Momenta's 'Three-Stage Rocket'—Few in the market truly understand it yet.

The core indicator of having crossed the inflection point is precisely when a technology-driven company establishes a mature commercial cycle and achieves genuine break-even—much like Amazon at the end of 2001. Undoubtedly, Momenta is the first company in the autonomous driving industry to have crossed this inflection point. Second-stage rocket: Robo+ — A trillion-yuan market, one unified 'brain' powering diverse businesses. Within Momenta’s business portfolio, while L2.5–L3 solutions are already sustaining positive financial momentum today, the Robo+ business is the true engine propelling its mid-term narrative. In capital market storytelling, autonomous driving has long been categorized as a 'distant future'—a long-term story awaiting realization five or ten years down the road. This narrative inherently excludes L4 from the 'present,' rendering it a concept fit for discussion but not yet tangible. Yet Momenta’s interim report conveys the opposite message: L4 is no longer distant—it is already within reach. (1) Robotaxi operations are imminent; cost advantages unlock nearly $100 billion of market potential. This year, Momenta’s Robotaxi service will launch operations in Shanghai and Abu Dhabi. From obtaining the Shanghai Pudong Unmanned Driving Operation License to officially commencing operations, Momenta took only eight months. In July, Momenta officially received authorization from Germany’s Federal Motor Transport Authority (KBA), permitting L4-level autonomous driving tests on urban roads nationwide—the first such approval granted to a Chinese enterprise. To date, Momenta has conducted testing in Shanghai, Suzhou, Wuxi, Shenzhen, Abu Dhabi, Munich, and other cities, and plans to expand to over ten global cities by year-end. Its Robotaxi partnership network is rapidly taking shape. Momenta has established collaborations with global mobility platforms including Uber, Grab, Lumo, and Xiangdao Travel. At the 2026 World Artificial Intelligence Conference, Xiangdao Travel announced the launch of SAIC’s Robotaxi mass-production customized vehicle project, equipped with Momenta’s L4 intelligent driving system, scheduled for debut in 2027. Mobility platforms handle operations, automakers handle manufacturing, and Momenta supplies the 'brain'—all three roles are now fully aligned. The market ceiling is exceptionally high. According to CIC Insight Consulting, the global Robotaxi operation market size was only about USD 100 million in 2025, but is projected to surge to approximately USD 81.8 billion by 2030—of which China’s share will reach USD 38.1 billion, accounting for 47% of the global total. By 2030, China’s Robotaxi penetration rate is expected to reach 11.9%, far exceeding the global average of 5.7%. Cost advantage is the key driver: Robotaxi’s total cost per kilometer stands at roughly RMB 1.2–1.7, significantly lower than traditional taxis’ RMB 3.1/km. Once scaled, China’s Robotaxi operational profit margin is projected to reach 60% by 2030. (2) Robovan boasts a shorter commercialization path—and Momenta has already secured partnerships with leading logistics industry players. Moreover, Momenta’s interim report reveals deep strategic deployment in the Robovan domain.

Momenta’s H1 revenue reached RMB 1.6 billion, up 76% year-on-year, with a gross margin of 75%—industry-leading.

On August 31, physical AI company Momenta (6880.HK) officially released its 2026 interim financial report. As its first set of results since listing, Momenta delivered outstanding financial performance across multiple metrics—powered by its industry-leading world model base platform, the company is accelerating both technological advancement and commercial maturity. 1 H1 Revenue Soars 76% The financial report shows that in the first half of 2026, Momenta achieved record-high revenue and gross profit: revenue totaled RMB 1.6 billion, up 76% year-on-year; gross profit—excluding share-based compensation expenses—reached RMB 1.21 billion, up 75% year-on-year, with a gross margin of 75%, maintaining an industry-leading level. Notably, Momenta’s adjusted net loss narrowed sharply to RMB 14.1 million in H1, representing a 97% year-on-year reduction; cash outflow from operating activities declined by 47% compared to the same period last year. These key profitability indicators improved significantly—clearly demonstrating the company’s stable and healthy operations, and sending a positive signal to the autonomous driving industry that it is gradually moving away from the 'burn-rate' model toward sustainable profitability. Following its IPO fundraising in July, Momenta’s cash reserves surpassed RMB 15 billion, laying a solid financial foundation for scaling up unmanned operations and expanding globally. As 'the shared choice of global brands,' Momenta ranks first in market share among third-party urban NOA solution providers. The company has partnered with 26 automakers worldwide—the highest number of international clients in the industry—and is the first Chinese enterprise to achieve mass production of intelligent driving solutions globally. Its量产 solutions have been deployed across more than 10 countries and regions in Asia, Europe, Oceania, Latin America, and North Africa—and continue supporting mainstream automakers’ overseas expansion. Continuous breakthroughs in mass-production business have fully activated Momenta’s 'flywheel effect': over 1.1 million production vehicles equipped with Momenta systems are now on the road; more than 110 production vehicle models have been successfully delivered; and the cumulative number of vehicle models awarded contracts exceeds 230—with the most recent 100,000 units delivered in just 36 days. Momenta has also initiated L3 development, targeting mass production by the end of 2027. Momenta CEO Xu Dong Cao stated: 'Guided by our mission of “Better AI, Better Life,” we remain committed to data-driven development and building a world-leading world model base platform. Leveraging this unified world model base, we employ three layers—pre-training, simulation, and reinforcement learning—to enable autonomous driving systems to deeply perceive and understand the physical world, progressively surpassing human-level performance. This technical capability has already extended beyond mass-production scenarios into scalable unmanned businesses such as Robovan and Robotaxi—and is rapidly expanding into overseas markets, further strengthening our global leadership.' 2 World Model Base Platform Drives Generalization Across Diverse Scenarios Today, world models have emerged as the next pivotal growth frontier following large language models. In H1, Momenta’s R&D expenditure accounted for 73% of its revenue, and R&D personnel made up 79% of its total workforce—high-quality R&D investment has accelerated model iteration. In March, Momenta launched its R7 world model, heralding the 'dawn of physical AI.'

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