Company: SDAWW
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001213900-25-036086
Chunk: 105

Company: SunCar Technology Group Inc.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 4A
Chunk 105
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,600                   (46,593       310  
  Income tax expense                                                          (2,572                  (2,853                      (281        11  
  Loss from continuing operations, net                                       (17,579                 (64,453                   (46,874       267  
  Net loss                                                                   (17,579                 (64,453                   (46,874       267  
  Other comprehensive loss                                                                                                                        
  Foreign currency translation difference                                     (1,137                  (1,524                      (387        34  
  Total comprehensive loss                         $                         (18,716      $          (65,977      $            (47,261       253  

Revenue

Our total revenue increased
by 21% from US$363.7 million for the year ended December 31, 2023 to US$441.9 million for the year ended December 31, 2024.

Auto eInsurance service. Auto eInsurance service revenue increased by 44% from US$118.1 million for the year ended December 31, 2023 to US$170.5 million for the
year ended December 31, 2024, which was driven by the increasing number of insurance policies sold for the year ended December 31, 2024.
We ranked first in terms of auto insurance premiums for EVs in China. EV sales have increased sharply in recent years, and thus, our auto
eInsurance business has expanded rapidly.

Technology service. Technology
service revenue increased by 46% from US$30.7 million for the year ended December 31, 2023 to US$44.9 million for the year ended December
31, 2024. With growing demands to efficiently manage their businesses, more enterprise customers are now paying for our online tools to
streamline their business workflows, manage their customer relationships and automate orders processing. With the iterative upgrades of
our technology, we are working on developing a SaaS model product offering and plan to gradually turn our enterprise customers into our
technology service customers. Through the application of our Private Cloud Platform, our development process was simplified, and we can
easily integrate various tools for software development, testing, operations and maintenance. This has strengthened our software platform
and increased its business capacity to better serve the customers’ needs.

Auto service. Auto
service revenue increased by 5% from US$215.0 million for the year ended December 31, 2023 to US$226.5 million for the