TL;DR
On the evening of October 28, 2026, Moore Threads reported Q3 revenue of RMB 1.552B, up 1773.92% YoY, turning profitable a year earlier than guided: versus NVIDIA's FY2027 Q2 data-center revenue of $89.023B, Moore Threads' scale is roughly one-sixtieth, still in an inventory-build and cash-investment phase.
Comparison Overview
Per Securities Times and Shanghai Securities News on October 29, 2026, on the evening of October 28 Moore Threads (688795.SH) released its Q3 2026 report: Q3 revenue of RMB 1.552B, up 1773.92% YoY and 55.4% QoQ, a quarterly record; attributable net profit of RMB 49.26M and non-GAAP-attributable net profit of RMB 20.07M, both swinging to profitability YoY. Meanwhile, NVIDIA's FY2027 Q2 (ended July 26, 2026) data-center revenue reached $89.023B (as reported by Shanghai Securities News). This article compares the two on latest-quarter revenue, growth, profitability, R&D, product lines, cash flow and inventory, to frame the scale gap between a Chinese AI-compute chipmaker and the global GPU leader.
Comparison Table
| Dimension | Moore Threads | NVIDIA |
|---|---|---|
| Latest-quarter revenue | Q3 2026 revenue RMB 1.552B, up 55.4% QoQ, a quarterly record | FY2027 Q2 (ended July 26, 2026) total revenue $96.221B, including $89.023B from data centers |
| YoY growth | Q3 revenue up 1773.92% YoY; first-three-quarters revenue RMB 3.289B, up 319.15% YoY | FY2027 Q2 total revenue up 106% YoY, data-center revenue up 117% YoY; management guides FY2028 revenue growth of about 70% |
| Profitability (attributable / non-GAAP) | Q3 attributable net profit RMB 49.26M and non-GAAP-attributable net profit RMB 20.07M, both swinging to profit YoY; the company previously expected consolidated profitability no earlier than 2027, now far ahead; first-three-quarters attributable net profit RMB 37.70M turned positive YoY, but non-GAAP-attributable net profit still lost RMB 131M | Quarterly profit margin / amount not disclosed within this research scope |
| Quarterly R&D investment | Q3 R&D RMB 571M, up 87.89% YoY; first-three-quarters R&D RMB 1.340B, already exceeding full-year 2025's RMB 1.305B | Corresponding R&D figure not listed within this research scope |
| Flagship products | AI-compute products led by the MTT S5000, already used for large-model training and inference | Product line represented by data-center GPU systems (GB200) within this research scope |
| Customers and ecosystem partnerships | Customers span internet and cloud providers, AI model companies, carriers and AI-compute centers; partnering with JD Cloud on a planned 100,000-card full-function GPU cluster | Specific customer list not given within this research scope |
| Cash flow and inventory | First-three-quarters net operating cash flow -RMB 3.309B; book value of inventory at end-September RMB 3.363B, up RMB 2.031B from year-end | Corresponding cash flow and inventory figures not listed within this research scope |
Evidence and Positions
Moore Threads' official line (company Q3 report, as reported by Securities Times and Shanghai Securities News, October 29, 2026): Q3 revenue of RMB 1.552B, up 1773.92% YoY and 55.4% QoQ, a quarterly record; Q3 attributable net profit of RMB 49.26M and non-GAAP-attributable net profit of RMB 20.07M, both swinging to profitability YoY — the company previously guided to consolidated profitability no earlier than 2027, now far ahead. First-three-quarters revenue RMB 3.289B (+319.15% YoY); attributable net profit RMB 37.70M turned positive YoY, but non-GAAP-attributable net profit still lost RMB 131M; first-three-quarters net operating cash flow -RMB 3.309B; book value of inventory at end-September RMB 3.363B, up RMB 2.031B from year-end. Q3 R&D RMB 571M (+87.89% YoY); first-three-quarters R&D RMB 1.340B already exceeding full-year 2025's RMB 1.305B. AI-compute products led by the MTT S5000 are already used for large-model training and inference; customers cover internet and cloud providers, AI model companies, carriers and AI-compute centers; partnering with JD Cloud on a planned 100,000-card full-function GPU cluster.
NVIDIA's official line (as reported by Shanghai Securities News): FY2027 Q2 (ended July 26, 2026) total revenue $96.221B, up 106% YoY; data-center revenue $89.023B, up 117% YoY; management expects FY2028 revenue to grow about 70% YoY.
Interpreting the Disagreement
First, growth bases are entirely different: Moore Threads' Q3 +1773.92% YoY is explosive growth off a tiny base (year-ago quarterly revenue under RMB 100M); NVIDIA's +117% data-center growth is on a $89.023B base. The growth rates cannot be read side by side.
Second, earnings quality: Moore Threads swung to a Q3 attributable profit of RMB 49.26M and non-GAAP profit of RMB 20.07M, but its first-three-quarters non-GAAP-attributable net profit still lost RMB 131M, and first-three-quarters net operating cash flow was -RMB 3.309B. The turnaround rides on a single quarter's revenue ramp; whether full-year non-GAAP profit turns positive remains to be seen.
Third, scale and the meaning of inventory: Moore Threads' end-September inventory book value of RMB 3.363B, up RMB 2.031B from year-end, against a quarterly revenue of RMB 1.552B, is a stocking bet on future deliveries. NVIDIA's quarterly margin, cash flow and inventory figures are not disclosed within this research scope, so the two statements cannot be reconciled line by line.