Core Revenue Increased 26.9% yoy to HK$117.8 million
Narrowing Adjusted LBITDA Supported by
Improving Revenue Mix and Rising Gross Profit Margin of 7.0p.p. yoy
Financial Highlights
|
For the year ended 31 December
|
2025
HK$ million
|
2024
HK$ million
|
Change
|
|
Total Revenue
|
125.2
|
153.1
|
-18.2%
|
|
Core Revenue*
|
117.8
|
92.9
|
+26.9%
|
|
Gross Profit
|
31.1
|
27.3
|
+13.9%
|
|
Gross Profit Margin (%)
|
24.8%
|
17.8%
|
+7.0 p.p.
|
|
Adjusted LBITDA
|
(34.4)
|
(41.2)
|
-16.5%
|
*Core revenue includes revenue from sales of electric vehicle charging systems, electric vehicles charging income, and maintenance, rental, and EV charging consultancy income
(Hong Kong – 31 March 2026) A leading electric vehicle (“EV”) charging solutions provider – Cornerstone Technologies Holdings Limited (“Cornerstone” or the “Company”, stock code: 8391.HK, together with its subsidiaries, collectively the “Group”) is pleased to announce its audited financial results for the year ended 31 December 2025 (the “Year”).
In 2025, the global shift toward electric mobility was accelerating at an unprecedented pace, driven by robust government policies promoting decarbonization, significant investment and innovation from leading automakers, and growing demand for sustainable transportation solutions. In this dynamic and competitive environment, Cornerstone has not only solidified its leadership in Hong Kong, but also made substantial progress in its international expansion strategy, especially in the high-potential Thailand market.
Improving Revenue Mix, Expanding Margins, and Shrinking Adjusted LBITDA
Leveraging its expansive charging network and growing user base, the Group recorded a notable increase in recurring revenue from its high-margin electric vehicles charging income, rising 85.3% year-on-year (“yoy”) to HK$44.2 million (2024: HK$23.9 million), accounting for approximately 35.3% of total revenue. As the Group continued to pivot away from labour-intensive, lower-margin projects, revenue from the provision of installation services saw a significant drop of 87.8% yoy to HK$7.4 million (2024: HK$60.3 million), dragging total revenue to decrease by a 18.2% yoy to HK$125.2 million (2024: HK$153.1 million). However, excluding the revenue contribution from the provision of installation services, core revenue (sales of electric vehicle charging systems, electric vehicles charging income, and maintenance, rental, and EV charging consultancy income) increased by 26.9% yoy to HK$117.8 million (2024: HK$92.9 million), highlighting its successful business transformation with growing recurring revenue performance.
Revenue generated from markets outside of Hong Kong also experienced robust growth, surging by 69.3% to reach HK$41.4 million (up from HK$24.4 million in 2024). This significant upward trajectory directly reflects the successful execution of the Company’s strategic expansion into Southeast Asia. The accelerated growth in these new markets not only validates regional scaling initiative but also demonstrates growing ability to capture market share and diversify revenue streams beyond domestic base.
Benefitted from the improving revenue mix, expanding user base, and higher charger utilization, the Group recorded a significant improvement in gross profit margin by 7.0 percentage points (“p.p.”) to 24.8% (2024: 17.8%), leading to an increase in gross profit of 13.9% yoy to HK$31.1 million (2024: HK$27.3 million), despite the decrease in total revenue. Along with stabilizing cost performance, the Group recorded a narrowing loss and a shrinking adjusted LBITDA for the Year of HK$115.2 million (2024: a loss of HK$144.2 million) and HK$34.4 million (2024: HK$41.2 million), respectively.
Strengthening Leading Market Position in Hong Kong
During the Year, the Group continued to expand its public charging business (Cornerstone GO) in Hong Kong. On the one hand, the Group entered into strategic collaborations with major automotive brands, including BYD, Xpeng, and Aion, becoming their preferred partner for EV charging solutions. By working closely with major car brands and offering charging credit bundles with new EV purchases, the Group has successfully boosted user acquisition and network utilization, with HK$5.4 million of charging credits sold in 2025. On the other hand, the Group also strengthened its strategic alliances with leading property developers and introduced preferential charging programs for partnered fleet operators to further drive penetration.
As a result, as of 31 December 2025, Cornerstone GO has established a service network covering over 120 strategically located parking facilities with over 1,900 charging spots. Supported by the platform’s reliability, extensive coverage across key retail and commercial hubs, and its intuitive mobile app, membership growth remained robust, surpassing 76,800 users by year-end, laying a solid foundation for recurring revenue growth.
Meanwhile, Cornerstone HOME, the Group's private service subscription business for resident buildings, also saw strong growth in its user base, reaching 1,117 subscribers by 31 December 2025. It has expanded its exclusive coverage to 51 residential car parks, incorporating its proprietary load-management system to optimize power distribution and ensure grid stability. This technological advantage reinforces its position as Hong Kong’s most trusted and preferred provider of home charging solutions.
