Adjusted EBITDA Increased to $6.4 Million for the First Half of 2024
Conference Call and Webcast on September 16th at 8 AM ET
NEW
YORK, Sept. 16, 2024 /PRNewswire/ -- SunCar
Technology Group Inc. (the "Company" or "SunCar") (NASDAQ: SDA), an
innovative leader in cloud-based B2B software-focused auto services
and auto e-insurance in China,
today provided a business update and reported financial results for
the first half of fiscal year 2024.
First Half 2024 Financial Results
- Total revenue increased by 27% to $203.1
million for the six months ended June
30, 2024, from $159.4 million
for the six months ended June 30,
2023.
- Auto Services ' revenue increased by 9% to $107.5 million for the six months ended
June 30, 2024, from $98.8 million for the six months ended
June 30, 2023. The increase was
driven by an increase in the number of completed service orders and
the addition of new enterprise clients. This segment leverages
SunCar's software platform, facilitating a wide variety of auto
services such as car wash, airport pickup, concierge services,
courtesy car, and roadside assistance.
- Auto eInsurance revenue increased by 55% to $73.7 million for the six months ended
June 30, 2024, from $47.7 million for the six months ended
June 30, 2023, which was driven by
the increased number of insurance policies sold in the six months
ended June 30, 2024.
- SunCar ranked First in China in selling auto insurance premiums
tailored to EV owners. EV sales increased rapidly in the first
half of the year, and our auto insurance business expanded
rapidly.
- Customer growth remained strong, as demonstrated by an over
250% increase in new insurance policies.
- Technology Services revenue increased by 70% to $21.9 million for the six months ended
June 30, 2024, from $12.9 million for the six months ended
June 30, 2023. This increase was due
to an increased demand from insurance companies and their sales
partners for our software, which streamlines workflows, manages
customer relationships, and automates order processing. The
Company's ongoing technology upgrades and use of a private cloud
platform have simplified development and enhanced service capacity,
enabling this rapid growth.
- Operating costs and expenses increased to $261.7 million for the six months ending
June 30, 2024, and $158.3 million for the six months ending
June 30, 2023. Of the $261.7 million in operating costs and expenses,
$62.8 million were related to
the Company's Equity Incentive Plan.
- Integrated service costs rose by 22%, from $87.9 million in the first half of 2023 to
$107.6 million in 2024. These
increases align with the growth in revenue from our Auto Services
business and the significant expansion in our Technology Services
business.
- Selling expenses decreased by 20%, from $12.8 million in the first half of 2023 to
$10.2 million in 2024. This
$1.8 million decrease in on-site
promotion expenses was driven by the synergistic growth between our
auto service and auto eInsurance business lines, which enhanced
promotion efficiency.
- General and administrative expenses increased from $4.0 million in the first half of 2023 to
$40.5 million in the first half
of 2024. This increase was primarily due to a $31.0 million increase in share-based
compensation expenses related to the 2024 Equity Incentive Plan and
a $6.3 million increase in expected
credit losses on account receivables. Excluding these two items,
there was a slight decrease in general and administrative expenses
compared to the previous year.
- Research and development expenses increased from $4.0 million in the first six months of 2023 to
$32.2 million in 2024. The
primary driver of this increase was the $31.0 million share-based compensation
expense related to the 2024 Equity Incentive Plan.
- Adjusted EBITDA, a non-GAAP metric that excludes certain
non-recurring items and non-cash expenses, is useful in evaluating
our operational performance in addition to the GAAP metrics. Our
Adjusted EBITDA increased by 4% to $6.0
million for the six months ended June
30, 2024 compared to $5.8 million in the six months ended
June 30, 2023.
Year-to-Date Operational Highlights
SunCar continues expanding its long-standing partnerships with
China's leading banks, insurance
companies, and auto companies in its Auto Services business.
