SunCar Technology Group Inc 6-K, filed Apr 29, 2026

SunCar Technology Group Inc. (SDA)

6-K 2026-04-29 For: 2026-04-29

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Added on April 29, 2026

About this 6-K

SunCar Technology Group Inc filed this 6-K on April 29, 2026.

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Exhibit No.		Description of Exhibit
99.1		Earnings Release dated April 28, 2026, announcing its financial results for the fiscal year ended December 31, 2025.

Date: April 29, 2026	SunCar Technology Group Inc.

	By:	/s/ Zaichang Ye
	Name:	Zaichang Ye
	Title:	Chief Executive Officer (Principal Executive Officer)

	As of December 31,
	2024			2025
ASSETS
Current assets
Cash	$	26,865		$	25,019
Restricted cash		2,647			2,841
Short-term investments		20,985			21,597
Accounts receivable, net		75,605			59,767
Prepaid expenses and other current assets, net		70,171			74,072
Total current assets		196,273			183,296

Non-current assets
Long-term investment		274			286
Property, software and equipment, net		27,664			24,195
Intangible asset		-			408
Deferred tax assets, net		10,453			11,947
Other non-current assets		11,458			30,821
Right-of-use assets		606			2,243
Total non-current assets		50,455			69,900
TOTAL ASSETS	$	246,728		$	253,196

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term borrowings	$	83,597		$	80,394
Long-term borrowing, current		-			71
Accounts payable		56,812			41,404
Contract liabilities		2,421			5,730
Tax payable		1,361			1,468
Accrued expenses and other current liabilities		5,792			10,697
Amount due to related parties, current		6,238			6,659
Operating lease liabilities, current		544			834
Total current liabilities		156,765			147,257

Non-current liabilities
Operating lease liabilities, non-current		21			1,333
Long-term borrowing, non-current		-			1,358
Amount due to related parties, non-current		22,761			12,516
Warrant liabilities		947			50
Total non-current liabilities		23,729			15,257
Total liabilities	$	180,494		$	162,514

Commitments and contingencies (Note 21)

Shareholders’ equity
Class A Ordinary shares (par value of $0.0001 per share; 400,000,000 Class A Ordinary shares authorized as of December 31, 2024 and 2025, respectively; 51,845,493 and 51,645,493 Class A Ordinary shares issued and outstanding as of December 31, 2024; 59,608,351 and 55,969,794 Class A Ordinary shares issued and outstanding as of December 31, 2025)	$	5		$	6
Class B Ordinary shares (par value of $0.0001 per share; 100,000,000 Class B Ordinary shares authorized as of December 31, 2024 and 2025, respectively; 46,659,565 and 46,039,565 Class B Ordinary shares issued and outstanding as of December 31, 2024 and 2025, respectively)		5			5
Additional paid in capital		208,701			233,014
Accumulated deficit		(195,387	)		(199,329	)
Accumulated other comprehensive loss		(1,432	)		(1,146	)
Total SUNCAR TECHNOLOGY GROUP INC’s shareholders’ equity		11,892			32,550
Non-controlling interests		54,342			58,132
Total shareholders’ equity		66,234			90,682
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	246,728		$	253,196

	For the years ended December 31,
	2023			2024			2025
Revenues
Auto eInsurance service	$	118,109		$	170,549		$	212,568
Technology service		30,658			44,892			53,619
Auto service		214,979			226,456			223,104
Total revenues		363,746			441,897			489,291

Operating cost and expenses
Integrated service cost		(209,553	)		(226,172	)		(241,510	)
Promotional service expenses		(112,504	)		(164,262	)		(197,045	)
Selling expenses		(20,578	)		(22,587	)		(18,900	)
General and administrative expenses		(22,462	)		(46,995	)		(18,990	)
Research and development expenses		(14,111	)		(40,244	)		(8,961	)
Total operating costs and expenses		(379,208	)		(500,260	)		(485,406	)
Operating (loss)/income		(15,462	)		(58,363	)		3,885

Other income/(expenses)
Financial expenses, net		(4,435	)		(4,529	)		(4,239	)
Investment income		518			784			152
Change of fair value of warrant liabilities		(629	)		(286	)		897
Other income/(loss), net		5,001			794			(2,748	)
Total other income/(expenses), net		455			(3,237	)		(5,938	)

Loss before income tax expense		(15,007	)		(61,600	)		(2,053	)
Income tax expense		(2,572	)		(2,853	)		(346	)
Net loss		(17,579	)		(64,453	)		(2,399	)

Less: Net income attributable to non-controlling interests		9,333			4,210			1,543
Net loss attributable to the Company’s ordinary shareholders		(26,912	)		(68,663	)		(3,942	)

