Moor Threads' 2025 revenue increases by 243.37% year-over-year, with flagship GPU mass production significantly narrowing losses | Financial Report Insights

Domestic GPU manufacturer Moore Threads delivers its most impressive annual performance report since its founding. Against the backdrop of continuously rising AI computing power demand, its commercialization process is accelerating noticeably.

Moore Threads released its 2025 annual performance brief on Friday, showing that the company achieved total operating revenue of approximately 1.506 billion RMB, a significant year-over-year increase of 243.37%. The net loss attributable to shareholders of the parent company was about 1.024 billion RMB, narrowing from a loss of approximately 1.618 billion RMB in the same period last year, a reduction of 36.70%.

The core driver of the rapid revenue growth is the large-scale mass production of the flagship all-in-one GPU intelligent computing card MTTS5000. The company states that this product has reached a leading market performance level, and large-scale clusters built on it are now online, capable of efficiently supporting trillion-parameter model training, with computational efficiency comparable to advanced foreign GPU clusters of the same scale. Meanwhile, the company completed its first public offering on the STAR Market in December 2025, significantly expanding its asset scale.

Revenue surges, profit turning point still ahead

The release of flagship products and the booming demand in the AI computing market jointly drove Moore Threads’ revenue in 2025 to more than double that of the previous year. Gross profit improved in tandem with revenue, which is also a key reason for the substantial narrowing of losses.

However, the company has not yet achieved profitability and still carries accumulated unrecouped losses. In its announcement, the company admits that it remains in a high R&D investment stage and still lags behind international industry giants in overall R&D strength, core technology accumulation, and product ecosystem. For investors, when the company will cross the breakeven point remains a key uncertainty.

Asset scale doubles, IPO brings capital injection

Changes on the balance sheet are also significant. As of the end of 2025, the company’s total assets reached approximately 15.308 billion RMB, a 116.14% increase from the beginning of the year. Shareholders’ equity attributable to the parent was about 11.435 billion RMB, up 154.69%. Net asset per share increased from 11.22 RMB to 24.33 RMB, an increase of approximately 116.84%.

This growth mainly stems from the company’s IPO on the STAR Market in December 2025, which increased its share capital from 40.0028 million shares to 47.0028 million shares, with a substantial rise in capital reserves. Ample capital reserves provide financial support for the company’s ongoing high-intensity R&D investments and capacity expansion.

Product competitiveness improves, but ecosystem building remains a long-term challenge

From a product perspective, the mass production of MTTS5000 marks a significant breakthrough for Moore Threads in the high-end computing market. The company states that the cluster built on this product can efficiently support trillion-parameter model training, with computational efficiency comparable to international peers, indicating that domestic GPUs are narrowing the performance gap with leading competitors.

However, the core barrier in GPU competition is not only chip performance but also the development of software ecosystems and developer communities. Moore Threads also listed “product ecosystem” as one of the gaps compared to international giants in its announcement, indicating that ecosystem development remains a key long-term challenge for the company.

More updates coming soon…

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