SCAG on Nasdaq
Scage Future
Scage Future is a truck and bus bodies company in the Cayman Islands, listed on Nasdaq (SCAG).1
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Last updated Oct 20, 2026.
Overview
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- TickerSCAG on Nasdaq1
- IndustryTruck & Bus Bodies1
- HeadquartersE91
- Incorporated inCayman Islands3
- Business address2F, Building 6, No. 6 Fengxin Road, Yuhuatai District, Nanjing City, Jiangsu Province, 2100003
- Filer categoryNon-accelerated filer, Emerging growth company3
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Our principal executive office is 2F, Building 6, No. 6 Fengxin Road, Yuhuatai District, Nanjing City, Jiangsu Province, 210012, China.4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
-6.4%Gross margin2
-120.6%Operating margin2
-116.4%Net margin2
82.0%Revenue growth, 20252
-$5.9MFree cash flow2
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Sales Of NEVs And Components brought in 98% of the revenue Scage Future broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Sales Of NEVs And Components | $421.7K | $6.1M | $10.9M |
| Provision Of Vehicle Modification Services | $151.4K | ||
| Others | $26.2K | ||
| Leasing Of NEVs | $16.3K | $19.6K |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue88¢$11.8M
- Research and development12¢$1.5M
Out of $11.1M in revenue.2 The company lost money this year.
Financial statements
No quarterly figures reported.
Every line of the income statement as filed: the last 3 fiscal years, latest first.2
| Period ending | 2025-06-30 | 2024-06-30 | 2023-06-30 |
|---|---|---|---|
| Total revenues | $11.1M | $6.1M | $438.0K |
| Cost of revenues | -$11.8M | -$5.6M | -$795.3K |
| Gross (loss)/profit | -$713.2K | $536.5K | -$357.3K |
| Selling and marketing expenses | -$401.8K | -$648.3K | -$1.1M |
| Research and development expenses | -$1.5M | -$1.7M | -$2.3M |
| General and administrative expenses | -$10.7M | -$3.9M | -$2.9M |
| Impairment of long-lived assets | -$46.2K | -$200.8K | |
| Total operating expenses | -$12.7M | -$6.4M | -$6.4M |
| Loss from operations | -$13.4M | -$5.9M | -$6.7M |
| Interest expense, net | -$338.2K | -$369.8K | -$151.5K |
| Other income, net | $21.6K | $263.7K | $252.5K |
| Fair value change in derivative liability | $328.6K | ||
| Gain on investments | $336.3K | ||
| Total other income/(loss), net | $348.3K | -$106.2K | $101.0K |
| Loss before income taxes | -$13.1M | -$6.0M | -$6.6M |
| Net loss | -$13.1M | -$6.0M | -$6.6M |
| Less: Net loss attributable to non-controlling interests | -$121.7K | -$158.6K | -$180.9K |
| Less: Net loss attributable to redeemable non-controlling interests | -$421 | -$7.7K | |
| Net loss attributable to Scage Future | -$12.9M | -$5.8M | -$6.4M |
| Accretion of convertible redeemable preferred shares | -$3.2M | ||
| Net loss attributable to Scage Futures ordinary shareholders | -$12.9M | -$7.7M | -$9.6M |
| Foreign currency translation adjustment, net of tax of nil | -$350.2K | $102.0K | $1.2M |
| Comprehensive loss | -$13.4M | -$5.9M | -$5.4M |
| Less: Comprehensive loss attributable to non-controlling interests | -$169.2K | -$113.6K | -$171.2K |
| Less: Comprehensive loss attributable to redeemable non-controlling interests | $66.3K | -$7.7K | |
| Comprehensive loss attributable to Scage Future | -$13.3M | -$5.8M | -$5.3M |
| Accretion of convertible redeemable preferred shares | -$3.2M | ||
| Accretion of redeemable non-controlling interests | -$1.9M | ||
| Comprehensive loss attributable to Scage Futures ordinary shareholders | -$13.3M | -$7.6M | -$8.5M |
| Basic (in Dollars per share) | -$0.18 | -$0.15 | -$0.19 |
| Diluted (in Dollars per share) | -$0.18 | -$0.15 | -$0.19 |
| Basic (in Shares) | 72.2M shares | 50.7M shares | 50.7M shares |
| Diluted (in Shares) | 72.2M shares | 50.7M shares | 50.7M shares |
No quarter-by-quarter statement was filed.
