Scage Future

What they do

Scage Future operates through subsidiaries in the People's Republic of China, headquartered in Nanjing's Yuhuatai District, and its ordinary shares and warrants trade on Nasdaq under SCAG and SCAGW. The company files as a foreign private issuer on Form 20-F and classified itself as a non-accelerated filer and emerging growth company. Its SEC filings describe its operations as focused on commercial vehicle and truck and bus body manufacturing, as reflected in its 'Truck & Bus Bodies' industry classification.

Revenue drivers

• Core operations — Scage Future reported revenue of $437,970 in 2023, $6.1 million in 2024, and $11.1 million in 2025. The 2025 total represents the entire top line; the provided excerpts do not break revenue down by product line or segment.

Recent performance

Revenue grew sharply, from $437,970 in fiscal 2023 to $6.1 million in 2024 and $11.1 million in 2025. Despite that growth, net losses widened to $12.9 million in 2025 from $5.8 million in 2024 and $6.4 million in 2023. Diluted EPS was negative in all three years: $-0.19 (2023), $-0.15 (2024), and $-0.18 (2025). Operating cash flow remained negative throughout: $-4.9 million in 2023, $-6.2 million in 2024, and $-5.9 million in 2025. At June 30, 2025, total assets were $26.5 million against total liabilities of $27.4 million, producing a shareholder equity deficit of $5.3 million and cash and equivalents of just $90,758.

Strategy

The filing is a Form 20-F for fiscal year 2025 that includes the company's business description, risk factors, MD&A, and financial statements. Management's stated priorities and investment plans are not detailed in the excerpts provided, and specific capital allocation or product roadmap language is not available in the source material.

Risks

• Thin cash position — Cash and equivalents of $90,758 at June 30, 2025 against a $5.3 million shareholder equity deficit raises questions about near-term liquidity.
• Widening losses — Net loss reached $12.9 million in fiscal 2025, exceeding total revenue of $11.1 million and up from $5.8 million in 2024.
• Persistent cash burn — Operating cash flow has been negative in each of the last three years, including $-5.9 million in fiscal 2025.
• Foreign private issuer status — As a Cayman Islands company operating in China and filing on Form 20-F, Scage Future is subject to a different disclosure and governance regime than U.S. domestic filers.

Outlook

The provided excerpts contain cautionary language stating that forward-looking statements involve known and unknown risks and speak only as of the date of the report, but no specific guidance or targets for fiscal 2026 are included. Management notes it undertakes no obligation to update forward-looking statements. No quantified outlook figures are available in the source material.