SunCar Technology Reports Financial Results for Full Year 2025

SunCar Technology Reports Financial Results for Full Year 2025 SunCar Technology Reports Financial Results for Full Year 2025 GlobeNewswire 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 (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 $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

Full Year 2025 & Recent Business Highlights

 Full Year, Third and Fourth Quarter 2025 Financial Results

Third and Fourth Quarters 2025:

Full year 2025:

Insurance Segment Review

Auto Services Segment Review

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%

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