Chinese GPU maker Moore Threads reported its 2026 third-quarter results on October 28, TMTPost reported: revenue of 1.552 billion yuan, up 1,773.92% year over year and 55.4% quarter over quarter; net profit attributable to shareholders of 49.26 million yuan and non-GAAP net profit of 20.07 million yuan, both turning positive — the company's first profitable quarter on a non-GAAP basis, ahead of the 2027 profitability target it had previously set.
Over the first three quarters, cumulative revenue reached 3.289 billion yuan, up 319.15%; net profit was 37.70 million yuan against a 724 million yuan loss in the same period last year, while non-GAAP losses narrowed to about 131 million yuan. The company attributed revenue growth to AI-driven demand for compute and full-function GPUs, and to the rapid deployment of its MTT S5000-based compute products.
Its customer list tracks that ramp: internet and cloud providers, token service providers, AI startups, carriers and intelligent computing centers. In September, Moore Threads announced a deep partnership with JD Cloud to build a 100,000-card full-function GPU cluster; China Mobile disclosed S5000 deployments at its Beijing Token Center Shunyi node; and in October, the Wuxi Huishan domestic intelligent computing center ran phase one at full load, with S5000-based prefill-decode disaggregated inference already carrying real token traffic from leading model vendors.
The other side of expansion is cash consumption. Operating cash flow for the first three quarters was -3.309 billion yuan, which the company attributed to capacity expansion and strategic inventory build; inventory stood at about 3.363 billion yuan at the end of September, up from 1.332 billion at the end of last year. R&D spending hit 1.34 billion yuan for the nine months — already above the 1.305 billion spent in all of 2025 — as the next-generation "Huagang" full-function GPU architecture advances.
Moore Threads is not alone: Cambricon posted 9.526 billion yuan in nine-month revenue with 3.715 billion yuan net profit; Hygon booked 14.955 billion yuan revenue and 2.847 billion yuan net profit; MetaX guided to a first profitable stretch. With inference share climbing and token service providers emerging as new buyers, China's domestic compute race has moved from "does it work" to "can it deliver on time, at volume" — Moore Threads' non-GAAP turn is the plainest earnings footnote of that shift.