SDA

Generated Net Profit of $1.6 Million Delivered 28% YoY Revenue Growth to $131 Million EV Insurance Premiums Grew 43% YoY Third Consecutive Quarter of Profitability NEW YORK, May 27, 2026 (GLOBE NEWSWIRE) -- SunCar Technology Group Inc. (the "Company" or "SunCar") (NASDAQ: SDA), an innovative leader in AI-powered auto insurance and auto services, today announced financial results for the quarter ended March 31, 2026. "SunCar had an excellent quarter delivering its third consecutive quarter of profitability and 28% year over year revenue growth,” said Zaichang Ye, Chairman and CEO of SunCar. “Deeper integration with our EV partners continues to fuel growth in insurance, major enterprise deals are landing in auto services, and our AI partnership with ByteDance Doubao continues to differentiate our platform in the market.” First Quarter 2026 Financial Results Total revenue increased 28% to $131.2 million in the first quarter of 2026 compared to $102.6 million in the first quarter of 2025. Net income was $1.6 million in the first quarter of 2026 compared to a net loss of $3.6 million in the prior year period. Adjusted EBITDA was $4.5 million in the first quarter of 2026, from a negative $1.3 million in the prior year period. Adjusted EBITDA margin improved to 3.4% in the first quarter of 2026 from a negative 1.3% in the prior year period. Auto eInsurance revenue increased 36% to $62.3 million, compared to $45.9 million in the prior year period. Technology Services revenue increased 43% to $15.3 million, up from $10.7 million in the prior year period. Auto Service revenue increased 16% to $53.5 million, compared to $46.0 million for the prior year period. Operating costs and expenses increased 21% to $128.2 million, up from $105.6 million in the prior year period. Integrated service costs increased 35% to $65.2 million, from $48.4 million in the prior year period. Promotional service expenses increased 29% to $57.8 million, from $44.7 million in the prior year period. Selling expenses decreased 57% to $2.6 million, compared to $6.1 million in the prior year period. General and administrative expenses decreased 76% to $1.3 million, from $5.4 million in the prior year period. Research and development expenses increased 26% to $1.2 million, up from $0.9 million in the prior year period. Operating income was $3.0 million; a significant improvement compared to a loss of $3.0 million in the prior year period. First Quarter 2026 Business Highlights Insurance EV Premium Growth: Insurance premiums for EVs increased 42.5% to $514.4 million from US$361.0 million in the prior year period. EV insurance Revenue: EV-related insurance revenue increased 37% to $22.6 million from $16.5 million in the prior year period. Tesla: Tesla expanded its implementation of SunCar’s integrated insurance + services benefits platform delivering the convenience and safety advantages of SunCar’s integrated services to an increasing number of Tesla drivers. Xiaomi: Launched its customer service platform on SunCar’s cloud validating the flexibility and scalability of SunCar’s CRM system, significantly increasing conversion rates, and greatly improving customer satisfaction. Leapmotor: Leapmotor has fully digitalized its processes on SunCar’s platform enabling 100% SaaS-based transactions for its employees and customers. Zhongwu Putai(Huawei): Zhongwu Putai is a Huawei partner. SunCar won the bid to be the exclusive insurance provider in Zhongwu Putai’s retail stores. At the end of Q1 2026, 20 of Zhongwu Putai’s stores were online with SunCar. China Land Insurance: China Land is integrating SunCar’s cloud insurance platform into its ecosystem seeking to enhance customer acquisition, product development, and risk management. Auto Service AgBank: In April, SunCar announced it had signed a $50 million, three-year contract to manage AgBank’s chauffeur business across three business units. Minsheng Bank: SunCar was awarded a three-year, $13 million contract to manage Minsheng’s concierge chauffeur and other transportation services. ICBC: SunCar has been selected to be an integrated transportation service provider for the bank’s prestigious Airport/High-Speed Rail Travel Project. PingAn Insurance: PingAn Insurance signed an enterprise-level agreement with SunCar to offer a number of value-added auto services to PingAn’s insurance customers. These include chauffeur services, airport lounges, and designated driver services. China Pacific Insurance: Secured a contract to deliver comprehensive auto services to the insurer’s Zhejiang customers, demonstrating that SunCar’s auto service solutions have gained acceptance from multiple major insurance brands. PingAn Bank Credit Card Center: Signed two-year contract to manage the Credit Card Center’s car wash and concierge chauffeur services. The bank has been a customer since 2017. Huaxing Bank: As a partner on PingAn Group’s YiQianBao fintech platform, SunCar was selected to be the exclusive VIP transportation provider for Huaxing. Integrated Insurance and Auto Service China Continental Insurance: China Continental is implementing SunCar’s cloud in new regions allowing it to offer an integrated auto services and insurance package to customers. AI Product Update ByteDance Doubao Partnership: SunCar continues to leverage ByteDance Doubao’s AI technology to create new features such as predictive maintenance, intelligent policy pricing, and outbound policy renewal reminders. Financial Outlook SunCar is expecting its full year 2026 revenue to be approximately $600 million. About SunCar Technology Group Inc. Founded in 2007, SunCar is transforming the customer journey for auto insurance and services in China, the largest vehicle market in the world. SunCar develops and operates AI 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 auto eInsurance market for electric vehicles and the B2B auto services market. The Company's intelligent cloud platform empowers its enterprise customers to access, manage, and optimize their auto eInsurance and auto service offerings. Through SunCar, drivers gain access to a wide variety of high-quality services from tens of thousands of independent providers, all from a single application. For more information, please visit: https://ir.suncartech.com. Forward-Looking StatementsThis press release contains information about the Company’s view of its future expectations, plans, and prospects that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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. Forward-looking statements in this release include statements regarding the planned launch of AI-powered services, expected improvements in customer experience, potential cost reductions, and the development of SaaS solutions. These statements involve risks, including technology development challenges, market acceptance, regulatory approval requirements, and the ability to scale AI implementations. For a detailed discussion of these risks, please refer to the Company's Annual Report on Form 20-F and other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of this press release, and the Company undertakes no obligation to update or revise these statements, except as required by law. Contact Information: SunCar: Investor Relations: Mr. Breaux WalkerEmail: [email protected] Legal: Ms. Li ChenEmail: [email protected] SOURCE: SunCar Technology Group Inc.

