Moore Threads posts first positive adjusted net profit in a quarter
Moore Threads reported third-quarter 2026 revenue of RMB1.552 billion and adjusted net profit of RMB20.07 million, marking its first quarterly adjusted profit. Revenue rose 1,773.92% year over year, but the company still reported a RMB131 million adjusted loss for the first nine months and an operating cash outflow of RMB3.309 billion. The company attributed growth to demand for full-function GPUs and said MTT S5000 deployments were expanding across cloud, telecom and intelligent-computing customers.
The first positive adjusted quarterly profit marks an important commercialization milestone for a domestic AI-chip company, while heavy R&D spending and cash outflow show that sustained profitability remains uncertain.
摩尔线程交出了第一份单季扣非净利润转正的财报。
10月28日晚，摩尔线程发布2026年第三季度报告，该季度实现营业收入15.52亿元，同比增长1773.92%，环比增长55.4%；归母净利润4926.04万元，扣非归母净利润2007.24万元，均同比扭亏为盈。
收入创下单季度新高，增长开始反映在利润上，对于仍需持续投入研发的GPU企业，扣非转正是一个值得关注的变化。它意味着，在剔除相关非经常性损益后，摩尔线程当季仍实现了盈利。当然，第三季度扣非净利率约为1.29%，利润空间还不厚。
把时间线延长到前三季度，摩尔线程累计营收32.89亿元，归母净利润3769.73万元，扣非归母净利润仍亏损约1.31亿元。
这使得摩尔线程成为观察国产GPU商业化的一个样本，当销售规模扩大，市场会进一步关注收入如何转化为利润，以及增长需要付出多少资金成本。
