Company: SCAG
Filing Date: 2025-07-03
Form Type: 20-F
Source: 0001213900-25-061408
Chunk: 26

Company: Scage Future
Filing Date: 2025-07-03
Form: 20-F
Item: Item 1
Chunk 26
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3

Revenues

Our revenues increased significantly
from US$0.4 million for the fiscal year ended June 30, 2023 to US$6.1 million for the fiscal year ended June 30, 2024.

Revenues from sales of NEVs
and components increased significantly from US$0.4 million for the fiscal year ended June 30, 2023 to US$6.1 million for
the fiscal year ended June 30, 2024. The significant increase was primarily attributable to bulk orders of Q-trucks from one major
customer during 2023. We sold 82 Q-trucks, one Galaxy II high-end version model, and one electric tractor truck for the fiscal year
ended June 30, 2024, compared with three Galaxy II models and 10 light passenger EVs for the fiscal year ended June 30,
2023.

Revenues from leasing of
NEVs were nil and US$16,290 for the fiscal years ended June 30, 2024 and 2023, respectively, as such lease term of NEVs expired
in February 2023.

Cost of revenues

Our cost of revenues increased
significantly from US$0.80 million for the fiscal year ended June 30, 2023 to US$5.6 million for the fiscal year ended
June 30, 2024.

Our cost of revenues related
to sales of NEVs and components increased significantly from US$0.8 million for the fiscal year ended June 30, 2023 to US$5.6 million
for the fiscal year ended June 30, 2024, which was generally in line with the growth in the sales of NEVs and components. For the
fiscal year ended June 30, 2024, we achieved better cost control on the production of Q-trucks as we gained more bargaining power
from supply chain for bulk purchase orders.

Our cost of revenues related
to leasing of NEVs were nil and US$34,412 for the fiscal years ended June 30, 2024 and 2023, respectively.

Gross profit/(loss) and gross profit/(loss)
margin

As a result of the foregoing,
we recorded gross profit of US$0.5 million and gross loss of US$0.4 million for the fiscal years ended June 30, 2024
and 2023, respectively, representing gross profit margin of 8.8% and gross