Company: SCAG
Filing Date: 2025-11-12
Form Type: 20-F
Source: 0001213900-25-109190
Chunk: 1

Company: Scage Future
Filing Date: 2025-11-12
Form: 20-F
Item: Item 3
Chunk 1
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tested. Any failure to implement our strategic plans could have a material adverse effect on our business, harm our reputation and result
in substantial liabilities that exceed our resources.

As a new enterprise, we may
encounter difficulties that are beyond our control, including substantial risks and expenses when entering new markets, organizing operations
and undertaking marketing activities. We may not be able to estimate the demand for our NEV trucks accurately, which could result in
various inefficiencies in our business and hinder our ability to generate revenue. If we fail to accurately predict supply and demand
for our products, or if we fail to invest in talents, technologies and capital equipment to meet market demand, we could incur additional
costs or experience delays. In addition, we cannot assure you that our business initiative to roll out fueling stations and promote the
V2X transportation model may prove profitable in the near term or at all. The likelihood of our success must be considered in light of
these risks, expenses, complications, delays and the competitive environment in which we operate. We cannot assure you that our business
plan will prove successful, and we may not be able to generate significant revenue, raise additional capital or operate profitably.

We will continue to encounter
risks and difficulties frequently experienced by companies in the early commercial stage, including scaling up our infrastructure and
headcount, as well as unforeseen expenses, difficulties or delays in connection with our growth. In addition, as a result of the capital-intensive
nature of our industry, we expect to continue to incur substantial operating expenses without generating sufficient revenue to cover
expenditures in the near term. As such, any investment in us may result in the loss of your investment.

We may need to raise additional funds,
which may not be available on terms favorable to us or our shareholders or at all when needed.

The design and sale of heavy-duty
NEV trucks and the operation of a new energy ecosystem are capital-intensive businesses. Our business plan to promote the design and
sales of our NEV trucks and to operate an e-fuel ecosystem will require continued capital investment to fund operations, continue research
and development activities and improve facilities. While we have completed several rounds of financing activities, we cannot assure you
that we will have access to additional capital required for our operations on favorable terms when required or at all. If we cannot raise
additional funds when we need them, our business, prospects, results of operations and financial condition could be materially and adversely
affected. We may raise funds