Company: SCAG
Filing Date: 2025-11-12
Form Type: 20-F
Source: 0001213900-25-109190
Chunk: 110

Company: Scage Future
Filing Date: 2025-11-12
Form: 20-F
Item: Item 4A
Chunk 110
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 measured impairment by comparing the carrying value of the long-lived assets to the market price.

Other income, net

We recorded total other income, net of US$0.3 million and total
other expenses of US$0.1 million for the years ended June 30, 2025 and 2024, respectively.

Our other income, net decreased
from US$264 thousand for the year ended June 30, 2024 to US$22 thousand for the year ended June 30, 2025, primarily attributable
to the decrease of income from disposal of property and equipment and the decrease of government grants.

Our interest expenses, net
mainly consist of interest income and interest expense, bank charges and exchange gain or loss. Our interest expenses, net decreased
from US$0.4 million for the year ended June 30, 2024 to US$0.3 million for the year ended June 30, 2025 primarily
due to a decrease in weighted average interest rates.

Our fair value change in
derivative liability were US$0.3 million and nil for the years ended June 30, 2025 and 2024, respectively.

Our gain on investments, which mainly consists of changes in the fair
value of long-term investments, was US$0.3 million and nil for the years ended June 30, 2025 and 2024, respectively.

Net loss

As a result of the foregoing,
our net loss increased by US$7.1 million from US$6.0 million for the year ended June 30, 2024 to US$13.1 million for the
year ended June 30, 2025

Comparison for the Years ended June 30, 2024
and 2023

Net revenues

Our net revenues increased
significantly from US$0.4 million for the year ended June 30, 2023 to US$6.1 million for the year ended June 30,
2024.

Revenues from sales of NEVs
and components increased significantly from US$0.4 million for the year ended June 30, 2023 to US$6.1 million for the
year ended June 30, 2024. The significant increase was primarily attributable to bulk orders ofQ-trucksfrom one major customer
during 2023. We sold 82Q-trucks, one Galaxy IIhigh-end version model, and one electric tractor truck for the year
ended June