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Thaler

Sensing4D AI Ltd

Filed to go publicCIK 2087307

Services-Prepackaged Software, SIC 7372 · Incorporated in the Cayman Islands

Filed
Oct 21, 2026
Pages
212
Underwriters
—

Road to listing

  1. Draft submittedDec 22 · DRSA first draft of the registration statement, sent to the SEC in confidence.0001213900-25-124291
  2. Draft amendedFeb 17 · DRS/A0001213900-26-016671
  3. Draft amendedMar 25 · DRS/A0001213900-26-033965
  4. Draft amendedMay 1 · DRS/A0001213900-26-050737
  5. Draft amendedJul 23 · DRS/A0001213900-26-080793
  6. Draft amendedAug 17 · DRS/A0001213900-26-090575
  7. Filed in publicOct 21 · F-1The registration statement, public for the first time.0001213900-26-111161
  8. Price range setNot yet · F-1/AAn amendment fills in the price range and the number of shares.
  9. RoadshowNov 5 at the earliestA company that filed drafts in confidence must file in public at least 15 days before its roadshow begins.
  10. EffectiveNot yet · EFFECTThe SEC declares the registration statement effective, and the shares can be sold.
  11. PricedNot yet · 424B4The final prospectus, with the price the shares sold at.
  12. First tradeNot yet · F-1The shares open on the exchange, and the desk covers the company in full.

The company sent the SEC 6 drafts in confidence over 303 days, then filed in public on October 21, 2026. Its roadshow can begin November 5, 2026 at the earliest, 15 days after the public filing. The dashed stops are still to come.

Revenue
FY 2026+68.2% on FY 2025
Income from operations
FY 2026from CN¥7.03M in FY 2025
Net income
FY 2026from CN¥6.73M in FY 2025
Total assets
Mar 31, 2026Liabilities CN¥7.08M

Reading

Revenue and its largest cost

Revenue against operating expenses, period by period.

Each dollar of revenue took CN¥0.15 of operating expenses in FY 2025 and CN¥0.16 in FY 2026.

Total revenuesOperating expenses
FY 2025FY 2026
Income from operationsCN¥7.03MCN¥6.78M
Operating expenses per $1 of revenueᵈCN¥0.15CN¥0.16

Statement of operations

38 of 38 checks passed

As filed, in the prospectus’s own lines, in CNY.

LineFY 2025FY 2026
Total revenues
Cost of integrated AI-powered 3D solutions
Cost of products sales
Total cost of revenues
Gross profit
Selling and marketing expenses
General and administrative expenses
Research and development expenses
Total operating expenses
Cost of revenues
Operating expenses
Income from operations
Interest expenses, net
Other income, net
Total other expenses, net
Income before income taxes
Income tax benefits
Net income
Integrated AI-powered 3D solutions
Products sales

Balance sheet

As filed, in the prospectus’s own lines, in CNY.

LineMar 31, 2025Mar 31, 2026
Cash
Accounts receivable, current, net
Contract costs—
Short-term investments—
Prepaid expenses and other current assets
Total current assets
Deferred offering costs—
Property and equipment, net
Intangible asset, net
Operating right-of-use assets, net
Deferred tax assets, net
Accounts receivable, non-current, net
Other non-current assets
Total non-current assets
Total assets
Short-term borrowings
Accounts payable
Deferred revenue
Amount due to a related party—
Long-term borrowings, current—
Operating lease liabilities, current
Accrued expenses and other current liabilities
Total current liabilities
Operating lease liabilities, non-current
Long-term borrowings, non-current—
Total non-current liabilities
Total liabilities
Ordinary shares
Additional paid-in capital
Accumulated deficits
Accumulated other comprehensive loss—
Total shareholders’ equity
Total liabilities, mezzanine equity and shareholders’ equity

Read from the prospectus’s tables, merged into one statement: the audited financial statements first, every other table checked against them.

From SEC EDGAR · Form F-1 · 0001213900-26-111161 · filed October 21, 2026