In the eInsurance business, the Company has made significant
progress in its partnership with leading electric vehicle
manufacturers, including Tesla (NASDAQ: TSLA), Xiaomi (1810.HK),
Nio (NYSE: NIO), Zeekr (NYSE: ZK), Li Auto (NASDAQ: LI), XPeng
(NYSE: XPEV), Seres (601127.SHH), Leapmotor (9863.HK), SAIC Motor
(600104.SS), and Changan Avatar (000625.SHE). These collaborations
have driven growth beyond expectations.
New Collaborations and Technological
Advancements:
- Partnered with Beijing Li Auto Insurance to develop the
'Li Auto Insurance Broker System' to improve brokerage operations
through advanced insurance software solutions.
- Expanded collaboration with Beijing Houji Insurance Brokerage
(Xiaomi Group) to deliver software-based insurance services in
14 cities, utilizing SunCar's intelligent insurance platform.
Extended partnership with premium electric vehicle brands Zeekr
Intelligent Technology and Jiyue Auto, providing
software-based insurance services using SunCar's intelligent
platform.
- Formed a strategic partnership with Lotus Technology to
offer Lotus car owners comprehensive software-based automotive
services and insurance.
- Additionally, SunCar is delivering insurance technology
services to a leading global electric vehicle manufacturer in over
40 cities, with insurance premiums growing from RMB 3 million in January to RMB 260 million in August, and further city
expansion is ongoing.
Expansion of eInsurance Business into ICE Vehicle
Sector:
- Secured a two-year agreement with SAIC Maxus, a leading
commercial vehicle manufacturer, to enhance e-insurance management
across its dealership network.
- The Company is also actively engaging in discussions with major
ICE manufacturers regarding the significant opportunity for its
eInsurance business in the traditional ICE market.
Luxury Concierge Services Expansion: Launched
multi-year partnerships to provide exclusive concierge car services
for preferred clients:
- China CITIC Bank International
- Ant Fortune
- China Merchants Bank
Increased Collaborations with Major Insurance
Firms:
- Expanded collaboration with the Shenzhen Branch of Ping An Insurance, the
largest insuer in China, marking
the seventh Ping An branch to
partner with SunCar for premium airport pickup services.
- Established a new partnership with the Inner Mongolia branch of
China Continent Insurance, recognized as one of the Top 10
Insurance Service Innovations by China Insurance News, utilizing
innovative service package deals and boosting service sales by 30%
in the first half of 2024.
Exclusive Service Contracts with China Construction Bank
("CCB"):
- Signed a two-year exclusive vehicle service contract with CCB
Fujian Branch, offering automotive services to tens of thousands of
customers.
- Awarded a one-year exclusive service contract with CCB Sichuan
Branch.
Management Commentary
Ye Zaichang, CEO and Chairman of SunCar commented, "We are
incredibly proud of SunCar's remarkable performance in the first
half of 2024, with 27% revenue growth and a significant 55%
increase in our auto eInsurance business. These achievements
reflect the strength of our industry-specific software solutions
and our ability to meet the evolving needs of enterprise clients
across China's banking,
automotive, and insurance sectors. We continue to leverage our
unique technology platform to meet the evolving needs of our
enterprise customers. As we expand our technology capabilities,
service offerings, and partnerships, we are well-positioned to
maintain this upward trajectory and deliver sustained value to our
shareholders and customers. We look forward to building on this
momentum in the second half of the year and beyond."
CONFERENCE CALL & AUDIO WEBCAST
SunCar will host a
conference call on Monday, September
16th at 8:00 AM
ET (5:00 AM PT) with the
investment community to discuss the Company's financial results and
provide a business update.
To access the call by phone, please dial 1-877-407-0752
(international callers please dial 1-201-389-0912) approximately 10
minutes prior to the start of the call. A live audio webcast of the
conference call will be available online at
https://viavid.webcasts.com/starthere.jsp?ei=1688435&tp_key=b4a21ff1d5.
A webcast replay will also be available for a limited time at
the following
link:https://viavid.webcasts.com/starthere.jsp?ei=1688435&tp_key=b4a21ff1d5.
About SunCar Technology Group Inc.
