Beyond Photovoltaics: How Cybrid’s Platform Strategy is Creating Long-Term Value

A New Phase of Growth

The photovoltaic (PV) industry continues to navigate one of its most challenging market cycles. While many companies remain focused on short-term recovery, a more fundamental transformation is taking place at Cybrid Technologies.

According to the company’s latest investor update, non-PV businesses accounted for approximately 30% of total revenue in the first quarter of 2026, representing a significant increase from the previous year.

This is not a story about finding a temporary “second growth engine.” Rather, it reflects a long-term strategy that has been in place since the company’s founding—a strategy built on advanced polymer materials, platform innovation, diversification, globalization, and continuous technological development.

As differentiated PV products gain traction, international business expands, and non-PV applications continue to grow, Cybrid’s platform strategy is becoming increasingly evident.

PV Remains the Foundation—But the Growth Model Has Changed

Despite the current industry downturn, photovoltaics remain Cybrid’s core business.

However, market competition has evolved. Success is no longer driven solely by manufacturing scale but increasingly by:

• Differentiated technologies
• High-value applications
• Global customer support
• Reliable product performance

One of the most notable examples is RayBo® Film, Cybrid’s proprietary UV conversion film.

Supported by a comprehensive global patent portfolio, RayBo® Film helps customers improve module efficiency while reducing intellectual property risks.

More importantly, the technology is compatible with multiple next-generation solar cell platforms, including:

• HJT
• TOPCon
• BC
• Perovskite

Its commercial adoption continues to expand across Asia, Europe, and North America.

During SNEC 2026, JA Solar selected RayBo® Film for its DeepBlue 4.0/5.0 module solutions designed for high-UV environments such as deserts and arid regions.

This demonstrates that UV conversion technology is evolving from a simple efficiency-enhancing material into an important solution for long-term module reliability under demanding environmental conditions.

International Expansion Is Accelerating

Globalization has become another key driver of Cybrid’s growth.

In 2025, overseas business represented 23.57% of total revenue, and that proportion continued to increase during the first quarter of 2026.

Within encapsulation materials, overseas sales now account for approximately 42% of total encapsulant revenue.

International markets provide:

• Stronger customer diversification
• Higher technical requirements
• Better value-added opportunities
• Improved profitability

Cybrid’s Vietnam manufacturing facility continues to operate at high utilization to support international customers, while additional regional manufacturing planning—including Turkey—is under evaluation to further strengthen local supply capabilities.

Importantly, globalization extends beyond PV materials.

The company’s battery pack materials and power transmission products are also expanding into North America, Europe, and other global markets, serving leading automotive and energy companies.

Platform Strategy Is Being Validated

Perhaps the most significant milestone is the rapid growth of non-PV business.

With approximately 30% of revenue now coming from non-photovoltaic applications, Cybrid is increasingly demonstrating that its business extends well beyond solar materials.

Since its establishment, the company has focused on building an advanced polymer materials platform capable of developing functional materials for multiple industries.

This platform now supports applications across:

• Solar energy
• Electric vehicles
• Energy storage systems
• Consumer electronics
• Consumer products
• Power electronics

Unlike companies dependent on a single product category, a platform-based materials company can leverage the same core technologies across multiple industries, reducing dependence on any single market cycle.

Battery Pack Materials Continue to Expand

Transportation and electronic power materials have become one of Cybrid’s fastest-growing business segments.

In 2025, revenue from this segment increased by approximately 45% year-over-year, accounting for around 26% of total company revenue.

Over the past several years, Cybrid has developed a comprehensive portfolio including:

• Cold plate insulation films
• Busbar insulation films
• CCS hot-press films
• FFC hot-press films

These proprietary products have been supplying industry leaders such as BYD and CATL for nearly eight years while also supporting leading European and North American automotive manufacturers through global supply chains.

Today, these proven insulation, bonding, thermal management, and reliability technologies are expanding beyond electric vehicles into:

• Energy storage systems
• Power electronics
• Industrial electrical applications

This reflects the true strength of Cybrid’s platform strategy—leveraging validated material technologies across multiple high-growth industries.

Expanding into Consumer Electronics and Consumer Materials

Cybrid is also extending its material expertise into consumer markets.

In consumer electronics, the company continues to develop:

• Acoustic diaphragm materials
• OLED protective films
• Fingerprint module materials
• Debonding adhesive tapes

Several products have already entered mass production, while additional solutions remain under customer qualification.

In consumer materials, the acquisition of Jinlan Nano represents another strategic milestone.

During the first quarter of 2026:

• Revenue increased by 37.62%
• Gross margin reached 53.32%
• Retail stores expanded by 300%

This business is expected to further strengthen Cybrid’s long-term growth and profitability.

Looking Ahead

Cybrid’s transformation is not about moving away from photovoltaics.

Instead, it is about realizing a long-established vision of becoming a global advanced polymer materials platform.

Photovoltaics remain the company’s foundation, supported by differentiated technologies such as RayBo® Film, international expansion, and continuous product innovation.

At the same time, growing contributions from battery materials, power electronics, consumer electronics, and consumer products are creating a more diversified and resilient business structure.

With non-PV businesses now contributing approximately 30% of total revenue, Cybrid’s platform strategy is no longer simply a vision—it is becoming a measurable business reality.

As the company continues to innovate across multiple industries, its future will increasingly be defined not by a single market, but by the strength of its advanced materials platform and its ability to create value across diverse applications.