Cornerstone Technologies FY24 Revenue Nearly Doubles to HK$153.1 million

The Group achieved significant growth in the Reporting Year, with revenue nearly doubling to HK$153.1 million from HK$78.1 million in 2023. Gross profit surged by 91.8% year-on-year to HK$27.3 million. While the adjusted loss before interest, depreciation, and amortization (“Adjusted LBITDA”) further narrowed to HK$41.2 million, reflecting an improved operational efficiency and cost management.

Robust Growth Across Core Businesses and Strong Market Potential

Cornerstone Technologies’ core businesses – its private residential EV charging subscription service (Cornerstone HOME) and its public charging network (Cornerstone GO) – both demonstrated strong growth.  The number of Cornerstone HOME subscribers has seen significant growth, surpassing 860 households, representing a 169.6% year-on-year increase in subscriptions. The Cornerstone GO public charging network experienced remarkable growth, expanding by 436.4% year-on-year, with membership surging 165.3% to 50,498. The total number of charging sites increased from 43 to 103.  This expansion reflects the growing demand for sustainable EV charging solutions in Hong Kong. 

The Hong Kong Environmental Protection Department projects a 30% compound annual growth rate (CAGR) for the EV market between 2021 and 2030.  In February 2025, nearly 65% of newly registered private cars were electric vehicles, highlighting significant market acceptance and substantial future growth potential.  However, with approximately 112,000 registered EVs and only around 10,000 public charging points, a considerable supply-demand gap exists.

Successful Thailand Expansion Drives International Growth

In 2024, Cornerstone Technologies successfully launched its “Spark” branded EV charging network in Thailand, marking a key milestone in its international expansion strategy.  This venture quickly gained traction, delivering a notable 544.4% increase in international revenue.  

Thailand's EV market is experiencing rapid growth. At the end of 2024, approximately 227,500 EVs were registered, yet only about 11,500 charging points were available - an EV-to-charger ratio of 19.8, indicating significant unmet demand and substantial growth potential.  The Thai government's ambitious targets -725,000 EVs by 2026 and 2.5 million by 2040 - further underscore this potential.  Based on Hong Kong's EV-to-charger ratio of 10.8, Thailand would require at least 67,129 charging points by 2026 alone. This significant market opportunity prompted Cornerstone Technologies' strategic entry into the Thai market, enabling the company to expand its global presence and build a strong foundation for future growth by directly addressing this demand.

Commentary from Mr. Vincent Yip, CEO and Executive Director of Cornerstone Technologies: “The Group is making strong progress towards profitability and is confident about its future.  We are actively pursuing growth opportunities in Hong Kong, Thailand, and other markets.  Our focus remains on driving technological innovation and service excellence, reinforcing our industry leadership.  Sustainability is central to our strategy. We are committed to expanding our intelligent and high-efficiency charging solutions to meet market demand and create long-term value for our stakeholders. We believe that through continuous innovation and strategic planning, Cornerstone Technologies will play a key role in shaping a greener and smarter future for the EV industry.”