Hong Kong-listed MOBVOI reported interim 2026 revenue of RMB 78.65 million, down 56.0% year on year, as it deliberately scaled back legacy AIGC software and end-of-life (EOL) hardware lines while redirecting resources to AI Agent-centric products.
Financial Performance • Revenue: RMB 78.65 million (1H25: RMB 178.91 million). – AI Software Solutions contributed RMB 42.48 million, falling 47.3%. – AI Hardware sales declined 63.2% to RMB 36.17 million after price cuts to clear inventories.
• Gross profit: RMB 36.64 million, a 65.5% contraction; gross margin slipped to 46.6% from 59.4% due to discounted clearance of EOL hardware.
• Reported loss: RMB 49.61 million versus RMB 2.90 million a year earlier. • Adjusted net loss (excluding share-based compensation): RMB 44.73 million, compared with RMB 1.41 million in 1H25.
Cost Dynamics • Cost of sales decreased 42.1% to RMB 42.02 million, reflecting lower hardware volumes. • R&D expenses were trimmed 29.0% to RMB 27.00 million, attributed to AI-enabled efficiencies. • Selling and marketing costs fell 37.6% to RMB 43.00 million after reduced AIGC promotion. • Administrative expenses rose 16.8% to RMB 15.27 million, driven by higher non-cash share-based payments.
Balance Sheet and Liquidity • Net current assets stood at RMB 153.07 million (31 Dec 2025: RMB 200.67 million); current ratio improved to 3.3x from 2.6x. • Cash and cash equivalents increased to RMB 160.77 million, while bank loans were cut to RMB 22.04 million (31 Dec 2025: RMB 50.98 million). • Gearing ratio eased to 26.7% from 35.9% at year-end 2025. • No interim dividend was declared.
Strategic Realignment Management is concentrating on two core growth engines: 1. TicNote AI-native hardware ecosystem—smart recording card, earphones, and the newly launched TicNote Watch, all integrated with the TicNote Cloud and Shadow AI interaction. 2. CodeBanana—an enterprise AI collaboration platform built around AI Agents to enhance project management and knowledge sharing, launched in April 2026.
Outlook The company expects near-term revenue pressure to persist while it builds scale for TicNote and commercializes CodeBanana. Management believes software–hardware synergies and partnerships across enterprise collaboration ecosystems will underpin future growth.
Other Highlights • TicNote Pods received a “Best of Innovation” award at the 6th BEYOND Expo in May 2026. • Workforce totaled 138 employees; staff costs were RMB 32.74 million. • No material contingent liabilities or post-period events were reported.
The interim results have been reviewed by MOBVOI’s Audit Committee but not audited.