SunCar Technology Group Inc 6-K, filed Feb 3, 2026
SunCar Technology Group Inc. (SDA)
About this 6-K
SunCar Technology Group Inc filed this 6-K on February 3, 2026.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For the month of February 2026
Commission File Number: 001-41706
SunCar Technology Group Inc.
(Translation of registrant’s name into English)
c/o Shanghai Feiyou Trading Co., Ltd.
Suite 209, No. 656 Lingshi Road
Jing’an District, Shanghai, 200072
People’s Republic of China
Tel: (86) 138-1779-6110
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
Financial Statements and Exhibits
Exhibits.
| Number | ||
| 99.1 | A copy of the registrant’s Investor Presentation. |
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| SunCar Technology Group Inc. | ||
| February 2, 2026 | By: | /s/ Zaichang Ye |
| Name: | Zaichang Ye | |
| Title: | Chief Executive Officer | |
| (Principal Executive Officer) | ||
2
Exhibit 99.1
1 Leading Technology Platform For B2B Auto eInsurance & Services Investor Presentation February 2026
2 This investor presentation may contain forward - looking statements within the meaning of Section 21 E of the Securities Exchange Act of 1934 , as amended, and Section 27 A of the Securities Act of 1933 , as amended . All statements other than statements of historical fact are “forward - looking statements” for purposes of this investor presentation . In some cases, you can identify forward - looking statements by terminology such as “believe,” “expect,”, “anticipate”, “may”, “would”, “strategy,” “estimates”, “will,”, “project”, “potential”, and similar expressions and variations thereof . Forward - looking statements are based largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short - term and long - term business operations and objectives and financial needs . These forward - looking statements are subject to a number of risks, uncertainties and assumptions, including those described in the “Risk Factors” section of our Annual Report on Form 20 - F (the “Annual Report”) . Additional risks specific to SunCar include : regulatory changes by Chinese regulators that could materially restrict foreign investment or affect our business operations, including insurance commission rates ; customer concentration risk with enterprise clients including major banks and insurance companies ; integration risks associated with ByteDance’s AI technology implementation ; and exposure to China's electric vehicle market cyclicality which could impact our fastest - growing revenue segment . Moreover, we operate in a competitive and rapidly changing environment, and new risks emerge from time to time . It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business . In light of these risks, uncertainties and assumptions, actual results could differ materially and adversely from those anticipated in the forward - looking statements . These statements reflect our current views as of the date of this investor presentation with respect to future events and are based on assumptions and subject to risks and uncertainties . All written and verbal forward - looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this disclaimer and the Annual Report . We caution investors not to rely too heavily on the forward - looking statements we make or that are made on our behalf . We undertake no obligation to update publicly any forward - looking statements for any reason after the date of this investor presentation to conform these statements to actual results or to changes in our expectations, except as required by law . Non - GAAP Disclaimer : This presentation includes “Non - GAAP financial measures” as that term is defined in Regulation G . Further discussion regarding our use of Non - GAAP financial measures, as well as the most directly comparable GAAP (accounting principles generally accepted in the United States) financial measures and information reconciling these Non - GAAP financial measures to our financial results prepared in accordance with GAAP, are included at the end of this presentation . These non - GAAP measures are presented as supplemental information and reconciled to the appropriate GAAP measures at the end of this presentation . The non - GAAP financial measures presented may be determined or calculated differently by other companies . The non - GAAP financial information presented should not be unduly relied upon . Cautionary Statement Concerning Forward Looking Statements
3 SunCar Investment Highlights SunCar is an innovative AI cloud platform providing integrated B2B auto insurance and services in China. For the twelve months ending September 30, 2025, SunCar enabled the sale of 7.2 M insurance contracts & completed 23 .2 M a uto service transactions on its platform Scale Significant investment in technology to optimize China’s auto insurance industry, connecting partners under one connected AI cloud SunCar is driving innovation with its advanced AI development c enter and integration with ByteDance’s personalization algorithms Moat Established ecosystem of 20 EV partners, 1,480 enterprise customers, 64,000 insurance distributors, 48,000 auto service provi der s, and 85 insurance companies – unique assets that drive strong revenue growth and visibility Massive Ecosystem Robust EV customer premium growth in the first three quarters of 2025. Substantial opportunity to leverage deep customer relationships and differentiated AI to gain market share in a multibillion - dollar addressable market that has significant pain p oints Growth Strong Financials SunCar has built strong partnerships with Leading EV Companies such as Tesla and Xpeng, g rowing their insurance premium revenues 190% and over 200%, respectively, in the first 9 months of 2025 compared to the first nine months of 2024 Valuable Partners Note: Historical financials and non - financial metrics as of the latest available P rofitable growth model generated net i ncom e of $1.4m in Q3 2025 an increase of $2.8m from a net loss of $1.4m in the same quarter in 2024; LTM EV premiums grew 111% to ~ $698M as of September 30, 2025 .
