Company: SCAG
Filing Date: 2025-11-12
Form Type: 20-F
Source: 0001213900-25-109190
Chunk: 73

Company: Scage Future
Filing Date: 2025-11-12
Form: 20-F
Item: Item 4
Chunk 73
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, high-power hybrid
mining vehicles.

We believe that our advanced
technologies allow us to develop vehicles capable of delivering optimal function in collaboration with vehicle manufacturers. We have
independently developed our electric control and steering system, intelligently distributed hybrid power (“ IDHP”) system
and our solid oxide electrolysis cell (“ SOEC”) hydrogen production technology. Furthermore, we have been staying at the forefront
of the industry in the R& D 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 sold 24 sets of Artificial-intelligent Robot Transportation (“ ART”) components, 88 sets of NEV batteries, 6 Dragon King
and 20 Q-trucks for the year ended June 30, 2025, compared with 82 Q-trucks, one Galaxy II high-end version model, and one electric tractor
truck for the year ended June 30, 2024. We recorded net revenues of US$11.1 million, US$6.1 million and US$0.4 million in 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
in the years ended June 30, 2025, 2024 and 2023, respectively.

Market Opportunities

We have capitalized and expect
to continue to benefit from favorable government policies and industry trends driving the development of the heavy-duty NEV truck
and e-fuel industries in China and globally. Following the Paris Agreement adopted in December 2015, numerous countries have
committed to achieving net-zero emissions and have formulated plans to drive the development of commercial NEVs and related industries.
In China, the development plan for the NEV industry (2021-2035) was launched in November 2020, aiming to promote full electrification
of vehicles for public use, pilot applications for