Founded in 2007,
SunCar is transforming the customer journey for auto services and
auto insurance in China, the
largest passenger vehicle market in the world. SunCar develops and
operates cloud-based platforms that seamlessly connect drivers with
a wide range of auto services and insurance coverage options
through a nationwide network of sales partners. As a result, SunCar
has established itself as the leader in China in the B2B auto services market and the
auto eInsurance market for electric vehicles. The Company's
intelligent cloud platform empowers its enterprise clients to
access and manage their customer database and offerings optimally,
and drivers gain access to hundreds of services from tens of
thousands of independent providers in a single application. For
more information, please visit: https://suncartech.com.
Forward-Looking Statements
This press release contains
information about the Company's view of its future expectations,
plans and prospects that constitute forward-looking statements.
Actual results may differ materially from historical results or
those indicated by these forward-looking statements as a result of
a variety of factors including, but not limited to, risks and
uncertainties associated with its ability to raise additional
funding, its ability to maintain and grow its business, variability
of operating results, its ability to maintain and enhance its
brand, its development and introduction of new products and
services, the successful integration of acquired companies,
technologies and assets into its portfolio of products and
services, marketing and other business development initiatives,
competition in the industry, general government regulation,
economic conditions, dependence on key personnel, the ability to
attract, hire and retain personnel who possess the technical skills
and experience necessary to meet the requirements of its clients,
and its ability to protect its intellectual property. The Company
encourages you to review other factors that may affect its future
results in the Company's annual reports and in its other filings
with the Securities and Exchange Commission.
Contact Information:
SunCar:
Investor
Relations: Ms. Hui Jiang
Email: IR@suncartech.com
Legal: Ms. Li Chen
Email: chenli@suncartech.com
U.S. Investor Relations
Matthew Abenante, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: matthew@strategic-ir.com
SUNCAR TECHNOLOGY GROUP INC
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In
U.S. Dollar thousands, except for share and per share data, or
otherwise noted)
|
|
|
As of December
31,
|
|
|
As of June
30,
|
|
|
|
2023
|
|
|
2024
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash
|
|
$
|
30,854
|
|
$
|
20,886
|
Restricted
cash
|
|
|
2,741
|
|
|
2,843
|
Short-term
investments
|
|
|
21,596
|
|
|
20,913
|
Accounts receivable,
net
|
|
|
56,043
|
|
|
76,630
|
Prepaid expenses and
other current assets, net
|
|
|
63,963
|
|
|
69,564
|
Total current
assets
|
|
|
175,197
|
|
|
190,836
|
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
|
Long-term
investment
|
|
|
282
|
|
|
275
|
Software and equipment,
net
|
|
|
22,466
|
|
|
19,977
|
Deferred tax assets,
net
|
|
|
11,998
|
|
|
12,467
|
Other non-current
assets
|
|
|
12,012
|
|
|
19,403
|
Right-of-use
assets
|
|
|
1,280
|
|
|
978
|
Total non-current
assets
|
|
|
48,038
|
|
|
53,100
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
