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

Moore Threads Q3 revenue hits 1.552B yuan, first non-GAAP quarterly profit

KEY FACTS

Moore Threads posted 1.552 billion yuan in third-quarter 2026 revenue, up 1773.92% year over year.
Net profit attributable to shareholders for the quarter was 49.26 million yuan, with non-GAAP net profit of 20.07 million yuan, marking its first profitable quarter on a non-GAAP basis.
Cumulative revenue for the first three quarters reached 3.289 billion yuan, up 319.15% year over year, while non-GAAP losses remained at 131 million yuan.
Net operating cash outflow for the first three quarters was 3.309 billion yuan, and inventory rose to 3.363 billion yuan.
Third-quarter R&D spending was 571 million yuan, up 87.89% year over year.

KEY DATA

1.552 billion yuanQ3 revenue

1773.92%Q3 revenue YoY

20.07 million yuanQ3 non-GAAP net profit

-3.309 billion yuanFirst three quarters net operating cash flow

PHYSIX OBSERVATION

The single-quarter turnaround rests on revenue volume diluting R&D costs, but the non-GAAP net margin is only 1.3%, and nearly 60% of attributable profit comes from non-recurring gains and losses. Large operating cash outflows and doubled inventory show the company is still trading cash for scale. For domestic GPUs, the gap between being able to sell and being able to consistently make money still runs through two barriers: collections and inventory.

Source: TMTPost report