Third Consecutive Quarter of Profitability Estimated Net Income of $1 million in the First Quarter of 2026 Estimated Q1 Revenue Increase of 25% Year-Over-Year to $128 million NEW YORK, May 18, 2026 (GLOBE NEWSWIRE) -- SunCar Technology Group Inc. (the "Company" or "SunCar") (NASDAQ: SDA), an innovative leader in AI-powered auto insurance and auto services, is releasing its preliminary unaudited revenue and net income estimates for the first quarter of 2026. For the first quarter of 2026, SunCar is forecasting preliminary unaudited net income of $1 million. This marks the Company’s third consecutive profitable quarter and is a significant improvement from a loss of $3.6 million in the first quarter of 2025. The Company is forecasting Q1 2026 unaudited revenue of $128 million, a nearly 25% year-over-year increase from the first quarter of 2025. "SunCar had an excellent first quarter of the year with strong year-over-year growth and increased profitability. I’m particularly pleased with the Company achieving its third consecutive profitable quarter and the dramatic improvement in profitability from the first quarter of last year," said Zaichang Ye, Chairman and CEO of SunCar. About SunCar Technology Group Inc. Founded in 2007, SunCar is leveraging AI to transform the customer journey for auto insurance and services in China, the largest vehicle market in the world. SunCar develops and operates an AI cloud platform that seamlessly connects drivers with a wide range of auto services and insurance options offered by a nationwide network of sales partners. The Company's intelligent B2B cloud platform empowers its enterprise customers to access, manage, and optimize their auto eInsurance and auto service offerings. For more information, please visit: https://ir.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 within the meaning of the Private Securities Litigation Reform Act of 1995. 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. Forward-looking statements in this release include statements regarding the planned launch of AI-powered services, expected improvements in customer experience, potential cost reductions, and the development of SaaS solutions. These statements involve risks, including technology development challenges, market acceptance, regulatory approval requirements, and the ability to scale AI implementations. For a detailed discussion of these risks, please refer to the Company's Annual Report on Form 20-F and other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of this press release, and the Company undertakes no obligation to update or revise these statements, except as required by law. Contact Information: SunCar: Investor Relations: Mr. Breaux WalkerEmail: [email protected] Legal: Ms. Li ChenEmail: [email protected] SOURCE: SunCar Technology Group Inc.

Profitable in the Third and Fourth Quarters of 2025 Delivered Record Annual Revenue of $489 million Q4 revenue increased 17% year-over-year to $151 million Increased Auto Partners’ Premiums by over 190% Signed Strategic AI Partnership with ByteDance NEW YORK, April 28, 2026 (GLOBE NEWSWIRE) -- SunCar Technology Group Inc. (the "Company" or "SunCar") (NASDAQ: SDA), an innovative leader in AI-powered auto insurance and auto services, today announced financial results for the year ended December 31, 2025. "SunCar had a transformational year where our products and partnerships with China’s leading EV companies became truly AI-centric.” Zaichang Ye, Chairman and CEO of SunCar, said. “China’s global leadership in open-source AI is now well-established. SunCar, through its partnership with ByteDance, is fully leveraging its partner’s valuable AI technology in both new product development and operations.” “ByteDance’s world-class multimodal AI is allowing us to create products such as agent-based policy matching and pricing, video inspections, predictive maintenance, accident analysis, and other products we could only imagine several years ago.” “I'm very pleased with our strong 2025 results, record revenue of $489 million, and profitability in the second half of the year. SunCar is building unique, AI-powered technology that enables our auto partners to sell insurance and other downstream services successfully. That is our key differentiator!” Full Year, Third and Fourth Quarter 2025 Financial Highlights Generated a profit of $1.4 million in the third quarter of 2025, increasing to a profit of $1.7 million in the fourth quarter of 2025. Fourth quarter revenue increased 17% to a record $151.2 million year-over-year. Full year revenue increased 11% to $489.3 million year-over-year. Full year net loss was $2.4 million compared to a net loss of $64.5 million in 2024. The significant reduction in net loss was due to a significant decrease in share-based compensation in 2025 compared to 2024. Full year adjusted EBITDA was $11.0 million, compared to $9.8 million in 2024. SunCar ended the year with cash and short-term investments of $46.6 million. Full Year 2025 & Recent Business Highlights Tesla: Launched an integrated “Insurance + Auto Services” module on the Tesla App. SunCar installed its insurance platform at independent service centers in third-tier cities helping Tesla avoid the need to build its own service centers. Xiaomi: New Xiaomi models featured AI upgrades from SunCar’s Anji AI service center to provide owners with more customized auto insurance and services. NIO: With the launch of NIO’s ES8 and ONVO L90 models, SunCar’s technology provided NIO owners with “one-click” auto insurance policy shopping. Leapmotor: SunCar announced that it had taken over management of Leapmotor’s digital insurance platform and achieved 60%+ conversion rates. ByteDance AI Partnership: SunCar announced a partnership with ByteDance AI to develop leading AI-powered products and to optimize SunCar’s operations. Anji AI Development Center: SunCar announced that its Anji AI Center was contributing to 190%+ insurance sales growth for its partners, Xpeng and Tesla. Agricultural Bank of China: In April 2026, SunCar announced it had won an estimated $50 million, three-year concierge chauffeur contract with the bank. Ping An Bank: SunCar expanded its partnership with Ping An Bank to include all auto services for the Bank’s credit card and consumer finance centers. Full Year, Third and Fourth Quarter 2025 Financial Results Third and Fourth Quarters 2025: Fourth quarter revenue increased 17% year-over-year to a record $151.2 million Profit of $1.4 million in the third quarter, increasing to $1.7 million in the fourth quarter of 2025 Full year 2025: Revenue increased 11% year-over-year to $489.3 million Net loss was $2.4 million compared to a net loss of $64.5 million in 2024. The significant reduction was due to a large decrease in share-based compensation expenses. Adjusted EBITDA was $11.0 million compared to $9.8 million a year ago. Auto eInsurance revenue increased 25% to $212.6 million year-over-year. This growth was driven by the increased number of insurance policies sold. Technology Services revenue increased 19% to $53.6 million from a year ago. Auto Services revenue decreased 1% to $223.1 million year-over-year. This decrease was due to management’s decision not to renew certain less-profitable contracts. Operating costs and expenses decreased to $485.4 million from $500.3 million a year ago. This decrease was due to operating efficiencies and the higher percentage of insurance revenue. Integrated service costs increased to $241.5 million in 2025, from $226.2 million a year ago. This increase was due largely to the growth of Technology Service revenue and its associated costs. Promotional services expenses increased to $197.0 million for the year ended from $164.3 million a year ago. This increase is in line with the growth of SunCar’s insurance segment. Selling expenses decreased to $18.9 million from $22.6 million a year ago. General and administrative expenses decreased to $19.0 