$
|
223,235
|
|
$
|
243,936
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Short-term
loan
|
|
$
|
83,029
|
|
$
|
81,324
|
Accounts
payable
|
|
|
26,641
|
|
|
52,115
|
Deferred
revenue
|
|
|
3,050
|
|
|
1,959
|
Tax payable
|
|
|
1,364
|
|
|
1,695
|
Accrued expenses and
other current liabilities
|
|
|
4,809
|
|
|
2,262
|
Amount due to a related
party-current
|
|
|
4,751
|
|
|
4,557
|
Operating lease
liability-current
|
|
|
748
|
|
|
765
|
Total current
liabilities
|
|
|
124,392
|
|
|
144,677
|
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
|
Operating lease
liability-non-current
|
|
|
504
|
|
|
154
|
Amount due to a related
party, non-current
|
|
|
29,688
|
|
|
29,004
|
Warrant
liabilities
|
|
|
661
|
|
|
661
|
Total non-current
liabilities
|
|
|
30,853
|
|
|
29,819
|
|
|
|
|
|
|
|
Total
liabilities
|
|
$
|
155,245
|
|
$
|
174,496
|
|
|
|
|
|
|
|
Commitments and
contingencies (Note 16)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
Class A Ordinary
shares* (par value of US$0.0001 per share; 400,000,000 Class A
Ordinary shares authorized
as of December 31, 2023 and June 30, 2024, respectively; 39,876,493
and 48,876,493 Class A
Ordinary shares issued and outstanding as of December 31, 2023 and
June 30, 2024, respectively)
|
|
$
|
4
|
|
$
|
5
|
Class B Ordinary
shares* (par value of US$0.0001 per share; 100,000,000 Class B
Ordinary shares authorized
as of December 31, 2023 and June 30, 2024, respectively; 49,628,565
and 49,628,565 Class B
Ordinary shares issued and outstanding as of December 31, 2023 and
June 30, 2024, respectively)
|
|
|
5
|
|
|
5
|
Additional paid in
capital
|
|
|
144,160
|
|
|
206,199
|
Accumulated
deficit
|
|
|
(126,724)
|
|
|
(189,307)
|
Accumulated other
comprehensive loss
|
|
|
(1,367)
|
|
|
(1,283)
|
Total SUNCAR
TECHNOLOGY GROUP INC's shareholders' equity
|
|
|
16,078
|
|
|
15,619
|
Non-controlling
interests
|
|
|
51,912
|
|
|
53,821
|
Total
equity
|
|
|
67,990
|
|
|
69,440
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND EQUITY
|
|
$
|
223,235
|
|
$
|
243,936
|
SUNCAR TECHNOLOGY GROUP
INC
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE LOSS
(In U.S. Dollar
thousands, except for share and per share data, or otherwise
noted)
|
|
For the six months
ended June 30,
|
|
|
|
|
2023
|
|
|
2024
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
Auto service
|
|
$
|
98,813
|
|
$
|
107,451
|
|
Auto eInsurance
service
|
|
|
47,710
|
|
|
73,747
|
|
Technology
service
|
|
|
12,855
|
|
|
21,888
|
|
Total
revenues
|
|
|
159,378
|
|
|
203,086
|
|
|
|
|
|
|
|
|
|
Operating cost and
expenses
|
|
|
|
|
|
|
|
Integrated service
cost
|
|
|
(87,854)
|
|
|
(107,621)
|
|
Promotional service
expenses
|
|
|
(49,563)
|
|
|
(71,135)
|
|
Selling
expenses
|
|
|
(12,793)
|
|
|
(10,199)
|
|
General and
administrative expenses
|
|
|
(4,020)
|
|
|
(40,537)
|
|
Research and
development expenses
|
|
|
(4,020)
|
|
|
(32,205)
|
|
Total operating
costs and expenses
|
|
|
(158,250)
|
|
|
(261,697)
|
|
|
|
|
|
|
|
|
|
Operating
profit/(loss)
|
|
|
1,128
|
|
|
(58,611)
|
|
|
|
|
|
|
|
|
|
Other
income/(expenses)
|
|
|
|
|
|
|
|
Financial expenses,
net
|
|
|
(1,915)
|
|
|
(2,302)
|
|
Investment
income
|
|
|
323
|
|
|
306
|
|
Other income,
net
|
|
|
2,450
|
|
|
734
|
|
Total other
income/(loss), net
|
|
|
858
|
|
|
(1,262)
|
|
|
|
|
|
|
|
|
|
Income/(Loss) before
income tax expense
|
|
|
