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Author | Janson
Editor | Zhihao
Mass-produced vehicle solution installations exceeded 1 million units, with Robotaxi mass production in Q4.
CarDaily reported on August 31 that, just now, Momenta released its first interim performance announcement after listing, disclosing operating and financial results for the six months ended June 30, 2026.
In the first half of 2026, Momenta achieved revenue of 1.602 billion yuan, a year-on-year increase of 75.9%; gross profit reached 1.173 billion yuan, up 79.4% year-on-year; the overall gross margin increased from 71.8% in the same period last year to 73.2%.
▲ Momenta Key Financial Data for the First Half of 2026
After excluding share-based payments, changes in fair value of preferred shares and other financial liabilities, and listing expenses, Momenta's adjusted net loss for the first half of the year was 14.097 million yuan, narrowed by 96.6% from 416 million yuan in the same period last year. The adjusted loss margin also dropped from 45.7% to 0.9%, approaching break-even.
In terms of business, mass-produced vehicle solutions remain the core of Momenta's current growth. In the first half of 2026, Momenta added approximately 321,000 units of mass-produced solutions, an 83.7% year-on-year increase; cumulative installations exceeded 1 million units, with 105 mass-produced models, maintaining the number one position among third-party city NOA suppliers.
Following the release of the financial report, Momenta Founder, Chairman, and CEO Cao Xudong, Chief of Staff Chang Anren, and Senior Vice President Sun Huan participated in the Momenta first-half 2026 earnings call.
During the call, Momenta management primarily answered 4 key questions:
1. The R7 World Model has entered the final delivery stage, with performance in multiple scenarios improved by 3 to 5 times compared to R6, and it can use R6's sensor and chip configuration without adding hardware costs.
2. Scaling high-end intelligent driving overseas is currently mainly restricted by regulations; Europe is expected to further open up city NOA in 2027.
3. Momenta estimates that the combined market space for Robotaxi and RoboVan in five years will exceed $20 billion (approximately 134.4 billion yuan). The prerequisite for scaled operations is that the autonomous driving system must reach at least 10 times the safety level of human drivers.
4. Momenta's average price per vehicle software license in the future may be adjusted, but it will not cut prices without a bottom.
During the earnings call, Momenta management focused on answering questions regarding revenue growth, the R7 World Model, overseas business, project reserves, L4 commercialization, and price pressure. CarDaily has summarized the core content as follows:
1. With slowing automobile demand, why can Momenta still maintain high growth? How to maintain the number one position among third-party suppliers?
Momenta Founder, Chairman, and CEO Cao Xudong stated that the domestic city NOA market is still in a rapid growth phase. In 2025, the domestic city NOA penetration rate exceeded 10%, and it is likely to further exceed 15% in the first half of 2026, with the market ceiling still high.
Momenta's high growth in the first half of the year is mainly built on technology, products, and delivery. In terms of technology and products, the company introduced reinforcement learning in the R6 model and the world model in the R7 model, continuously improving the safety, anthropomorphic level, and user experience of assisted driving.
In terms of delivery, Momenta continues to improve delivery efficiency through standardization, process optimization, and automation.
Cao Xudong believes that suppliers possessing leading technology, good product experience, and high-quality delivery capabilities are still scarce. Whether Momenta can maintain its position as the number one third-party supplier for city NOA in the future ultimately depends on whether these three capabilities can continue to lead.
2. How is the progress of the R7 World Model? Which models will it be deployed on in the second half of the year?
Cao Xudong stated that the R7 World Model has entered the final delivery stage. R&D and delivery progress are currently smooth, and delivery to important customers will follow.
The main progress of R7 is concentrated in two directions: model scale and data scale. R7's performance in multiple scenarios is improved by approximately 3 to 5 times compared to R6.
More importantly, R7 can use the same sensor and chip configuration as R6, improving capabilities mainly through software and algorithm upgrades, without requiring car manufacturers to add extra hardware costs.
According to Momenta's plan, multiple Volkswagen, Cadillac, Mercedes-Benz, and BMW models will be equipped with the R7 World Model in the second half of 2026, including Mercedes-Benz GLC, GLE, and BMW New Generation iX3.
3. How is Momenta's overseas business progressing? What is the main bottleneck in going global?
Momenta Senior Vice President Sun Huan stated that the development speed of high-end assisted driving overseas is relatively slower than in China, mainly because regulatory and legal restrictions in some countries and regions are stricter.
Currently, regulations remain the main external factor restricting the scaled landing of city NOA overseas.
