Momenta (06880) had revenue of 1.6 billion yuan in the first half of the year, a year-on-year increase of 76%. The world model accelerated technological and commercial advancement
The Zhitong Finance App learned that on August 31, Beijing time, physical AI company Momenta (06880) officially released its performance report for the first half of 2026. As the first questionnaire since listing, Momenta has performed well in many financial data. Driven by the industry-leading world model platform, Momenta is accelerating technological and commercial advancement.
Revenue soared 76% in the first half of the year, leading the industry towards sustainable profits
Financial reports show that in the first half of 2026, Momenta's revenue and gross profit both hit record highs: operating income of 1.60 billion yuan, up 76% year on year; after excluding share-based remuneration expenses, gross profit was 1.21 billion yuan, up 75% year on year, and gross profit margin 75%, maintaining the leading level of the industry.
Notably, Momenta's adjusted net loss in the first half of the year fell to 14.097 million yuan, a sharp decrease of 97% year over year; operating cash outflow was 47% narrower than in the same period last year. The above core profit indicators have improved markedly, fully demonstrating the steady development of the company's operations. At the same time, it also provides a positive signal for the autonomous driving industry to gradually break away from the “money-burning” model and move towards sustainable profits. After completing the IPO fundraising in July, cash reserves exceeded 15 billion yuan, laying a sufficient financial foundation for accelerating large-scale unmanned business and global strategic layout.
As a “common choice for global brands,” Momenta's market share is consistently ranked first in the third-party city NOA supplier market. Momenta has established partnerships with 26 car companies around the world. It has the highest number of international customers in the industry, and is the first Chinese company to achieve mass production of smart driving solutions on a global scale. At present, mass production plans have been implemented in more than 10 countries and regions in Asia, Europe, Oceania, Latin America and North Africa, and continue to accompany mainstream car companies overseas.
Continued breakthroughs in the mass production business have fully demonstrated Momenta's “flywheel effect”: Currently, the scale of mass-produced vehicles equipped with the Momenta system has exceeded 1.1 million, and more than 110 mass-produced models have been successfully delivered. The cumulative number of fixed models has exceeded 230, and it only took 36 days to deliver the latest 100,000 units. According to reports, Momenta has begun L3 research and development, and mass production is expected within 2027.
Cao Xudong, CEO of Momenta, said, “With the mission of 'Better AI, Better Life', we are committed to being data-driven to build a world-leading platform for world models. Using the world model as a unified foundation, through the three levels of pre-training, simulation, and reinforcement learning, autonomous driving systems can deeply understand the physical world and promote the performance of autonomous driving systems to gradually surpass the human level — this technical capability has been extended from mass production scenarios to large-scale unmanned businesses such as Robovan and Robotaxi, and is rapidly expanding to overseas markets, continuing to strengthen our leading global position.”
The world model base platform drives the generalization of multiple scenarios and accelerates technological and commercial advancement
Currently, the world model has become the next core incremental racetrack after the big language model. In the first half of the year, Momenta's R&D investment accounted for 73% of revenue, and R&D employees accounted for 79%. High-quality R&D investment promoted accelerated model iteration. In March of this year, the Momenta R7 world model was released, starting the “physical AI prelude”. Currently, based on the actual vehicle mileage of more than 15 billion kilometers brought by the mass production business, and over 100 million segments of gold data extracted from it, and over 10 million kilometers of daily simulation, the R7 world model can evolve its own game through intensive learning training, and its ability in key scenarios has been greatly improved.
Momenta is committed to building a global model base platform, using the same large model to support large-scale implementation of passenger cars, Robovan, Robotaxi, and Robotruck, and will also expand into fields such as physical intelligence.
Relying on a unified world model platform, all types of businesses share the same large model as the core base. Massive actual driving data generated in different scenarios has been accumulated, which has also promoted a leap in the number of model parameters, driven the evolution of model capabilities and product experience, and reduced R&D costs. Momenta's L4 and overseas business has become a new engine of growth, accelerating the opening up of the trillion-level Robo market.
Momenta Robovan's business has already landed in Xiangcheng, Suzhou. Partners have gathered mainstream express delivery companies such as Post, JD, SF Express, and Santong Yida to cover scenarios such as express delivery, overnight delivery, fresh food, FMCG, community group purchases, hardware devices, etc., to achieve all-weather and efficient unmanned transportation. Momenta Robovan builds unmanned technology based on the R7 world model. The products meet vehicle standards and bring extremely safe products and services to the unmanned logistics industry. At the same time, Momenta also pioneered the introduction of the “no-map solution”, which has been verified for many years in passenger car mass production practices, into the Robovan industry, greatly improving the speed of opening the city and the efficiency of vehicle deployment, and being able to safely cope with scenarios such as temporary road conditions.
Within this year, Momenta Robotaxi will commence operations in Shanghai and Abu Dhabi. Among them, Momenta obtained a license for driverless operation in Pudong, Shanghai in just 8 months, setting a new industry record. In July, Momenta officially obtained permission from the German Federal Motor Vehicle Transport Authority to conduct L4 autonomous driving tests on urban roads throughout Germany. This is also the first time that a Chinese company has obtained this qualification. Up to now, Momenta has been tested in cities such as Shanghai, Suzhou, Wuxi, Shenzhen, Abu Dhabi, and Munich, and will launch in more than 10 cities around the world within this year. Momenta Robotaxi has established partnerships with global travel platforms such as Uber, Grab, Lumo, and Xindao Travel, and the global ecosystem continues to expand.
Running through the positive growth flywheel, the long-term value of physical AI was recognized by capital
Relying on the world model foundation platform, Momenta is the first in the industry to run through the “data-computing-power-model-business” positive growth flywheel, and the double barriers between technology and commerce continue to deepen.
Specifically, as actual driving data continues to accumulate (data scaling) and training computing power continues to grow (Compute Scaling), the number of parameters in the world model will rapidly increase (Model Scaling), driving model capabilities and product experience to continue to evolve, which will bring more model targets and commercial revenue (Business Scaling). Meanwhile, more fixed locations will further accumulate real scenario data, and more revenue will feed back computing power investment, eventually forming a “data-computing-power-model-business” flywheel for positive growth, continuing to strengthen Momenta's leading edge.
Recently, many well-known investment banks, including CICC, Deutsche Bank, Bank of America, CITIC, Bank of China International, etc., have all achieved initial coverage of Momenta, and have given “buy” or “increase holdings” ratings one after another, with a maximum target price of HK$520.
In July of this year, Momenta was officially listed on the Hong Kong Stock Exchange. The market subscription response was enthusiastic, and it was unanimously favored by dozens of top long-term funds. For example, sovereign funds focusing on long-term value investments brought together China Investment Corporation, Singapore Government Investment Corporation, Abu Dhabi Investment Authority, Temasek, Oman Investment Authority, etc., and asset management and private equity investment institutions brought together an “all-star lineup” such as Fidelity International, BlackRock, J.P. Morgan Asset Management, Boyu, and Gao Yi, fully demonstrating unanimous recognition of Momenta's financial performance and long-term value in the field of physical AI.