million from $47.0 million a year ago. This decrease was primarily due to the absence of a one-time $62.0 million share-based compensation expense in 2024. Research and development expenses decreased from $40.2 million in 2024 to $9.0 million in 2025. This decrease was primarily due to the absence of a one-time $62.0 million share-based compensation expense in 2024. Ended the year with $46.6 million in cash and short-term investments Insurance Segment Review Tesla: SunCar’s innovative “Insurance plus Services Package" is now available on the Tesla App. SunCar’s insurance platform was successfully installed at independent service centers. SunCar became the first partner to enable Tesla to support drivers in third-tier cities without building its own delivery centers. NIO: NIO’s insurance revenue has increased dramatically with SunCar’s app streamlining the policy issuance process and expediting application approvals. Li Auto: Li’s online pilot program of SunCar’s platform has achieved significant success in multiple cities with a nationwide rollout planned for 2026. Leapmotor: In September, SunCar announced that it had taken over the management of Leapmotor’s digital insurance with conversions exceeding 60%. ZEEKR: SunCar’s smart insurance system improved efficiency for ZEEKR stores. Suncar’s custom cloud customer service reduced lead times. XPeng: SunCar has expanded its strategic cooperation with Xpeng to include helping XPeng sell extended warranties and other service products online. Xiaomi: SunCar’s platform manages all lapsed insurance renewals for Xiaomi and has created an industry-leading customer service process. Huawei: SunCar won the bid to manage insurance for Huawei’s (HIMA) alliance. HIMA is Huawei’s automotive technology platform and alliance network. China Post: Signed agreement with China Post to add 174 new partner stores. Gas Vehicle Market: SunCar’s car dealer management system is fully operational, featuring "One-Screen Quoting" and Lead/Task Management. Jiayi Auto Insurance: Closed acquisition of Jiayi Auto Insurance Agency. Auto Services Segment Review Agricultural Bank of China: In April 2026, SunCar announced it had won an estimated $50 million, three-year concierge chauffeur contract with the bank. This enterprise-wide contract with one of the world’s largest banks demonstrates SunCar’s ability to meet the auto services needs of the largest corporations. CITIC Bank Private Banking: SunCar is the exclusive provider of concierge chauffeur solutions for CITIC Private Banking’s high-net-worth clients. China Construction Bank(“CCB”): During the year, SunCar launched multiple key projects for CCB, including chauffeur services for VIP card members. PICC: SunCar won bids for PICC’s chauffeur services across 13 provincial offices and signed contracts for auto services in two other provinces. Ping An Bank: SunCar served as the preferred aftermarket service provider for Ping An Bank's Credit Card Center and Automotive Consumer Finance Center Ping An Insurance: SunCar expanded auto services to three new provinces and won additional provincial bids for chauffeur services and VIP lounge services. VISA: In February 2025, SunCar won the bid for the Visa concierge service project, providing airport and high-speed rail pickup/drop-off services across China for Industrial and Commercial Bank of China (ICBC) Platinum and Black Gold cardholders. Beibu Gulf Port: SunCar signed a corporate chauffeur agreement and long-term strategic partnership through 2027. The contract includes the deep integration of SunCar’s transportation platform into Beibu’s operations. China Resources: SunCar managed concierge chauffeur services for the prestigious "Yaji" event series with customers receiving bespoke travel services. DiDi: Suncar provided an end-to-end vehicle air quality management solution to DiDi with professional air quality monitoring and air purification. Financial Outlook SunCar is maintaining its $600 million revenue forecast for the full year 2026. 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 within the meaning of the Private Securities Litigation Reform Act of 1995. 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. Forward-looking statements in this release include statements regarding the planned launch of AI-powered services, expected improvements in customer experience, potential cost reductions, and the development of SaaS solutions. These statements involve risks, including technology development challenges, market acceptance, regulatory approval requirements, and the ability to scale AI implementations. For a detailed discussion of these risks, please refer to the Company's Annual Report on Form 20-F and other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of this press release, and the Company undertakes no obligation to update or revise these statements, except as required by law. Contact Information: SunCar: Investor Relations: Mr. Breaux Walker Email: [email protected] Legal: Ms. Li Chen Email: [email protected] SOURCE: SunCar Technology Group Inc.

NEW YORK, Dec. 18, 2025 (GLOBE NEWSWIRE) -- SunCar Technology Group Inc. (the "Company" or "SunCar") (NASDAQ: SDA), an innovative leader in AI cloud-based B2B auto eInsurance and auto services in China, today reported third quarter 2025 financial results for the quarter ended September 30, 2025. Third Quarter 2025 Highlights Revenue for third quarter 2025 increased 6% to $115.8 million, compared to $109.6 million in third quarter 2024 Net Income of $1.4 million, a $2.8 million increase compared to a net loss of $1.4 million in the third quarter of 2024 Adjusted EBITDA for the third quarter 2025 increased 128% to $4.9 million compared to $2.2 million for the third quarter of 2024 Tesla: Successfully launched insurance business at authorized Tesla body repair centers. SunCar is partnering with Tesla to help the automaker penetrate third- and fourth-tier cities, offering better service without the need for delivery centers NIO: NIO leveraged the advantages of SunCar’s order processing platform to reduce delivery times by 50% and lower the cost of vehicle deliveries XPeng: Collaborated with XPeng's branded stores on insurance renewals, helping to improve renewal rates at these stores Li Auto: Launched a successful online pilot program in Shanghai, Chongqing, Xinjiang, Qingdao, Inner Mongolia, and Anhui. Nationwide rollout of the program is planned for 2026 Management Commentary “I’m proud of the team for achieving positive net income this quarter, a key milestone that underscores SunCar is growing profitably. Alongside our leadership in AI-powered auto insurance and services, this performance reflects a strong and scalable profit model. Our deep EV partner relationships—particularly our expanding AI co-development efforts with leaders like Tesla and Xpeng—continue to drive both growth and value creation,” said Zaichang Ye, Chairman and CEO of SunCar. Insurance Review Tesla: Successfully launched insurance business at authorized Tesla body repair centers. SunCar is partnering with Tesla to help the automaker penetrate third- and fourth-tier cities, offering better service without the need for delivery centers in those cities NIO: Leveraged the SunCar platform’s innovative order processing technology to reduce delivery times by 50% and lower the cost of vehicle deliveries XPeng: Collaborated with XPeng's branded stores on insurance renewals, dramatically improving the renewal rates at these stores Li Auto: Launched successful online insurance pilot programs in Shanghai, Chongqing, Xinjiang, Qingdao, Inner Mongolia, and Anhui with nationwide rollout planned for 2026 Leapmotor: SunCar’s system usage increased as Leapmotor expanded its rollout of SunCar’s solution from directly operated stores to dealer partner stores. Xiaomi: Collaborated with Xiaomi to create a new insurance/renewal customer service process, jointly setting an industry benchmark for EV customer service