For Moore Threads (688795.SH), here is the summary regarding recent quarterly changes, the outlook for the next quarter, and EPS projections:
Key Changes This Quarter
- First Single-Quarter Profitability: In Q1 2026, the company achieved a net profit of 29.4M RMB, a significant improvement from the 112.5M RMB loss in the same period last year. This marks the company’s first quarterly profit since inception, reflecting accelerated commercialization in China’s domestic substitution market.
- Robust Revenue Growth: Revenue reached 738M RMB in Q1, a year-over-year increase of 155.35%, primarily driven by strong demand for AI intelligent computing centers.
- Equity Unlocking Pressure: The company faced a small-scale unlocking of restricted shares in June 2026 (0.18% of total equity). The market is closely monitoring potential selling pressure. Larger tranches are scheduled for September (5.48%) and December (39.55%), which could lead to stock price volatility.
- Asset Expansion: As of the end of Q1 2026, both inventory and prepayments showed significant growth compared to the end of 2025 (inventory increased by 64.8%), indicating active stocking to fulfill future large-scale intelligent computing cluster orders.
Outlook for Next Quarter
- Business Focus: The company will continue to deepen its full-stack “Cloud, Edge, and Terminal” AI product layout. The focus remains on the delivery capabilities of the MTT S5000 intelligent computing cluster and scaling the commercial use of the “KUAE” platform to sustain revenue momentum.
- Technical Iteration: CEO Zhang Jianzhong has emphasized that 2026 will focus on breakthrough core technologies and accelerating the R&D and launch of next-generation chips to compete with other domestic GPU players (such as Cambricon and Hygon Information).
- Market Competition: As competition for AI infrastructure in China intensifies, market focus is shifting from “hardware specifications” to “cost per token,” “software ecosystem compatibility,” and “customer penetration.” The company needs to continue building its software moat to solidify its position in the AI computing supply chain.
EPS Projections for the Next Year
According to projections from market research firms and analysts, Moore Threads’ profitability is expected to improve gradually as economies of scale emerge:
| Year | EPS Forecast Trend |
| 2025 (Actual) | Approx -2.01 RMB |
| 2026 (Estimate) | Near breakeven, with some analysts projecting a range of 0.00-0.10 RMB |
| 2027 (Estimate) | Expected significant growth as revenue scales toward the 5B RMB mark |
Note: EPS projections are highly volatile and depend on the actual delivery schedule of AI intelligent computing cluster orders and the efficiency of R&D cost management.
Sources: Simply Wall St, Smartkarma, Futu News
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