Moore Threads reported 1H26 revenue of 1.736 bln yuan, up 147.42% YoY and
exceeding full-year 2025 revenue. Gross profit was 989 mln yuan, up 103.78% YoY.
Parent-company net loss narrowed 95.73% YoY; parent-company net loss excluding
non-recurring items narrowed 52.37% YoY. 1H26 R&D spend was 769 mln yuan, up
38.16% YoY; cumulative R&D since 2022 is nearly 5.9 bln yuan. Commercialization
accelerated: the MTTS5000 intelligent computing cluster reached scaled sales and
has been deployed in Beijing, Wuxi and Hangzhou; it was among the first batch to
pass the national Safety and Reliability assessment. The company reports
multiple breakthroughs in high-end training capability, including training
domestic models on domestic chips, and is expanding penetration into the internet
and telecom operator clients to broaden application scenarios. The MUSA
software-stack ecosystem continues to mature, with developer numbers exceeding
800,000.
