MicroCloud Hologram Inc.

What they do

MicroCloud provides holographic technology services including high-precision holographic LiDAR solutions, LiDAR point cloud algorithm architecture, holographic imaging solutions, LiDAR sensor chip design and holographic vehicle intelligent vision technology for ADAS customers. It also offers holographic digital twin technology services and maintains a proprietary holographic digital twin resource library. The company additionally distributes holographic hardware and generates revenue through resale.

Revenue drivers

• Holographic solutions products — Sales of LiDAR and other holographic technology hardware products, licensing and content products, and technology development services; in Q1 2023, products were $1.06 million, or 16.0% of total revenues.
• Holographic technology services — Services including holographic technology advertising, SDK service, and game promotion services; in Q1 2023, services were $5.52 million, or 84.0% of total revenues.
• Holographic hardware resale — The company acts as a distributor of holographic hardware and generates revenue through resale, alongside its core technology offerings.

Recent performance

Full-year revenue rose from $203.5 million in 2023 to $290.3 million in 2024 and $403.7 million in 2025. Net losses narrowed from $11.6 million in 2023 to $9.0 million in 2024 and $7.0 million in 2025. Diluted EPS improved from negative $5.33 in 2023 to negative $0.71 in 2024 and negative $0.56 in 2025. Operating cash flow turned positive at $7.9 million in 2025 after negative $13.8 million in 2024. At December 31, 2025, total assets were $395.3 million, total liabilities $11.8 million, and shareholder equity $382.8 million, including $262.3 million in cash and equivalents.

Strategy

The company focuses on research and development and application of holographic technology, aiming to provide holographic technology services globally. Management has stated that public capital market resources will be used to enhance R&D efforts and business growth in developing holographic technology. Priorities include scaling new services, designs and products for customers worldwide.

Risks

• History of net losses — MicroCloud has reported annual net losses every year from 2022 through 2025, including a $7.0 million loss in 2025.
• Customer concentration and revenue mix volatility — Revenue mix shifted significantly between Q1 2022 and Q1 2023, with products falling from 48.2% to 16.0% of total revenues and services rising to 84.0%.
• Foreign private issuer and PRC regulatory exposure — As a Cayman company operating primarily in China, the company is subject to PRC regulatory bodies including the CAC, CSRC, MIIT, SAFE and MOFCOM, and files as a foreign private issuer.
• Dilution and capital structure changes — A 40-to-1 share consolidation took effect on April 21, 2025, and the company had 22,512,360 Class A ordinary shares outstanding at December 31, 2025.

Outlook

Management states that MicroCloud is entering a phase where public capital market resources will be available to enhance R&D and business growth in holographic technology. The company expects this to enable more rapid and efficient delivery and scaling of new services, designs and products to customers worldwide. No specific revenue or earnings guidance was provided in the excerpted materials.