Hong Kong-listed UBTech Robotics released its 2026 interim results on August 28, with its full-size humanoid robot business emerging as its largest source of revenue.
In the first half, total revenue rose 104.2% year-on-year to RMB 1.27 billion (USD 188.5 million). Revenue from full-size embodied humanoid robot products and services surged 1,445% to RMB 590.3 million (USD 87.6 million) from RMB 38.2 million (USD 5.7 million) a year earlier, accounting for 46.5% of group revenue. Sales volume in the category reached 921 units, up 1,946.7%.
The shift in revenue mix also lifted profitability at the gross level. Gross profit increased 160.9% to RMB 566.9 million (USD 84.2 million), while gross margin rose 9.7 percentage points to 44.7%. UBTech attributed the margin improvement mainly to the higher contribution from full-size humanoid robot products and services, which carry higher gross margins.
The company nevertheless remained loss-making. Its net loss narrowed 23.0% year-on-year to RMB 338.8 million (USD 50.3 million), while its adjusted EBITDA loss narrowed to RMB 174.1 million (USD 25.8 million) from RMB 321.8 million (USD 47.8 million) a year earlier.
UBTech also continued to spend heavily on product development. R&D expenses rose 38.9% to RMB 303.1 million (USD 45 million) in the first half, equivalent to 23.9% of revenue. The company said the increase was mainly driven by continued investment in full-size humanoid robots.
