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Scage Future (SCAG) filed its Form 20-F, outlining early-stage operations in heavy-duty new energy vehicles and hydrogen solutions. The company reported net losses of $13.1 million, $6.0 million, and $6.6 million for the years ended June 30, 2025, 2024, and 2023, respectively, alongside revenues of $11.1 million, $6.1 million, and $0.4 million. Auditors included an explanatory paragraph citing substantial doubt about the company’s ability to continue as a going concern.
Scage partners with XCMG and C&C Trucks for manufacturing and plans to build hydrogen fueling stations, acknowledging execution, permitting, and supply risks. The company highlights limited customers and orders, potential production and delivery delays, cost pressures, and competition in zero‑emission transport. It also disclosed two material weaknesses in internal control over financial reporting.
ADSs and warrants trade on Nasdaq as SCAG and SCAGW; each warrant is exercisable at $11.50 per share. Shares outstanding were 72,243,992 as of June 30, 2025, and 72,609,665 as of November 12, 2025; warrants outstanding were 21,734,165 on both dates.
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