Moore Threads Technology (688795) Q4 2025 earnings summary

Executive summary

• Achieved record revenue of ¥1.51 billion in 2025, up 243.37% year-over-year, with gross margin at 65.57%.

• Net loss attributable to shareholders narrowed by 38.16% to -¥1.00 billion; adjusted net loss (excluding share-based payments) narrowed by 56.65% to -¥648 million.

• Maintained high R&D intensity, with R&D spending at ¥1.31 billion, 86.68% of revenue.

• Successfully listed on the STAR Market in December 2025, raising ¥7.58 billion in new capital.

• No profit distribution for 2025 due to accumulated losses.

Financial highlights

• Revenue: ¥1,505.5 million (+243.37% YoY); gross profit: ¥987.2 million (+218.43% YoY).

• Net loss: -¥1,000.8 million (improved from -¥1,618.3 million YoY); adjusted net loss: -¥648.1 million.

• Operating cash flow: -¥2,956.4 million (outflow increased due to scale-up in procurement and production).

• Total assets: ¥15,338.6 million (+116.57% YoY); equity: ¥11,459.0 million.

• Basic and diluted EPS: -2.47; adjusted EPS: -2.69.

• Gross margin: 65.57%; R&D expense ratio: 86.68%.

Outlook and guidance

• Will continue rapid chip architecture iteration and expand cloud-edge-terminal product matrix.

• Focus on deepening ecosystem integration, expanding application scenarios, and strengthening developer and talent pipelines.

• Expects to leverage national AI and computing policy tailwinds for further market share gains.