Cornerstone Technology Holdings announced its full-year 2025 results: core business revenue increased by 26.9% year-on-year to HKD 117.8 million. Optimization of the revenue mix drove gross margin up by 0.7 percentage points year-on-year, with the adjusted LBITDA loss narrowing.

(Hong Kong – March 31, 2025)A leading electric vehicle charging solutions provider – Cornerstone Technology Holdings Limited ("Cornerstone Technology" or "the Company", stock code: 8391.HK, together with its subsidiaries, collectively referred to as "the Group") is pleased to announce its annual results for the year ended December 31, 2025 ("the year").

In 2025, benefiting from strong government decarbonization policies, massive investments and active innovation by leading automakers, and growing consumer demand for sustainable mobility solutions, the world is accelerating the adoption of electrified mobility solutions at an unprecedented pace. In this dynamic and highly competitive environment, Cornerstone Technology not only further solidified its leading position in the Hong Kong market during the year but also achieved significant progress in international operations, particularly in the high-potential Thai market.

Continuous optimization of the revenue mix and improvement in profit margins have driven a narrowing of the adjusted LBITDA loss.

With its well-established charging network and continuously growing user base, the Group's high-margin, sustainable EV charging revenue recorded substantial growth this year, increasing by 85.3% year-over-year to HKD 44.2 million (2024: HKD 23.9 million), accounting for approximately 35.3% of total revenue. However, due to the Group gradually reducing participation in labor-intensive, low-margin projects, revenue from installation services decreased by 87.8% year-over-year to HKD 7.4 million (2024: HKD 60.3 million), leading to an 18.2% year-over-year decline in total revenue to HKD 125.2 million (2024: HKD 153.1 million). Excluding revenue from installation services, core business revenue (i.e., sales of EV charging systems, EV charging revenue, and repair, rental, and EV charging consultancy income) increased by 26.9% year-over-year to HKD 117.8 million (2024: HKD 92.9 million), demonstrating the Group’s successful transformation with sustainable revenue continuing to grow.

Meanwhile, the Group also achieved strong performance in markets outside Hong Kong, with revenue increasing by 69.3% year-over-year to HKD 41.4 million (2024: HKD 24.4 million). The significant rise in overseas revenue fully validates the effectiveness of the Group’s strategy in Southeast Asia and its customer acquisition capabilities, further expanding the Group’s business coverage while generating additional income beyond its Hong Kong operations, thereby promoting revenue diversification.

As the Group’s revenue mix improved, user numbers increased, and network utilization rates rose, gross margin expanded significantly by 7.0 percentage points year-over-year to 24.8% (2024: 17.8%), driving gross profit up by 13.9% year-over-year to HKD 31.1 million (2024: HKD 27.3 million), effectively offsetting the impact of reduced revenue. Coupled with robust cost management, both the Group’s net loss and adjusted LBITDA narrowed this year to HKD 115.2 million (2024: loss of HKD 144.2 million) and HKD 34.4 million (2024: loss of HKD 41.2 million), respectively.

Further solidifying its leading market position in Hong Kong

During the year, the Group continued to expand its public charging business in Hong Kong (Cornerstone GO). On one hand, the Group established strategic partnerships with major automotive brands such as BYD, XPeng Motors, and Aion, becoming their preferred partner for EV charging solutions. Through close cooperation with these automotive brands, the Group effectively boosted customer acquisition efficiency and network utilization by offering bundled charging credits to new EV buyers, generating corresponding charging revenue of approximately HKD 5.4 million. On the other hand, the Group strengthened its strategic alliances with leading real estate developers and offered preferential charging programs to fleet operators, further enhancing market penetration.

As of December 31, 2025, Cornerstone GO has built a service network covering more than 120 parking lots, providing over 1,900 charging points. Leveraging the platform’s reliable service capabilities, extensive coverage of key retail and commercial hubs, and its intuitive mobile application, membership numbers saw robust growth during the year, exceeding 76,800 users by the end of the year, laying a solid foundation for the Group’s recurring revenue growth.

The Group’s private subscription service business for residential buildings, Cornerstone HOME, also experienced strong user base growth. As of December 31, 2025, it served 1,117 users, exclusively servicing 51 residential parking lots. Each parking lot integrates its proprietary load management system, which optimizes power distribution and ensures stable grid performance. This technological advantage further cements the Group’s position as the preferred and most reliable home charging service provider in Hong Kong.