4 Company Profile
5 SunCar Overview Sustained Growth Driven by a Unique Technology Platform Company Highlights Key Financial Metrics (1) • SunCar’s $1.4m Net Income in Q3 2025 shows the Company’s improving profitably while it continues to grow and innovate • Founded in 2007, SunCar ’s platform leverages AI to dramatically improve the auto insurance and services customer experience • SunCar is leveraging AI to disrupt a market where auto insurance or services are unnecessarily inefficient and overpriced • The Company’s AI - powered data platform connects 20 auto manufacturers, 48,000 auto service vendors, and 85+ insurers, • China has the largest auto market in the world. Its auto insurance market is worth $130B+ and auto s ervices is $110B+ (2)(3) • In the eInsurance segment, SunCar’s 64,000+ sales partners and 20 auto manufacturer partners will continue to drive growth • In Auto Services, 1,480 enterprise customer s and strong customer retention de liver stable & consistent revenues Note: Historical financials and non - financial metrics as of the latest available (1) Revenue and revenue CAGR based on USD revenue for the period from 2022 to LTM as of September 30, 2025. (2) GlobalData – Based on Auto Insurance gross written premiums (3) Estimate based on 100M total cars in China by 2026E in need of services, with a $200 average annual value per end customer SunCar’s Path to Profitability – 2025 Quarterly Net Income (Loss) ($M) Revenue ($M) Total CAGR = ~ 20% $15 $31 $45 $47 $68 $118 $171 $201 $199 $215 $226 $219 2022 2023 2024 LTM as of Sept 30 2025 Auto Service Auto eInsurance Service Technology Services $364 $282 $442 $467 Q4 2024 , ($2.9) Q1 2025 , ($3.6) Q2 2025 , ($1.9) Q3 2025 , $1.4 ($4.0) ($3.0) ($2.0) ($1.0) $0.0 $1.0 $2.0
6 SunCar at a Glance Established Partnerships and Strong Growth Driven by Leading Technology 1,48 0 Enterprise Clients & Partners in China with Marquee Customer Base $467M Total LTM Revenue ~7 .2 M Auto e Insurance Transactions Completed (1 ) ▪ 4 95%+ Enterpris e Customer Retention ( 2 ) 64,000+ Sales Partner Network Selling eInsurance Through SunCar’s Platform ~ 23.2 M Transactions Completed on Highly - integrated Auto Services Platform ( 1 ) 20 Partnerships with Auto - Manufacturers across eInsurance and Auto Service Platform Note: Historical financials and non - financial metrics as of the latest available (1) LTM as of Sept 30, 2025, Source: SunCar (2) Retention measured across the last two fiscal years for enterprise customers $1.4M SunCar’s Q3 2025 Net Income Demonstrates Commitment to Profitable Growth
7 Auto eInsurance Sector Auto Service Sector SunCar Solves Key Challenges in China’s Auto Sector China’s Auto Insurance and Services Sectors are Rapidly Digitalizing Auto Service Provider Pain Points End - Customer Pain Points Auto Manufacturer Pain Points Limited Contact with Customers Post - Sale Fragmented Market with Local & Non - Digital Providers High Customer Acquisition Costs B2C Vendors (e.g., Didi) Do Not Offer Extensive Services No Digital B2B Service Provider Low Margins in B2C Model High Customer Acquisition Costs Unable to Effectively Bundle Insurance Long Wait Times / Inconvenience Opaque Pricing Auto Market Trends Historically, the high profitability of the Chinese auto sector has led the market to resist digitalization The Number of Registered Cars in China (1) has Grown… ~109M Cars in 2012 ~353M Cars in 2024 China is the largest car market in the world followed by the US (1) Low Digitalization of Auto Services & Insurance Auto Manufacturer Pain Points End - Customer Pain Points Insurance Company Pain Points • Overall $130B+ market in total GMV (2) • Lack of nationwide digital auto insurance solution • The auto service market in China is estimated to be ~$110B in 2025E (3) • Lack of nationwide technology platform for auto service (e.g., AAA, Yelp, or Jiffy Lube) Zero Post - Sales Monetization Dealership Model Under Pressure (1) CEIC Data: China Number of Registered Vehicles (2) GlobalData – Based on Auto Insurance gross written premiums (3) IBISWorld: Car Repair Services in China – Market Research Report (2014 - 2029)