No quarterly figures reported.
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 7 quarters (quarterly), latest first.2
| Period ending | 2025-06-30 | 2024-11-30 | 2024-10-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|
| Cash | $90.8K | $2.0M | |||
| Restricted cash | $7.0K | $6.9K | |||
| Accounts receivable, net | $2.6M | $2.0M | |||
| Contract assets, current | $236.1K | ||||
| Inventories, net | $1.0M | $1.7M | |||
| Prepaid expenses and other current assets, net | $1.1M | $2.9M | |||
| Total current assets | $5.0M | $8.6M | |||
| Property and equipment, net | $713.4K | $1.1M | |||
| Right-of-use assets, net | $126.2K | $283.6K | |||
| Deferred offering costs | $598.5K | ||||
| Long-term investments | $20.3M | $15.1M | $4.9M | $15.1M | |
| Contract assets, non-current | $292.8K | ||||
| Other non-current assets | $30.7K | ||||
| Total non-current assets | $21.5M | $2.0M | |||
| TOTAL ASSETS | $26.5M | $10.6M | |||
| Short-term borrowings | $69.0M | $8.4M | |||
| Accounts payable | $2.7M | $221.1K | |||
| Contract liabilities | $192.9K | $597.5K | |||
| Accrued expenses and other payables | $7.8M | $2.2M | |||
| Operating lease liabilities, current | $131.1K | $167.6K | |||
| Derivative Liability | $676.9K | ||||
| Convertible debt, current | $2.4M | $872.0K | |||
| Total current liabilities | $25.4M | $12.7M | |||
| Operating lease liabilities, non-current | $86.8K | ||||
| Total non-current liabilities | $2.0M | $86.8K | |||
| TOTAL LIABILITIES | $27.4M | $12.8M | |||
| Receivables for Series A convertible redeemable preferred shares | -$735.5K | ||||
| Redeemable non-controlling interests | $4.7M | $4.6M | |||
| Total mezzanine equity | $4.7M | $24.1M | |||
| Ordinary shares (par value of US$0.0001 per share; 500,000,000 shares authorized as of June 30, 2025 and 2024, respectively; 72,243,992 and 50,716,451 shares issued and outstanding as of June 30, 2025 and 2024, respectively) | $7.2K | $5.1K | |||
| Additional paid-in capital | $34.0M | ||||
| Accumulated deficit | -$40.2M | -$27.3M | |||
| Accumulated other comprehensive income | $900.3K | $1.3M | |||
| Total shareholders deficit attributable to Scage Future | -$5.3M | -$26.0M | |||
| Non-controlling interests | -$327.0K | -$279.2K | |||
| Total shareholders deficit | -$5.6M | -$26.3M | |||
| TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS DEFICIT | $26.5M | $10.6M | |||
| Aggregate liquidation preference (in Dollars) | $16.6M | ||||
| Ordinary shares, par value (in Dollars per share) | $0.00 | $0.00 | |||
| Ordinary shares, shares authorized | 500.0M shares | 500.0M shares | |||
| Ordinary shares, shares issued | 72.2M shares | 50.7M shares | |||
| Ordinary shares, shares outstanding | 72.2M shares | 50.7M shares |
| Period ending | 2025-06-30 | 2024-11-30 | 2024-10-31 | 2024-09-30 | 2024-06-30 | 2023-06-30 | 2022-06-30 |
|---|---|---|---|---|---|---|---|
| Cash | $90.8K | $2.0M | $172.7K | ||||
| Restricted cash | $7.0K | $6.9K | |||||
| Accounts receivable, net | $2.6M | $2.0M | |||||
| Contract assets, current | $236.1K | ||||||
| Inventories, net | $1.0M | $1.7M | |||||
| Prepaid expenses and other current assets, net | $1.1M | $2.9M | |||||
| Total current assets | $5.0M | $8.6M | |||||
| Property and equipment, net | $713.4K | $1.1M | |||||
| Right-of-use assets, net | $126.2K | $283.6K | |||||
| Deferred offering costs | $598.5K | ||||||
| Long-term investments | $20.3M | $15.1M | $4.9M | $15.1M | |||
| Contract assets, non-current | $292.8K | ||||||
| Other non-current assets | $30.7K | ||||||
