Moore Threads Technology (688795) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached RMB 1.74 billion, up 147.42% year-over-year, driven by AI industry growth and strong demand for full-function GPUs, with accelerated commercialization of large-scale compute clusters.

• Net loss attributable to shareholders narrowed sharply to RMB -11.56 million from RMB -270.94 million year-over-year, with adjusted net loss (excluding non-recurring items) at RMB -150.82 million.

• Gross margin was 56.95%, with gross profit up 103.78% year-over-year.

• R&D investment remained high at RMB 769 million, up 38.16% year-over-year, representing 44.3% of revenue.

• The company continues to lead in domestic GPU technology, with significant progress in large-scale AI compute clusters and edge/terminal AI solutions.

Financial highlights

• Operating cash outflow increased to RMB -2.17 billion, mainly due to expanded production and procurement.

• Total assets at period-end were RMB 16.92 billion, up 10.34% from year-end 2025.

• Net assets attributable to shareholders rose 6.26% to RMB 12.18 billion.

• Basic and diluted EPS improved to -0.02 from -0.68 year-over-year.

• Adjusted net profit (excluding share-based payments) turned positive at RMB 83.53 million.

Outlook and guidance

• Management expects continued strong demand for AI compute infrastructure and full-function GPUs, with ongoing product iteration and ecosystem expansion.

• The company will maintain high R&D intensity and focus on next-generation chip architectures and diversified product lines.