8 China’s EV Market Boom Driving SunCar Growth SunCar is Uniquely Positioned to Benefit from China’s EV Market Leadership (1) Source: Autoweek , Dec. 2025 (2) Chinese Government EV100 (3) Business Insider China’s EV Market Highlights Autonomous Driving Technologies in New Passenger Vehicles Sold in China • SunCar’s partnerships with 20 EV companies are unique assets, and our value to these partners grows as the EV market becomes more competitive • SunCar began building insurance solutions for EV makers 5 years ago, investing in relationships and technical integrations, creating a competitive advantage for the company today • China's electric vehicle market has reached a milestone with EVs now representing over 50% of new car sales in October 2025 (1) • Sales jumped 42% year - over - year, with fully electric models comprising 70% of electrified vehicles. (1) This rapid transition signals China's central role in the global automotive industry's electric future • In 2025, 66% of EVs sold last year came equipped with “hands - off” automated driving assist systems, similar to systems like Tesla’s Full Self - Driving or Ford’s BlueCruise (2) • China makes over 70% of the world’s lithium - ion batteries, substantially more than all other countries combined. Big names like CATL and BYD are now well - known , not just in China but around the world (3) 20% 25% 37% 48% 55% 58% 63% 72% 0% 10% 20% 30% 40% 50% 60% 70% 80% 2020 2021 2022 2023 2024 2025 2026 2027 Level 2+/3 Level 2 Forecast
9 SunCar’s AI Capabilities (1) SunCar’s Data and Tech Assets Lead the Market Artificial Intelligence for Automotive Services SunCar's AI Capabilities and ByteDance Integration Crea te a Compelling Solution for Partners Company is well - positioned to be the leader in AI technology for automotive insurance and services AI product leadership further strengthens SunCar’s cooperation with electric vehicle manufacturers and enterprises Optimizes vehicle dispatch and matches driver demand in real - time Intelligent Dispatch System Data Accumulation and Processing Large and diverse data volume with efficient processing Automated responses and sentiment analysis for personalized service Smart Customer Service Analyzes the owner’s behavior to promote products and services Data - Driven Services Recommends optimal car insurance and services based on data Personalized Recommendation AI Technology R&D Strong team optimizing AI systems and high technical barriers Industry Resources and Partners Cooperation with car factories and a broad service network Customer Trust and Brand Influence High brand recognition and customer loyalty (1) AI implementation involves significant risks including: integration challenges with existing cloud - based platforms; data securit y and privacy concerns particularly with financial institution clients; potential algorithmic bias affecting insurance recommendations; dependence on third - party AI technology (ByteDance) that could become unavailable or restricted; regulatory unc ertainty regarding AI usage in insurance and financial services; competition from technology giants with superior AI resources; and the need for continuous investment to maintain AI competitive advantages. There is no guarantee that AI integr ati on will achieve projected operational efficiencies or revenue enhancements.