Huawei: HIMA has completed internal testing and successfully completed testing of SunCar’s platform on the HarmonyOS app. The next phase will be full-scale commercial deployment. Strengthened Property & Casualty (“P&C”) Relationships: Continued to strengthen P&C partnerships, signing strategic cooperation agreements with Huatai P&C Insurance and Bohai P&C Insurance Insurance Agency Acquisitions: Completed the acquisition of Jiayi Auto Insurance and initiated the acquisition of Dalian Jinhainiu Insurance, expanding the Company's regional coverage and business development efforts. Auto Services Review Strawberry Music Festival: SunCar was contracted to provide VIP transport services for artists at the Strawberry Music Festival, the largest music festival in China. This contract marks the beginning of a strategic partnership with Strawberry. It highlights SunCar’s nationwide service capabilities and expertise working with event management customers. The customer will hold 25 events across China in 2026. The contract is estimated to be worth approximately $3 million per year for the next 3 years. China Resources Group: SunCar managed concierge chauffeur services for the first nationwide event launched by China Resources Group. The Company received praise from both partners and clients, successfully supporting the first roll-out of the customer's high-end concierge services. CAR Inc(“CAR”): SunCar signed a strategic partnership with CAR to jointly develop the SMB market Zheshang Bank: SunCar was selected to provide global business travel privileges for VIP clients of the Bank, with the project officially launching in December. Integrated Services SunCar is gradually realizing synergies between its Auto Insurance and Auto Services segments. Below are examples of two projects awarded because the Company offers integrated Auto Insurance and Auto Services: China Life P&C: Auto Services won its first bid for the non-accident roadside assistance service project at China Life’s headquarters, with the opportunity to sign additional cooperation agreements with provincial branches of China Life P&C for in-policy roadside assistance services. PICC and Ping An: The Company initiated the technical integration process for chauffeur services with the headquarters of PICC and Ping An. PICC's chauffeur service went live in July 2025 and Ping An P&C's service will go live by the end of 2025. These agreements may expand into future cooperation with the provincial branches of PICC and Ping An. AI Product Development SunCar continues to integrate ByteDance’s Doubao LLM into its database of 60 million vehicles, creating new AI-powered applications for its partners. These applications include dynamic policy pricing, claims risk assessment, predictive maintenance, service provider ratings, image and video analytics, and driver data analytics. Third Quarter 2025 Financial Results Net Income of $1.4 million for the three months ended September 30, 2025, a $2.8 million increase compared to a net loss of $1.4 million for the same period in 2024. Revenue increased by 6% to $115.8 million for the three months ended September 30, 2025, compared to $109.6 million for the same period in 2024. Revenue for the first nine months of September 2025 increased 8% to $338.1 million, compared to $312.7 million for the first nine months of 2024 Auto Insurance revenue increased by 13% to $51.4 million for the three months ended September 30, 2025, compared to $45.4 million in the prior-year period, driven by a higher volume of insurance policies sold through SunCar’s platform Technology Services revenue increased by 0.4% to $12.2 million for the three months ended September 30, 2025, compared to $12.2 million in the third quarter of 2024. Auto Services revenue increased slightly to $52.2 million for the three months ended September 30, 2025, compared to $52.1 million for the same period last year. Operating costs and expenses increased to $112.9 million in the third quarter of 2025, from $109.4 million in the third quarter of 2024. Integrated service costs rose to $52.8 million for the third quarter of 2025, from $51.2 million in the prior-year quarter. Promotional service expenses increased to $51.0 million for the third quarter of 2025, from $42.7 million in the third quarter of 2024, reflecting continued investments to drive market expansion. Selling expenses decreased to $4.9 million for the three months ended September 30, 2025, compared to $10.5 million in the prior-year period, primarily due to a decrease in marketing and distribution expenses. General and administrative expenses decreased to $2.5 million, from $3.5 million in the third quarter of 2024. Research and development expenses grew to $1.7 million, up from $1.4 million in the third quarter of 2024, reflecting continued investment in product development and technology enhancement. Operating profit increased to $2.9 million in the third quarter of 2025, compared to $0.2 million in the prior-year period. Adjusted EBITDA, a non-GAAP metric that excludes certain non-recurring and non-cash items, is helpful in evaluating our operational performance alongside GAAP metrics. Adjusted EBITDA for the third quarter of 2025 increased 128% to $4.9 million, compared to $2.2 million in the third quarter of 2024. Net Income (Loss) and Adjusted EBITDA The Company believes 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 Net loss adjusted for depreciation and amortization, financial expenses, net, investment income, other non-recurring income, net, income tax benefit, share-based compensation, and non-recurring expenses related to capital raises. Net Loss Margin is defined as net loss divided by total revenues, and Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by total revenues. The following tables reconcile Net loss to Adjusted EBITDA for the nine months ended September 30, 2024 and 2025. 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 AI 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 auto eInsurance market for electric vehicles and the B2B auto services market. The Company's intelligent cloud platform empowers its enterprise customers to access, manage, and optimize their auto eInsurance and auto service offerings. Through SunCar, drivers gain access to a wide variety of high-quality services from tens of thousands of independent providers, all from 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 within the meaning of the Private Securities Litigation Reform Act of 1995. 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. -For a detailed discussion of these risks, please refer to the Company's Annual Report on Form 20-F and other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of this press release, and the Company undertakes no obligation to update or revise these statements, except as required by law. Contact Information: SunCar: Investor Relations: Mr. Breaux Walker Email: [email protected] Legal: Ms. Li Chen Email: [email protected] U.S. Investor Relations Tom Cook Managing Director ICR Email: [email protected] SOURCE SunCar Tech