1,986
|
|
|
(59,873)
|
|
Income tax
expense
|
|
|
(850)
|
|
|
(267)
|
|
Net
income/(loss)
|
|
|
1,136
|
|
|
(60,140)
|
|
|
|
|
|
|
|
|
|
Less: Net income/(loss)
attributable to non-controlling interests
|
|
|
4,515
|
|
|
2,443
|
|
Net loss
attributable to the Company's ordinary shareholders
|
|
|
(3,379)
|
|
|
(62,583)
|
|
|
|
|
|
|
|
|
|
Net loss per ordinary
share
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
$
|
(0.04)
|
|
$
|
(0.67)
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding used in calculating basic and diluted loss per
share
|
|
|
|
|
|
|
|
Basic and
diluted
|
|
$
|
81,374,609
|
|
|
93,663,300
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income/(loss)
|
|
|
|
|
|
|
|
Foreign currency
translation difference
|
|
|
(2,614)
|
|
|
(1,195)
|
|
Total other
comprehensive loss
|
|
|
(2,614)
|
|
|
(1,195)
|
|
|
|
|
|
|
|
|
|
Total comprehensive
loss
|
|
|
(1,478)
|
|
|
(61,335)
|
|
Less: total
comprehensive income attributable to non-controlling
interest
|
|
|
2,068
|
|
|
1,164
|
|
Total comprehensive
loss attributable to the SUNCAR TECHNOLOGY GROUP INC's
shareholders
|
|
$
|
(3,546)
|
|
$
|
(62,499)
|
|
SUNCAR TECHNOLOGY GROUP
INC
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS
(In U.S. Dollar thousands, except for share and per
share data, or otherwise noted)
|
For the six months
ended June 30,
|
|
|
|
2023
|
|
2024
|
|
CASH FLOWS
FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
Net
income/(loss)
|
$
|
1,136
|
$
|
(60,140)
|
|
Adjustments to
reconcile net income (loss) to net cash provided by (used in)
operating activities:
|
|
|
|
|
|
Provision
(Reversal)for credit losses
|
|
(3,694)
|
|
2,654
|
|
Depreciation and
amortization
|
|
2,840
|
|
1,813
|
|
Amortization of
right-of-use assets
|
|
350
|
|
392
|
|
Share-based
compensation of subsidiary
|
|
776
|
|
745
|
|
Share-based
compensation of the Group
|
|
-
|
|
62,040
|
|
Deferred income
tax benefit
|
|
(207)
|
|
(750)
|
|
Fair value income
from short-term investments
|
|
(323)
|
|
(493)
|
|
Financing expense
related to issuance of GEM Warrants
|
|
-
|
|
303
|
|
Property and equipment
written off
|
|
-
|
|
12
|
|
Interest
expense
|
|
-
|
|
146
|
|
Changes in
operating assets and liabilities:
|
|
|
|
|
|
Accounts
receivable
|
|
10,353
|
|
(24,689)
|
|
Prepaid expenses
and other current assets
|
|
(38,757)
|
|
(7,492)
|
|
Accounts
payable
|
|
7,647
|
|
26,277
|
|
Deferred
revenue
|
|
497
|
|
(1,029)
|
|
Accrued expenses
and other current liabilities
|
|
(787)
|
|
(2,458)
|
|
Tax
payable
|
|
(202)
|
|
365
|
|
Operating lease
liabilities
|
|
(321)
|
|
(321)
|
|
Amount due to a
related party
|
|
167
|
|
-
|
|
Net cash used
in operating activities
|
|
(20,525)
|
|
(2,625)
|
|
|
|
|
|
|
|
CASH FLOWS
FROM INVESTING ACTIVITIES
|
|
|
|
|
|
Purchase of
software and equipment
|
|
(577)
|
|
(245)
|
|
Purchase of
short-term investment
|
|
-
|
|
(20,603)
|
|
Proceeds from the
redemption of short-term investment
|
|
4,784
|
|
21,283
|
|
Purchase of other
non-current assets
|
|
(3,310)
|
|
(7,725)
|
|
Net cash
provided by/(used in) investing activities
|
|
897
|
|
(7,290)
|
|
|
|
|
|
|
|
CASH FLOWS
FROM FINANCING ACTIVITIES
|
|
|
|
|
|
Proceeds from
short-term loan
|
|
68,271
|
|
56,979
|
|
Repayments of
short-term loan
|
|
(53,418)
|
|
(56,771)
|
|
Cash required on
reverse recapitalization
|
|
(482)
|
|
-
|
|
Proceeds from
Private Placement
|
|
