MetaX (688802) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 reached RMB 561.92 million, up 75.37% year-over-year, driven by strong GPU product shipments and customer demand.

• Net loss attributable to shareholders narrowed to RMB 98.84 million from RMB 232.51 million in Q1 2025.

• R&D investment increased 16.27% year-over-year to RMB 253.35 million, representing 45.09% of revenue.

Financial highlights

• Operating loss for Q1 2026 was RMB 88.51 million, a significant improvement from RMB 231.73 million loss in Q1 2025.

• Basic and diluted EPS were both -0.25, compared to -0.90 in the prior year.

• Total assets at quarter-end were RMB 13.56 billion, slightly down from RMB 13.67 billion at year-end 2025.

• Net cash outflow from operating activities was RMB 549.52 million, compared to RMB 531.32 million outflow in Q1 2025.

Outlook and guidance

• Management attributes revenue growth to increased market recognition and sustained procurement of GPU products.