NEW YORK, Oct. 27, 2025 (GLOBE NEWSWIRE) -- SunCar Technology Group Inc. (the "Company" or "SunCar") (NASDAQ: SDA), a leader in digitalizing auto insurance and auto services, today announced financial results for the six months ended June 30, 2025. First Half 2025 Highlights Total revenue increased by 9% to $222.3 million for the six months ended June 30, 2025, from $203.1 million for the six months ended June 30, 2024. Net loss for the six months ended June 30, 2025, of $5.5 million, compared to $60.1 million in the prior year period. Adjusted EBITDA for the six months ended June 30, 2025, of $2.5 million, compared to $6 million in the prior year period. EV insurance premiums for the six months ended June 30, 2025, increased 111.3% to $697.6 million compared to $330.2 million in the prior year period. Tesla: Deepened collaboration with Tesla on its renewal business, and SunCar’s newly added benefits package is now available for purchase directly from Tesla’s official app. Xiaomi: Strengthened partnership with Xiaomi, recently taking over management of the company’s insurance renewal business to help mitigate the risk of policies lapsing. NIO: Delivered system optimizing user experience for NIO Inc.’s brands, NIO, Onvo, and Firefly, significantly improving the efficiency of insurance policy issuance. Li Auto: Partnered with Li Auto to develop a self-service insurance application within its customer app. Leapmotor: Launched Leapmotor’s digital auto insurance platform for policy renewals and claims processing. Huawei: Won the bid for the HarmonyOS Smart Car Alliance and initiated a strategic partnership with Huawei. China ZheShang Bank: Initiated an innovative auto services project integrating multiple auto services, including maintenance, fuel, designated driver, and parking. Shanghai Rural Commercial Bank: After 10 years working with the Bank, SunCar was named the Bank’s exclusive mobility services provider. Management Commentary “I am very pleased with our strong execution in the first half of 2025, as SunCar achieved rapid development in terms of new EV insurance premiums in China. We are focused on generating positive net income for the second half of 2025 while still delivering solid revenue growth. In our insurance segment, we continue to deepen our EV partnerships and demonstrate a unique value proposition to the market. We expect our insurance platform to be a strong long-term growth driver for the business,” said Zaichang Ye, Chairman and Chief Executive Officer of SunCar Technology Group. Mr. Ye continued, “A recent key milestone was the integration of ByteDance’s Doubao large language model (“LLM”) into our platform, marking an important step forward in SunCar’s AI-driven digitalization transformation. By combining Doubao LLM’s capabilities with our industry-specific intelligent cloud infrastructure, we expect to strengthen our ‘Cloud + AI’ advantage and accelerate our evolution into an intelligent, fully integrated service hub.” Business Highlights Auto Insurance Overview NIO: Optimized system experience for NIO Inc.’s brands: NIO, Onvo, and Firefly, significantly improving the efficiency of policy issuance. Li Auto: Partnered with Li Auto to develop a self-service insurance application within its customer app. Streamlined delivery times, enhanced user experience received positive feedback from both Li Auto and its customers. Nationwide rollout is planned for the second half of the year. Leapmotor: Successfully commenced launch of the digital insurance system for policy renewals and claims processing. China Post: Signed a new agreement with China Post, expanding our distribution network by 174 additional partner stores in 2025. Huawei: Won the bid for the HarmonyOS Smart Car Alliance and initiated a strategic partnership with Huawei. Tesla: Deepened collaboration with Tesla, newly adding a driver benefits package which is now available for purchase on Tesla’s official app; and began partnering on the company’s digital insurance renewals business. Xiaomi: Strengthened partnership, becoming the partner for the company’s digital insurance renewals business, mitigating policy lapse risk. XPeng: Expanded cooperation with XPeng to enhance its system capabilities and support online sales of extended warranties and service products. Jiayi Auto Insurance Agency: Acquired Jiangxi agency to expand our regional coverage and promote the company's business in Jiangxi Auto Services Overview China ZheShang Bank: Successfully won the bid for an innovative auto services project to integrate driver maintenance, fueling, designated driver, and parking services. Shanghai Rural Commercial Bank: Working with the bank since 2023, Suncar was named the sole provider of the bank’s mobility services, including concierge and VIP lounge services. China Construction Bank: Successfully bid for the Sichuan Province Branch Dragon Card Auto Card Car Wash Benefits Procurement Project. PICC: Secured in-policy designated driver contracts with 13 provincial branches of PICC, including Beijing, Shanghai, Zhejiang, Yunnan, and Xinjiang. Each agreement is structured as a “one-plus-one” renewal. Ping An: Expanded partnership with Ping An P&C, adding new car cleaning and detailing services in Xinjiang, Tibet, and Guizhou. Won bid for designated driver services with the Sichuan branch and established cooperation with Ping An headquarters on airport lounge services. Dadi P&C: Under a framework agreement with Dadi P&C’s headquarters, added auto service collaborations with the retail divisions of its Zhejiang, Jiangsu, Henan, and Beijing branches. Other Partnerships: Established additional partnerships with Pacific Insurance (Zhejiang and Jiangsu branches) and Taiping P&C (Guizhou branch), among others. First Half 2025 Financial Results Total Revenue increased 9% to $222.3 million for the six months ended June 30, 2025, compared to $203.1 million for the same period in 2024, reflecting continued growth in SunCar’s auto eInsurance and technology services segments. Auto insurance premiums for EVs increased from US$330.2 million for the six months ended June 30, 2024 to US$697.6 million for the six months ended June 30, 2025, representing a year-over-year growth of 111.3%. Revenue from EV insurance services amounted to US$31.5 million for the six months ended June 30, 2025, as compared to US$14.6 million for the six months ended June 30, 2024, representing a significant increase of 115.8%. Auto eInsurance Revenue increased 33% to $97.8 million, compared to $73.7 million in the prior-year period, driven by strong partnerships with emerging EV OEMs such as Tesla, Xiaomi, and Nio, and a surge in EV insurance demand. SunCar ranked first in China for auto insurance premiums tailored to EV owners. Technology Services Revenue grew 11% to $24.3 million, compared to $21.9 million in the prior year period, reflecting increased adoption of SunCar’s enterprise software tools. Growth was supported by new customer acquisitions and the ongoing transition toward a SaaS-based model for enterprise clients. Auto Services Revenue decreased 7% to $100.1 million, compared to $107.5 million in the prior year period. The decrease was driven by the deliberate decision to discontinue certain low-margin businesses in the first half of 2025 and the accompanying decrease in service orders. Total Operating Costs and Expenses decreased 15% to $223.5 million, compared to $261.7 million, mainly due to $62 million in share-based compensation recognized in 2024. Integrated Service Costs decreased 6% to $101.5 million, compared to $107.6 million in the prior year period, consistent with the decline in Auto Services revenue. Promotional Service Expenses rose 32% to $94.1 million from $71.1 million, in line with the expansion of the auto eInsurance business. Selling Expenses increased 8% to $11.0 million, from $10.2 million, primarily due to higher promotion expenses for our IT services and market expansion costs that supported growth in the technology services segment. General and Administrative Expenses decreased 63% to $15.2 million, from $40.5 million, largely driven by the decrease of $31 million in share-based compensation related to the 2024 Equity Incentive Plan. Research and Development Expenses decreased 95% to $1.8 million from $32.2 million in the prior-year period, due to the absence of $31.0 million in share-based compensation related to the 2024 Equity Incentive Plan. Net Loss and Adjusted EBITDA The Company believes 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 Net loss adjusted for depreciation and amortization, financial expenses, net, investment income, other non-recurring income, net, income tax benefit, share-based compensation, and non-recurring expenses related to capital raises. Net loss Margin is defined as net loss divided by total revenues, and Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by total revenues. The following table reconciles Net loss to Adjusted EBITDA for the six months ended June 30, 2024 and 2025. 