Moore Threads has moved China’s domestic GPU story into a harder test: not whether a chip can be shown on stage, but whether it can be delivered and sold at scale.
The company said first-half 2026 revenue is expected to reach RMB 1.65B to RMB 1.75B. The low end of that range is already above its roughly RMB 1.505B revenue for all of 2025.
The company attributed the growth to “strong demand for full-function GPUs” and faster commercialization of its KUAE computing clusters.
Revenue is now the signal
The filing says first-half revenue should be 235.12% to 249.37% of the year-earlier period, implying 135.12% to 149.37% year-on-year growth. It also gives the comparison base: RMB 701.7619M in the first half of 2025.
That shape matters. Training cards, inference cards and cluster systems usually need repeat deployment, not just trial orders, to create this kind of half-year curve.
S5000 enters the delivery chain
Moore Threads also named the MTT S5000, saying the flagship training-inference GPU card has entered mass production and is being used in large clusters that support trillion-parameter model training.
The filing does not disclose card-level benchmarks, cluster sizes or customer names. It does show that S5000 has moved from product narrative into the revenue chain.
The next proof is the half-year report
There is still a hard limit. The company states that the forecast has not been audited by registered accountants and that final figures will come from the 2026 interim report.
That report needs to answer three questions: how concentrated the S5000 and KUAE customers are, whether gross margin holds, and whether revenue growth also improves cash flow and non-GAAP profitability.
Sources: Moore Threads 2026 interim revenue forecast filing, Zhidongxi, Securities Daily, CocoLoop, The Paper; checked revenue range, growth rate, prior-year base, audit status, MTT S5000 mass-production wording, WAIC product line, 2025 revenue, Q1 2026 revenue and market-value context.