Continued expansion of presence in the Thai market

During the year, the Group continued to push forward with its overseas development plans, striving to become one of Thailand’s largest and most convenient public charging networks. Thailand shows a relatively high acceptance of EV technology, with domestic EV registrations expected to increase to around 372,000 units by the end of 2025, but its infrastructure still faces significant gaps. Currently, there are only 13,000 public charging piles nationwide in Thailand. In light of the market opportunities brought by the green transition, Spark EV, the Group’s joint venture in Thailand, is actively expanding its network to meet market demand. As of December 31, 2025, Spark EV completed construction of 181 charging stations, with 167 already operational. Membership numbers for Spark EV also grew exponentially, surging from 5,895 members as of December 31, 2024, to 97,129 members as of December 31, 2025. To accelerate business growth, the Group is also committed to forming strategic partnerships with industry leaders like Grab, prominent logistics companies, and major automotive brands to enhance overall network utilization.

From a financial perspective, although newly launched charging stations generally need to undergo a growth phase to increase public awareness and accumulate members before achieving ideal network utilization, the group’s performance in Thailand has already far exceeded initial expectations. The strong performance also highlights robust market demand for the group’s infrastructure, reflecting the rapid adoption of electric vehicles in key markets.

Outlook

Capitalizing on the rapid global development of electric vehicles and charging solutions, the group is well-positioned to expand its existing network coverage and enhance performance in key markets. In Hong Kong, the group will rapidly scale up its Cornerstone HOME and Cornerstone GO operations, ensuring long-term cash flow stability and business growth through increased recurring revenue.

The group will also further expand its charging network to enhance customer acquisition efficiency by actively collaborating with ESSO gas stations in Hong Kong to install more EV charging stations across the city, thereby solidifying its leading position in Hong Kong.

The group will also enter the commercial vehicle charging business to expand its target customer base. With the Hong Kong government promoting zero-emission vehicles and providing subsidies for 3,000 electric taxis and 600 electric buses, the commercial vehicle charging business is in a phase of rapid expansion. To capture this market opportunity, the group has deepened strategic cooperation with key taxi associations and logistics industry leaders to provide the necessary power for the evolving transportation landscape in Hong Kong.

To boost user engagement and technological efficiency, the group is preparing to launch a comprehensive membership incentive program that encourages frequent charging while driving user base growth. This initiative is expected to increase charging frequency, reduce maintenance costs, and significantly extend charging station uptime, helping to further improve the unit economics of the group’s charging network.

In terms of overseas development, the group will further expand its operations in Thailand and explore new opportunities in Southeast Asia. Beyond Thailand, the group is negotiating with Grab in Indonesia to provide charging solutions for its electric vehicle fleet. The group will also actively explore opportunities in the Malaysian market to diversify revenue streams and support accelerated business growth.

Mr. Yip Chiu Hong, CEO and Executive Director of Cornerstone Technology and Spark EV, stated: "We are deeply encouraged by the significant progress achieved over the past year, which includes an expanding user base, growing charging networks, broader geographic reach, and increased focus on high-margin businesses. These efforts have effectively translated into sustained revenue contributions from Cornerstone GO and Cornerstone HOME, as well as a notable improvement in gross margins. These financial outcomes further highlight the resilience and scalability of our business model."

「Looking ahead, we will continue to focus on improving network utilization and enhancing unit economics in Hong Kong. We are committed to accelerating expansion plans in Thailand and across Southeast Asia. Initially starting with the network of Mancha Petroleum gas stations, our Thai operations have now entered a second development phase, targeting more diversified commercial and residential locations to broaden service coverage. We have also initiated preliminary discussions in Malaysia and Indonesia, aiming to replicate the success experienced in Thailand to further expand revenue sources. As EV adoption continues to accelerate, we believe the group is well-positioned to become a major beneficiary of increasing demand for EV charging infrastructure. With our strategic initiatives and rigorous execution, we are confident about achieving profitability in the near term."

About Cornerstone Technology Holdings Limited

Cornerstone Technologies Holdings Limited (8391.HK) is a leading electric vehicle charging solutions provider in Hong Kong, dedicated to offering customers a one-stop charging system, charging equipment and related accessories, along with consulting, installation, maintenance, and leasing services for charging infrastructure. The group's core businesses in Hong Kong are divided into private residential charging subscription services (Cornerstone HOME) and a public charging network (Cornerstone GO). The latter currently covers more than 118 strategically located parking lots with over 2,000 charging points, and membership has surpassed 84,000 users. The group is also committed to capturing market opportunities outside of Hong Kong, entering the Thai market under the Spark EV brand while actively exploring high-potential markets such as Malaysia and Indonesia.

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