2025 Outlook Zaichang Ye, Chairman and Chief Executive Officer of SunCar Technology Group, said “We have taken a strategic step to prioritize profitability and cash generation. While we continue to expect solid organic revenue growth, our focus will be on accounts and partnerships that enhance margins and long-term value. As a result of these actions, we are withdrawing our previous full-year revenue guidance of $521 million to $539 million. The demand environment remains healthy, and we are confident that our disciplined approach will position SunCar for sustainable, profitable growth.” 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 auto eInsurance market for electric vehicles and the B2B auto services market. The Company's intelligent cloud platform empowers its enterprise customers to access, manage, and optimize their auto eInsurance and auto service offerings. Through SunCar, drivers gain access to a wide variety of high-quality services from tens of thousands of independent providers, all from 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 within the meaning of the Private Securities Litigation Reform Act of 1995. 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. -For a detailed discussion of these risks, please refer to the Company's Annual Report on Form 20-F and other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of this press release, and the Company undertakes no obligation to update or revise these statements, except as required by law. Contact Information: SunCar: Investor Relations: Mr. Breaux Walker Email: [email protected] Legal: Ms. Li Chen Email: [email protected] U.S. Investor Relations Tom Cook Managing Director ICR Email: [email protected] SOURCE SunCar Tech

NEW YORK, May 19, 2025 /PRNewswire/ -- SunCar Technology Group Inc. (the "Company" or "SunCar") (NASDAQ: SDA), an innovative leader in cloud-based, software-focused B2B auto eInsurance and auto services in China, today reported first quarter 2025 financial results for the quarter ended March 31, 2025. First Quarter 2025 Highlights Revenue for first quarter 2025 increased 20% to $102.6 million, compared to $85.6 million in first quarter 2024. BYD: Expanding our multi-year BYD partnership, including expanded cooperation with 50 dealerships in East China to create a differentiated insurance solution Leapmotor: Completed differentiated SAAS insurance solution for Leapmotor dealers Tesla: Extended service platform to include insurance policy benefit features Xiaomi and Zeekr: Launched cloud-based customer service systems CCB: Landed a landmark designated driver contract with China's 2nd largest bank PICC: Signed major Designated Driver contracts across 13 provincial branches The Company has initiated full-year 2025 revenue guidance of $521 million to $539 million, reflecting forecasted revenue growth of 18% to 22%. Management Commentary "We carried strong momentum into the first quarter, building on a record 2024 and benefitting from growing relationships with our EV partners in the insurance segment and multiple Fortune 100 customer wins in auto services" said Zaichang Ye, Chairman and CEO of SunCar. Mr. Ye continued, "We delivered revenue growth of 20% from the first quarter of 2024. SunCar's insurance platform is accelerating its traction within our auto partners as we expand our SAAS product suite to add more features. Our continued investment in AI and product innovation positions us well for sustained growth for the remainder of 2025. Additionally, we are delighted to announce our growing partnership with BYD where we continue to strengthen a multi-year collaboration by providing their dealers with market-leading insurance solutions." BYD Partnership SunCar has partnered with 50 major BYD dealerships in the East China region to provide comprehensive insurance agency services for BYD's premium EV brands: Yangwang, Tengshi, and Fangchengbao. By integrating our dealership platforms, SunCar and BYD provide higher-quality service and one-stop insurance solutions for new vehicle sales. eInsurance Review Partnered with Leapmotor's dealerships to build a SAAS solution that enables dealers to sell auto insurance independently, a new revenue model for dealers Integrated Tesla's service packages into the Xuanbei platform, linking policy benefits directly to auto insurance purchases, creating a seamless, closed-loop customer journey. Launched cloud-based customer service systems for Xiaomi and Zeekr, significantly improving pre-sales conversion and satisfaction while demonstrating the scalability of SunCar's service model. Secured a dealership-model partnership with Zhongyou Putai, expanding SunCar's insurance footprint by adding 20 new stores in the first quarter. Established a strategic collaboration with China Continent Insurance, integrating SunCar's capabilities into their broader industrial ecosystem to drive innovation in customer engagement, risk analytics, and digital enablement. Auto Services Review Closed a landmark agreement with China Construction Bank (CCB) in April 2025. This inaugural project is projected to generate RMB 60 million over the next 18 months and marks the entry of SunCar's Designated Driver service into a top-tier financial institution. Awarded "Designated Driver service" projects with PICC across 13 provincial branches, including Beijing, Shanghai, Zhejiang, and Fujian, marking a significant nationwide expansion under total corporate agreements. Deepened strategic alignment with Ping An across multiple service categories: Providing Ping An Sichuan designated-driver services through a new contract Formed a national partnership with Ping An HQ to deliver airport lounge services across China, supporting high-end policyholders. Secured car care and beauty service contracts with Ping An branches in Beijing, Zhejiang, Xinjiang, and other regions. Won a key service project with CPIC Zhejiang, reinforcing SunCar's reputation for standardized and scalable B2B solutions. Advanced integrated "auto insurance + vehicle services" offerings through deeper collaboration with China Continent Insurance in Zhejiang, Beijing, and Gansu, leveraging new retail channels. First Quarter 2025 Financial Results Revenue increased by 20% to $102.6 million for the three months ended March 31, 2025, compared to $85.6 million for the same period in 2024. Auto eInsurance revenue increased by 37% to $45.9 million, compared to $33.5 million in the prior-year period, driven by a higher volume of insurance policies sold. Technology Services revenue increased by 41% to $10.7 million, up from $7.5 million in the first quarter of 2024. Auto Services revenue rose 3% to $46.0 million, compared to $44.6 million for the same period last year. Operating costs and expenses increased to $105.5 million for the first quarter of 2025, from $90.1 million in the first quarter of 2024. Integrated service costs rose to $48.4 million, from $44.5 million in the prior-year quarter. Promotional service expenses increased to $44.7 million, from $35.4 million in Q1 2024, reflecting continued investments to drive market expansion. Selling expenses rose to $6.1 million, compared to $5.0 million in the prior-year period, primarily due to increased marketing and distribution efforts. General and administrative expenses increased to $5.4 million, from $4.6 million in Q1 2024. Research and development expenses grew to $0.9 million, up from $0.6 million, reflecting continued investment in product development and technology enhancement. Operating loss narrowed to $3.0 million for the first quarter of 2025, compared to a loss of $4.5 million in the prior-year period. Adjusted EBITDA, a non-GAAP metric that excludes certain non-recurring and non-cash items, is helpful in evaluating our operational performance alongside GAAP metrics. Adjusted EBITDA for the first quarter of 2025 was negative $1.3 million, compared to negative $3.1 million in the first quarter of 2024. * 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 Net loss adjusted for depreciation and amortization, financial expenses, net, investment income, other non-recurring income, net, income tax benefit, share-based compensation and non-recurring expenses related to capital raises. Net loss Margin is defined as net loss divided by total revenues, and Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by total revenues. The following table reconciles Net loss to Adjusted EBITDA for the three months ended March 31, 2024 and 2025. 