| Total non-current assets | $21.5M | $2.0M | |||||
| TOTAL ASSETS | $26.5M | $10.6M | |||||
| Short-term borrowings | $69.0M | $8.4M | |||||
| Accounts payable | $2.7M | $221.1K | |||||
| Contract liabilities | $192.9K | $597.5K | |||||
| Accrued expenses and other payables | $7.8M | $2.2M | |||||
| Operating lease liabilities, current | $131.1K | $167.6K | |||||
| Derivative Liability | $676.9K | ||||||
| Convertible debt, current | $2.4M | $872.0K | |||||
| Total current liabilities | $25.4M | $12.7M | |||||
| Operating lease liabilities, non-current | $86.8K | ||||||
| Total non-current liabilities | $2.0M | $86.8K | |||||
| TOTAL LIABILITIES | $27.4M | $12.8M | |||||
| Receivables for Series A convertible redeemable preferred shares | -$735.5K | ||||||
| Redeemable non-controlling interests | $4.7M | $4.6M | |||||
| Total mezzanine equity | $4.7M | $24.1M | |||||
| Ordinary shares (par value of US$0.0001 per share; 500,000,000 shares authorized as of June 30, 2025 and 2024, respectively; 72,243,992 and 50,716,451 shares issued and outstanding as of June 30, 2025 and 2024, respectively) | $7.2K | $5.1K | |||||
| Additional paid-in capital | $34.0M | ||||||
| Accumulated deficit | -$40.2M | -$27.3M | |||||
| Accumulated other comprehensive income | $900.3K | $1.3M | |||||
| Total shareholders deficit attributable to Scage Future | -$5.3M | -$26.0M | |||||
| Non-controlling interests | -$327.0K | -$279.2K | |||||
| Total shareholders deficit | -$5.6M | -$26.3M | -$18.6M | -$10.2M | |||
| TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS DEFICIT | $26.5M | $10.6M | |||||
| Aggregate liquidation preference (in Dollars) | $16.6M | ||||||
| Ordinary shares, par value (in Dollars per share) | $0.00 | $0.00 | |||||
| Ordinary shares, shares authorized | 500.0M shares | 500.0M shares | |||||
| Ordinary shares, shares issued | 72.2M shares | 50.7M shares | |||||
| Ordinary shares, shares outstanding | 72.2M shares | 50.7M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.2
| Period ending | 2025-06-30 | 2024-06-30 | 2023-06-30 |
|---|---|---|---|
| Net loss | -$13.1M | -$6.0M | -$6.6M |
| Write-downs for inventory | $319.4K | $894.0K | $161.5K |
| (Reversal of provision)/Provision for credit losses | -$43.5K | $292.5K | $38.9K |
| Reserve for warranty costs | $327.6K | ||
| Depreciation of property and equipment | $301.2K | $542.4K | $446.3K |
| Amortization of right-of-use assets | $160.4K | $210.6K | $228.2K |
| Share-based compensation expense | $1.8M | ||
| Fair value change of long-term investment | -$336.3K | ||
| Fair value change in derivative liability | -$328.6K | ||
| Amortization of debt issuance costs | $57.2K | $97.1K | $46.9K |
| Loss/(gain) on disposal of property and equipment | $45.2K | -$1.7K | |
| Impairment of long-lived assets | $46.2K | $200.8K | |
| Interest expenses from convertible debt | $12.5K | ||
| Issuance of convertible debt to settle accrued service fees | $2.5M | ||
| Accounts receivable | -$541.9K | -$2.0M | -$34.0K |
| Contract assets | -$525.2K | ||
| Inventories | $324.5K | $465.4K | -$1.6M |
| Amounts due from related parties | $42.3K | -$12.2K | -$17.9K |
| Prepaid expenses and other current assets | -$1.8M | $265.3K | -$202.4K |
| Other non-current assets | $30.9K | $14.1K | |
| Operating lease liabilities | -$126.0K | -$201.3K | -$238.9K |
| Accounts payable | $2.5M | -$238.1K | -$18.8K |
| Contract liabilities | -$410.3K | -$607.8K | $1.2M |
| Amounts due to related parties | $276.6K | $22.6K | $13.3K |
