Company: SDAWW
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001213900-25-036086
Chunk: 107

Company: SunCar Technology Group Inc.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 4A
Chunk 107
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 for the year ended December 31, 2024, primarily due to the increase of share-based compensation expense related to 2024 Equity
Incentive Planof US$31.0 million, and partially offset by decrease of US$4.9 million technology service fees due to a reduction on
external services.

Net loss and Adjusted EBITDA. Net loss increased by US$46.9 million, to US$64.5 million for the year ended December 31, 2024. Adjusted EBITDA increased by US$8.1
million, to US$9.8 million in the year ended December 31, 2024. See our reconciliation of Net loss to Adjusted EBITDA within the section
titled “ Non-GAAP Financial Measures.

Year ended December 31, 2023 compared with the year ended December
31, 2022

The following table sets forth
a summary of audited consolidated results of operations for the years indicated. This information should be read together with audited
consolidated financial statements and related notes included elsewhere in this Annual Report. The operating results in any period are
not necessarily indicative of the results that may be expected for any future period.

                                                   For the Years Ended                                            Change                         
                                                   December 31,                                                                                  
                                                   2022                                   2023                    Amount                         
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Revenues                                                                                                                                       
  Auto eInsurance service                          $                          67,640      $          118,109      $            50,469        75  
  Technology service                                                          15,479                  30,658                   15,179        98  
  Auto service                                                               199,294                 214,979                   15,685         8  
  Total revenues                                                             282,413                 363,746                   81,333        29  
  Operating costs and expenses                                                                                                                   
  Integrated service cost                                                   (166,793                (209,553                  (42,760        26  
  Promotional service expenses                                               (65,500                (112,504                  (47,004        72  
  Selling expenses                                                           (16,477                 (20,578                   (4,101        25  
  General and administrative expenses                                        (37,742                 (22,462                   15,280       -40  
  Research and development expenses                                           (8,