Manycore Tech reported unaudited interim results for the six months ended 30 June 2026, showing modest topline growth but a sharp turnaround in underlying profitability following its April IPO on the Hong Kong Main Board.
Revenue rose 1.50 % year on year to RMB 405.00 million, powered by a broader customer base and continued dominance of subscription income, which contributed 97 % of total sales. Professional-service revenue climbed 29.30 % to RMB 11.81 million, reflecting initial commercial uptake of SpatialVerse, the company’s synthetic-data service for AI training.
Gross profit improved 2.55 % to RMB 335.98 million, lifting gross margin to 83.0 % from 82.1 % a year earlier on lower server and implementation costs. Operating loss widened slightly to RMB 8.21 million, but finance costs remained stable at RMB 0.57 million. A RMB 137.00 million fair-value gain on reclassification of preferred shares after listing helped narrow the period loss by 35.46 % to RMB 145.78 million.
Excluding non-cash share-based payments, listing expenses and fair-value changes of redemption liabilities, adjusted net profit surged 210.86 % to RMB 55.42 million, almost matching the group’s full-year 2025 level.
Cost discipline was evident. Cost of revenue fell 3.42 % to RMB 69.02 million, while R&D expenditure increased 6.83 % to RMB 160.03 million as the company expanded GPU clusters and advanced its spatial-intelligence model. Capital expenditure more than doubled to RMB 27.60 million, underpinning an average 12.9 million GPU tasks processed daily.
Key operating metrics point to steady adoption: enterprise customers grew by 1,633 to 48,617, and key accounts (annual revenue ≥ RMB 0.20 million) reached 411, representing 46 % of revenue. However, net revenue retention slipped across segments, with overall NRR at 94.4 % versus 100.3 % a year earlier.
Liquidity strengthened markedly after the HK$1.33 billion IPO. Cash, cash equivalents, restricted cash, current time deposits and current financial assets totaled RMB 1.65 billion at period-end, up from RMB 393.60 million at end-2025. The gearing ratio fell to 37.1 % from 859.6% after the automatic conversion of preferred shares into ordinary equity upon listing.
Business development highlights include: • New AI applications—chiefly LuxReal (AI video agent) and AI Design Factory—generated RMB 31.00 million, up 177 % year on year. • Overseas revenue increased 11 % to RMB 36.93 million, aided by Coohom’s 18-language platform. • Eight academic papers accepted by top-tier AI conferences, while R&D staff represented 42 % of headcount.
Management reiterated its focus for H2 2026 on scaling 3D spatial-reconstruction hardware–software solutions, accelerating its world-model toward L4 “spatial action,” and monetising new products. No interim dividend was declared.
As at 30 June 2026, Manycore Tech had utilised HK$156.40 million of IPO proceeds, primarily for working capital, with HK$1.18 billion remaining earmarked for global expansion, product development, sales and marketing, and infrastructure investment.