Seyond Holdings (2665) H2 2025 earnings summary

Executive summary

• FY2025 revenue was $154.2m, down 3.4% YoY; gross profit turned positive at $12.3m versus a $13.9m loss, while net loss narrowed 17.6% to $328.1m.

• Deliveries rose 44.6% to ~332,500 units; NIO's share fell to 86.2% from 97.3%, while 17 additional OEMs and ADAS/ADS companies were engaged across 50+ vehicle models.

Financial highlights

• Revenue fell 3.4% to $154.2m; lower ADAS average selling prices offset volume growth in robotics and others and higher Solutions revenue.

• Cost of sales declined 18.2% to $142.0m; gross profit was $12.3m versus a $13.9m loss, with gross margin at 7.9% versus negative 8.7%.

• Net loss was $328.1m versus $398.2m; adjusted net loss improved to $63.0m from $82.9m.

• Basic and diluted loss per share was $1.10 versus $1.67.

Outlook and guidance

• Q1 2026 preliminary, unaudited shipments were ~170,000 units, up ~310% YoY; expected revenue of ~$55m, up ~117% YoY.

• FY2026 LiDAR shipments are expected to increase ~200% versus 2025, subject to customer production plans, program execution and market conditions.

• Designed annual production capacity was ~1.2m units at March 31, 2026; plans call for an additional 1m units of capacity during 2026, including a dedicated Hummingbird line, subject to implementation and market conditions.

• Management expects scale, design optimization, vertical integration, product/customer mix and R&D commercialization to support cost improvements and a progressive path to profitability.