Moore Threads posts first quarterly non-GAAP profit on surging AI GPU revenue
Moore Threads reported third-quarter revenue of RMB 1.552 billion, up 1,773.92% year over year, with attributable net profit of RMB 49.26 million and non-GAAP net profit of RMB 20.07 million. Revenue for the first nine months reached RMB 3.289 billion, up 319.15%, while attributable net profit was RMB 37.70 million. However, the nine-month non-GAAP result remained a RMB 131 million loss, gross margin fell to 53.71%, and operating cash flow was negative RMB 3.309 billion, according to 36Kr, TMTPost and IT之家 AI.
The results mark a notable commercial milestone for a domestic Chinese AI GPU maker, but the cumulative non-GAAP loss, lower gross margin and heavy operating cash outflow show that sustainable profitability has not yet been established.
（本文作者为 AIX财经，钛媒体经授权发布）
文 | AIX财经，作者 | 李梦冉，编辑 | 魏佳
国产GPU队伍里，又有一家迈过了盈利门槛。
10月28日晚，摩尔线程发布2026年三季报。第三季度，公司实现营收15.52亿元，同比增长1773.92%；归母净利润4926万元，扣非归母净利润2007万元，首次实现单季度扣非盈利。前三季度累计营收32.89亿元，同比增长319.15%，延续了上半年的高增长态势。
在摩尔线程、沐曦股份、壁仞科技、燧原科技和天数智芯组成的国产GPU“五小龙”中，摩尔线程上半年营收规模位居第一，但市值一度落后于沐曦股份。从2025年底到今年9月，五家公司陆续登陆资本市场，国产GPU板块经历了上市初期的估值狂欢，随后迎来了股价回调。10月28日，摩尔线程股价上涨5.84%，收于381.50元，总市值约1793亿元，较上市以来的高点回落近六成。