Momenta First-Half Results 2026 Show Strong Revenue Growth

Momenta Reports Strong First-Half Revenue Growth

Momenta reported its first results since listing in Hong Kong, with first-half revenue increasing 75.9% year-over-year to 1.6 billion yuan ($236 million). The company said the increase was primarily driven by growth in vehicle model nominations and the number of mass-produced vehicle models. Revenue from technical development services rose 81.5% to 995 million yuan, representing 62.1% of total revenue. Revenue from licensing services increased 67.5% to 607 million yuan, accounting for the remaining 37.9% of total revenue. Gross profit increased 79.4% to 1.17 billion yuan, while gross margin expanded by 1.4 percentage points to 73.2%.

Adjusted Loss Narrows Sharply Despite IFRS Charge

On a non-IFRS basis, Momenta's adjusted loss narrowed 96.6% to 14.1 million yuan, compared with 416 million yuan a year earlier, according to a Hong Kong exchange filing. The adjusted measure excludes share-based compensation, changes in the fair value of preferred shares and other financial liabilities, as well as listing expenses. On an IFRS basis, however, first-half net loss widened substantially to 16.54 billion yuan from 1.7 billion yuan in the prior-year period. The wider IFRS loss was mainly attributable to a 16.31 billion yuan charge resulting from changes in the fair value of preferred shares and other financial liabilities.

Preferred Shares Converted Following Hong Kong Listing

Momenta said all preferred shares were converted into ordinary shares after the company completed its listing in July. The company emphasized that the fair-value change responsible for the large IFRS charge was a noncash accounting item and would not create future cash outflows. This distinction explains the significant difference between the company's IFRS net loss and its adjusted non-IFRS performance during the first half. The listing itself raised about HK$6.8 billion ($868 million), providing additional financial resources as the company continues investing in autonomous driving technologies, expanding mass-production programs and developing new commercial applications including robovans and robotaxis.

Mass-Production Business Continues to Scale

Expansion of the core business accelerated during the first half, with new installations of Momenta's solutions in mass-produced vehicles reaching about 321,000 units, an 83.7% increase from a year earlier. Cumulative installations surpassed 1 million units, highlighting the growing scale of the company's commercial deployment. During the period, the company delivered 37 mass-produced vehicle models, taking its cumulative total to 105 models. Its mass-production solutions covered 26 automakers as of the end of June. The company had also secured 219 cumulative vehicle model nominations, 49 more than at the end of 2025, with 114 nominations still awaiting the start-of-production stage and therefore representing a pipeline for future growth.

Urban NOA and International Expansion

Momenta said it continued to rank first among independent third-party providers of Urban NOA solutions. Its technology is also expanding beyond its domestic market, with models equipped with the company's solutions exported to 10 countries and regions. The combination of rising vehicle installations, additional model nominations and international deployment is increasing the reach of its autonomous driving technology. The company's growing mass-production footprint also provides a larger operating base for deploying newer software and AI capabilities as they become commercially ready. This expansion supports Momenta's strategy of building a broad technology platform that can serve multiple autonomous mobility applications.

R&D Investment Supports New Autonomous Driving Platforms

Momenta's research and development spending increased 18.6% to 1.16 billion yuan in the first half, equivalent to 72.6% of revenue. The company had 1,102 R&D employees at the end of June, representing 79.1% of its workforce. Despite the continued investment, revenue increased substantially faster than R&D spending, indicating that expansion of the mass-production business is improving operating leverage and moving the company closer to adjusted break-even. China remains an important market for this development as Momenta expands its commercial vehicle programs while simultaneously investing in technology intended to support mass-produced vehicles, robovans and robotaxis.

World Model Becomes Foundation for Multiple Businesses

Momenta is positioning its world model as a unified technological foundation for its mass-produced vehicle, robovan and robotaxi businesses. By the end of June, the company's systems had accumulated more than 13 billion kilometers of real-world driving data and more than 100 million clips of high-value "Golden Data." The latest-generation Momenta R7 World Model is scheduled to begin deployment in mass-produced vehicles during the third quarter of 2026, followed by gradual adoption in robovans and robotaxis later in the year. The strategy is designed to use accumulated real-world data across multiple applications, supporting the continued development and deployment of autonomous driving functions.

Robovan and Robotaxi Programs Advance

Momenta's robovan business has begun small-scale pilot operations in Suzhou, while its first mass-produced vehicle model is expected to reach large-scale commercial deployment during the second half of the year. The company's first mass-produced robotaxi is scheduled for launch in the fourth quarter. Momenta aims to deploy hundreds of robotaxis in China and overseas by the end of 2026 and obtain licenses in more than 10 cities. These programs broaden the company's commercial focus beyond driver-assistance solutions and toward autonomous mobility services. Their progress will depend on vehicle production, operational deployment, market expansion and the regulatory approvals required for autonomous transportation services.

L3 Development and Financial Resources

Momenta is also developing Level 3 autonomous driving projects with multiple automakers. Subject to regulatory approval, the company expects these functions to begin installation in mass-produced vehicle models from 2027. Financially, the company held 10.3 billion yuan in cash reserves at the end of June, had no outstanding borrowings and maintained about 780 million yuan in undrawn bank facilities. This financial position gives Momenta substantial resources to continue funding research and development, commercial deployments and new autonomous mobility programs. Its Hong Kong listing on July 8 raised approximately HK$6.8 billion ($868 million), further strengthening its funding base as it moves toward broader commercialization.

Frequently Asked Questions

What were Momenta's key first-half 2026 financial results?
Momenta's first-half revenue increased 75.9% year-over-year to 1.6 billion yuan, while gross profit rose 79.4% to 1.17 billion yuan and gross margin reached 73.2%. On a non-IFRS basis, adjusted loss narrowed 96.6% to 14.1 million yuan from 416 million yuan a year earlier. However, its IFRS net loss widened to 16.54 billion yuan because of a 16.31 billion yuan noncash charge related to changes in the fair value of preferred shares and other financial liabilities. The preferred shares were subsequently converted into ordinary shares following the company's July listing.