Growing Traction in the Thailand Market
During the Year, the Group continued to advance its plan to become one of Thailand’s largest and most accessible public charging networks. While Thailand has shown exceptional receptivity to EV technology – reaching approximately 372,000 registrations by the end of 2025 – a significant infrastructure gap persists. With only 13,000 public chargers nationwide, the Group’s joint venture in Thailand, Spark EV, is seeing notable opportunities in the country's green transition, and is aggressively expanding its network to bridge this divide. As of 31 December 2025, Spark EV has completed construction of 181 charging stations, with 167 stations in operation. Membership in Spark also experienced exponential growth, surging from 5,895 as at 31 December 2024 to 97,129 as at 31 December 2025. To further accelerate growth, the Group has established key strategic partnerships with industry leaders, such as Grab, prominent logistics firms, and major automotive brands, all of which support high utilization across its network.
Financially, although utilization rates for newly commissioned stations typically require a ramp-up period to build public awareness and membership growth, current performance has already significantly exceeded initial projections. The stronger-than-expected engagement underscores the robust demand for the Group’s infrastructure, reflecting the rapid adoption of EV charging solutions across its key markets.
Outlook
Riding on the momentum of the global EV and EV charging development, the Group is poised to expand its market presence and gain further market share in key markets. In Hong Kong, the Group will rapidly scale Cornerstone HOME and Cornerstone GO, boosting recurring income performance to ensure cash flow and long-term business sustainability. The Group will further strengthen its leading position in Hong Kong by expanding its charging network to support higher customer conversion, including active collaboration with ESSO oil and gas stations to build more EV charging stations across the city.
The Group will also tap into commercial vehicle charging to expand its addressable market. Supported by the Hong Kong Government’s roadmap for zero vehicular emissions and subsidies for the deployment of 3,000 electric taxis and 600 electric buses, the sector is positioned for rapid growth. To capture these evolving opportunities, the Group has deepened its strategic collaborations with prominent taxi associations and logistics leaders, establishing itself as the ideal partner to power the city’s evolving transport landscape.
To enhance user engagement and technology efficiency, the Group is preparing to launch a comprehensive loyalty program to incentivize frequent charging and reward its growing user community. This is expected to increase charging frequency, lower maintenance costs, and significantly raise station uptime, further improving the unit economics of the Group’s charging network.
Regarding its overseas development, the Group will further strengthen its presence in Thailand and explore new opportunities across Southeast Asia. In addition to Thailand, the Group is finalizing a collaboration with Grab in Indonesia to provide charging solutions for its electric fleet. The Group is also actively exploring the Malaysian market, aiming to diversify its revenue mix and support accelerating growth.
Mr. Yip Shiu Hong, Chief Executive Officer and Executive Director of Cornerstone Technologies, said, “We are encouraged by the notable progress over the past year, marked by a steadily expanding user base, a growing charging network, a broader geographical footprint, and an increasing emphasis on high-margin business. These advancements have translated into growing recurring income contributions from our Cornerstone GO and Cornerstone HOME, as well as a significant improvement in our gross profit margin, which underscores the strength and scalability of our business model.”
“Looking ahead, we remain focused on driving higher network utilization and enhancing the unit economics in Hong Kong. We are also dedicated to accelerating our expansion across Thailand and the wider Southeast Asia region. Originally built around BCP’s network of gas stations, we are now planning a phase 2 expansion for our Thailand operations, tapping into diverse commercial and residential locations to further broaden our footprint. We have also made initial contacts in Malaysia and Indonesia, looking to replicate our success in Thailand to further expand our revenue streams. As electric vehicle adoption continues to gain momentum, we believe we are well-positioned to be a key beneficiary of the increasing demand for EV charging infrastructure. Through strategic initiatives and disciplined execution, we have strong confidence to deliver profitability in the short-term future.”
-End-
About Cornerstone Technologies
Cornerstone Technologies Holdings Limited (8391.HK) is a leading provider of electric vehicle (EV) charging solutions in Hong Kong, offering integrated charging systems, charging equipment, and related accessories, as well as consultancy, installation, maintenance, and leasing services for charging infrastructure. In Hong Kong, its comprehensive solutions include private residential charging subscription services (Cornerstone HOME) and public charging networks (Cornerstone GO), with the latter already in operation across 118 strategic car parks, totaling over 2,000 charging points and more than 84,000 members. The Company is also expanding beyond the Hong Kong market, entering Thailand under the brand name of Spark EV, and actively exploring high-potential markets such as Malaysia and Indonesia.
This press release is issued by DLK Advisory Limited on behalf of Cornerstone Technologies Holdings Limited.
For enquiries, please contact:
DLK Advisory
Tel：+852 2857 7101
Fex：+852 2857 7103
