Black Sesame International Holding (2533) investor relations material

Executive summary

• Revenue for the six months ended June 30, 2026 rose 81.3% year-over-year to RMB458.5 million, driven by expansion in driving assistance and embodied AI businesses.

• Gross profit increased 261.9% to RMB226.9 million, with gross margin improving from 24.8% to 49.5% due to higher-margin product mix.

• Net loss widened slightly to RMB770.3 million, while adjusted net loss (excluding share-based compensation) was RMB643.2 million.

• Over 6 million chips shipped in H1 2026, with significant progress in both automotive and robotics segments.

Financial highlights

• Revenue: RMB458.5 million (up 81.3% YoY); gross profit: RMB226.9 million (up 261.9% YoY).

• Gross margin: 49.5% (vs. 24.8% in H1 2025); net loss: RMB770.3 million (vs. RMB762.4 million YoY).

• Adjusted net loss: RMB643.2 million (vs. RMB548.7 million YoY).

• R&D expenses increased 39.1% to RMB859.7 million, reflecting continued investment in AI and chip development.

• Cash and cash equivalents at period end: RMB1,138.5 million.

Outlook and guidance

• Focus remains on scaling on-device AI inference solutions across intelligent vehicles, robotics, and general AI markets.

• Plans to deepen mass production of high-computing-power products and expand custom chip business.

• Continued R&D in next-generation chips and core IP, with emphasis on high-bandwidth interconnect and data compression.

• Management expects to leverage multi-business synergies and open ecosystem strategy for long-term growth.