| Accrued expenses and other payables | $2.6M | -$161.8K | $1.7M |
| Net cash used in operating activities | -$5.9M | -$6.2M | -$4.9M |
| Purchase of property and equipment | -$13.5K | -$51.3K | -$166.2K |
| Proceeds from disposal of property and equipment | $48.8K | ||
| Purchase of long-term investments | -$20.0M | ||
| Collection of loans to third parties | $68.4K | ||
| Loans to third parties | -$791.1K | -$1.8M | |
| Collection of loans to related parties | $242.5K | ||
| Net cash used in investing activities | -$20.7M | -$1.6M | -$166.2K |
| Cash inflow from reverse recapitalization | $1.2M | ||
| Proceeds from short-term borrowings | $10.3M | $12.3M | $2.4M |
| Repayments of short-term borrowings | -$9.2M | -$6.2M | -$539.4K |
| Repayments of long-term borrowings | -$71.1K | ||
| Proceeds from PIPE investments | $20.0M | ||
| Proceeds from issuance of convertible redeemable preferred shares | $889.8K | $3.8M | |
| Contribution from a shareholder | $143.8K | ||
| Contribution from a non-controlling interest shareholder | $140.9K | ||
| Contribution from a redeemable non-controlling interest shareholder | $2.8M | ||
| Loans provided by third parties | $762.4K | ||
| Repayment of loans provided by third parties | -$77.4K | ||
| Loans provided by related parties | $4.1M | $130.1K | $632.8K |
| Repayment of loans provided by related parties | -$2.0M | -$551.5K | -$38.9K |
| Payments for issuance costs of PIPE investments | -$50.0K | ||
| Payments for listing expenses | -$376.9K | -$553.6K | -$50.0K |
| Payments for issuance costs for convertible redeemable preferred shares | -$124.7K | ||
| Payments for issuance costs of short-term borrowings and convertible debt | -$65.1K | -$86.7K | |
| Net cash provided by financing activities | $24.7M | $8.7M | $6.2M |
| Effect of exchange rate changes | $38.4K | -$7.7K | -$128.8K |
| Net change in cash and restricted cash | -$1.9M | $908.4K | $991.3K |
| Interest paid | $262.4K | $258.4K | $46.8K |
| Cash paid for amounts included in the measurement of lease liabilities | $139.3K | $217.6K | $275.9K |
| Accrued payments for issuance costs for PIPE investments | $1.9M | ||
| Issuance of convertible redeemable preferred shares converted from convertible debt | $733.4K | ||
| Accretion of change in fair value of non-controlling interests subject to possible redemption | $1.9M | ||
| Issuance of convertible debt to settle accrued service fees | $2.5M | ||
| Non-cash offset between loans to third parties and amounts due to related parties | $2.1M |
No quarter-by-quarter statement was filed.
Corporate structure
Scage Future sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Scage Future
- Chao Gao Filed SCHEDULE 13G on Scage Future, latest Mar 6, 2026
- Scage Future E9
Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Scage Future reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $2.0M2 Jun 30, 2025 | $2.5M2 Jun 30, 2024 | −17.8% |
| Accumulated depreciation | $1.2M2 Jun 30, 2025 | $1.2M2 Jun 30, 2024 | +3.1% |
| Property and equipment, net | $713.4K2 Jun 30, 2025 | $1.1M2 Jun 30, 2024 | −34.6% |
| Operating-lease assets (leased space) | $126.2K2 Jun 30, 2025 | $283.6K2 Jun 30, 2024 | −55.5% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $90.8K2 Jun 30, 2025 | $2.0M2 Jun 30, 2024 | −95.4% |
| Long-term investments | $20.3M2 Jun 30, 2025 | ||
| Deposits held (banks) | $19.5K2 Jun 30, 2025 | $284.5K2 Jun 30, 2024 | −93.1% |
Inventory
Leadership
Who has led Scage Future, and when. Pick a name to see everywhere that person has worked.
