was primarily due to the absence of a one-time $62.0 million share-based compensation expense in 2024. |
| ● | Ended the year with $46.6 million in cash and short-term investments |
Insurance Segment Review
| ● | Tesla: SunCar’s innovative “Insurance plus Services Package" is now available on the Tesla App. SunCar’s insurance platform was successfully installed at independent service centers. SunCar became the first partner to enable Tesla to support drivers in third-tier cities without building its own delivery centers. |
| ● | NIO: NIO’s insurance revenue has increased dramatically with SunCar’s app streamlining the policy issuance process and expediting application approvals. |
| ● | Li Auto: Li’s online pilot program of SunCar’s platform has achieved significant success in multiple cities with a nationwide rollout planned for 2026. |
| ● | Leapmotor: In September, SunCar announced that it had taken over the management of Leapmotor’s digital insurance with conversions exceeding 60%. |
| ● | ZEEKR: SunCar’s smart insurance system improved efficiency for ZEEKR stores. Suncar’s custom cloud customer service reduced lead times. |
| ● | XPeng: SunCar has expanded its strategic cooperation with Xpeng to include helping XPeng sell extended warranties and other service products online. |
| ● | Xiaomi: SunCar’s platform manages all lapsed insurance renewals for Xiaomi and has created an industry-leading customer service process. |
| ● | Huawei: SunCar won the bid to manage insurance for Huawei’s (HIMA) alliance. HIMA is Huawei’s automotive technology platform and alliance network. |
| ● | China Post: Signed agreement with China Post to add 174 new partner stores. |
| ● | Gas Vehicle Market: SunCar’s car dealer management system is fully operational, featuring "One-Screen Quoting" and Lead/Task Management. |
| ● | Jiayi Auto Insurance: Closed acquisition of Jiayi Auto Insurance Agency. |
Auto Services Segment Review
| ● | Agricultural Bank of China: In April 2026, SunCar announced it had won an estimated $50 million, three-year concierge chauffeur contract with the bank. This enterprise-wide contract with one of the world’s largest banks demonstrates SunCar’s ability to meet the auto services needs of the largest corporations. |
| ● | CITIC Bank Private Banking: SunCar is the exclusive provider of concierge chauffeur solutions for CITIC Private Banking’s high-net-worth clients. |
| ● | China Construction Bank(“CCB”): During the year, SunCar launched multiple key projects for CCB, including chauffeur services for VIP card members. |
| ● | PICC: SunCar won bids for PICC’s chauffeur services across 13 provincial offices and signed contracts for auto services in two other provinces. |
| ● | Ping An Bank: SunCar served as the preferred aftermarket service provider for Ping An Bank's Credit Card Center and Automotive Consumer Finance Center |
| ● | Ping An Insurance: SunCar expanded auto services to three new provinces and won additional provincial bids for chauffeur services and VIP lounge services. |
| ● | VISA: In February 2025, SunCar won the bid for the Visa concierge service project, providing airport and high-speed rail pickup/drop-off services across China for Industrial and Commercial Bank of China (ICBC) Platinum and Black Gold cardholders. |
| ● | Beibu Gulf Port: SunCar signed a corporate chauffeur agreement and long-term strategic partnership through 2027. The contract includes the deep integration of SunCar’s transportation platform into Beibu’s operations. |
| ● | China Resources: SunCar managed concierge chauffeur services for the prestigious "Yaji" event series with customers receiving bespoke travel services. |
| ● | DiDi: Suncar provided an end-to-end vehicle air quality management solution to DiDi with professional air quality monitoring and air purification. |
Financial Outlook
SunCar is maintaining its $600 million revenue forecast for the full year 2026.
Forward-Looking Statements
This press release contains information about the Company’s view of its future expectations, plans, and prospects that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. Forward-looking statements in this release include statements regarding the planned launch of AI-powered services, expected improvements in customer experience, potential cost reductions, and the development of SaaS solutions. These statements involve risks, including technology development challenges, market acceptance, regulatory approval requirements, and the ability to scale AI implementations. For a detailed discussion of these risks, please refer to the Company's Annual Report on Form 20-F and other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of this press release, and the Company undertakes no obligation to update or revise these statements, except as required by law.
Contact Information:
SunCar:
Investor Relations: Mr. Breaux Walker
Email: IR@suncartech.com
Legal: Ms. Li Chen
Email: chenli@suncartech.com
SOURCE: SunCar Technology Group Inc.