21,737
|
|
-
|
|
Payment for
offering cost related to Business Combination
|
|
(623)
|
|
-
|
|
Net cash
provided by financing activities
|
|
35,485
|
|
208
|
|
|
|
|
|
|
|
Effect of
exchange rate changes
|
|
(1,661)
|
|
(159)
|
|
|
|
|
|
|
|
Net change in
cash and restricted cash
|
|
14,196
|
|
(9,866)
|
|
|
|
|
|
|
|
Cash and
restricted cash, beginning of the period
|
$
|
23,917
|
$
|
33,595
|
|
Cash and
restricted cash, end of the period
|
$
|
38,113
|
$
|
23,729
|
|
|
|
|
|
|
|
Reconciliation
of cash and restricted cash to the consolidated balance
sheets:
|
|
|
|
|
|
Cash
|
$
|
35,460
|
$
|
20,886
|
|
Restricted
cash
|
$
|
2,653
|
$
|
2,843
|
|
Total cash and
restricted cash
|
$
|
38,113
|
$
|
23,729
|
|
|
|
|
|
|
|
Supplemental
disclosures of cash flow information:
|
|
|
|
|
|
Income tax
paid
|
$
|
1,128
|
$
|
535
|
|
Interest expense
paid
|
$
|
1,704
|
$
|
1,872
|
|
|
|
|
|
|
|
Supplemental
disclosures of non-cash activities:
|
|
|
|
|
|
Obtaining
right-of-use assets in exchange for operating lease
liabilities
|
$
|
1,552
|
$
|
88
|
|
Non-GAAP Financial Measures
In addition to our results determined in accordance with GAAP,
the Company's management believes that Adjusted EBITDA, which is a
non-GAAP measure that excludes certain non-recurring items such as
costs and expenses related to the Business Combination and prior
and subsequent capital raises, 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 prepared in accordance with GAAP, but should
not be considered in isolation or as a substitute for performance
measures calculated in accordance with GAAP. We compensate for
these limitations by relying primarily on our GAAP results and
using non-GAAP measures on a supplemental basis.
Adjusted EBITDA
We believe that Adjusted EBITDA, as defined below, is useful in
evaluating our operational performance distinct and apart from
certain expenses that may not be indicative of our recurring core
business operating results and non-operational expenses. Adjusted
EBITDA is defined as Operating profit (loss) adjusted for
depreciation and amortization, share-based compensation and
non-recurring expenses related to the Business Combination and
prior and subsequent capital raises. Adjusted EBITDA Margin is
defined as Adjusted EBITDA divided by Total revenues.
RECONCILIATION OF OPERATING PROFIT (LOSS) TO
ADJUSTED EBITDA
|
For the Six Months
Ended June 30,
|
|
|
2023
|
|
2024
|
|
|
(In
thousands)
|
Operating profit
(loss)
|
$
|
1,128
|
$
|
(58,611)
|
Depreciation and
amortization (1)
|
|
2,840
|
|
1,813
|
Share-based
compensation (2)
|
|
776
|
|
62,785
|
Transaction fees
(3)
|
|
1,071
|
|
53
|
Adjusted
EBITDA
|
$
|
5,815
|
$
|
6,040
|
Adjusted EBITDA
Margin
|
|
3.6 %
|
|
3.0 %
|
(1) Non-cash expenses related to depreciation and
amortization
(2) Non-cash expense related to compensation costs for equity
classified awards (both for the subsidiary and the Group)
(3) Includes non-recurring transaction related fees and expenses
associated with the Company's Business Combination and prior and
subsequent capital raises
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content:https://www.prnewswire.com/news-releases/suncar-technology-reports-27-revenue-growth-including-55-increase-in-auto-e-insurance-business-and-over-250-increase-in-the-number-of-electric-vehicle-insurance-policies-in-1h-2024-302248577.html
SOURCE SunCar Technology Group Inc.