According to the latest Hong Kong Stock Exchange announcement, Seyond updated its prospectus on August 26, disclosing financial data as of March 31, 2025. Notably, the company's gross margin in Q1 2025 continued its positive trajectory that began in Q4 2024, reaching 12.6% with gross profit of $3.197 million, maintaining the profit improvement trend and serving as a key highlight of this update.

As a global provider of image-grade LiDAR solutions, Seyond delivered approximately 230,000 automotive-grade LiDAR units in 2024. During the track record period, the company ranked second globally in cumulative sales revenue for ADAS LiDAR, capturing a 20.7% market share in China. Its financial performance and business progress directly reflect industry technological iteration and commercialization progress. These metrics not only demonstrate the critical transition from "scale expansion" to "profit realization," but also highlight business resilience and growth potential through changes in revenue structure and cost control.

Particularly noteworthy is that in just six months since announcing its SPAC listing application, Seyond has leveraged its technical capabilities and mass production experience to achieve breakthrough expansion across passenger vehicles, commercial vehicles, robotics, robotaxis, and intelligent transportation sectors. The addition of three new state-owned OEM partnerships has successfully established a comprehensive growth framework of "diversified products, diversified customers, and diversified scenarios," injecting strong momentum for long-term development.

**Gross Margin Maintains Steady Positive Growth, Clear Path to Profitability Emerges**

As the core highlight of this prospectus update, Seyond achieved gross profit of $3.197 million in Q1 2025, with a gross margin of 12.6%, continuing the positive gross margin trend from Q4 2024 and demonstrating sustained profitability improvement.

Historical data shows continuously narrowing losses from 2022 to 2024, reflecting significant achievements in cost control and operational efficiency improvements. Business conditions are steadily improving, establishing a solid foundation for long-term profitability.

Significant cost improvements have become crucial support for the profit breakthrough: Q1 2025 costs decreased dramatically by 36.9% compared to the same period in 2024, falling from $35.023 million to $22.099 million. This achievement stems from reduced unit costs through product design optimization, enhanced negotiating power from expanded procurement scale, and continued economies of scale in production, with multiple initiatives driving continuous cost structure optimization.

Although Q1 2025 performance showed short-term fluctuations compared to full-year 2024, industry analysis indicates this was primarily due to the traditional seasonal downturn in the automotive industry. As a core sensor for autonomous driving and intelligent robotics, long-term demand for LiDAR remains unshaken. Notably, revenue growth from mass production of the Robin series has partially offset short-term fluctuations.

This breakthrough in positive gross margin fully demonstrates the company's maturity in technology transformation and cost management, establishing a solid foundation for long-term profitability.

**From Automotive to Robotics: Continuous Customer Structure Optimization**

Over the past six months, Seyond has adopted a "technology penetrating scenarios" strategy, achieving breakthroughs from "point" to "surface" across multiple core sectors, realizing comprehensive expansion from automotive to robotics and further optimizing customer structure.

In the passenger vehicle sector, Seyond has deepened cooperation with NIO, with its products used across nine NIO models. The Falcon series has delivered over 500,000 units cumulatively, demonstrating impressive commercialization results.

In commercial vehicles and logistics, Seyond has established stable partnerships with Deepway, Shaanxi Heavy Duty Automobile, Winnow Technology, Pony AI, and others, continuously expanding application scenarios.

Notably, as of the latest practicable date, Seyond has secured definitive orders from ten additional OEMs and ADAS/ADS companies. Beyond existing partnerships with Grand Jing Smart Driving, Journey Plus Technology, and Pony AI—three Chinese companies focusing on commercial vehicles, passenger electric vehicles, and ride-hailing services respectively—the company has added three Chinese state-owned automotive manufacturers and one leading joint venture automaker.

The prospectus reveals that the latest definitive orders are expected to convert to actual sales before the end of 2025.

In the robotics sector, representing a blue ocean market for LiDAR applications, Seyond has penetrated core scenarios, securing large-scale orders from leading companies including Jiushi Intelligence, Neutral Co., Ltd., Cowarobot, and UISEE Technology, covering logistics, sanitation, and handling applications. This not only validates the product's excellent reliability and stability performance but also highlights the company's deep insight into robotics scenario requirements, injecting new momentum for growth.

**Technology Moat: Diversified Product Matrix Supports Scenario Breakthroughs**

The business breakthroughs over the past six months stem from Seyond's forward-looking deployment of "dual technology routes in parallel." As the world's only LiDAR company with mature mass production capabilities for both 1550nm and 905nm routes, the company can meet both the ultimate performance demands of high-end markets and the large-scale application needs of vehicles priced around 100,000 yuan, serving as a core advantage for breakthrough across diverse scenarios.

The technological breakthrough of the new-generation pure solid-state LiDAR Hummingbird D1 has made Seyond among the first global companies to introduce pure solid-state technology into passenger vehicle front-loading mass production. This further consolidates its industry position—the product combines high performance with cost advantages, and securing definitive orders from leading OEMs marks the acceleration of pure solid-state technology deployment in passenger vehicle front-loading mass production.

Under the wave of new energy vehicles and intelligent transformation across industries, the value of LiDAR is increasingly prominent. Through forward-looking product deployment, Seyond has deeply penetrated high-growth sectors. Multi-customer breakthroughs in passenger vehicles and large-scale robotics deployment not only optimize revenue structure but also build a moat of "technology + scenarios + ecosystem." With new product mass production and order fulfillment in the second half of the year, its growth momentum is expected to accelerate significantly.