Unitree Q3 revenue up nearly 70%, non-GAAP net profit down 17%: what are the key facts?

Unitree Technology disclosed its first quarterly report after going public on October 28: Q3 revenue was 665 million yuan, up 69.93% year over year.

Unitree Q3 revenue up nearly 70%, non-GAAP net profit down 17%: what are the key facts?

Non-GAAP net profit attributable to shareholders for the first three quarters was 349 million yuan, down 18.78% year over year, moving opposite to revenue growth.

Unitree Q3 revenue up nearly 70%, non-GAAP net profit down 17%: what are the key facts?

R&D spending for the first three quarters was 263 million yuan, up 191.48% year over year, mainly directed at embodied large models and compute.

Unitree Q3 revenue up nearly 70%, non-GAAP net profit down 17%: what are the key facts?

Gross margin for the first three quarters was about 54.02%, down 5.73 percentage points from a year earlier, with operating costs growing faster than revenue.

Unitree Q3 revenue up nearly 70%, non-GAAP net profit down 17%: what are the key facts?

On October 25, JPMorgan raised its Unitree target price from 300 yuan to 995 yuan and upgraded the rating to Overweight.

Physix Frontier · News Briefing Card (enbrief · Oct 29, 2026)

Unitree Q3 revenue up nearly 70%, non-GAAP net profit down 17%

KEY FACTS

Unitree Technology disclosed its first quarterly report after going public on October 28: Q3 revenue was 665 million yuan, up 69.93% year over year.
Non-GAAP net profit attributable to shareholders for the first three quarters was 349 million yuan, down 18.78% year over year, moving opposite to revenue growth.
R&D spending for the first three quarters was 263 million yuan, up 191.48% year over year, mainly directed at embodied large models and compute.
Gross margin for the first three quarters was about 54.02%, down 5.73 percentage points from a year earlier, with operating costs growing faster than revenue.
On October 25, JPMorgan raised its Unitree target price from 300 yuan to 995 yuan and upgraded the rating to Overweight.

KEY DATA

1.817 billion yuanFirst three quarters revenue

69.93%Q3 revenue YoY

-18.78%First three quarters non-GAAP net profit YoY

7.354 billion yuanCash at end of September

PHYSIX OBSERVATION

Revenue and non-GAAP profit are moving in opposite directions, which shows Unitree is trading hardware profit for a ticket into embodied intelligence. Single-quarter R&D spending is close to the total for the entire first half; the money is being spent decisively, but the models have not yet landed at scale. Institutional target prices range wildly from 350 yuan to 995 yuan, essentially a bet on the commercialization timetable for physical AI. In the short term, watch the financials; in the long term, watch real-machine orders. Whether non-GAAP profit holds steady in Q4 is the key observation point.

Source: enbrief original report ↗