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Scage Future serves mining, road haulage and port transportation customers that need heavy-duty trucks. It designs and sells electric, plug-in hybrid and hydrogen fuel-cell vehicles, including Dragon King mining dump trucks and autonomous Q-truck tractor trailers. Vehicle and component sales bring in almost all its revenue, with components accounting for most sales; these include batteries and artificial-intelligence robot transportation components.
The company relies on Xuzhou Construction Machinery Group Co., Ltd. and C&C Trucks Co., Ltd. to manufacture its trucks rather than making them itself. Revenue is concentrated in three customers, with two providing most of it. One major customer is also its largest supplier, making that relationship important on both sides of the business.
Truck demand depends on customers accepting the vehicles’ performance and total ownership costs, as well as access to energy and refueling. Scage Future plans to build hydrogen stations and produce hydrogen on-site to support truck purchases; these are plans, not an established fueling business. Station construction and operation require local approvals and compliance with safety and environmental rules.
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Scage Future’s results hinge on China’s adoption of heavy-duty new-energy vehicles and orders from a few customers: three customers accounted for about 95% of fiscal 2025 revenue.
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