Moore Threads' $230M Loss in Six Months: A 'Stop-Bleeding' Signal for Domestic GPUs, But Profitability Remains Distant

Moore Threads delivered an undeniable report card: H1 2026 revenue of RMB 1.65–1.75 billion, a YoY increase of over 135%. If you only look at this number, many would think the spring for domestic GPUs has arrived. But as someone who returned from Silicon Valley and has seen too many hardware startups rise and fall, I need to remind everyone: Revenue growth does not equal profitability, nor does it mean the business model is proven. Moore Threads projected a loss of about RMB 1 billion in 2025. Even with H1 revenue of RMB 1.65 billion and an assumed 40% gross margin, half-year gross profit is only RMB 660 million. After deducting R&D, sales, and admin expenses, profitability remains difficult. The real turning point lies in the speed of narrowing losses and the quality of cash flow.