SUNCAR TECHNOLOGY GROUP INC
CONSOLIDATED BALANCE SHEETS
(In U.S. Dollar thousands, except for share and per share data, or otherwise noted)
| As of December 31, | ||||||||
| 2024 | 2025 | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash | $ | 26,865 | $ | 25,019 | ||||
| Restricted cash | 2,647 | 2,841 | ||||||
| Short-term investments | 20,985 | 21,597 | ||||||
| Accounts receivable, net | 75,605 | 59,767 | ||||||
| Prepaid expenses and other current assets, net | 70,171 | 74,072 | ||||||
| Total current assets | 196,273 | 183,296 | ||||||
| Non-current assets | ||||||||
| Long-term investment | 274 | 286 | ||||||
| Property, software and equipment, net | 27,664 | 24,195 | ||||||
| Intangible asset | - | 408 | ||||||
| Deferred tax assets, net | 10,453 | 11,947 | ||||||
| Other non-current assets | 11,458 | 30,821 | ||||||
| Right-of-use assets | 606 | 2,243 | ||||||
| Total non-current assets | 50,455 | 69,900 | ||||||
| TOTAL ASSETS | $ | 246,728 | $ | 253,196 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities | ||||||||
| Short-term borrowings | $ | 83,597 | $ | 80,394 | ||||
| Long-term borrowing, current | - | 71 | ||||||
| Accounts payable | 56,812 | 41,404 | ||||||
| Contract liabilities | 2,421 | 5,730 | ||||||
| Tax payable | 1,361 | 1,468 | ||||||
| Accrued expenses and other current liabilities | 5,792 | 10,697 | ||||||
| Amount due to related parties, current | 6,238 | 6,659 | ||||||
| Operating lease liabilities, current | 544 | 834 | ||||||
| Total current liabilities | 156,765 | 147,257 | ||||||
| Non-current liabilities | ||||||||
| Operating lease liabilities, non-current | 21 | 1,333 | ||||||
| Long-term borrowing, non-current | - | 1,358 | ||||||
| Amount due to related parties, non-current | 22,761 | 12,516 | ||||||
| Warrant liabilities | 947 | 50 | ||||||
| Total non-current liabilities | 23,729 | 15,257 | ||||||
| Total liabilities | $ | 180,494 | $ | 162,514 | ||||
| Commitments and contingencies (Note 21) | ||||||||
| Shareholders’ equity | ||||||||
| Class A Ordinary shares (par value of $0.0001 per share; 400,000,000 Class A Ordinary shares authorized as of December 31, 2024 and 2025, respectively; 51,845,493 and 51,645,493 Class A Ordinary shares issued and outstanding as of December 31, 2024; 59,608,351 and 55,969,794 Class A Ordinary shares issued and outstanding as of December 31, 2025) | $ | 5 | $ | 6 | ||||
| Class B Ordinary shares (par value of $0.0001 per share; 100,000,000 Class B Ordinary shares authorized as of December 31, 2024 and 2025, respectively; 46,659,565 and 46,039,565 Class B Ordinary shares issued and outstanding as of December 31, 2024 and 2025, respectively) | 5 | 5 | ||||||
| Additional paid in capital | 208,701 | 233,014 | ||||||
| Accumulated deficit | (195,387 | ) | (199,329 | ) | ||||
| Accumulated other comprehensive loss | (1,432 | ) | (1,146 | ) | ||||
| Total SUNCAR TECHNOLOGY GROUP INC’s shareholders’ equity | 11,892 | 32,550 | ||||||
| Non-controlling interests | 54,342 | 58,132 | ||||||
| Total shareholders’ equity | 66,234 | 90,682 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 246,728 | $ | 253,196 | ||||
SUNCAR TECHNOLOGY GROUP INC
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS)/INCOME
(In U.S. Dollar thousands, except for share and per share data, or otherwise noted)
| For the years ended December 31, | ||||||||||||
| 2023 | 2024 | 2025 | ||||||||||
| Revenues | ||||||||||||
| Auto eInsurance service | $ | 118,109 | $ | 170,549 | $ | 212,568 | ||||||
| Technology service | 30,658 | 44,892 | 53,619 | |||||||||
| Auto service | 214,979 | 226,456 | 223,104 | |||||||||
| Total revenues | 363,746 | 441,897 | 489,291 | |||||||||
| Operating cost and expenses | ||||||||||||
| Integrated service cost | (209,553 | ) | (226,172 | ) | (241,510 | ) | ||||||
| Promotional service expenses | (112,504 | ) | (164,262 | ) | (197,045 | ) | ||||||
| Selling expenses | (20,578 | ) | (22,587 | ) | (18,900 | ) | ||||||
| General and administrative expenses | (22,462 | ) | (46,995 | ) | (18,990 | ) | ||||||
