Moore Threads Revenue Surges 1,774 Percent to $220 Million and Its First Profitable Quarter Lands a Year Early

Moore Threads, the Chinese GPU designer that listed on the Shanghai STAR Market in 2025, reported third-quarter results on Tuesday evening that showed the domestic AI chip boom arriving in its income statement. Quarterly revenue reached RMB 1.55 billion (roughly $220 million), up 1,773.9 percent from a year earlier and 55.4 percent from the second quarter — a single quarter nearly as large as the first half of the year combined.

The more significant number may be profitability. Moore Threads posted a quarterly net profit of RMB 49.3 million, and — after excluding one-off items — a non-GAAP net profit of RMB 20.1 million, its first since going public and well ahead of a company target that had pegged profitability for 2027. For the first nine months, revenue rose 319.2 percent to RMB 3.29 billion, gross profit rose 263.9 percent to RMB 1.77 billion, and trailing-twelve-month revenue stood at RMB 4.01 billion. All figures come from the company's Shenzhen-listed filing and have not been independently audited.

The company credited demand for its MTT S5000 accelerator line, which it says is now used for both training and inference by internet and cloud service providers, "token service providers" running large models, telecom operators and state-backed computing centers. Its inference deployment built on the S5000 — which separates prefill and decode across heterogeneous hardware — is already carrying production token traffic from a leading Chinese model developer, according to the filing.

Moore Threads also disclosed a deepened partnership with JD Cloud to build a cluster of 100,000 of its full-function GPUs for model training, inference and embodied AI work — a scale claim that would rank among the largest non-NVIDIA GPU installations anywhere if completed as described.

Spending on research remains enormous: RMB 571 million in the quarter, up 87.9 percent and equal to 36.8 percent of quarterly revenue. Nine-month R&D of RMB 1.34 billion has already exceeded the company's entire 2025 budget, and cumulative investment since 2022 is approaching RMB 6.5 billion. A next-generation "Huagang" GPU architecture is in development.

The market has noticed. The stock closed at RMB 381.50 on October 28, up 5.84 percent, valuing the company at roughly RMB 179 billion (about $25 billion) — a rich multiple against revenue. Morgan Stanley, UBS, Goldman Sachs and JPMorgan all appeared among its top ten float shareholders in the quarter, and shareholder accounts grew 14.8 percent to 40,770.

Moore Threads is the clearest signal yet that US export controls have helped create a commercially self-sustaining domestic GPU market in China rather than merely a subsidized one. The comparable datapoint arrived the same week: Cambricon, the other Chinese AI chip champion, reported nine-month revenue of RMB 9.53 billion, up 106.8 percent. Whether these growth curves survive contact with next-generation products — and with NVIDIA's compliance-tier chips regaining some export approval — is the open question for 2027.