21 SEP 2026 — LionsBot International sold more in 2025 than it did the year before, and lost more money doing it. The Singapore cleaning-robot maker's net loss widened from S$15.8 million to S$21.25 million, while revenue rose 19.3 per cent.
Two years ago the company told an interviewer it expected to be profitable in 2025.
What the accounts show
The figures cover LionsBot International and its subsidiaries, and they were reported this week from the company's filed annual accounts.
Revenue grew 19.3 per cent. The loss grew about 34 per cent, which is our arithmetic from the two loss figures. Costs are rising faster than sales, by a margin wide enough that growth alone does not close the gap.
That is not automatically a failure. A hardware company building an installed base can lose money deliberately for years, and one year's accounts do not distinguish losing it on purpose from losing it by accident. What the company said it expected is the distinguishing evidence.
What the company said before
In a December 2024 interview, a LionsBot co-founder said he hoped to double sales revenue to S$41 million and achieve profitability by 2025. At that point the company had put S$12 million into a manufacturing facility in Kranji, sold more than 2,500 robots, was present in over 30 countries, and was targeting a Nasdaq listing in 2027.
The scale claims have since grown. The company now describes more than 6,000 robots deployed and a presence in more than 40 countries. On deployment and distribution, the business has roughly doubled.
The profitability target did not arrive.
Growth and losses moving together
A robot-cleaning business carries costs that do not shrink when a unit ships. Machines are manufactured, distributed into more than forty countries, serviced, and supported by overseas subsidiaries in markets where the company holds a small share of a fragmented industry.
Expanding from thirty countries to forty means more entities, compliance, local support, and working capital tied up in distant inventory. Each additional market adds a fixed cost before it adds a customer.
That explains why the loss can widen while sales rise, but it does not excuse the missed target, because the same structure was in place when that target was set.
What the numbers do not say
The absolute 2025 revenue figure is not in the public reporting we could read, and this article does not state one. The growth rate is reported but the base it applies to is not. Multiplying an unpublished base by a published rate would produce a number that looks precise without being substantive.
The composition of the loss is also unstated. A widening loss driven by manufacturing scale-up reads very differently from one driven by unit economics that do not work, and nothing available distinguishes the two.
The listing ambition
A Nasdaq listing in 2027 was the stated destination, and a company that files a wider loss two years out is not disqualified from that. Plenty of loss-making hardware companies list. What changes is the story it has to tell investors.
Listing on growth requires the losses to be visibly converging. Two data points do not make a trend, and the 2026 accounts are the ones that will show whether 2025 was a scale-up year or a direction.
