Maase (MAAS) H2 2026 earnings summary

Executive summary

• FY2026 marked a pivot from wealth management and insurance agency operations toward computing power and algorithms, smart technology and new energy, and health and wellness products.

• Continuing operations generated RMB183.4 million in revenue; computing power and algorithm solutions contributed 83.8%, while discontinued operations drove most of the consolidated net loss.

Financial highlights

• Revenue was RMB183.4 million (US$27.0 million); the FY2025 continuing-operations comparison was nil after discontinued operations were reclassified, so periods are not comparable.

• Operating loss was RMB23.7 million (US$3.5 million); continuing-operations net loss was RMB21.2 million (US$3.1 million).

• Consolidated net loss was RMB1.860 billion (US$274.2 million), including RMB1.839 billion from discontinued operations; net loss attributable to owners was RMB187.2 million (US$27.6 million).

• Basic net loss per share was RMB0.642 (US$0.095), versus RMB26.033 in FY2025; the share consolidation and major changes in operations affect comparisons.

• Operating cash flow used RMB103.4 million; investing cash flow used RMB108.4 million; financing cash flow provided RMB123.7 million in FY2026.

Outlook and guidance

• Computing power and algorithm solutions revenue is expected to rise in absolute terms and as a share of revenue, while its currently lower gross margin may weigh on consolidated gross margin near term.

• Margin improvement depends on cost control, delivery efficiency, and a larger share of customized solutions; normalized segment gross margin is expected to approach that of smart technology and new energy solutions.

• Current cash and cash equivalents plus anticipated operating cash flow are expected to cover working capital and capital expenditures for at least 12 months; additional financing may still be needed.

• Stars Distributed Intelligent Computing Center remains in planning; timing, financing, construction, utilization, and commercial outcomes remain uncertain.