| Research and development expenses | (14,111 | ) | (40,244 | ) | (8,961 | ) | ||||||
| Total operating costs and expenses | (379,208 | ) | (500,260 | ) | (485,406 | ) | ||||||
| Operating (loss)/income | (15,462 | ) | (58,363 | ) | 3,885 | |||||||
| Other income/(expenses) | ||||||||||||
| Financial expenses, net | (4,435 | ) | (4,529 | ) | (4,239 | ) | ||||||
| Investment income | 518 | 784 | 152 | |||||||||
| Change of fair value of warrant liabilities | (629 | ) | (286 | ) | 897 | |||||||
| Other income/(loss), net | 5,001 | 794 | (2,748 | ) | ||||||||
| Total other income/(expenses), net | 455 | (3,237 | ) | (5,938 | ) | |||||||
| Loss before income tax expense | (15,007 | ) | (61,600 | ) | (2,053 | ) | ||||||
| Income tax expense | (2,572 | ) | (2,853 | ) | (346 | ) | ||||||
| Net loss | (17,579 | ) | (64,453 | ) | (2,399 | ) | ||||||
| Less: Net income attributable to non-controlling interests | 9,333 | 4,210 | 1,543 | |||||||||
| Net loss attributable to the Company’s ordinary shareholders | (26,912 | ) | (68,663 | ) | (3,942 | ) | ||||||
| Net loss attributable to the Company’s ordinary shareholders per ordinary share | ||||||||||||
| Basic and diluted | $ | (0.31 | ) | $ | (0.72 | ) | $ | (0.04 | ) | |||
| Weighted average shares outstanding used in calculating basic and diluted loss per share | ||||||||||||
| Basic and diluted | 85,441,057 | 95,996,861 | 102,081,873 | |||||||||
| Other comprehensive (loss)/income | ||||||||||||
| Foreign currency translation difference | (1,137 | ) | (1,524 | ) | 2,818 | |||||||
| Total other comprehensive (loss)/income | (1,137 | ) | (1,524 | ) | 2,818 | |||||||
| Total comprehensive (loss)/income | (18,716 | ) | (65,977 | ) | 419 | |||||||
| Less: total comprehensive income attributable to non-controlling interest | 8,087 | 2,751 | 4,075 | |||||||||
| Total comprehensive loss attributable to the SUNCAR TECHNOLOGY GROUP INC’s shareholders | $ | (26,803 | ) | $ | (68,728 | ) | $ | (3,656 | ) | |||
SUNCAR TECHNOLOGY GROUP INC
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In U.S. Dollar thousands, except for share and per share data, or otherwise noted)
| For the years ended December 31, | ||||||||||||
| 2023 | 2024 | 2025 | ||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
| Net loss | $ | (17,579 | ) | $ | (64,453 | ) | $ | (2,399 | ) | |||
| Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||||||||||||
| (Reversal)/provision for credit losses | (4,112 | ) | 1,314 | 3,695 | ||||||||
| Depreciation | 4,114 | 4,503 | 6,095 | |||||||||
| Amortization of right-of-use assets | 754 | 775 | 839 | |||||||||
| Share-based compensation of subsidiary | 1,519 | 1,495 | 998 | |||||||||
| Share-based compensation of the Group | 9,776 | 62,040 | - | |||||||||
| (Gain)/Loss on disposal of property, software and equipment | (27 | ) | 4 | 108 | ||||||||
| Deferred income tax expense/(benefit) | 701 | 1,235 | (1,007 | ) | ||||||||
| Fair value changes of warrant liabilities | 629 | 286 | (897 | ) | ||||||||
| Financing expense related to issuance of GEM Warrants | 377 | 607 | 606 | |||||||||
| Accrued liability for GEM litigation | - | - | 3,100 | |||||||||
| Changes in operating assets and liabilities: | ||||||||||||
| Accounts receivable | 30,822 | (22,710 | ) | 14,936 | ||||||||
| Prepaid expenses and other current assets | (55,908 | ) | (6,740 | ) | (8,601 | ) | ||||||
| Accounts payable | 3,140 | 31,345 | (17,412 | ) | ||||||||
| Contract liabilities | (418 | ) | (554 | ) | 3,117 | |||||||
| Accrued expenses and other current liabilities | (288 | ) | 1,437 | 3,286 | ||||||||
| Tax payable | (621 | ) | 35 | 46 | ||||||||
| Operating lease liabilities | (680 | ) | (691 | ) | (793 | ) | ||||||
| Amount due to related parties | 150 | 1,913 | - | |||||||||
| Total net cash (used in) provided by operating activities | (27,651 | ) | 11,841 | 5,717 | ||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||
| Purchase of property, software and equipment | (4,928 | ) | (588 | ) | (380 | ) | ||||||
| Proceeds from disposal of property, software and equipment | 54 | 43 | 3 | |||||||||
