SunCar Technology Group Inc
suncartech.comWhat Do They Do?
Provides auto services, digital auto insurance distribution, and software tools to banks, insurers and automakers serving vehicle owners.
20-F for FY2025, filed Apr 28, 2026We are a leading provider of cloud, AI, and mobile app-based auto eInsurance services, technology services, and auto services in China. For…View ↗
For our auto eInsurance business, we facilitate the sale of auto insurance products underwritten by major insurance companies in China. We…View ↗
We operate our auto service business by offering customized auto services to our enterprise customers, who include major banks, insurance…View ↗
We have built our business as a digitalized, technology-driven provider of online platforms that enable and facilitate B2B services. We…View ↗
As of December 31, 2025, we have established significant partnerships with leading technology companies and automotive manufacturers…View ↗
How Do They Make Money?
Insurance companies pay commissions when a policy takes effect and the purchaser’s premium is collected. Technology customers pay a fixed monthly price for software access and support during the service period.
20-F for FY2025, filed Apr 28, 2026The Group provides insurance intermediation services by distributing primarily vehicle insurance on behalf of insurance companies and…View ↗
Revenue is recognized at a point in time when an insurance policy becomes effective, which occurs when the signed insurance policy is in…View ↗
The Group satisfies its performance obligation over time during the service period because the customer simultaneously receives and…View ↗
$489.3M
-
20-F for FY2025, filed Apr 28, 2026
$489.3M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Auto eInsurance service
Sold outright
20-F for FY2025, filed Apr 28, 2026 |
43% |
Auto eInsurance service, FY2025
$212.6M Sources
|
Sold outright |
|
Technology service
Recurring
20-F for FY2025, filed Apr 28, 2026 |
11% |
Technology service, FY2025
$53.6M Sources
|
Recurring |
|
Auto service
|
46%
FY2022: 71%
|
Auto service, FY2025
$223.1M Sources
|
Who Are Their Customers?
Banks, insurers, telecom companies and other businesses buy auto services for their end customers; insurance reaches drivers through external sales partners and online channels.
20-F for FY2025, filed Apr 28, 2026We operate our auto service business by offering customized auto services to our enterprise customers, who include major banks, insurance…View ↗
For our auto eInsurance business, we facilitate the sale of auto insurance products underwritten by major insurance companies in China. We…View ↗
Under the B2B business model, we sell to major enterprise customers, including insurance companies, banks, telecommunications, and other…View ↗
We engage external insurance sales partners to assist us in promoting the services and products we intermediate, referring potential…View ↗
Do Revenues Turn Into Profits?
Not on paper. It lost $2.4M in FY2025, but brought in more cash than it spent: $5.3M of free cash flow.
20-F for FY2025, filed Apr 28, 2026
20-F for FY2025, filed Apr 28, 2026
$3.9MView ↗
20-F for FY2025, filed Apr 28, 2026
−$2.4MView ↗
20-F for FY2025, filed Apr 28, 2026
$5.3MView ↗
How Are They Changing?
Growing. Revenue grew 96% in 4 years, from $249.2M in FY2021 to $489.3M in FY2025, about 18% a year.
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