10 Innovating the Use of AI to Integrate Auto Insurance and Services SunCar’s AI Cloud is Leveraging AI to Create an Intelligent and Integrated Mobility Solution
11 10 Leading AI Applications in Transportation SunCar’s Platform is Integrating ByteDance AI Capabilities and Rolling Out AI - Powered Mobility Solutions Autonomous Vehicles Customer Service Chatbots Predictive Maintenance Insurance Fraud Detection Driver Behavior Analytics Intelligent Driver Care Inventory Management Real Time Vehicle Tracking Traffic Management Flight Delay Predictions Source: Appinventiv – AI in Transportation: 10 Benefits and Use Cases for Modern Enterprises
12 Marquee Enterprise Customers & Partners Unique Value Proposition for Enterprise Customers & Partners SunCar’s Technology & Data Integrations Create Significant Barriers to Entry Multi - Tenant AI Cloud Platform Nation - wide Coverage x A leading AI - powered cloud - platform to streamline and digitalize enterprise Auto eInsurance & Services in China Incremental revenue by bundling insurance with car sales Direct app integrations drive customer satisfaction & margins Post - sale monetization from insurance renewal & auto service SunCar Tech Platform SunCar’s Value Proposition Incremental revenue that supplements the traditional B2C go - to - market for insurance companies Facilitate digital connection to auto manufacturers Increases customer satisfaction and LTV through loyalty programs Direct integration with customer’s apps ensures benefits of digital Auto Service accrue to the customer Increases customer satisfaction and LTV through loyalty programs Auto Manufacturers Insurance Banking, Internet Apps and Others 48,000+ Auto Service Vendors
13 M r . Zaichang Ye Co - Founder, Chairman & CEO • 24 years of Management & Entrepreneurship experience • 16 years of Auto Service experience • Serial entrepreneur with multiple successful exits SunCar’s Management has Unique Experience Leveraging AI in China’s Auto Insurance and Services Sectors M r . Zhunfu Lei Co - Founder, CTO M s . Saiye Gu Co - Founder, COO M r . Bohong Du Co - Founder, CFO Experienced and Innovative Management Team Mr. Breaux Walker Chief Strategy Officer
14 Auto Insurance and Services Markets in China
15 China has the Largest and most Innovative Auto Market in the World China is the Largest and Most Innovative Car Market (1) Hedges & Company – Estimated (2) CEIC Data: China Number of Registered Vehicles (3) Wall Street Journal – Estimated (4) ACEA – Estimated 16M 11M 31M US EU China Registered Cars by Country (2024) Estimated New Cars Sold in 2024 In 2024, the Chinese market grew ~2x faster than the US market and ~3x faster than the European market in terms of new car sales China (2) : 352M Cars US (1) : 297M Cars EU (1) : 282M Cars (3) (4) (2)
16 China’s Auto Insurance Industry (2) (3) $121B Total Market (2) (3) ~$130B (1) Total Auto Insurance GMV Based on a $2.5B total GMV, SunCar has an implied market share of ~2 - 3% , presenting significant potential for revenue expansion ~$3.4B (2) SunCar eInsurance GMV Projected Growth in China’s Auto Insurance Industry ($B) (1) SunCar’s Market Penetration $134 $141 $149 $158 $166 2025E 2026E 2027E 2028E 2029E Note: Non - financial metrics as of the latest available (1) GlobalData – Based on Auto Insurance gross written premiums and converted from CNY to USD using rate of 1 CNY = 0.14 USD (2) Based on SunCar GMV for LTM as of September 30, 2025
17 SunCar Auto eInsurance – Serviceable Market PICC 32% PingAn 25% Pacific Insurance 13% Companies 4 - 10 21% Others 9% Top - 10 Market Share: ~91% x SunCar’s platform is integrated with 85+ insurance companies’ systems, including connections to the top 10 Insurers x Technology integrations with top Insurance companies enable access to market - leading eInsurance quotes for end customers in < 2 minutes Commentary 64,000+ Sales Partners & 20 Manufacturers Network of partners selling eInsurance through SunCar platform 2 Minutes Average time to purchase Auto eInsurance with SunCar 85+ (including top - 10) Connected Insurance companies Market Share by Insurance Company (1) Extensive Cooperation with the Largest Insurance Companies Note: Non - financial metrics as of the latest available (1) Shisanjing Consulting
