Momenta's adjusted loss shrinks 97% to $2.1M, leaving breakeven one step away
By DianMa Auto · 2026-09-03 · Industry
Momenta (6880) published its first interim results on August 31 since listing on the Hong Kong stock exchange, and the most striking line was not the revenue but the loss, with the adjusted net loss shrinking 97% year over year to 14.1 million yuan (about $2.1 million), leaving the company one small step from breakeven.
Momenta (N/A) — H1 2026 earnings (CNY)
| Metric | Value | YoY change |
|---|---|---|
| Revenue | 1.6019B | +75.9% |
| Adjusted net loss (non-IFRS) | -0.0141B | +96.6% |
| Gross margin | 73.2% | +1.4pp |
| Design wins | 219 | — |
| year | revenue | profit |
|---|---|---|
| H1 2025 | 0.9105 | -1.7016 |
| H1 2026 | 1.6019 | -16.5369 |
| year | volume |
|---|---|
| H1 2025 | 0.175 |
| H1 2026 | 0.321 |
| year | margin |
|---|---|
| H1 2025 | 71.8 |
| H1 2026 | 73.2 |
| label | value |
|---|---|
| Technology development services | 62.1 |
| Licensing services | 37.9 |
R&D spending: ¥1.1629B (+18.6%) · Cash & equivalents: ¥1.8897B · Operating cash flow: ¥-0.3811B (+46.8%) · Total cash reserves: ¥10.295B · Vehicles equipped: 1M · Cumulative real-world driving mileage: 13 B km
| Line item | This period | Prior | Change |
|---|---|---|---|
| Technology development services revenue | 994.7M | 548.0M | +81.5% |
| Licensing services revenue | 607.2M | 362.5M | +67.5% |
| Selling & marketing expenses | 158.0M | 105.8M | +49.3% |
| General & administrative expenses | 271.8M | 177.6M | +53.0% |
| Net cash used in investing activities | 782.7M | -3935.1M | +119.9% |
| Net cash from financing activities | 192.5M | 3541.4M | -94.6% |
Source: Momenta 2026 Interim Results
Financial data shows that Momenta's operating revenue in the first half of the year was 1.602 billion yuan (approximately 238 million USD), a year-on-year increase of about 76%. After deducting share-based compensation expenses, gross profit was 1.21 billion yuan (about 180 million USD), up 75% year-on-year, with a gross margin of 75%, maintaining an industry-leading level.
The 97% narrowing came from both faster revenue growth and tighter spending, with operating cash outflow down 47% from a year earlier, and after completing its IPO in July the company holds more than 15 billion yuan (about $2.23 billion) in cash to fund its expansion.
Backing the numbers is a production flywheel, with Momenta now working with 26 automakers worldwide and its mass-production solutions landed in more than 10 countries and regions across Asia, Europe, Oceania, Latin America and North Africa, while over 1.1 million vehicles run its system and the latest 100,000 units shipped in just 36 days.
Shrinking from hundreds of millions in annual losses to a single-digit-million loss in one report is Momenta's way of arguing that self-driving does not have to burn cash forever, though the real test comes next, with L3 due for mass production in 2027 and robotaxi operations launching in Shanghai and Abu Dhabi this year, when the company has to hold on to that profit signal while it scales.
