Financial Highlights for the First Six Months of 2025

(in USD millions, except for per ordinary share data and percentage)

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1 See "Use of Non-GAAP Financial Measures" and "Unaudited Reconciliation of GAAP and Non-GAAP Results" included in this release for further details.

• Revenues were US$12.5 million for the first six months of 2025, representing a decrease of 38.2% from US$20.1 million for the same period of 2024. Product revenues were US$12.1 million for the first six months of 2025, representing a decrease of 39.4% from US$19.9 million for the same period of 2024. The year-over-year decrease was mainly due to external policy dynamics, including trade policy turbulence and evolving renewable energy regulations. These factors led certain customers to temporarily delay procurement decisions, contributing to a softer order volume in the first half of 2025. Service revenues were US$0.4 million for the first six months of 2025, representing an increase of 87.5% from US$0.2 million for the same period of 2024. The year-over-year increase was mainly due to the increase in maintenance services revenue.
• Cost of revenues was US$6.1 million for the first six months of 2025, representing a decrease of 41.3% from US$10.3 million for the same period of 2024. The year-over-year decrease was largely in line with the decrease in revenue.
• Gross margin was 51.3% for the first six months of 2025, compared with 48.7% for the same period of 2024. Gross margins have remained stable between the first six months of 2025 and 2024.
• Selling and marketing expenses were US$5.2 million for the first six months of 2025, representing an increase of 18.4% from US$4.4 million for the same period of 2024. The year-over-year increase was mainly due to the increase in expenses for product promotion.
• Research and development expenses were US$4.1 million for the first six months of 2025, representing an increase of 88.6% from US$2.2 million for the same period of 2024. The year-over-year increase was mainly due to the increase in new product research and development costs.
• General and administrative expenses were US$4.6 million for the first six months of 2025, representing an increase of 39.7% from US$3.3 million for the same period of 2024. The year-over-year increase was mainly due to increases in share-based compensation for certain employees and non-employee consultants of the Group, which partially net-off by the increasing gain on foreign currency exchange.
• Operating loss was US$7.4 million for the first six months of 2025, compared with US$0.004 million for the same period of 2024.
• Net loss was US$7.3 million for the first six months of 2025, compared with US$0.2 million for the same period of 2024. Excluding share-based compensation, changes in fair value of financial instruments and gain on extinguishment of convertible debt, adjusted net loss was US$4.6 million for the first six months of 2025, compared with US$0.05 million for the same period of 2024.
• Net loss attributable to ordinary shareholders was US$7.3 million for the first six months of 2025, compared with US$1.0 million for the same period of 2024.
• Basic and diluted loss per Class A and Class B ordinary share was US$0.003 for the first six months of 2025, compared with basic and diluted loss per ordinary share of US$0.001 for the same period of 2024.
• Cash and cash equivalents were US$16.3 million as of June 30, 2025, compared with US$26.8 million as of December 31, 2024.

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