Moore Threads has released its semiannual report for 2026, reporting revenue of 1.736 billion yuan for the first half, up 147.42% from a year earlier. Net loss attributable to shareholders came in at 11.56 million yuan, narrowing by about 259 million yuan from the same period last year. Net loss attributable to shareholders after non-recurring items was 151 million yuan, down 52% year over year.
In the second quarter alone, revenue was about 999 million yuan, up 35.4% from the previous quarter. R&D spending in the first half totaled 769 million yuan, accounting for 44.3% of revenue. The company said the improvement in performance was driven by AI computing demand and faster commercialization of its Kua’e intelligent computing cluster.
By the end of the period, the book value of inventory stood at 3.55 billion yuan, up 166.5% from the end of last year and the highest level in four years. Moore Threads said the increase was the result of proactive inventory buildup to meet market demand.
On the same day, the company also announced plans to issue H shares and apply for a listing on the main board of the Hong Kong Stock Exchange. That move comes about eight months after its December 2025 listing on Shanghai’s STAR Market. If completed, the company would establish an A+H listing structure.
The filing said the proposed offering still needs approval from shareholders at a general meeting as well as regulatory clearance, and remains uncertain. Another China-listed domestic GPU company, MetaX, started its own H-share plan in June, with an even shorter interval.
Moore Threads is also accelerating work on its next-generation “Huagang” architecture and the development of its Huashan and Lushan chips. In cash flow terms, net operating cash outflow in the first half reached 2.169 billion yuan, up about 86% from a year earlier.