SCAG · CIK 0002000366
What Scage Future told the SEC could break it.
Scage's register is dominated by concentration stacked on a single country. Its business runs through Nanjing Scage with substantially all assets in China, leaving it heavily exposed to PRC political, economic and policy conditions. On top of that, both ends of its book are concentrated in a handful of counterparties — three customers were 46.27%, 32.76% and 16.03% of FY2025 revenue while one supplier was 44.35% of purchases, and notably that top supplier and the second-largest customer are the same party, a circular dependency. It also flagged single-sourcing for many of the roughly 2,800 vehicle components it buys from about 220 China-based suppliers.
4 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- Customer A 46.27% of FY2025 revenue (B 32.76%, C 16.03%)high
Severe customer concentration: three customers were 46.27%, 32.76% and 16.03% of FY2025 revenue; Customer C was 73.98% of accounts receivable.
“For the years ended June 30, 2025 2024 2023 Percentage of the Group's total revenues Customer A 46.27 % * * Customer B 32.76 % 96.77 % 12.84 % Customer C 16.03 % * *”
SEC filing →As of 2025
Geographic concentration
- substantially all assets & business in China (PRC intervention risk)high
Conducts business through Nanjing Scage with substantially all assets in China; results are heavily exposed to PRC political, economic and policy conditions and potential government intervention.
“We conduct our business in China through Nanjing Scage, and substantially all of our assets will be located in China. Accordingly, our business, results of operations and financial condition may be influenced to a significant degree by the political, economic, and social conditions in the PRC.”
Supplier concentration
- Supplier A 44.35% of total purchases (same party as Customer B)high
Severe supplier concentration: Supplier A was 44.35% of total purchases in FY2025 (Supplier C 71.51% of accounts payable); notably Supplier A and Customer B are the same party, indicating a circular counterparty dependency.
“For the years ended June 30, 2025 2024 2023 Percentage of the Group's total purchase Supplier A 44.35 % * * Supplier B 15.35 % 51.61 % * Supplier C 11.32 % * * Supplier D 10.30 % * * Supplier E * 28.15 % * Supplier F * * 51.40 % Supplier G * * 10.68 % * represents percentage less than 10% ** Supplier A and Customer B are the same party.”
SEC filing →As of 2025
Sole-source dependency
- single-source for many vehicle components (China suppliers)medium
Sources ~2,800 components from ~220 China-based suppliers but relies on a single source for many vehicle components; raw-material/component price volatility affects results.
“We purchase our components and materials from suppliers in China. We source from approximately 220 suppliers for approximately 2,800 components and parts for our vehicles. While we aim to diversify our component sources whenever possible, we nevertheless rely on a single source for many of the components used in our vehicles like other automobile companies.”
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