$SDA
SunCar Technology Group Inc.
CIK:0001936804|SEC Filings
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net loss | $ (2,399) | $ (64,453) | $ (17,579) |
| Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||
| (Reversal)/ provision for credit losses | 3,695 | 1,314 | (4,112) |
| Depreciation | 6,095 | 4,503 | 4,114 |
| Amortization of right-of-use assets | 839 | 775 | 754 |
| Share-based compensation of subsidiary | 998 | 1,495 | 1,519 |
| Share-based compensation of the Group | 62,040 | 9,776 | |
| (Gain)/Loss on disposal of property, software and equipment | 108 | 4 | (27) |
| Deferred income tax expense /(benefit) | (1,007) | 1,235 | 701 |
| Fair value changes of warrant liabilities | (897) | 286 | 629 |
| Financing expense related to issuance of GEM Warrants | 606 | 607 | 377 |
| Accrued liability for GEM litigation | 3,100 | ||
| Changes in operating assets and liabilities: | |||
| Accounts receivable | 14,936 | (22,710) | 30,822 |
| Prepaid expenses and other current assets | (8,601) | (6,740) | (55,908) |
| Accounts payable | (17,412) | 31,345 | 3,140 |
| Contract liabilities | 3,117 | (554) | (418) |
| Accrued expenses and other current liabilities | 3,286 | 1,437 | (288) |
| Tax payable | 46 | 35 | (621) |
| Operating lease liabilities | (793) | (691) | (680) |
| Amount due to related parties | 1,913 | 150 | |
| Total net cash (used in) provided by operating activities | 5,717 | 11,841 | (27,651) |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Purchase of property, software and equipment | (380) | (588) | (4,928) |
| Proceeds from disposal of property, software and equipment | 3 | 43 | 54 |
| Payment for acquisition of an insurance license | (236) | ||
| Purchase of short-term investment | (451) | (21,636) | (518) |
| Proceeds from the redemption of short-term investment | 750 | 21,657 | 4,719 |
| Payment of securities margin | (4,029) | ||
| Purchase of other non-current assets | (8,560) | (11,623) | (1,721) |
| Total net cash used in investing activities | (12,903) | (12,147) | (2,394) |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Proceeds from short-term borrowings | 104,625 | 105,870 | 104,506 |
| Repayments of short-term borrowings | (111,304) | (102,993) | (93,970) |
| Proceeds from long-term borrowing | 1,430 | ||
| Payment for GEM litigation | (1,550) | ||
| Repayments of payables to a related party | (11,553) | (1,699) | (10,000) |
| Proceeds from issuance of ordinary shares, net of issuance cost | 41,631 | 18,468 | |
| Cash required on reverse recapitalization | 68 | ||
| Proceeds from Private Placement | 21,737 | ||
| Payment for offering cost related to Business Combination | (588) | ||
| Shares repurchase | (15,760) | (2,000) | |
| Exercise of warrants | 2,213 | ||
| Repurchase of non-controlling interests | (3,151) | (4,129) | |
| Total net cash provided by (used in) financing activities | 4,368 | (2,951) | 40,434 |
| Effect of exchange rate changes | 1,166 | (826) | (711) |
| Net change in cash and restricted cash | (1,652) | (4,083) | 9,678 |
| Cash and restricted cash, beginning of the year | 29,512 | 33,595 | 23,917 |
| Cash and restricted cash, end of the year | 27,860 | 29,512 | 33,595 |
| Reconciliation of cash and restricted cash to the consolidated balance sheets: | |||
| Cash | 25,019 | 26,865 | 30,854 |
| Restricted cash | 2,841 | 2,647 | 2,741 |
| Total cash and restricted cash | 27,860 | 29,512 | 33,595 |
| Supplemental disclosures of cash flow information: | |||
| Income tax paid | 1,307 | 1,466 | 2,577 |
| Interest expense paid | 3,502 | 3,669 | 3,666 |
| 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 | 9,877 | 3,728 | |
| Obtaining right-of-use assets in exchange for operating lease liabilities | 2,328 | 103 | 1,702 |
| Prepaid financing expense related to issuance of GEM Warrants | 229 | 835 | 1,442 |
| Repayments of payables to a related party (Note 19) | $ 4,504 | ||
Consolidated Balance Sheets - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Current assets | ||
| Cash | $ 25,019 | $ 26,865 |
| Restricted cash | 2,841 | 2,647 |
| Short-term investments | 21,597 | 20,985 |
| Accounts receivable, net | 59,767 | 75,605 |
| Prepaid expenses and other current assets, net | 74,072 | 70,171 |
| Total current assets | 183,296 | 196,273 |
| Non-current assets | ||
| Long-term investment | 286 | 274 |
| Property, software and equipment, net | 24,195 | 27,664 |
| Intangible asset | 408 | |
| Deferred tax assets, net | 11,947 | 10,453 |
| Other non-current assets | 30,821 | 11,458 |
| Right-of-use assets | 2,243 | 606 |
| Total non-current assets | 69,900 | 50,455 |
| TOTAL ASSETS | 253,196 | 246,728 |
| Current liabilities | ||
| Short-term borrowings | 80,394 | 83,597 |
| Long-term borrowing, current | 71 | |
| Accounts payable | 41,404 | 56,812 |
| Contract liabilities | 5,730 | 2,421 |
| Tax payable | 1,468 | 1,361 |
| Accrued expenses and other current liabilities | 10,697 | 5,792 |
| Operating lease liabilities, current | 834 | 544 |
| Total current liabilities | 147,257 | 156,765 |
| Non-current liabilities | ||
| Operating lease liabilities, non-current | 1,333 | 21 |
| Long-term borrowing, non-current | 1,358 | |
| Warrant liabilities | 50 | 947 |
| Total non-current liabilities | 15,257 | 23,729 |
| Total liabilities | 162,514 | 180,494 |
| Commitments and contingencies (Note 21) | ||
| Shareholders’ equity | ||
| Additional paid in capital | 233,014 | 208,701 |
| Accumulated deficit | (199,329) | (195,387) |
| Accumulated other comprehensive loss | (1,146) | (1,432) |
| Total SUNCAR TECHNOLOGY GROUP INC’s shareholders’ equity | 32,550 | 11,892 |
| Non-controlling interests | 58,132 | 54,342 |
| Total shareholders’ equity | 90,682 | 66,234 |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 253,196 | 246,728 |
| Class A Ordinary Shares | ||
| Shareholders’ equity | ||
| Ordinary shares value | 6 | 5 |
| Class B Ordinary Shares | ||
| Shareholders’ equity | ||
| Ordinary shares value | 5 | 5 |
| Related Party | ||
| Current liabilities | ||
| Amount due to related parties, current | 6,659 | 6,238 |
| Non-current liabilities | ||
| Amount due to related parties, non-current | $ 12,516 | $ 22,761 |