18 Technology - Enabled Auto Insurance
19 Maturing EV Partnerships Accelerating Revenue Growth Deepening EV Partnerships with Innovative AI Features Driving GMV and Services Expansion Commentary • SunCar’s share of revenue split with EV partners on policy renewals can be up to 3x greater than its revenue split with partners on new policies sold • Insurance premium revenue for a top - 5 China EV manufacturer grew 10x from 2024 to 2025 using SunCar’s AI - powered insurance platform • SunCar’s AI - driven model fuels EV partner premium growth, drives CLV, and enables expansion into higher - margin renewals and bundled services • Deepening integrations with leading EV OEMs such as XPeng, Tesla, and Xiaomi and their ecosystems position SunCar to pave the way for advanced connectivity and smart mobility services • Strategic integration with ByteDance AI is accelerating AI - powered innovation in claims assessment and customer engagement, further creating a differentiated auto insurance technology stack • SunCar’s roadmap is focused on connected services and monetization through usage - based insurance and predictive maintenance SunCar’s Investment in its AI Technology Development Center Driving Strong Premium Sales for its EV Partners “Through the first nine months of 2025, premiums generated for XPeng by leveraging SunCar’s AI intelligent cloud reached $160 million , a substantial increase of more than 200% compared to $50 million in the same period in 2024. For another customer, Tesla , the effectiveness of SunCar's AI technology enabled premiums to grow from $113 million in the first nine months of 2024 to $328 million in the same period in 2025 , an increase of 190% ....As a result, Tesla's insurance renewal conversion rate has increased to 75% , significantly higher than the industry average. This industry - leading conversion rate confirms the stickiness and high value - add of SunCar’s integrated auto insurance + auto services model.” – Company Press Release (November 6, 2025)
20 Customer Case Studies (1) Autovista Research (2) Dollar amount of insurance policies generated by the customer on SunCar’s platform f EV OEM Sales Partners Overview • Generate incremental revenue through sale of insurance during new car purchase • Increased owner connectivity improves post - sales experience • Additional post - sales monetization through sale of insurance renewal and auto service Top 5 Best - Selling Chinese EV OEM (1) Top 3 Best - Selling Chinese EV OEM (1) Sales Partner Description Auto eInsurance for EVs Auto eInsurance for EVs Service Overview $32M GMV in the Month of Sept. 2025 $328M GMV through 9 Months of 2025 SunCar GMV Growth Policy Sales Began in April 2025 Fastest - growing New Entrant Policy Sales Began in Jan. 2024 Extended Cooperation to Auto Services Land Expand EV Company 1 EV Company 2 Select EV Manufacturing Sales Partners Value Proposition App Level Integration Key Partner in Successful New Vehicle Launch (2)
21 AI - Powered Auto Insurance Made Easy ByteDance’s (TikTok Parent) Algorithm Delivers Highly Personalized Policy Recommendations Step 1: Complete Information Step 2: Review Plan Step 3: Confirm Policy Step 4: Receive Approval Insurance Confirmation Insurance Company Insurance Information City Shenzhen Ping An Insurance John Doe Policyholder Complete Information Vehicle Model Vehicle Information Vehicle Price VIN RN Number Name ID Type ID Number Tesla Model Y Personal Information John Doe ID Card Plan Details Insurance Information Insurance Company City Shenzhen Ping An Insurance Purchase Plan Commercial Insurance Compulsory Insurance Insurance Types Type Coverage Premium EV Damage Insurance EV Third - Party Liability Driver Accident Insurance Passenger Accident Insurance 31,690K 2,000K 10K 10K Effective Times Compulsory Commercial & Driver Benefit Package Total Premium Yr Purchase Successful You can view your insurance information in the Tesla app. Compulsory Insurance Commercial & Driver Insurance Insurance Co. Ping An Insurance Policy No. Premium Effective Expiration Please complete payment at least 20 minutes before the effective time. Pay Now Abandon and Re - Insure Insurance Co. Ping An Insurance Policy No. Premium Validity Benefit Package Active Active Active 2025 - 05 - 22 13:50:00 2025 - 05 - 22 13:50:00 2025 - 05 - 22 13:50:00 2025 - 05 - 22 12:00:00 2026 - 05 - 22 12:00:00 2025 - 05 - 22 12:00:00
