SunCar Technology Reports Financial Results for Full Year 2025
Rhea-AI Summary
SunCar Technology (NASDAQ: SDA) reported record 2025 revenue of $489.3 million and maintained a $600 million revenue forecast for 2026. Q4 revenue rose 17% year-over-year to $151.2 million, and the company posted quarterly profits of $1.4M (Q3) and $1.7M (Q4). Adjusted EBITDA was $11.0M and year-end cash and short-term investments totaled $46.6M. SunCar highlighted a strategic AI partnership with ByteDance and said its Anji AI center drove >190% insurance-sales growth for partners.
AI-generated analysis. Not financial advice.
Positive
- Record revenue of $489.3 million in 2025
- Q4 revenue +17% to $151.2 million
- Quarterly profits of $1.4M (Q3) and $1.7M (Q4)
- Adjusted EBITDA increased to $11.0 million (from $9.8M)
- Year-end cash and short-term investments of $46.6 million
- Auto eInsurance revenue +25% to $212.6 million
Negative
- Full-year net loss of $2.4 million remains a reported loss
- Promotional services expenses increased ~20% to $197.0 million
- R&D expenses lowered to $9.0M due to absence of a one-time $62M share-based compensation in 2024, reducing comparability
News Market Reaction – SDA
On the day this news was published, SDA declined 14.49%, reflecting a significant negative market reaction. Argus tracked a trough of -11.3% from its starting point during tracking. Our momentum scanner triggered 13 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $23M from the company's valuation, bringing the market cap to $135.67M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
SDA was down 1.39% while sector peers were mixed: RMBL up 38.96%, JZXN up 8.42%, CRMT up 0.88%, and VRM/KFS down 4% and 1.53%. No momentum scanner signals or common news themes point to a sector-wide move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 06 | Prelim 2025 guidance | Positive | +22.3% | Preliminary 2025 revenue of $498M, H2 profitability and 2026 revenue guide of $600M. |
| Dec 18 | Q3 2025 earnings | Positive | +3.5% | Q3 2025 revenue up 6% to $115.8M and swing to $1.4M net income. |
| Oct 27 | H1 2025 earnings | Positive | +11.2% | H1 2025 revenue rose to $222.3M and net loss narrowed to $5.5M. |
| May 19 | Q1 2025 earnings | Positive | -0.7% | Q1 2025 revenue grew 20% to $102.6M with improved operating loss. |
Earnings-related releases have generally sparked positive price reactions, with three of the last four earnings headlines showing gains and one small decline despite growth and improving profitability.
Over the past year, SunCar’s earnings updates have highlighted rising revenue and improving profitability. Q1 2025 revenue grew 20% to $102.6M, H1 2025 revenue reached $222.3M with a sharply narrower net loss of $5.5M, and Q3 2025 delivered $115.8M revenue and $1.4M net income. The March 2026 prelim release guided $498M 2025 revenue and $600M for 2026, framing today’s full-year 2025 results as a continuation of that trajectory.
Historical Comparison
Past earnings headlines moved SDA an average of 9.1%, with consistent revenue growth and loss reduction, so these full-year 2025 results fit an established improving trend.
Earnings updates progressed from Q1 2025 growth, to H1 loss reduction, Q3 profitability, and March 2026 preliminary 2025/2026 guidance, now culminating in detailed full-year 2025 results.
Market Pulse Summary
The stock dropped -14.5% in the session following this news. A negative reaction despite improving 2025 results would contrast with mostly positive responses to past earnings, though there has been at least one divergence. Full-year revenue reached $489.3M with net loss cut to $2.4M and profitability in the second half. Any disappointment could stem from expectations set by the earlier preliminary $498M revenue outlook or scrutiny of segment trends and operating expenses.
Key Terms
adjusted ebitda financial
multimodal ai technical
AI-generated analysis. Not financial advice.
Profitable in the Third and Fourth Quarters of 2025
Delivered Record Annual Revenue of
Q4 revenue increased
Increased Auto Partners’ Premiums by over
Signed Strategic AI Partnership with ByteDance
NEW YORK, April 28, 2026 (GLOBE NEWSWIRE) -- 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
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
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 | $ | 5 | $ | 6 | |||
| Class B Ordinary shares (par value of | 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 | % | |||||