| Payment for acquisition of an insurance license | - | - | (236 | ) | ||||||||
| Purchase of short-term investment | (518 | ) | (21,636 | ) | (451 | ) | ||||||
| Proceeds from the redemption of short-term investment | 4,719 | 21,657 | 750 | |||||||||
| Payment of securities margin | - | - | (4,029 | ) | ||||||||
| Purchase of other non-current assets | (1,721 | ) | (11,623 | ) | (8,560 | ) | ||||||
| Total net cash used in investing activities | (2,394 | ) | (12,147 | ) | (12,903 | ) | ||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||
| Proceeds from short-term borrowings | 104,506 | 105,870 | 104,625 | |||||||||
| Repayments of short-term borrowings | (93,970 | ) | (102,993 | ) | (111,304 | ) | ||||||
| Proceeds from long-term borrowing | - | - | 1,430 | |||||||||
| Payment for GEM litigation | - | - | (1,550 | ) | ||||||||
| Repayments of payables to a related party | (10,000 | ) | (1,699 | ) | (11,553 | ) | ||||||
| Proceeds from issuance of ordinary shares, net of issuance cost | 18,468 | - | 41,631 | |||||||||
| Cash required on reverse recapitalization | 68 | - | - | |||||||||
| Proceeds from Private Placement | 21,737 | - | - | |||||||||
| Payment for offering cost related to Business Combination | (588 | ) | - | - | ||||||||
| Shares repurchase | (2,000 | ) | - | (15,760 | ) | |||||||
| Exercise of warrants | 2,213 | - | - | |||||||||
| Repurchase of non-controlling interests | - | (4,129 | ) | (3,151 | ) | |||||||
| Total net cash provided by (used in) financing activities | 40,434 | (2,951 | ) | 4,368 | ||||||||
| Effect of exchange rate changes | (711 | ) | (826 | ) | 1,166 | |||||||
| Net change in cash and restricted cash | 9,678 | (4,083 | ) | (1,652 | ) | |||||||
| Cash and restricted cash, beginning of the year | $ | 23,917 | $ | 33,595 | $ | 29,512 | ||||||
| Cash and restricted cash, end of the year | $ | 33,595 | $ | 29,512 | $ | 27,860 | ||||||
| Reconciliation of cash and restricted cash to the consolidated balance sheets: | ||||||||||||
| Cash | $ | 30,854 | $ | 26,865 | $ | 25,019 | ||||||
| Restricted cash | $ | 2,741 | $ | 2,647 | $ | 2,841 | ||||||
| Total cash and restricted cash | $ | 33,595 | $ | 29,512 | $ | 27,860 | ||||||
| Supplemental disclosures of cash flow information: | ||||||||||||
| Income tax paid | $ | 2,577 | $ | 1,466 | $ | 1,307 | ||||||
| Interest expense paid | $ | 3,666 | $ | 3,669 | $ | 3,502 | ||||||
| Supplemental disclosures of non-cash flow information: | ||||||||||||
| Decrease of accrued expenses and other current liabilities due to vest of restricted shares | $ | 311 | $ | 311 | $ | 311 | ||||||
| Property, software and equipment transferred from other non-current assets | $ | 3,728 | $ | 9,877 | $ | - | ||||||
| Obtaining right-of-use assets in exchange for operating lease liabilities | $ | 1,702 | $ | 103 | $ | 2,328 | ||||||
| Prepaid financing expense related to issuance of GEM Warrants | $ | 1,442 | $ | 835 | $ | 229 | ||||||
| Repayments of payables to a related party (Note 19) | $ | - | $ | 4,504 | $ | - | ||||||
SunCar Technology Group Inc.
Net loss to Adjusted EBITDA Reconciliation
for the years ended December 31, 2023, 2024 and 2025.
| For the years ended December 31, | ||||||||||||
| 2023 | 2024 | 2025 | ||||||||||
| (In thousands) | ||||||||||||
| Net loss | $ | (17,579 | ) | $ | (64,453 | ) | $ | (2,399 | ) | |||
| Depreciation and amortization | 4,114 | 4,503 | 6,095 | |||||||||
| Financial expenses, net | 4,435 | 4,529 | 4,239 | |||||||||
| Investment income | (518 | ) | (784 | ) | (152 | ) | ||||||
| Change of fair value of warrant liabilities | 629 | 286 | (897 | ) | ||||||||
| Other non-recurring (income) expense, net | (5,001 | ) | (794 | ) | 2,748 | |||||||
| Income tax expense | 2,572 | 2,853 | 346 | |||||||||
| Share-based compensation (1) | 11,295 | 63,535 | 998 | |||||||||
| Transaction fees (2) | 1,702 | 79 | 15 | |||||||||
| Adjusted EBITDA | $ | 1,649 | $ | 9,754 | $ | 10,993 | ||||||
| Net loss Margin | -4.8 | % | -14.6 | % | -0.5 | % | ||||||
| Adjusted EBITDA Margin | 0.5 | % | 2.2 | % | 2.2 | % | ||||||