2025 Outlook The Company has initiated full year 2025 revenue guidance of $521 million to $539 million, reflecting forecasted revenue growth of 18% to 22%. This growth reflects continued demand across the business as many partnerships are in early stages of development. 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 auto eInsurance market for electric vehicles and the B2B auto services market. The Company's intelligent cloud platform empowers its enterprise customers to access, manage, and optimize their auto eInsurance and auto service offerings. Through SunCar, drivers gain access to a wide variety of high-quality services from tens of thousands of independent providers, all from 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 within the meaning of the Private Securities Litigation Reform Act of 1995. 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. For a detailed discussion of these risks, please refer to the Company's Annual Report on Form 20-F and other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of this press release, and the Company undertakes no obligation to update or revise these statements, except as required by law. Contact Information: SunCar: Investor Relations: Ms. Hui Jiang Email: [email protected] Legal: Ms. Li Chen Email: [email protected] U.S. Investor Relations Tom Cook Managing Director ICR Email: [email protected] View original content:https://www.prnewswire.com/news-releases/suncar-technology-reports-first-quarter-2025-results-302459545.html SOURCE SunCar Technology Group Inc.

NEW YORK, April 28, 2025 /PRNewswire/ -- SunCar Technology Group Inc. (the "Company" or "SunCar") (NASDAQ: SDA), an innovative leader in cloud-based, software-focused B2B auto eInsurance and auto services in China, today reported annual financial results for the year ended December 31, 2024. Recent & Full Year 2024 Highlights Revenue for 2024 increased 21% to $441.9 million, compared to $363.7 million in 2023 Adjusted EBITDA for 2024 increased 492% to $9.8 million, compared to $1.6 million in 2023 Expanded collaboration with Tesla to 48 cities from an initial 6 at the start of the year Initiated an innovative partnership with Xiaomi to offer customized insurance products Secured a two-year agreement with SAIC Maxus, a leading commercial vehicle manufacturer, to enhance eInsurance management across its dealership network Increased our collaboration with auto dealers, initially with Chang'an Deepal. We embedded our insurance systems into its dealers to enable the sale of new products Signed an exclusive partnership with Sam's Club to offer car wash services for premium members across 17 major cities in China Established Anji AI Technology Service Center to co-develop insurance products with our auto partners and increase their new policies, renewals, and extended warranties sales. Developed AI-enhanced customer engagement features, reducing service response times, enhancing the cross-selling of insurance and non-insurance products, and increasing customer satisfaction. Management Commentary Zaichang Ye, Chairman and CEO of SunCar, commented, "I'm pleased with our strong 2024 results, including record revenue of $442 million and an almost 500% increase in adjusted EBITDA. These are significant milestones that reflect our business momentum. Our 100% focus on China's domestic auto market means we are largely unimpacted by geopolitical factors. This year, we have made important progress in advancing our AI cloud-enabled SaaS model, increasing our recurring revenue, and positioning SunCar for sustained and scalable growth. The continued focus of our EV partners on improving their customers' post-sale journey provides a long-term and meaningful tailwind for the business. Looking to 2025 and beyond, we remain focused on expanding our AI and software development capabilities, broadening our product offerings, and deepening our partnerships to deliver greater value for our customers and shareholders." eInsurance Review In Q4, 2024, we expanded the co-development of new insurance products with Tesla, as an early adopter, and received positive feedback from the customer. Initiated an innovative partnership with Xiaomi to begin the sale of customized auto insurance with their first vehicle delivery in April 2024 Progressed our eInsurance partnerships with leading EV manufacturers including Nio (NIO), Zeekr (ZK), Li Auto (LI), XPeng (XPEV), Seres (601127.SHH), Leapmotor (9863.HK), SAIC Motor (600104.SS), and Changan AVATR (000625.SHE). These collaborations have driven GMV growth beyond expectations. Advanced development of the SaaS business by securing a specific contract with Zeekr to develop and integrate our insurance platform into Zeekr's app ecosystem. Secured a two-year agreement with SAIC Maxus, a leading commercial vehicle manufacturer, to enhance eInsurance management across its dealership network. Increased collaboration with auto dealers: Starting with Chang'an Deepal dealers, we embedded our insurance systems into the dealer networks to enable the sale of new products. SunCar has hired four regional managers to support cooperation with the dealers. Actively engaged in discussions with multiple other gas vehicle manufacturers regarding the significant benefits our eInsurance platform offers to the traditional gas vehicle market Expanded our portfolio of insurance products by building customized, vehicle-specific insurance, including loaner vehicles and repair subsidies for various sales channels Auto Services Review Luxury Concierge Services' Expansion Provided high-end limousine services for leading luxury brands, including Chanel, Dior, and Omega, most notably supporting Chanel's 2024 Hangzhou Show by providing high-quality transportation services for its VIP guests. Secured an exclusive partnership with Sam's Club to offer car wash services for premium members across 17 major cities in China. Increased Cooperation with China's Major App Companies Renewed car wash service agreements with Didi, Meituan, and Alipay. Signed a new car wash partnership with Douyin. Enhanced Alipay collaboration: Expanded from offering "Car Life" channel discounts into the "Car God Card" program. Strategic partnership with Ant Fortune to launch exclusive airport limousine services for Ant Fortune Black Card V3 members, which target high-net-worth clients. New Projects and Expanded Services to Bank Customers Expanded long-standing auto services' partnerships with China's leading banks. In particular, the Company utilizes AI technology to improve the efficiency of its services' network and our Auto Services' operations in general Increased our extensive portfolio of 400+ bank-industry projects by adding 39 new projects, including card organizations. Key new projects include: National & Joint-Stock Banks: Regional Bank Projects: Increased Auto Services Collaborations with Major Insurance Firms Partnered with over 100 insurance branches, including Ping An's top 10 P&C branches and 20+ branches of China Continent Insurance. Broadened service scope beyond traditional offerings to include limousine transfers and EV charging, aligning with evolving customer and market demands. Technology and Innovation Review Leveraged AI to improve operations and customer experience