The Pulse
Moore Threads’ Q3 Revenue Soars 1,774% on AI GPU Demand
Moore Threads reported third-quarter revenue of 1.552 billion yuan, up 1,773.92% year over year, and returned to quarterly profit. Its nine-month results also show a loss excluding non-recurring items, heavy research spending and increased
AI.info Team · Written with AI · fact-checked ·
AI demand drove a 19-fold quarterly jump
Moore Threads booked 1.552 billion yuan ($218 million) in third-quarter revenue, a 1,773.92% increase from the same period a year earlier, according to its unaudited report released on October 28. The Beijing-based GPU maker also posted 49.26 million yuan in net profit attributable to shareholders, compared with a loss a year earlier. Profit excluding non-recurring items was 20.07 million yuan for the quarter.
The company tied the sales surge to demand for computing capacity and full-function GPUs as AI infrastructure projects expand. It said products led by its MTT S5000 intelligent-computing GPU gained customer acceptance, and that business accelerated across cloud and internet providers, token-service providers, AI startups, telecom operators, computing centers, research organizations, government and enterprise customers, and other industry customers.
“主要系人工智能产业对优质算力及全功能 GPU 的强劲需求，公司战略性布局“模型训练工厂”“词元生产工厂”“智能体生产工厂”三大 AI 工厂，以 MTT S5000 为代表的智算产品性能获得客户高度认可，并在互联网及云服务商（CSP）、词元服务商（TSP）、AI 创新企业、运营商及智算中心、科研/政企、行业客户等核心人工智能算力基础设施行业实现业务加速落地，公司市场竞争优势进一步扩大，推动收入快速增长。”
English translation: The increase was mainly due to strong AI-industry demand for high-quality computing power and full-function GPUs. The company’s three AI factories are for model training, token production and AI agents. Its intelligent-computing products, represented by the MTT S5000, received high customer recognition, and business accelerated across core AI computing infrastructure sectors, expanding the company’s market advantage and driving rapid revenue growth.
The authors write in Moore Threads’ third-quarter 2026 report.
Profit returned, but nine-month results need qualification
For the first nine months of 2026, revenue reached 3.289 billion yuan, up 319.15% year over year. Net profit attributable to shareholders was 37.70 million yuan, compared with a loss in the same period last year. But the company recorded a 130.75 million yuan loss after excluding non-recurring gains and losses, including government subsidies and gains from financial assets.
The distinction matters: the headline profit does not mean every part of the business had turned profitable. Research and development spending reached 1.34 billion yuan for the nine months, up 55.72% year over year and equal to 40.75% of revenue. Moore Threads said it was advancing work on HuaGang, its next-generation full-function GPU architecture.
Inventory growth coincided with heavy cash use
Operating activities used 3.309 billion yuan in cash during the first three quarters. Moore Threads said higher operating purchases followed an expansion in production and strategic stockpiling intended to meet rising demand and support supply-chain resilience.
Inventory stood at 3.363 billion yuan on September 30, up from 1.332 billion yuan at the end of 2025. The company also reported 2.599 billion yuan in prepayments, compared with 1.782 billion yuan at year-end. Those balances show the scale of resources tied up as the company prepares for expected orders; they do not establish how quickly those supplies will turn into sales.
Three AI “factories” frame Moore Threads’ strategy
The report describes a strategy built around three AI factories: one for model training, one for token production and one for AI agents. The company presents the approach alongside its GPU products as a push to sell into multiple stages of AI computing, rather than relying on graphics-card demand alone.
The third-quarter numbers mark a sharp change in scale, but the report also shows the costs and risks of meeting that demand: continued spending on a new architecture, a large stock of inventory and substantial operating cash use. The filing is unaudited, and its figures leave a clear measure for subsequent quarters: whether customer acceptance translates into sustained revenue and whether the inventory build eases as sales grow.