22 China’s Leading Digital Auto Insurance Platform Online Quotation and CRM System No Underwriting Risk or Loss Exposure Direct Connection to Insurance Database System Features Highly Integrated Highly Secure Cloud Based AI - Powered Accuracy Hassle Free Strong eInsurance GMV Growth ($M) Online Auto eInsurance Platform Auto eInsurance - related Revenue ($M) (1) Note: Historical financials and non - financial metrics as of the latest available (1) Revenue and revenue CAGR based on USD revenue for period of fiscal years 2022 to LTM as of September 30, 2025 $83 $149 $216 $248 $1,485 $2,250 $3,357 2023 2024 LTM as of Sept. 30, 2025 $15 $31 $45 $47 $68 $118 $171 $201 2022 2023 2024 LTM as of Sept 30 2025 Technology Service Auto eInsurance
23 Digitalized Platform for Auto Service
24 >300 Insurance Companies Marquee Customers with Significant Land and Expand Opportunities • SunCar is Winning Corporate - level Contracts at Large Enterprises such as CCB and PICC due to the Unique Scope of its Auto Servic e Network • Expansion and Exclusivity Trends in Existing Customers such as PingAn, ANT, China ZheShang Bank, and Shanghai Rural Commercia l B ank • Embedded Apps are Driving Cross - selling Synergies Between Auto Insurance and Services, Creating a new Class of AI - powered Vehicl e Management >900 Banks >200 EVs, Other Services Note: Non - financial metrics as of the latest available
25 Strong Momentum and Market Share Expansion in Auto Service Large Scope and Scale of Auto Services Integrating Creating Strong Synergies with Insurance Partners Full - Service Coverage Key Financial Metrics Offering the full spectrum of Auto Services to Enterprise Clients • 300+ types of services similar to AAA + Jiffy Lube + Yelp + Uber • Auto Service market in China continues to grow and is returning to pre - pandemic levels of growth Select Maintenance Services Transportation Services Car Wash Flight Pickup Oil Change Driver Service Courtesy Car Road Assistance Tire Repair Car Overhaul Note: Historical financials and non - financial metrics as of the latest available (1) Revenue and revenue CAGR based on USD revenue for period of fiscal years 2022 to LTM as of September 30, 2025 (2) Revenue decline in Auto Service was the result of a deliberate decision by SunCar management not to pursue certain lower - margin contracts in the first 9 months of 2025 20.6 M 22.5 M 2023 2024 Auto Service Business Revenue ($M) (1) Strong Auto Service Transaction Growth from 2023 to 2024 $199 $215 $226 $219 2022 2023 2024 LTM as of Sept 30 2025 (2)
26 Auto Service Go - to - Market Strategy x 1 - 5 year contracts with automatic extensions & certain minimums x 95%+ enterprise customer retention (1) and low revenue concentration across top 5 customers x End - customer does not pay for service with direct payments from the enterprise to SunCar x Growth driven by expansion with existing customers Auto Manufacturers Banks Insurance Companies Other Pay & Schedule x Access to 48,000+ vendors nationwide x Seamless payment x No payment by customer Enterprise Customer Mobile App Enterprise Customer Website Auto Service Loyalty Solution Powered by (1) Retention measured across the last two fiscal years
