XREAL Ltd. filed for an preliminary public providing on the Hong Kong Inventory Change on April 1, 2026, looking for a essential board itemizing, with China Worldwide Capital Company (CICC) and Citi appearing as joint sponsors.
Based in 2017, the corporate presents three essential product strains—Air, One and Mild-Extremely-Aura—overlaying entry-level show units to spatial computing merchandise.
In accordance with the prospectus, XREAL bought 17,403, 111,355 and 4,973 models throughout the three product strains in 2025, with common promoting costs of RMB 1,656, RMB 3,196 and RMB 3,665, respectively. Gross sales reached 25,828 models within the first two months of 2026, representing a 62% year-on-year enhance.
By income, the corporate ranked first globally within the AR glasses market from 2022 to 2025, and second within the broader sensible glasses market in 2025.
Financially, XREAL reported revenues of RMB 390 million, RMB 394 million and RMB 516 million from 2023 to 2025, with gross margin bettering from 18.8% to 35.2%. As of the tip of 2025, its gross sales community spanned 40 nations and areas, with greater than 70% of income generated abroad.
When it comes to product roadmap, XREAL plans to launch Mission Helen for the mass market, the R1 gaming glasses developed with ROG, and a flagship product, Mission Aura, in collaboration with Google. The latter is anticipated to run on the Android XR platform and combine multimodal AI capabilities.
Supply: IPO Zaozhidao
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