Moore Threads Plans Hong Kong Listing After H1 2026 Revenue Surges 147%, Narrows Loss to $1.7M

First-Half 2026 Financial Results

H1 2026 revenue alone already surpassed the company's full-year 2025 revenue of roughly RMB 1.5 billion . Moore Threads had already turned profitable on a net-profit-attributable basis in Q1 2026, posting a net profit of RMB 29.36 million, before returning to a small loss in H1 overall .

What Drove the Revenue Surge

The revenue surge was driven by mass production of Moore Threads' flagship GPUs, which ignited domestic AI computing demand as Chinese enterprises accelerated adoption of domestic chips as an alternative to Nvidia . The broader AI industry boom in China drove demand for Moore Threads' full-function GPUs in data centers and AI training/inference workloads . The company noted accelerated deployment of multi-thousand-GPU intelligent computing clusters as a key factor .

R&D Spending and Workforce

R&D expenses in H1 2026 reached RMB 769 million, up 38.16% year-over-year . Cumulative R&D investment since 2022 totaled nearly RMB 5.9 billion . The company held 2,167 filed patent applications and 788 authorized patents as of June 30, 2026 . Moore Threads had approximately 1,215 employees as of March 2026, up 7.3% from 1,132 in 2023 .

Supply Chain Actions Affecting Cash Flow

To ensure supply chain stability amid rising demand and geopolitical constraints, Moore Threads proactively increased inventory procurement . This resulted in a net cash outflow from operating activities of RMB -2.169 billion in H1 2026, reflecting heavy pre-payments and inventory buildup to secure chip supply . By the end of Q1 2026, the company's prepayments had grown to RMB 2.361 billion and inventory to RMB 2.195 billion, underscoring the scale of the supply chain stockpiling effort .