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Unitree Robotics reported a 69.93% increase in third-quarter revenue to RMB 665.04 million, while net profit attributable to shareholders fell 17.37% to RMB 112.69 million as the company accelerated investment in embodied AI research and computing.
The unaudited quarterly results show research and development spending reaching RMB 127.04 million, up 249.58% from a year earlier. R&D consumed 19.10% of quarterly revenue, compared with 9.28% in the same period last year.
Revenue Growth Meets Higher Development Costs
Unitree attributed its sales growth to product innovation, business expansion, and a broader product lineup. For the first nine months of 2026, revenue reached RMB 1.817 billion, up 55.71% from a year earlier.
The quarterly profit decline was similar after excluding nonrecurring gains and losses, a measure that fell 17.42% to RMB 105.04 million. Basic earnings per share dropped 20.32% to RMB 0.30.
| Metric | Q3 2026 | Year-on-Year Change | January–September 2026 | Year-on-Year Change |
|---|---|---|---|---|
| Revenue | RMB 665.04 million | +69.93% | RMB 1.817 billion | +55.71% |
| Net Profit Attributable to Shareholders | RMB 112.69 million | −17.37% | RMB 386.69 million | +270.54% |
| Net Profit Excluding Nonrecurring Items | RMB 105.04 million | −17.42% | RMB 348.97 million | −18.78% |
| R&D Spending | RMB 127.04 million | +249.58% | RMB 262.95 million | +191.48% |
The nine-month headline profit increase comes from a different comparison than the quarterly result. Unitree attributed it to higher gross profit as revenue expanded and a large, one-time share-based payment expense recognized in the prior-year period. Excluding nonrecurring items, nine-month profit declined despite the increase in sales.
The nine-month financial statements also show selling expenses rising to RMB 229.89 million from RMB 76.01 million. The cost increases therefore extend beyond research alone.
Embodied AI Takes a Larger Share of Spending
Unitree said the R&D increase mainly reflected heavier investment in embodied intelligence, particularly large-model development and computing resources, alongside a larger research team and continued new-product development.
Embodied AI connects machine intelligence to physical action. Robots must interpret their surroundings and turn that information into movements and task execution. Developing those capabilities requires software and model work as well as mechanical hardware, sensors, and actuators. Unitree’s spending explanation places model research and compute among the main drivers of its growing development budget.
Across the first nine months, R&D spending reached RMB 262.95 million, up 191.48%. It represented 14.47% of revenue, an increase of 6.74 percentage points from the prior-year period.
Other robot makers are also expanding their commercial operations and seeking financing. Agility Robotics is preparing for a shareholder vote on its proposed Nasdaq listing, while GXO has agreed to extend Digit deployments to two additional U.S. facilities.
IPO Proceeds Expand the Balance Sheet
Unitree ended September with total assets of RMB 10.16 billion, up 216.52% from the end of 2025. The company attributed the increase primarily to proceeds from its IPO during the quarter.
Monetary funds on the balance sheet rose to RMB 7.35 billion from RMB 1.42 billion at year-end. Shareholders’ equity reached RMB 8.91 billion, up 242.10%, from both the capital raised and profits generated during the reporting period.
Operating cash flow moved in the opposite direction. Net cash generated by operations fell 54.69% to RMB 193.71 million for January through September. Unitree attributed that decline to higher payments for goods and services, employee compensation, selling activities, and R&D as the business expanded.
Inventory increased to RMB 1.02 billion from RMB 367.75 million. Contract liabilities, which include customer payments received before the associated revenue is recognized, rose to RMB 233.10 million from RMB 136.96 million. Together, those figures show more capital tied up in inventory alongside increased advance customer payments.
RMB 20 Million Planned for Hangzhou Pilot Base
Separately, Unitree approved a proposed RMB 20 million investment through its wholly owned Hangzhou Unitree Robotics subsidiary in Hangzhou Embodied Intelligence Application Pilot Base Co. The subsidiary would retain its 10% stake.
The contribution is part of a RMB 200 million capital increase that would raise the pilot base’s registered capital from RMB 100 million to RMB 300 million. Hangzhou Gaoxin Kechuang Group would contribute RMB 73 million, Hangzhou Data Group RMB 39 million, Transfar Group RMB 8 million, and new investor Hangzhou Jushen Wuxian RMB 60 million.
Established in May 2025, the pilot base reported RMB 449,600 in revenue and a net loss of RMB 15.20 million for the first nine months of 2026. The new funding is intended to support construction and business development, using the investors’ own funds rather than Unitree’s IPO proceeds.
