Molecule Thread Q1 Report: Revenue of 738 million yuan, up 155.35% year-over-year

Moore Threads (688795.SH) discloses Q1 2026 and 2025 annual reports. According to the report, in the first quarter of 2026, Moore Threads achieved revenue of 738 million yuan, a year-on-year increase of 155.35%; net profit attributable to the parent company was 29 million yuan, an increase of 142 million yuan compared to the same period last year; net profit attributable to the parent company after non-recurring gains and losses was a loss of 54 million yuan, narrowing the loss by 60.10% year-on-year.
Moore Threads achieved revenue of 1.51B yuan in 2025, a year-on-year increase of 243.37%; gross profit reached 987 million yuan, a growth of 218.43% compared to the same period last year; net profit attributable to the parent company and net profit attributable to the parent company after non-recurring gains and losses respectively narrowed losses by 38.16% and 33.38% compared to the same period last year.
After excluding the impact of share-based payments, the net loss in 2025 was 648 million yuan, narrowing by 847 million yuan from the same period last year, with a reduction rate of 56.65%. At the same time, Moore Threads maintained high-intensity R&D investment, with annual R&D expenses of 1.31B yuan, accounting for 86.68%.
As AI computing power demand surges, as a leading domestic GPU company, Moore Threads’ commercialization process continues to accelerate, achieving a large order of 660 million yuan for the Quwa Intelligent Computing Cluster in Q1 2026.
Meanwhile, Moore Threads stated that the company is one of the few in the market to truly realize large-scale cluster commercialization applications at the thousand-card and ten-thousand-card levels, with its intelligent computing cards deployed in multiple intelligent computing centers and cloud service platforms.
Based on the new generation “Huagang” architecture, the company is promoting the construction of a super-large-scale intelligent computing cluster with 100,000 cards and the development of core technologies such as super nodes.