Company: SDAWW
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001213900-25-036086
Chunk: 111

Company: SunCar Technology Group Inc.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 4A
Chunk 111
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iles Net loss to Adjusted
EBITDA for the years ended December 31, 2022, 2023 and 2024.

                                                            For the years ended December 31,                                                             
                                                            2022                                               2023                   2024               
                                                            (In thousands)                                                                               
  Net loss                                                  $                                     (11,899      $         (17,579      $         (64,453  
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Depreciation and amortization                                                                     5,078                  4,114                  4,503  
  Financial expenses, net                                                                           3,659                  4,435                  4,529  
  Investment income                                                                                  (441                   (518                   (784  
  Change of fair value of warrant liabilities                                                           -                    629                    286  
  Other non-recurring income, net                                                                  (5,121                 (5,001                   (794  
  Income tax expense                                                                                  231                  2,572                  2,853  
  Share-based compensation (1)                                                                      1,599                 11,295                 63,535  
  Transaction fees (2)                                                                                357                  1,702                     79  
  Net loss from the discontinued operation, net of tax                                                994                      -                      -  
  Adjusted EBITDA                                           $                                      (5,543      $           1,649      $           9,754  
  Net loss Margin                                                                                    (4.2                   (4.8                  (14.6  
  Adjusted EBITDA Margin                                                                             (2.0                    0.5                    2.2  

  (1)      Non-cash expense related to compensation                                     

  (2)      Includes non-recurring transaction                                                                                     

Taxation

Cayman Islands

Under the current laws of
the Cayman Islands, we are not subject to tax on income or capital gain. Additionally, upon payments of dividends to the shareholders,
no Cayman Islands withholding tax will be imposed.

British Virgin Islands

Our subsidiaries incorporated
in the BVI are not subject to taxation in the British Virgin Islands.

Hong Kong

According to Tax (Amendment)
(No. 3) Ordinance 2018 published by Hong Kong government, form April 1, 2018, under the two-tiered profits tax rates regime, the profits
tax rate for the first HKD2 million