Physical AI company Momenta (6880.HK) released its first-half 2026 earnings report on August 31, marking its inaugural financial disclosure since going public. The results showcase robust financial metrics, with the company accelerating its technological and commercial momentum on the strength of its industry-leading world model foundation platform.

The report reveals that for the first half of 2026, both revenue and gross profit hit unprecedented peaks. Operating revenue reached 1.60 billion yuan, a 76% surge year-on-year. Excluding share-based compensation expenses, gross profit climbed to 1.21 billion yuan, up 75%, while gross margin held at a sector-leading 75%.

Of particular note, Momenta's adjusted net loss narrowed to 14.097 million yuan in the first half, a substantial 97% reduction compared with the prior year. Cash outflows from operating activities also contracted by 47% year-on-year. Following its IPO fundraising in July, the company's cash reserves have surpassed 15 billion yuan, providing ample financial firepower to accelerate the scaling of its unmanned operations and global strategic expansion.

Sources indicate that Momenta commands the largest market share among third-party urban NOA (Navigate on Autopilot) suppliers. The company has established partnerships with 26 automakers globally, leading the industry in international client numbers, and is the first Chinese enterprise to achieve mass production of intelligent driving solutions on a global scale. Its commercial deployments now span more than 10 countries and regions across Asia, Europe, Oceania, Latin America, and North Africa, directly supporting leading automakers' overseas expansion.

Currently, over 1.1 million production vehicles are equipped with Momenta's systems, with more than 110 production models successfully delivered and cumulative design wins exceeding 230 models. The latest batch of 100,000 vehicles took just 36 days to deliver.

Looking ahead, Momenta has initiated L3 autonomous driving research and development, with mass production targeted for 2027. Adding to the positive sentiment, a wave of major investment banks—including CICC, Deutsche Bank, Bank of America, CITIC Securities, and BOC International—have recently initiated coverage on the company, issuing "Buy" or "Overweight" ratings. The highest price target stands at 520 Hong Kong dollars per share.