However, relevant European regulations are gradually adjusting. Momenta estimates that the European market is expected to further open up city NOA in 2027.
Momenta has already layouted overseas business from two directions.
On one hand, Chinese models equipped with Momenta solutions have entered 10 countries and regions; on the other hand, the company is also promoting mass-produced projects for local markets with multiple international car manufacturers.
4. Cumulative designations reached 219. How does Momenta filter projects? What is a reasonable size of the project backlog?
Momenta management stated that the company currently has sufficient project reserves. As of the end of June 2026, Momenta has cumulatively obtained 219 model designations, of which 114 have not been delivered yet.
In terms of project selection, Momenta adopts a broad coverage strategy based on the "Law of Large Numbers," hoping to serve more OEMs and cover more models, rather than betting revenue growth on one or two hit models.
Management believes that in the fiercely competitive and rapidly changing automobile market, even OEMs themselves find it difficult to accurately predict the future sales of a specific model. Therefore, expanding the coverage of customers and models helps reduce risks brought by sales fluctuations of single models, making the company's installation volume and revenue growth more stable.
The key to supporting this strategy is platform delivery capability. Momenta stated that the delivery resources required for a single model project have been shortened from approximately 400 people and two years in the past to dozens of people and about three months. The significant improvement in delivery efficiency mainly comes from mainline platform reuse, tooling, and automation construction.
5. How does Momenta plan L4 and Robotaxi, RoboVan businesses?
Cao Xudong stated that from the beginning, Momenta chose a "two-legged" development strategy: one leg is mass-produced assisted driving, and the other leg is fully autonomous driving.
Mass-production business can continuously provide data and commercial revenue, providing a foundation for L4 model training, technology iteration, and scaled deployment.
Momenta uses "Moon Landing" to explain Momenta's technical route. If comparing large-scale L4 commercialization to landing on the moon, one path is to first climb Mount Everest, which is closer to the moon, and the other path is to solve the essential problem of landing on the moon and build a rocket.
Momenta believes that mass-produced assisted driving is "building rockets" for L4. By accumulating real road data through a large number of mass-produced vehicles, it forms a data flywheel that can operate continuously, rather than relying long-term on small-scale dedicated test fleets.
Momenta judges that the global Robotaxi and RoboVan market has large commercial space in the future. It is expected that in five years, the global Robotaxi market size may reach 1 million to 1.5 million vehicles. According to an estimated gross profit of about 10,000 USD (approximately 67,200 yuan) per vehicle per year, this market will form considerable revenue space.
However, to achieve L4 scaled landing, Momenta believes it still needs to cross the safety and regulatory thresholds. In terms of safety, the company hopes to achieve significant improvement in system safety capabilities annually, ultimately reaching at least 10 times the safety level of human drivers.
6. Will the car price war depress Momenta's software license price and gross margin?
Momenta management stated that price competition in the domestic automobile market has indeed brought certain pressure to the supply chain. In the future, the average selling price of Momenta's vehicle software license may experience certain adjustments.
However, management believes that such adjustments do not represent Momenta losing pricing power, but rather, as the mass-produced installation scale expands, sharing the marginal cost reduction brought by scaling with OEMs through tiered pricing and volume discounts. This is a business arrangement built on installation volume growth.
Momenta emphasizes that the company will not engage in bottomless price cuts to gain orders. Intelligent driving is directly related to vehicle safety. If system prices are low but safety and experience are insufficient, it may ultimately damage the car manufacturer's brand and consumer trust.
Management revealed that on some cooperating models, the selection rate of high-end intelligent driving options priced over 10,000 yuan can reach over 80%. This shows that when product experience crosses the user's trust threshold, consumers are still willing to pay for better safety and intelligent driving experience.
In addition to the existing single-vehicle software license model, Momenta is also discussing business models for charging consumers with car manufacturers. With product experience improvements, L3 model launches, and relevant regulations landing, the intelligent driving business may expand from one-time License fees to subscription fees in the future, thereby increasing software revenue over the vehicle's full lifecycle.
In the first half of 2026, Momenta achieved revenue of 1.602 billion yuan, a 75.9% increase compared to 911 million yuan in the same period of 2025.
Momenta stated that revenue growth was mainly due to a significant increase in the cumulative number of mass-produced models and cumulative designations.
In terms of revenue structure, Momenta currently mainly has two types of income: technical development services and licensing services.