27 SunCar Auto Service Platform – Business Model Connecting to Over 48,000 Suppliers and Car Service Vendors 1,480+ Enterprise Clients Bank Bank Customer SunCar Auto Service Platform $ (Revenue) $ (COGS) Vendor 1 Vendor 2 Vendor 3 x Customizable menu x Nationwide coverage x 48,000 vendor options across country x Automated scheduling x Ease of use QR based payment (cashless or discounted) Bank Mobile App APP POWERED BY SUNCAR Car Service Credit Balance: $200 OPTIONS CAR WASH OIL CHANGE ROADSIDE SEARCH LOCATION TYPE PRICE REVIEW SELECT VENDOR 1 VENDOR 2 VENDOR 3 VENDOR 4 1 2 3 SCHEDULE 4 TIME ~23.2M Auto Service transactions (1) completed for enterprise customers Note: Non - financial metrics as of the latest available (1) LTM Metrics as of September 30, 2025
28 Financial Summary
29 SunCar’s Commitment to Profitability Clear Path to Net Income as Business Model Strengthens • SunCar is focused on profitable growth driven by its transition to delivering predominantly embedded mobility applications with fewer humans - in - the - loop • Strengthened partnerships with 20 EV customers is generating a greater percentage of more profitable new - vehicle and renewal premium transactions • Company has prioritized customers whose technology stack can take full advantage of the efficiencies delivered by SunCar’s AI cloud service • Company seeing an acceleration of synergies between its Insurance and services segments as AI tools enable cost - effective integration of the two services. • Headcount has remained relatively flat as the company has registered a 20% Revenue CAGR since 2022 Net Income by Quarter($M) Q4 2024 , ($2.9) Q1 2025 , ($3.6) Q2 2025 , ($1.9) Q3 2025 , $1.4 ($4.0) ($3.0) ($2.0) ($1.0) $0.0 $1.0 $2.0
30 Revenue Summary Note: Revenue and revenue CAGR based on USD revenue for period of fiscal years 2022 to LTM as of September 30, 2025 Revenue Growth ($M) LTM Revenue Breakdown • Strong LTM performance in - line with historical growth in the business • Revenue growth fueled by the eInsurance segment and the rapid adoption of EVs in China, as well as SunCar’s growth in the gas vehicle market • Technology Service continues to stay strong with growth in line with the insurance platform • Auto eInsurance is a major growth driver for SunCar and is being driven by partnerships with industry leaders, auto renewals within existing base, and integrations across auto service and insurance • As the Auto eInsurance business continues to post rapid growth, SunCar’s revenue mix would be further diversified $364 $442 10% 43% 47% Technology Services Auto eInsurance Auto Service $15 $31 $45 $47 $68 $118 $171 $201 $199 $215 $226 $219 2022 2023 2024 LTM as of Sept 30 2025 Auto Service Auto eInsurance Service Technology Services $282 $467
31 Operating Expenses, Net Income, & Adjusted EBITDA (1) Includes large non - cash expense related to one - time compensation costs for equity classified awards (both for the subsidiary and the Group) LTM Operating Expenses Breakdown Adjusted EBITDA And Net Income ($M) • Integrated service cost increased to support Auto and Technology Service • Promotional service expenses have recently been increasing with insurance revenues as SunCar continues to establish its leadership in digitalizing the market • Significant investment in AI - related R&D infrastructure in the prior period led to a drop in R&D spending in the current period • The Company continued to have positive Adjusted EBITDA in the LTM period ending September 30, 2025 and was profitable in Q3 of 2025 with net income of $1.4M • EBITDA margins are expected to see further expansion as eInsurance segment becomes a larger portion of the business 48% 42% 4% 4% 2% Integrated Service Cost Promotional Service Cost Selling Expenses General & Administrative Expenses Research & Development Expenses $467M ($5.5) $1.6 $9.8 $9.0 ($12) ($18) ($64) ($7) 2022 2023 2024 LTM as of Sept. 30 2025 Adjusted EBITDA Net Loss (1)
