Mobvoi (2438) H1 2026 earnings summary

Executive summary

• H1 2026 revenue was RMB78.7m; loss for the period was RMB49.6m and adjusted net loss was RMB44.7m, versus RMB178.9m revenue and RMB2.9m loss in H1 2025.

• Strategy shifted resources away from legacy AIGC software and end-of-life hardware toward TicNote AI devices and CodeBanana, an AI-native enterprise collaboration platform.

Financial highlights

• Revenue fell to RMB78.654m from RMB178.914m; gross profit declined to RMB36.639m from RMB106.296m in H1 2025.

• Operating loss was RMB49.173m versus RMB1.837m; loss before tax was RMB49.599m versus RMB2.898m, and net loss was RMB49.605m versus RMB2.898m.

• Adjusted net loss, a non-IFRS measure excluding share-based compensation, was RMB44.727m versus RMB1.408m; share-based compensation was RMB4.878m versus RMB1.490m.

• Operating cash used was RMB38.398m versus RMB56.160m; investing activities generated RMB97.570m and financing activities used RMB32.177m.

Outlook and guidance

• H2 priorities are TicNote product R&D, iteration and brand-building; broader ecosystem partnerships; and greater CodeBanana investment, commercialization and external rollout.

• Revenue was under pressure during commercialization of new products and as some enterprise customers took longer to make procurement decisions; management framed the business-mix shift as a long-term strategic choice.