SinoSynergy Hydrogen Energy reported Q1 2025 revenue of 29.44 million CNY, a year-over-year decline of 55.7% and a quarter-over-quarter drop of 80.97%. The quarter delivered a slim gross profit of 1.55 million CNY on revenue, resulting in a gross margin of 5.26%. Despite the weak top line, operating expenses remained exceptionally high, with R&D at 33.89 million CNY and SG&A costs (inclusive of selling and marketing) totaling 55.39 million CNY, yielding an EBITDA of -68.18 million CNY and an operating loss of -91.53 million CNY. Net income came in at -92.12 million CNY, i.e., a net margin of -3.13%, with EPS of -0.18 for the quarter. The weighted average shares outstanding were 517.60 million. While this underscores a cash burn characteristic typical of an early-stage, capital-intensive fuel-cell venture, the company did exhibit a YoY improvement in operating income (loss narrowed from -103.98 million CNY in Q1 2024 to -91.53 million CNY in Q1 2025), suggesting some stabilization of the cost base alongside ongoing revenue pressure.