- Chief executive officerChao Gao Mar 18, 2026 to now5
- Chief financial officerJie Xiang Apr 9, 2026 to now6
Board members and other officers (7)
- Board memberCalvin Kung Mar 18, 2026 to now7
- Board memberChao Gao Mar 18, 2026 to now5
- Board memberKevin Chen Mar 25, 2026 to now8
- Board memberQiuliang Peng Apr 9, 2026 to now9
- Board memberYixian Wang Apr 9, 2026 to now10
- Board memberYuanchi Guo Apr 9, 2026 to now11
- Board memberZiqian Guan Apr 9, 2026 to now12
Timeline
- Mar 18, 2026New chief executive Chao Gao becomes CEO5
Filings
71 filings to the SEC since October 2021: 2 annual reports, 8 insider forms, 1 large holders, 60 other. The latest 20:
- Oct 15, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Oct 7, 2026F-6 POS EDGAR
- Sep 2, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Aug 25, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Jul 31, 2026S-8 REGISTRATION STATEMENT EDGAR
- Jul 10, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Jun 30, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Jun 29, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Jun 29, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Jun 17, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- May 7, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Apr 9, 20263 EDGAR
- Apr 9, 20263 EDGAR
- Apr 9, 20263 EDGAR
- Apr 9, 20263 EDGAR
- Apr 9, 20263 EDGAR
- Mar 25, 20263 EDGAR
- Mar 18, 20263 EDGAR
- Mar 18, 20263 EDGAR
- Mar 13, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
The 71 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Morgan Stanley | 40,000 | $20.8K | 0.0% | New |
| UBS Group AG | 3,874 | $2.0K | 0.0% | New |
| SBI Securities Co., Ltd. | 4 | $2 | 0.0% | +3 |
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How Scage Future is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARScage Future1
- CIK0002000366
- Filer statusNon-accelerated filer an emerging growth company; not a shell company4
- Incorporated inCayman Islands4
- Fiscal year endsJune 301
- Industry code (SIC)3713 Truck & Bus Bodies1
- SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
- Business address2F, Building 6, No. 6 Fengxin Road, Yuhuatai District, Nanjing City, Jiangsu Province, 210000, China1
- Phone0086139562229911
- Shares outstanding72,243,992 shares as of Nov 12, 20254
- AuditorHTL International, LLC, Houston, Texas PCAOB ID 7000; no auditor attestation of internal control over financial reporting4
- On EDGAR sinceJan 8, 20241
- Filings71 in all: 6-K (12), UPLOAD (9), 3 (8), CORRESP (8), 424B3 (6), F-4/A (5), 425 (3), DRSLTR (3)1
All 21 form types
EFFECT (3), 20-F (2), DRS/A (2), 8-A12B (1), CERT (1), DRS (1), F-1 (1), F-4 (1), F-6 (1), F-6 POS (1), NT 20-F (1), S-8 (1), SCHEDULE 13G (1)
- Latest filingsAnnual report (20-F) Nov 12, 2025
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| American depositary shares, each representing one ordinary share, par value US$0.0001 per share | SCAG | The Nasdaq Stock Market LLC |
| Warrants, each exercisable for one ordinary share at an exercise price of $11.50 per share | SCAGW | The Nasdaq Stock Market LLC |
From the cover page of the 20-F filed Nov 12, 2025 (Section 12(b) of the Exchange Act).4
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1SEC EDGARScage Future filings on SEC EDGAR
- 2SEC EDGARScage Future 10-K for fiscal 2025
- 3SEC EDGARScage Future filings on SEC EDGAR
- 4
- 5SEC EDGARChao Gao, Chief executive officer
- 6SEC EDGARJie Xiang, Chief financial officer
- 7SEC EDGARCalvin Kung, Board member
- 8SEC EDGARKevin Chen, Board member
- 9SEC EDGARQiuliang Peng, Board member
- 10SEC EDGARYixian Wang, Board member
- 11SEC EDGARYuanchi Guo, Board member
- 12SEC EDGARZiqian Guan, Board member
- 13