Innovusion Releases 2025 Earnings Report | Turning Point Emerges! Multi-Engine Growth Unlocks Infinite Potential of Physical AI

On March 31, 2026, RoboSense (02665.HK) announced its audited annual results for the fiscal year 2025. During the reporting period, the company’s full-year LiDARshipment volume exceeded 332,000 units, representing a 45.0% year-over-year increase;as the business scale expanded rapidly, operating quality also improved significantly. Gross profit turned positive from a loss in 2024, with gross margin rising to 7.9%, indicating that under the combined effects of economies of scale, cost optimization, and product mix upgrades, RoboSense has achievedEntering a new phase of high-quality growth。

Economies of scale continue to be unleashed, with comprehensive improvements in operational quality and efficiency

Based on International Financial Reporting Standards (IFRS), Innovusion achieved annual revenue of approximately 1.102 billion yuan. Facing intensified industry competition and changing market conditions, the company adhered to refined operations, relying onOptimization of product structure, cost reductions through scaled procurement, and upgrades in production efficiencyThe synergistic effects led to an 18.2% year-over-year decrease in total sales costs for 2025, achieving a key breakthrough in reversing losses to profits, elevating operational efficiency to a new level

Driven by the optimization of revenue structure and improvements in cost efficiency, Innovusion’s adjusted net loss (Non-IFRS) narrowed by 24.0%, demonstrating that the company's core businessSelf-sustaining capabilityIs continuously strengthening, accelerating the transition from 'financing-driven growth' to 'operation-driven improvement'

Meanwhile, Innovusion’s cash and cash equivalents in 2025 increased by approximately 146% year-over-year, while total assets grew by about 50% year-over-yearample cash flowBuilding a solid financial safety cushionThe steadily expanding asset basehas further strengthened strategic confidence, providing the company with sufficient capital to continuously increase R&D innovation, advance capacity expansion, and deepen its global presence.

This impressive performance is a concentrated realization of Innovusion's persistent efforts toward high-quality growth strategies. It not only validatesthe leadership of the company's product roadmap and the maturity of its commercialization pathbut also highlights its robust development resilience and long-term growth potential, offering a replicable and scalable practical model for industry-wide profitability and high-quality growth.

Diversified product portfolio takes shape; Albatross & Hummingbird open new growth opportunities

2025 is a pivotal year for Innovusion to achieve product iteration and market breakthroughs. The company focuses on dual technology routes: 1550nm and 905nm/940nm,with three major product platforms—Falcon, Albatross, and Hummingbird,establishing an all-encompassing sensing matrix from long-range to short-range and primary vision to blind-spot coverage, delivering adaptable solutions for clients across various fields.

△ TuDaTong's diversified product portfolio △

Among them,Lingque Platformenters the fast lane of mass production, with annual shipments expected to surge from approximately 12,000 units in 2024 to 138,000 units, marking a staggering year-on-year increase of 1,050%,becoming the core engine driving overall shipment growth.At the same time, the all-solid-state LiDAR,Hummingbird,has made a strong breakthrough,securing mass production project designations from several leading automakers,helping InnoDrive enter the global forefront of pre-installed mass production of all-solid-state LiDAR for passenger vehicles.

The matrix effect formed by the synergy of multiple product lines has been fully unleashed, not only enriching the company's business layout but also promoting the upgrading of its revenue structure towards diversification and anti-cyclical resilience, laying a solid foundation for more sustainable, high-quality development.

“Vehicle-end + robotics + infrastructure” working in tandem, achieving global success across multiple fronts

Innovusion is firmly advancing its diversified scenario layout of 'in-vehicle + robotics + infrastructure,' achieving multi-point breakthroughs globally and continuously demonstrating the limitless potential of LiDAR as the 'core physical AI sensor.'

The in-vehicle market, as the core foundation, continues to expand its customer base with increasingly sufficient order reserves. As of December 31, 2025, Innovusion hasaccumulatively secured定点 project orders from 18 automakers and ADAS/ADS companies,，covering over 60 models.While deepening cooperation with Nio, the company successfully expanded to leading mainstream automakers such as SAIC Volkswagen and GAC Group, extending its customer base from emerging EV makers to traditional automotive giants, achieving full price segment coverage from the mainstream market to the high-end sector; meanwhile, it deeply empowers top players like Shaanxi Auto, Foton Motor, PlusAI, DeepWay, and Inceptio Technology, providing precise perception support for intelligent heavy trucks and mining vehicles; and reached a deep collaboration with Pony AI, securing an early position in the trillion-dollar Robotaxi blue ocean and seizing future development opportunities.

Innovusion has seen accelerated scaling in the broader robotics track, with annual revenue reaching approximately $135 million,representing a significant year-over-year growth of 130%. Innovusion secured large-scale orders from leading companies such as Zhirong Intelligence, UISEE, Cusa Tech, and Zhili Digital. From precise delivery in urban logistics, efficient airport shuttle services, autonomous obstacle avoidance in sanitation scenarios, to intelligent material handling in industrial settings, Innovusion enables various robots with core capabilities in accurate environmental perception, autonomous obstacle avoidance, and intelligent path planning, driving robots from pilot validation towards scaled deployment.

In smart transportation scenarios, Innovusion's LiDAR is deployed and operational on more than 15 majorfully automated subway linesdomestically, while also achieving substantial overseas breakthroughs by entering into a strategic partnership with Swedish ITS infrastructure provider Aventi Sweden.Secured nearly $2.6 million in orders, successfully implementing its self-developed intelligent traffic management platform (SIMPL) at key intersections in Europe.

In the port and lock domains, Innovusion's LiDAR has already been deployed inlock monitoring, bridge anti-collision, and port automationand other diverse scenarios, achieving large-scale commercial deployment and continuously providing highly reliable 'perception infrastructure' for the intelligent upgrading of traditional infrastructure.

△ Hesai Technology LiDAR deployed across diverse scenarios △

Steady growth in performance and clear strategic implementation have earned Innovusion high recognition in the capital markets. On December 10, 2025, Innovusion successfully went public on the Hong Kong stock exchange; on March 9, 2026, it was smoothly included in the Hang Seng Composite Index and Stock Connect, opening channels for allocation by mainland and global capital, attracting continuous attention from southbound funds, and injecting substantial capital momentum for future development.

Accelerating in 2026, driven by multiple engines to create long-term value

If 2025 was a year of 'strengthening foundations and making breakthroughs in multiple areas,' then 2026 will be the year when Innovusion 'accelerates and fully explodes.' Based on the current strong growth momentum, Innovusion’s cumulative LiDAR shipments will soon exceed one million units, further solidifying its leading position in the industry.

This confidence stems from Innovusion's clear and resolute strategic layout:

– Drive development through technological innovation: continuously refine solutions, enhance sensing capabilities and cost-effectiveness, and further strengthen technical barriers and core product competitiveness;

– Expand global business development capabilities: strengthen localized sales and marketing teams in overseas markets, and deepen collaboration with upstream and downstream partners in the global industrial chain;

– Firmly adhere to a multi-dimensional development framework of 'diverse products + diverse customers + diverse applications': constantly broaden market boundaries and application scenarios, allowing the 'wise eye' of LiDAR to illuminate more intelligent scenarios.

As the intelligent perception 'translator' bridging the real world and digital space, InnoComm remains committed to long-term value creation, avoiding the pursuit of short-term brilliance while adhering to its technological初心 and industrial mission. In the future, it will leverage more advanced perception technologies, more comprehensive solutions, and stronger commercialization capabilities to accelerate the growth of the global intelligent industry, creating more lasting and substantial value for shareholders, partners, and the industry.

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