Net loss attributable to the Company’s ordinary shareholders per ordinary share
Basic and diluted	$	(0.31	)	$	(0.72	)	$	(0.04	)

Weighted average shares outstanding used in calculating basic and diluted loss per share
Basic and diluted		85,441,057			95,996,861			102,081,873

Other comprehensive (loss)/income
Foreign currency translation difference		(1,137	)		(1,524	)		2,818
Total other comprehensive (loss)/income		(1,137	)		(1,524	)		2,818

Total comprehensive (loss)/income		(18,716	)		(65,977	)		419
Less: total comprehensive income attributable to non-controlling interest		8,087			2,751			4,075
Total comprehensive loss attributable to the SUNCAR TECHNOLOGY GROUP INC’s shareholders	$	(26,803	)	$	(68,728	)	$	(3,656	)

	For the years ended December 31,
	2023			2024			2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(17,579	)	$	(64,453	)	$	(2,399	)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
(Reversal)/provision for credit losses		(4,112	)		1,314			3,695
Depreciation		4,114			4,503			6,095
Amortization of right-of-use assets		754			775			839
Share-based compensation of subsidiary		1,519			1,495			998
Share-based compensation of the Group		9,776			62,040			-
(Gain)/Loss on disposal of property, software and equipment		(27	)		4			108
Deferred income tax expense/(benefit)		701			1,235			(1,007	)
Fair value changes of warrant liabilities		629			286			(897	)
Financing expense related to issuance of GEM Warrants		377			607			606
Accrued liability for GEM litigation		-			-			3,100
Changes in operating assets and liabilities:
Accounts receivable		30,822			(22,710	)		14,936
Prepaid expenses and other current assets		(55,908	)		(6,740	)		(8,601	)
Accounts payable		3,140			31,345			(17,412	)
Contract liabilities		(418	)		(554	)		3,117
Accrued expenses and other current liabilities		(288	)		1,437			3,286
Tax payable		(621	)		35			46
Operating lease liabilities		(680	)		(691	)		(793	)
Amount due to related parties		150			1,913			-
Total net cash (used in) provided by operating activities		(27,651	)		11,841			5,717

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, software and equipment		(4,928	)		(588	)		(380	)
Proceeds from disposal of property, software and equipment		54			43			3
Payment for acquisition of an insurance license		-			-			(236	)
Purchase of short-term investment		(518	)		(21,636	)		(451	)
Proceeds from the redemption of short-term investment		4,719			21,657			750
Payment of securities margin		-			-			(4,029	)
Purchase of other non-current assets		(1,721	)		(11,623	)		(8,560	)
Total net cash used in investing activities		(2,394	)		(12,147	)		(12,903	)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term borrowings		104,506			105,870			104,625
Repayments of short-term borrowings		(93,970	)		(102,993	)		(111,304	)
Proceeds from long-term borrowing		-			-			1,430
Payment for GEM litigation		-			-			(1,550	)
Repayments of payables to a related party		(10,000	)		(1,699	)		(11,553	)
Proceeds from issuance of ordinary shares, net of issuance cost		18,468			-			41,631
Cash required on reverse recapitalization		68			-			-
Proceeds from Private Placement		21,737			-			-
Payment for offering cost related to Business Combination		(588	)		-			-
Shares repurchase		(2,000	)		-			(15,760	)
Exercise of warrants		2,213			-			-
Repurchase of non-controlling interests		-			(4,129	)		(3,151	)
Total net cash provided by (used in) financing activities		40,434			(2,951	)		4,368

Effect of exchange rate changes		(711	)		(826	)		1,166

Net change in cash and restricted cash		9,678			(4,083	)		(1,652	)

Cash and restricted cash, beginning of the year	$	23,917		$	33,595		$	29,512
Cash and restricted cash, end of the year	$	33,595		$	29,512		$	27,860

Reconciliation of cash and restricted cash to the consolidated balance sheets:
Cash	$	30,854		$	26,865		$	25,019
Restricted cash	$	2,741		$	2,647		$	2,841
Total cash and restricted cash	$	33,595		$	29,512		$	27,860

Supplemental disclosures of cash flow information:
Income tax paid	$	2,577		$	1,466		$	1,307
Interest expense paid	$	3,666		$	3,669		$	3,502

Supplemental disclosures of non-cash flow information:
Decrease of accrued expenses and other current liabilities due to vest of restricted shares	$	311		$	311		$	311
Property, software and equipment transferred from other non-current assets	$	3,728		$	9,877		$	-
Obtaining right-of-use assets in exchange for operating lease liabilities	$	1,702		$	103		$	2,328
Prepaid financing expense related to issuance of GEM Warrants	$	1,442		$	835		$	229
Repayments of payables to a related party (Note 19)	$	-		$	4,504		$	-