Moore Threads Turns Profitable in First Three Quarters with 319% YoY Revenue Surge
nashnova research
Chinese GPU maker Moore Threads posted RMB 3.289 bn in revenue for the first three quarters, up 319% year-on-year, with net profit turning positive at RMB 37.7 mn — but profit after stripping out one-off items remains negative.
What do the headline numbers actually say?
First-three-quarter revenue hit RMB 3.289 bn, up 319% YoY; net profit attributable to the parent reached RMB 37.7 mn, versus a RMB 724 mn loss a year earlier.
This means → Moore Threads has crossed from heavy cash-burn into book-level profitability, a sharp turnaround among domestic GPU companies.
But recurring net profit — stripping out subsidies and one-off gains — was still negative RMB 131 mn, meaning core operations alone are not yet in the black.
Why does Q3 stand out?
Q3 alone delivered RMB 1.552 bn in revenue, up 1,774% YoY; net profit was RMB 49.3 mn, and even recurring net profit reached RMB 20.1 mn.
In plain terms = in Q3, Moore Threads turned a profit even after stripping out one-offs — something it failed to do in either of the first two quarters.
This reflects a second-half surge in AI compute procurement, with the MTT S5000 smart-computing GPU accelerating adoption among cloud providers, telecom operators, and AI data centres.
What is driving the growth?
The company attributes the jump to strong AI-industry demand for full-function GPUs, with customers spanning cloud providers, telecom operators, and smart-computing centres.
The flagship product is the MTT S5000, positioned for AI training and inference workloads.
This means → the revenue surge is not a consumer-graphics volume play; it rides on enterprise demand for domestic compute substitution.
How real is this profit turnaround?
Net profit turned positive, but recurring net profit for the first three quarters was still negative RMB 131 mn — much narrower than last year, yet not positive.
In plain terms = the company is profitable on paper, but part of that profit comes from subsidies or one-off gains, not purely from selling products.
Whether Moore Threads can sustain recurring profitability for the full year is the key test of its earnings quality.
市场有风险，内容仅供研究参考，不构成投资建议。