What happened
Muxi released its first semi-annual report since listing on Aug 30. Revenue reached 1.324 billion yuan in H1 2026, up 44.67% year on year, while net profit attributable to shareholders was 612 million yuan, compared with a loss of 186 million yuan a year earlier.
On a deducted basis, the company's net profit excluding non-recurring items was -49 million yuan, narrowing its loss by 75.83% year on year. Sequentially, that metric turned positive in Q2, reaching 54 million yuan.
Muxi attributed the performance to growing customer recognition and a significant increase in GPU shipments. Gross margin in H1 was 57.2%, up 1.1 percentage points year on year.
Why it matters
The turn to a positive quarterly profit on a deducted basis suggests that Muxi's core business is gaining traction as domestic GPU adoption accelerates.
The report also details progress across hardware, software and ecosystem: the Xiyun C600 entered mass production, the MXMACA stack supports over 6,000 CUDA applications, and collaborations span operators, energy, embodied intelligence and even an in-orbit satellite test.
Key facts
H1 2026 revenue was 1.324 billion yuan, up 44.67% year on year.
Q2 net profit excluding non-recurring items was 54 million yuan, turning positive from a loss sequentially.
The Xiyun C600 GPU entered volume production and delivery during the period.
MXMACA supports more than 6,000 CUDA applications and more than 1,000 natively adapted models.
R&D expenses were 525 million yuan in H1, with 747 R&D staff accounting for over 70% of employees.
What to watch next
Whether Muxi can sustain the quarterly profitability improvement and maintain GPU shipment momentum through the second half.
How its software ecosystem and open-source efforts translate into developer adoption and real-world deployments.
The outcome of the satellite-based reliability verification of its GPU chip, which could open the space computing market.