32 Adjusted EBITDA Bridge Commentary (1) Non - cash expense related to compensation costs for equity classified awards (both for the subsidiary and the Group) (2) Includes non - recurring transaction related fees and expenses associated with the Company’s Business Combination and prior and su bsequent capital raises LTM Adjusted EBITDA Bridge as of September 30, 2025 ($M) • The SunCar team believes Adjusted EBITDA, as shown above, is crucial in evaluating operating performance. For example, certai n e xpenses, including Transaction Fees and Share - Based Compensation, may not be indicative of recurring, core business operating results • Share - Based Compensation has returned to a normalized level of less than 1% of total LTM September 30, 2025 revenue $5.8 $4.2 ($0.7) $0.3 $2.2 $2.8 $1.5 $9.0 ($7.0) Net Loss (+) Depreciation and Amortization (+) Financial Expenses, Net (+) Investment Income (+) Change in FV of Warrants (+) Other Non - Recurring Income, Net (+) Income Tax Expense (+) Share - based Compensation Adjusted EBITDA
33 Strategic Roadmap SunCar Expects to be Well Positioned to Capitalize on an Expanding Market & Grow into a Leading B2B Vertical Technology Busin ess SunCar’s Next Phase • Expanding market share in a $130B (1) high margin, insurance industry with co - development of a broader range of applications • Higher volume significantly increases both top - line commissions from insurance companies and bottom - line profitability • Deliver long - term earnings & shareholder value to investors • Higher insurance mix increases profitability (both gross profit & adjusted EBITDA) SunCar Today Innovative eInsurance Product Pioneer in the digitalization of the insurance ecosystem under one unified application A Growing & Opportunistic Business Leading company poised to capitalize on its favorable position to drive additional growth and profitability Full - Service Platform Connecting insurers, auto manufacturers, auto service providers and consumers through an integrated data platform • Increasing cross - sell across Auto eInsurance and Services • AI - powered, app level integration allows further policy personalization and bundling of insurance and auto services (1) GlobalData – Based on Auto Insurance gross written premiums
34 Appendix
35 Historical Profit & Loss 1) Revenue decline in Auto Service was the result of a deliberate decision by SunCar management not to pursue certain lower - marg in contracts in the first 9 months of 2025 (1) LTM as of Sept. 30, 2025 FY2024A FY2023A FY2022A ($ in millions) Revenue $201 $171 $118 $68 Auto eInsurance 47 45 31 15 Technology Services 219 227 215 199 Auto Service $467 $443 $364 $282 Total Revenue Revenue YoY Growth % Operating Costs and Expenses ($222) ($226) ($210) ($167) Integrated service cost (196) (164) (113) (66) Promotional service expenses (18) (23) (21) (16) Selling expenses (21) (47) (22) (38) General & adminstrative expenses (10) (40) (14) (8) Research & development expenses ($467) ($500) ($380) ($295) Total Operating Costs and Expenses $2 ($58) ($15) ($13) Operating Profit (2) (3) 0 2 Other income, net (4) ($62) ($15) ($11) Profit before income tax expense (3) (3) (3) 0 Income tax expense ($7) ($64) ($18) ($11) Income from Continuing Operations, net 0 0 0 (1) Net loss from discontinued operations, net of tax ($7) ($64) ($18) ($12) Net Profit 1 (2) (1) (2) Foreign currency translation difference ($6) ($66) ($19) ($14) Total Comprehensive Income (loss)
36 Adjusted EBITDA Reconciliation (1) Non - cash expense related to compensation costs for equity classified awards (both for the subsidiary and the Group) (2) Includes non - recurring transaction - related fees and expenses associated with the Company’s Business Combination and prior and su bsequent capital raises (1) (2) LTM as of Sept. 30, 2025 FY2024 FY2023 FY2022 ($ in millions) ($7.0) ($64.5) ($17.6) ($11.9) Net Loss $5.8 $4.5 $4.1 $5.1 (+) Depreciation and Amortization $4.2 $4.5 $4.4 $3.7 (+) Financial Expenses, Net ($0.7) ($0.8) ($0.5) ($0.4) (+) Investment Income $0.3 $0.3 $0.6 – (+) Change of Fair Value of Warrant Liabilities $2.2 ($0.8) ($5.0) ($5.1) (+) Other Non - Recurring Income, Net $2.8 $2.9 $2.6 $0.2 (+) Income Tax Expense $1.5 $63.5 $11.3 $1.6 (+) Share - based Compensation – $0.1 $1.7 $0.4 (+) Transaction Fees – – – $1.0 (+) Net Loss From Discontinued Operation, Net of Tax $9.0 $9.8 $1.6 ($5.5) Adjusted EBITDA
37 T hank You www.SunCartech.com