Key Takeaways:
Momenta (6880.HK) reported H1 revenue of RMB 1.6 billion, up 75.9% year-over-year, with adjusted net loss narrowing 96.6% to RMB 14.1 million.
"The fair-value change was a noncash item and would not result in future cash outflows," the company said in its Hong Kong exchange filing, addressing the RMB 16.31 billion charge that widened its IFRS net loss to RMB 16.54 billion from RMB 1.7 billion a year earlier.
Technical development services revenue rose 81.5% to RMB 995 million, accounting for 62.1% of total revenue, while licensing services revenue increased 67.5% to RMB 607 million. Gross margin expanded 1.4 percentage points to 73.2%. New installations of mass-production solutions totaled about 321,000 units, up 83.7% year-over-year, bringing cumulative installations above 1 million units across 105 vehicle models and 26 automakers. Basic loss per share was RMB 471.8.
The results mark Momenta's first earnings since its July 8 Hong Kong listing, which raised about HK$6.8 billion. The company plans to deploy its R7 World Model in mass-produced vehicles in Q3 2026, launch its first robotaxi in Q4, and begin large-scale commercialization of its autonomous freight truck in the second half of 2026.
R&D spending rose 18.6% to RMB 1.16 billion, equivalent to 72.6% of revenue, with 1,102 R&D employees representing 79.1% of the workforce. Revenue growth outpaced R&D spending growth, indicating improving operating leverage as the mass-production business scales.
The company secured 219 cumulative vehicle model nominations, 49 more than at the end of 2025, with 114 yet to reach start-of-production. Its systems have accumulated more than 13 billion kilometers of real-world driving data and over 100 million clips of high-value Golden Data.
Momenta's Robovan business has begun small-scale pilot operations in Suzhou, with partners including China Post, JD Logistics, SF Express, and major express delivery companies. The first mass-produced Robovan model is expected to achieve large-scale commercial deployment in the second half of 2026.
The company's Robotaxi operations are set to launch in Shanghai and Abu Dhabi within 2026. It has obtained operational licenses in Shanghai, Suzhou, Wuxi, and Shenzhen domestically, and testing permits in Abu Dhabi and Germany. By year-end, Momenta expects to deploy several hundred robotaxis across domestic and international markets and secure licenses in more than 10 cities.
The company held RMB 10.3 billion in cash reserves as of end-June with no outstanding borrowings and about RMB 780 million in undrawn bank facilities.
The narrowing adjusted loss and accelerating installation growth suggest the company is approaching break-even as its mass-production business scales. Investors will watch the Q3 2026 R7 World Model deployment and the Q4 robotaxi launch as the next drivers of revenue acceleration.
This article is for informational purposes only and does not constitute investment advice.
