XREAL Targets Hong Kong Stocks: AR Glasses Annual Revenue of 400 Million, Company Loses 460 Million

Ask AI · XREAL high losses but decreasing loss rate, how is the cost structure optimized behind the scenes?

Lei Di Net Lei Jianping April 2nd

AR glasses company XREAL recently submitted its prospectus, preparing to list on the Hong Kong Stock Exchange.

XREAL designs, develops, manufactures, and sells AR glasses under its own brand, providing related products and services. With capabilities in optical engineering, integration of edge-side co-processors, algorithms, and software development, XREAL’s products have evolved from display-centric devices to richer spatial computing experiences, further expanding into AI-enabled wearable experiences.

The prospectus shows that XREAL’s revenue in 2023, 2024, and 2025 will be 390 million, 390 million, and 516 million yuan respectively; gross profit will be 73.32 million, 87.30 million, and 181 million yuan; gross profit margins will be 18.8%, 22.1%, and 35.2% respectively.

In terms of product sales, XREAL’s revenue from AR glasses in 2025 is 400 million yuan, accounting for 78.1%; revenue from accessories is 72.75 million yuan, accounting for 14.1%; revenue from services and others is 40.41 million yuan, accounting for 7.8%.

XREAL’s product lines can be summarized into three main series: the Air series, the One series, and the Light-Ultra-Aura product line.

In 2025, XREAL sold a total of 111,355 units of the One series, with an average selling price of 3,196 yuan; 17,403 units of the Air series, with a selling price of 1,656 yuan; and 4,973 units of the Light-Ultra-Aura product line, with an average price of 3,665 yuan.

Regarding revenue sources, in 2025, 71% of XREAL’s revenue comes from overseas, with the United States being the largest source; among which, revenue from the U.S. is 190 million yuan, accounting for 36.9%; revenue from Japan is 75.12 million yuan, accounting for 14.6%; revenue from Europe is 70.96 million yuan, accounting for 13.8%;

In mainland China, XREAL’s revenue in 2025 is 150M yuan, accounting for 29%.

XREAL’s operating losses in 2023, 2024, and 2025 are 458 million, 373 million, and 245 million yuan respectively; annual losses are 882 million, 709 million, and 456 million yuan; the annual loss rates are 226%, 179.7%, and 88.4%.

Adjusted net losses in 2023, 2024, and 2025 are 437 million, 375 million, and 250 million yuan respectively.

As of December 31, 2025, XREAL held cash and cash equivalents of 63.63 million yuan.

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Lei Di, founded by media personality Lei Jianping, credits the source if reprinted.