Hong Kong-listed Seyond Holdings reported a FY2025 revenue of USD 154.21 million, down 3.4 % year-on-year, yet delivered a marked improvement in profitability. Gross profit reached USD 12.25 million versus a gross loss of USD 13.91 million in 2024, lifting gross margin from –8.7 % to +7.9 %.
Net loss narrowed 17.6 % to USD 328.05 million, aided by a 39.5 % drop in fair-value losses on financial liabilities. On a non-IFRS basis, adjusted net loss declined 24.0 % to USD 63.01 million.
Shipments rose 44.6 % to about 332,500 LiDAR units, supported by full-scale production of the Robin series and continued demand for the Falcon platform. NIO remained the largest customer but its share of total deliveries fell to 86.2 % (2024: 97.3 %) as customer diversification progressed.
Operating expenses increased with selling & marketing spending up 53.5 % to USD 12.60 million and R&D up 9.2 % to USD 40.36 million, while finance costs surged to USD 8.55 million after higher borrowings and long-term payables.
The December 2025 De-SPAC transaction converted preferred shares, injected new equity and generated one-off costs of USD 57.09 million. Post-transaction, total assets climbed 49.5 % to USD 264.05 million, total liabilities fell 80.9 % to USD 218.88 million, and shareholder equity turned positive at USD 45.17 million (2024: –USD 972.02 million).
Cash, cash equivalents and restricted deposits increased to USD 119.48 million (2024: USD 51.53 million). Borrowings stood at USD 65.43 million, giving an 82.9 % gearing ratio versus 650.2 % a year earlier.
Management disclosed unaudited Q1 2026 shipments of approximately 170,000 units (+310 % y-o-y) and preliminary revenue of about USD 55.00 million (+117 % y-o-y). Full-year 2026 LiDAR shipments are projected to rise roughly 200 % year-on-year, supported by a planned 1.00 million-unit capacity expansion and upcoming mass production of SPAD-based, fully solid-state products.
No final dividend was proposed for FY2025.
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