Momenta's first post-IPO report: revenue up 76% to 1.6B yuan, adjusted loss narrows 97%

创业邦 · wechat · 2026-09-01

Momenta, the first "physical AI" company to go public, posted its first earnings report since IPO: H1 2026 revenue of 1.60 billion yuan (+76% YoY), gross profit of 1.21 billion yuan excluding share-based compensation (75% margin), and adjusted net loss narrowed 97% to 14.097 million yuan — high growth, high margin and shrinking losses appearing together for the first time.

Scale is the driver: over 1.1 million production vehicles carry Momenta's system, with 110+ delivered models and 230+ designated models. Via mainline reuse and tooling, per-model development fell from 400 people over two years to a few dozen in about three months. Licensing revenue share rose from 3.1% (2023) to 40.1% (2025), with gross margin climbing from 17.5% to 71.6%. Mercedes' new electric GLC took 12,000+ pre-orders in 24 hours; the 10,000-yuan ADAS option saw an 80% take rate on some models. CICC, Deutsche Bank, BofA and others initiated coverage with Buy ratings, with targets up to HK$520.

On the tech side, Momenta released its R7 world model, leveraging 15+ billion km of real driving data, 100M+ golden segments and 10M+ km of daily simulation to build a data-compute-model-business flywheel. Its Robotaxi partners with Uber, Grab and others, launching in Shanghai and Abu Dhabi this year, and it became the first Chinese company licensed for nationwide L4 testing in Germany; Robovan logistics operations launched in Suzhou with China Post, JD, SF Express and others; L3 is slated for 2027. CEO Cao Xudong likens L2 mass production to "building the rocket" — with L4 as the moonshot endgame.

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