Among them, technical development service income was 995 million yuan, up 81.5% year-on-year, accounting for 62.1% of total revenue; licensing service income was 607 million yuan, up 67.5% year-on-year, accounting for 37.9% of total revenue.
▲ Momenta First Half 2026 Revenue Structure
The growth in technical development service income mainly comes from new customers and increased technical development projects for existing customers, as well as some projects entering delivery and acceptance stages.
In terms of costs, Momenta's operating costs for the first half of the year were 429 million yuan, an increase of 67.0% year-on-year, with a growth rate lower than revenue growth.
Momenta's gross profit for the same period was 1.173 billion yuan, up 79.4% year-on-year; the overall gross margin reached 73.2%, an increase of 1.4 percentage points compared to 71.8% in the same period last year.
▲ Momenta First Half 2026 Gross Profit and Margin
Momenta explained that the gross margin improvement mainly comes from the economies of scale brought by the mainline platform and the "Three Core Capabilities," as well as the company reusing knowledge and engineering experience accumulated from mass-produced projects.
In other words, Momenta is using a relatively unified software platform, development tools, and delivery system to serve more car manufacturers and models, thereby reducing the marginal cost of new project adaptation and mass-production delivery.
However, under International Financial Reporting Standards (IFRS), Momenta still recorded a net loss of 16.537 billion yuan in the first half of the year, an obvious expansion from the 1.702 billion yuan loss in the same period last year.
In the first half of 2026, Momenta recognized a loss from changes in the fair value of preferred shares and other financial liabilities of 16.311 billion yuan, while this figure was 1.139 billion yuan in the same period last year.
Momenta stated that this was mainly due to the increase in the fair value of preferred shares before listing. After the company completed its listing, all preferred shares have been converted to common shares.
After excluding this non-cash item, share-based payment expenses, and listing expenses, Momenta's adjusted net loss for the first half of the year was 14.097 million yuan, narrowed by 96.6% from 416 million yuan in the same period last year.
The proportion of Momenta's adjusted loss to revenue also dropped significantly from 45.7% in the same period last year to 0.9%.
▲ Momenta Adjusted Net Loss Changes
This means Momenta's main business is approaching break-even. If revenue continues to grow and expense rates are controlled, whether the company can subsequently achieve positive adjusted profit will become a key focus for outsiders.
In terms of operating expenses, Momenta's R&D expenditure for the first half of the year reached 1.163 billion yuan, up 18.6% year-on-year.
It is worth noting that Momenta's R&D expenditure for the first half of the year accounted for 72.6% of revenue, still at a high level.
As of June 30, 2026, Momenta had 1,102 R&D personnel, accounting for 79.1% of the total number of employees, with more than two-thirds of R&D personnel holding a master's degree or above.
Momenta stated that the increase in R&D expenses mainly came from increased infrastructure costs, training platform and cloud service expenses, and increased test fleet operation costs.
In terms of business progress, the fastest growing and most mature business model segment in the first half of the year is still mass-produced vehicle solutions.
As of June 30, 2026, Momenta's mass-produced solutions have cumulatively exceeded 1 million units. 321,000 units were added in the first half of 2026, an 83.7% year-on-year increase.
▲ Momenta Partners
In terms of customers and models, Momenta has carried out mass-production business cooperation with 26 OEM customers, with cumulative mass-produced models reaching 105.
In the first half of 2026 alone, Momenta delivered 37 mass-produced models, averaging more than 6 models per month.
In terms of designations, Momenta's cumulative mass-production designations reached 219, an increase of 49 compared to the end of 2025. Currently, there are 114 pending designations that have not been delivered yet.
这批未交付定点将成为 Momenta 后续收入增长的重要项目储备，但其转化速度仍取决于相关车型的研发周期、交付验收和整车上市节奏。
These undelivered designations will become an important project reserve for Momenta's subsequent revenue growth, but their conversion speed still depends on the R&D cycle, delivery acceptance, and vehicle launch schedule of relevant models.
In terms of market position, Momenta stated it maintains the number one position among third-party suppliers in the city NOA market.
Compared to OEM self-developed intelligent driving solutions, third-party suppliers need to adapt to different brands, different models, different electrical/electronic architectures, and chip platforms, placing higher demands on software platformization and engineering delivery efficiency.
Momenta refers to the mainline platform, Momenta Adaptor, Momenta Framework, and Momenta Box as the "Three Core Capabilities," hoping to shorten development and delivery cycles for different models through a unified engineering system.
In addition to the domestic market, Momenta's mass-produced vehicle solutions are also entering overseas markets following cooperating car manufacturers.
