Company: SCAG
Filing Date: 2025-11-12
Form Type: 20-F
Source: 0001213900-25-109190
Chunk: 100

Company: Scage Future
Filing Date: 2025-11-12
Form: 20-F
Item: Item 4A
Chunk 100
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 cell (“ SOEC”) hydrogen production technology. Furthermore, we remain at forefront of the industry
in the R& D (as defined below) and application of new processes and technologies. We believe our platform-based vehicle design and
development system will enable us to cost-efficiently develop a wide range of vehicle models and provide customized solutions for our
customers in collaboration with vehicle manufacturers.

Quality is of utmost importance
to our business. We implement strict quality control in our R& D and supply chain processes. We strategically collaborate with vehicle
manufacturers, including C& C Trucks Co., Ltd., to ensure stable vehicle manufacturing and delivery capability, while also closely
monitoring the quality of our products.

We generate revenues primarily
from sales of commercial NEVs and components. We recorded net revenues of US$11.1 million, US$6.1 million and US$0.4 million for the
years ended June 30, 2025, 2024 and 2023, respectively. We recorded net loss of US$13.1 million, US$6.0 million and US$6.6 million for
the years ended June 30, 2025, 2024 and 2023, respectively.

Key Factors that Affect Operating Results

The demand for our heavy-duty
commercial NEVs is affected by various general factors, primarily including (1) the macroeconomic conditions in China and the growth
of the global and China’s heavy-duty commercial NEV markets; (2) customer acceptance and penetration rate of heavy-duty commercial
NEVs, which are in turn affected by, among other things, functionality and performance of heavy-duty commercial NEVs, total cost of ownership
and availability of energy refuel solutions; and (3) government policies and regulations for heavy-duty commercial NEV industry,
such as subsidies for heavy-duty commercial NEV purchases and government grants for manufacturers. Changes in any of these general industry
conditions could affect our business and results of operations.

Specific Factors Affecting Our Results of Operations

In addition to the general
factors affecting the heavy-duty commercial NEV market, our business and results of operations are also affected by specific factors,
including the following major factors.

Our ability to attract
new customers and grow our customer base

We intend to continue to
enhance customer acquisition and accelerate the commercialization of our vehicles by deepening engagement with industry-leading corporate
customers and providing tailored services. We plan to routinely communicate with industry customers to keep ourselves informed of their
evolving