Company: SDAWW
Filing Date: 2025-02-04
Form Type: 6-K
Source: 0001213900-25-010076
Chunk: 37

Company: SunCar Technology Group Inc.
Filing Date: 2025-02-04
Form: 6-K
Chunk 37
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4. The increase was primarily due to an increase in promotion expense of $7.9 million for market expansion and partially offset by $1.6 million for compensation for part-time sales personnel. General and administrative expenses.General and administrative expenses significantly increased from US$13.1 million for the nine months ended September 30, 2023 to US$44.1 million for the nine months ended September 30, 2024, primarily due to the increase of share-based compensation expense related to 2024 Equity Incentive Planof US$31.0 million. Research and development expenses.Research and development expenses significantly increased from US$5.5 million for the nine months ended September 30, 2023 to US$33.6 million for nine months ended September 30, 2024, primarily due to share-based compensation expense related to 2024 Equity Incentive Planof US$31.0 million. Net loss and Adjusted EBITDA.Net loss increased by US$56.9 million, to US$61.6 million for the nine months ended September 30, 2024. Adjusted EBITDA has increased by 161% from US$3.1 million in nine months ended September 30, 2023 to US$8.2 million for the nine months ended September 30, 2024. See our reconciliation of Net loss to Adjusted EBITDA within the section titled “Non-GAAP Financial Measures.” 7 Non-GAAP Financial Measures In addition to our results determined in accordance with GAAP, the Company’s management believes that Adjusted EBITDA, as defined below, is useful in evaluating our operational performance. The Company uses this non-GAAP financial information to evaluate our ongoing operations and for internal planning, budgeting and forecasting purposes. We believe that this non-GAAP financial information, when taken collectively with GAAP measures, may be helpful to investors in assessing our operating performance and comparing our performance with competitors and other comparable companies, which may or may not present similar non-GAAP financial measures to investors. Our computation of these non-GAAP measures may not be comparable to other similarly titled measures computed by other companies, because all companies may not calculate these measures in the same fashion. We endeavor to compensate for the limitation of the non-GAAP measure presented by also providing the most directly comparable GAAP measure and a description of the reconciling items and adjustments to derive the non-GAAP measure. This non-GAAP measure should be considered in addition to results