As of now, models equipped with Momenta solutions have entered 10 countries and regions, including markets such as Norway, the UK, UAE, Singapore, Australia, New Zealand, and Thailand. The company also plans to further expand into the EU market and promote overseas mass-produced vehicle projects with multiple international OEMs.
Regarding L3, Momenta has already started relevant project R&D with multiple OEMs. Under conditions allowed by laws and regulations, the company expects to install L3 features on mass-produced models in 2027.
In terms of technology, Momenta focused on disclosing the new-generation R7 World Model in the first half of the year.
According to the plan, the R7 World Model will begin deployment on mass-produced vehicles from Q3 2026 and gradually expand to autonomous driving freight vehicles and Robotaxi within the year.
▲ Momenta R7 World Model
Momenta divides the R7 World Model into three levels: world model pre-training, world model simulation, and reinforcement learning within the world model.
Momenta stated that compared to the R6 model, the R7 World Model has improved in safety, driving anthropomorphic level, and decision-making capabilities. According to internal test data, R7's performance in some safety scenarios improved by up to approximately 25 times.
The core resources supporting R7 model training are data accumulated by Momenta through mass-produced vehicles.
As of June 30, 2026, mass-produced vehicles equipped with Momenta solutions have exceeded 1 million units, with cumulative real-world driving mileage exceeding 13 billion kilometers, from which more than 100 million high-value "Golden Data" clips have been selected.
Momenta hopes to form a growth flywheel driven by data, computing power, models, and business through this.
The increase in mass-produced vehicles can bring more real driving data, more data and computing power can improve model capabilities, improved model experience helps Momenta obtain more model designations and commercial revenue, and new revenue is reinvested in computing power and R&D.
In addition to the mass-produced vehicle assisted driving business, Momenta is also accelerating autonomous vehicle commercialization.
As of the first half of 2026, Momenta's Robotaxi business has already carried out testing or operations in 6 cities across 3 countries: China, UAE, and Germany.
▲ Momenta Robotaxi
Domestically, Momenta has obtained autonomous driving testing or operation licenses at different stages in Shanghai, Suzhou, Wuxi, and Shenzhen.
In terms of ecosystem cooperation, Momenta has established cooperation with ride-hailing platforms such as Uber, Grab, Lumo, and HiRide.
Momenta plans to promote pre-installed mass-produced Robotaxi fleets with HiRide in Pudong, Shanghai; the launch city for the Uber cooperation Germany Robotaxi project is set to be Munich; Grab's cooperation mainly targets the Southeast Asian market; and cooperation with Lumo and Mercedes-Benz focuses on Abu Dhabi.
Regarding product launch, Momenta's first Robotaxi mass-produced model is planned to begin deployment in Q4 2026, equipped with the R7 World Model.
The company expects to deploy hundreds of Robotaxis domestically and internationally by the end of 2026 and obtain licenses in more than 10 cities domestically and abroad.
In addition to Robotaxi, Momenta is also reusing map-free solutions, data, and model capabilities accumulated from mass-produced vehicles for last-mile urban logistics.
In the first half of 2026, Momenta's autonomous driving freight vehicle business has started small-scale trial operation in Suzhou, mainly targeting last-mile logistics scenarios such as courier relay and night delivery in cities.
Momenta stated that it introduced the map-free solution verified by mass-produced passenger cars to autonomous logistics to reduce reliance on HD maps and improve vehicle deployment efficiency across regions.
According to the plan, Momenta's first autonomous driving freight mass-produced model will achieve scaled landing in the second half of 2026 and expand from Suzhou to other cities.
In 2027, the company plans to advance autonomous driving freight business to multiple key domestic cities and enter core overseas markets. New models will also be equipped with the R7 World Model.
Overall, Momenta submitted a report card for the first half of 2026 with high revenue growth, continued increase in gross margin, and significant narrowing of adjusted loss.
Momenta is using the data and engineering capabilities accumulated from mass-produced vehicle business to expand to the R7 World Model, Robotaxi, and autonomous freight vehicles.
However, what Momenta needs to prove in the next step is not just model capabilities and the speed of obtaining licenses.
Whether the mass-produced vehicle solution can continue to expand installation scale, whether adjusted profit can turn positive, whether the R7 World Model can bring perceptible product improvements, and whether Robotaxi can move from small-scale testing to replicable commercial operations will jointly determine the quality of Momenta's growth after listing.
Momenta's First Semi-Annual Report: Approaching Break-Even, "No Unconditional Price Cuts"
