SeeYA Technology H1 silicon-based OLED shipments exceed full-year 2025 total

Losses Narrow Sharply

By VR Tuoluo

On August 20, SeeYA Technology released its 2026 interim report. The data shows that SeeYA Technology posted revenue of 584 million yuan, up 287.87% year on year; gross profit of about 164 million yuan, surging 433.77% year on year; net profit attributable to shareholders of the listed company of -53.722 million yuan, with the loss narrowing 56.35% from a year earlier; and an adjusted net loss of 58.1344 million yuan, narrowing 59.24%.

Based on calculations, the company's overall gross margin for the first half was about 28.0%, up more than 7 percentage points from 20.4% in the same period of 2025. The company said the sharp revenue growth was driven partly by rising shipment volumes, which spread fixed product costs over more units, and partly by a higher share of high-value-added products and continued improvements in production yield.

On the asset and cash flow front, helped by proceeds from its STAR Market IPO arriving in March, the company's total assets at period end reached 7.267 billion yuan, up 38.70% from the end of last year; net assets attributable to shareholders of the listed company were 4.056 billion yuan, up 104.83% year on year. Net cash flow from operating activities was -259 million yuan, swinging from positive to negative year on year, which the company attributed mainly to deposits received from a specific customer in the same period last year and increased raw material stockpiling this period in response to order growth.

Broken down by quarter, second-quarter revenue reached 408 million yuan, a year-on-year increase of 308.51%, while net loss attributable to shareholders narrowed to 8.205 million yuan. Operating improvement in the second quarter was significantly greater than in the first quarter, with the earnings contribution from mass-production projects concentrated mainly in Q2.

01

First-Half Shipments Exceed All of 2025; Optics Accounts for 42.37% at Goertek

The financial report states that the rapid revenue growth was driven mainly by the successful completion of R&D and the start of mass-production deliveries for a strategic product development project with a specific customer, along with increased order demand from other customers. Orders rose significantly during the reporting period. In the first half of 2026, shipments of silicon-based OLED microdisplays exceeded the full-year total for last year, and the delivery of large-scale orders pushed revenue to a new level.

In terms of customer mix, the company's close “development + mass production” loop with leading downstream players has proved highly effective. Leveraging its full-stack in-house capabilities spanning “display chips + microdisplays + optical systems,” SeeYA Technology provides customized development services for strategic customers and moves into volume supply as soon as products are commercialized, building highly sticky customer relationships.

Related-party transaction data for the same period show that in the first half of 2026, SeeYA sold 247 million yuan worth of goods to Goertek Optical Technology Co., Ltd., accounting for 42.37% of total revenue, versus just 40,200 yuan in the same period of 2025 — a negligible figure, making this increase all the more striking. Public information shows that Goertek Optical is a subsidiary of Goertek Inc., mainly responsible for the R&D and assembly of XR optical engines and optical modules.

As SeeYA Technology's core hardware, silicon-based OLED microdisplays span a full-size lineup from 0.3 inches to 1.4 inches. With advantages including high resolution, high contrast, low power consumption and a wide color gamut, plus good manufacturability, they have become a common solution for XR glasses and other edge devices. Downstream applications cover consumer scenarios such as AI glasses, VR/AR devices and drone FPV goggles, while extending into professional fields including industrial EVFs, medical equipment and night-vision devices.

Comparison of conventional AMOLED displays and silicon-based OLED microdisplays

02

R&D spending up 41.24% year on year; capacity expansion more than half complete

Alongside its rapid earnings growth, SeeYA Technology continues to invest in R&D and capacity building to reinforce its long-term competitive edge.

On the R&D front, spending reached 171 million yuan in the first half, up 41.24% year on year, while R&D headcount rose to 284, or 21.6% of total employees. During the reporting period, the company filed 12 new invention patent applications and 8 utility model patent applications, bringing its cumulative intellectual property portfolio to 348 items, including 202 invention patents.

On core technologies, silicon-based OLED strong microcavity technology, crosstalk cutoff technology and high-efficiency stacked full-color technology continue to evolve. The stacked device architecture cuts product power consumption by more than 50%, while microlens technology boosts screen brightness by about 1.5 times.

On capacity expansion, the IPO-funded projects are progressing steadily. The ultra-high-resolution silicon-based OLED microdisplay production line expansion project received 831 million yuan in investment this year, with investment progress reaching 51.67%. The project is expected to reach its intended usable state in February 2028, and once completed will significantly increase the company's supply capacity for high-end silicon-based OLED products.

During the reporting period, the company's fixed assets reached 1.912 billion yuan, up 32.43% from the end of the previous year. This was mainly because many production equipment lines that had been undergoing commissioning in the earlier stages completed commissioning and entered formal production in the first half of the year, raising the automation level of the factory's production lines. The same workforce can now produce more silicon-based OLED screens, while overall production scheduling and delivery speed have also improved in tandem.

03

Micro-OLED Accelerates Into XR Devices

The latest flagship headsets from Meta, Samsung and PICO, along with a number of XR glasses, have adopted Micro-OLED as their display solution. Compared with Fast-LCD display technology, Micro-OLED's core advantages lie in its small form factor and extremely high pixel density, making it suitable for thinner, lighter MR headsets and compact XR glasses.

The PICO Space Pro will be launched in Beijing on September 2 and is said to use a Micro-OLED display solution, delivering 8K-class visual output across both eyes with a pixel density close to 4000 PPI.

In March this year, SeeYA Technology was also reported to have completely cleared its existing production lines to prepare capacity and technology for Meta's next-generation flagship VR headset. The next-generation Meta VR headset is said to be scheduled for release in 2027 (or 2026) and will officially return to a Micro-OLED display solution, with a per-eye resolution of 2.5K×2.5K. Although 2.5K has a lower overall resolution than 4K per eye, it could bring a more affordable price.

In the XR glasses segment, the GT Max series launched by RayNeo this year, the xbx a01 series from XREAL's sub-brand, and the Maverick AI Pro released by Everysight in April all use Micro-OLED microdisplays.

According to the interim report, after core customer projects entered mass production in the first half of 2026, SeeYA's existing technology and capacity began to translate further into large-scale revenue. Silicon-based OLED microdisplay shipments in the first half exceeded the full-year total for 2025, indicating that downstream demand is entering a faster release phase.

According to a Frost & Sullivan report, global silicon-based OLED display sales grew from RMB 390 million in 2020 to RMB 1.27 billion in 2024, a compound annual growth rate of 34.3%, and are expected to reach RMB 67.93 billion in 2030 at a CAGR of 94.11%. Global silicon-based OLED display shipments totaled 6.365 million units in 2024 and are projected to reach 399.566 million units in 2030, a CAGR of 99.36% from 2024 to 2030.

       Original title : First Silicon-Based OLED Stock Releases Financial Report, First-Half Shipments Exceed All of 2025