Company: SDAWW
Filing Date: 2025-10-27
Form Type: 6-K
Source: 0001213900-25-102611
Chunk: 47

Company: SunCar Technology Group Inc.
Filing Date: 2025-10-27
Form: 6-K
Chunk 47
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 cloud infrastructure and US$2.2 million in the repurchase of non-controlling interests. Net cash used in investing activities for the six months ended June 30, 2024 was US$7.3 million, primarily consisting of US$7.7 million in non-current assets purchase related to the development of cloud infrastructure, and purchase of short-term investment of US$20.6 million, and offset by the proceeds from sale of short-term investment of US$21.3 million. 11 Financing Activities Net cash provided by financing activities for the six months ended June 30, 2025 was US$14.0 million, consisting primarily of proceeds of short-term bank borrowings of US$52.1 million and proceeds from issuance of ordinary shares, net of issuance cost of US$41.6 million, and offset by repayments of from short-term bank borrowings of US$54.2 million, repurchase of shares of US$15.8 million and repayments of payables to a related party of US$9.8 million. In February 2025, our Board of Directors authorized the $30 million share repurchase program reflecting management’s confidence in our long-term growth prospects and commitment to delivering shareholder value. During the first half of 2025, we repurchased 3,438,557 shares at an average price of $4.58 per share for a total of $15.8 million. We believe these repurchases represent an attractive use of capital given our strong growth profile and improving operational metrics. Net cash provided by financing activities for the six months ended June 30, 2024 was US$0.2 million, consisting primarily of US$57.0 million from short-term bank borrowings, and offset by repayments of short-term bank borrowings of US$56.8 million. Capital Expenditures Our capital expenditures are primarily incurred for the purchase of software and equipment, and the development of our Cloud Platform. Our capital expenditures were US$8.0 million and US$5.4 million, for the six months ended June 30, 2024 and 2025, respectively. We intend to fund our future capital expenditures with our existing cash balance and bank borrowings. We will continue to incur capital expenditures as needed to meet the expected growth of our business. Off-Balance Sheet Commitments and Arrangements We have not entered into any financial guarantees or other commitments to guarantee the payment obligations of any third parties. In addition, we have not entered into