through innovative new product features, including real-time flight delay alerts, intelligent order reminders, driver and vehicle analytics, and call quality monitoring. Integrated AI features into our products that drove cost savings, operational efficiencies, and higher customer satisfaction. From an internal operations perspective, the extensive use of AI is improving the efficiency of our software development and testing processes. Through co-development projects, we are helping our EV customers cost-effectively build customized insurance solutions that capture downstream insurance and maintenance revenue. Management Update Appointed Breaux Walker as Chief Strategy Officer. With significant business development and investment banking experience in technology, Mr. Walker has successfully scaled companies in China and North America. He joined SunCar in 2024 as a consultant and drives our strategic growth initiatives. Full Year 2024 Financial Results Revenue increased by 21% to $441.9 million for the year ended December 31, 2024, from $363.7 million for the year ended December 31, 2023. Auto eInsurance revenue increased by 44% to $170.5 million for the year ended December 31, 2024, from $118.1 million for the year ended December 31, 2023. This growth was driven by the increased number of insurance policies sold in the year ended December 31, 2024. Technology Services revenue increased by 46% to $44.9 million for the year ended December 31, 2024, from $30.7 million for the year ended December 31, 2023. Auto Services revenue increased 5% to $226.5 million for the year ended December 31, 2024, from $215.0 million for the year ended December 31, 2023. Operating costs and expenses increased to $500.3 million for the year ended December 31, 2024, and $379.2 million for the year ending December 31, 2023. Integrated service costs increased to $226.2 million in 2024, from $209.6 million in the prior-year period. Selling expenses increased from $20.6 million in the year ended December 31, 2023, to $22.6 million in 2024. This increase was primarily due to an increase in promotion expenses of $5.3 million for market expansion, partially offset by a decrease of $2.3 million for compensation for part-time sales personnel and $1.2 million for depreciation of fixed assets. General and administrative expenses increased from $22.5 million in 2023 to $47.0 million in 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 $5.4 million increase in expected credit losses on account receivables. Research and development expenses increased from $14.1 million in 2023 to $40.2 million in 2024. The primary reason for the increase was a $31.0 million share-based compensation expense related to the 2024 Equity Incentive Plan. This one-time expense was partially offset by a decrease of $4.9 million in technology service fees due to reduced purchases of external services. Adjusted EBITDA, a non-GAAP metric that excludes certain non-recurring items and non-cash expenses, is helpful in evaluating our operational performance in addition to the GAAP metrics. Our Adjusted EBITDA increased by 492% to $9.8 million for the year ended December 31, 2024, compared to $1.6 million for the year ended December 31, 2023. Conference Call Information SunCar will host a conference call on Tuesday, April 29th at 8:00 AM ET (5:00 AM PT) for 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 (for international callers, please dial 1-201-389-0912) approximately 10 minutes prior to the start of the call. An audio webcast of the conference call will be available online at https://viavid.webcasts.com/starthere.jsp?ei=1716706&tp_key=51381ecbeb. A webcast replay will also be available for a limited time at the following link: https://viavid.webcasts.com/starthere.jsp?ei=1716706&tp_key=51381ecbeb. 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 auto eInsurance market for electric vehicles and the B2B auto services market. The Company's intelligent cloud platform empowers its enterprise customers to access, manage, and optimize their auto eInsurance and auto service offerings. Through SunCar, drivers gain access to a wide variety of high-quality services from tens of thousands of independent providers, all from 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 within the meaning of the Private Securities Litigation Reform Act of 1995. 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. For a detailed discussion of these risks, please refer to the Company's Annual Report on Form 20-F and other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of this press release, and the Company undertakes no obligation to update or revise these statements, except as required by law. Contact Information: SunCar: Investor Relations: Ms. Hui Jiang Email: [email protected] Legal: Ms. Li Chen Email: [email protected] U.S. Investor Relations Tom Cook Managing Director ICR Email: [email protected] View original content:https://www.prnewswire.com/news-releases/suncar-technology-reports-2024-annual-results-302440186.html SOURCE SunCar Technology Group Inc.

NEW YORK, April 22, 2025--(BUSINESS WIRE)--SunCar Technology Group Inc. (the "Company" or "SunCar") (NASDAQ: SDA), an innovative leader in cloud-based, software-focused B2B auto eInsurance and auto services in China, will release its financial results for the full year 2024 on Monday, April 28 after the market closes. SunCar will host a conference call the following day on Tuesday, April 29th 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. Investors may submit written questions by Monday, April 28 via e-mail to: [email protected] 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. An audio webcast of the conference call will be available online at https://viavid.webcasts.com/starthere.jsp?ei=1716706&tp_key=51381ecbeb. A webcast replay will also be available for a limited time at the following link: https://viavid.webcasts.com/starthere.jsp?ei=1716706&tp_key=51381ecbeb. The conference call will be open to all interested parties. In accordance with Regulation FD (Fair Disclosure), all investors will have equal access to the information shared during this call. During the conference call, management may discuss certain non-GAAP financial measures. In accordance with Regulation G, reconciliations of any non-GAAP financial measures to their most directly comparable GAAP measures will be available in the earnings release or accompanying materials that will be posted on the Company's investor relations website prior to the conference call. About SunCar Technology Group Inc. Founded in 2007, SunCar is transforming the customer journey for auto eInsurance and auto services 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 eInsurance coverage options and auto services through a nationwide network of sales partners. As a result, SunCar has established itself as the leader in China in the B2B auto eInsurance and auto services market for electric vehicles. The Company's intelligent cloud platform empowers its enterprise customers to access, manage, and optimize their auto services offerings as their end customers gain access to hundreds of services from tens of thousands of independent providers from 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 within the meaning of the Private Securities Litigation Reform Act of 1995. 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. For a detailed discussion of these risks, please refer to the Company’s Annual Report on Form 20-F and other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of this press release, and the Company undertakes no obligation to update or revise these statements, except as required by law. View source version on businesswire.com: https://www.businesswire.com/news/home/20250422514282/en/ Contacts SunCar: Investor Relations: Ms. Hui Jiang Email: [email protected] Legal: Ms. Li Chen Email: [email protected] U.S. Investor Relations: Mr. Tom Cook, ICR Email: [email protected]