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Cambricon Q3 revenue rose 104.47% to 3.531 billion yuan and net profit hit 1.404 billion yuan, yet Bloomberg calls it a miss; the company has not cited any supply limit.
2 min readAI-assisted
Cambricon's MLU370-X8 cloud AI accelerator card, as shown on the company's website. It is a product image, not a picture of the hardware behind the Q3 results.
Image: Cambricon
Source · Press image from the Cambricon website, used for news reporting.
Cambricon Technologies, the Beijing-based AI accelerator designer, reported third-quarter revenue of 3.531 billion yuan, up 104.47% from a year earlier, in a filing published on Oct. 23, according to Beijing News and IT Home's summary of the report.
Net profit attributable to shareholders was 1.404 billion yuan, up 147.74%. Net profit excluding one-off items was 1.358 billion yuan, up 168.13%. Basic earnings per share were 2.23 yuan. Operating cash flow for the quarter was negative, at minus 83.68 million yuan, IT Home reported.
Q3 revenue was 3.531 billion yuan against 9.526 billion yuan for the first nine months of 2026, per Beijing News and IT Home.
Illustration (AI-generated)
For the first nine months of 2026, revenue reached 9.526 billion yuan, up 106.76%, and attributable net profit reached 3.715 billion yuan, up 131.49%, according to the same filing summaries.
Bloomberg's headline on the results describes the sales as a miss and reads them as a sign of an output constraint. Voltgrid could not read the paywalled Bloomberg article in full, so the analyst estimate it cites and its reasoning are not repeated here. Cambricon's own explanation, as relayed by IT Home, is different: the company attributes the growth to rising demand for AI compute and a stronger product line-up, and it does not mention a supply limit.
Revenue more than doubled, yet cash flow from operations was slightly negative in the quarter. The filing summaries Voltgrid read do not break out inventory or prepayments, so they do not show whether that cash went into wafers, packaging or memory ahead of shipments. Voltgrid News reported earlier on Huawei's offshore loan as chip and memory costs climb.
Research and development spending was 523 million yuan in the quarter, up 73.66%. That was 14.80% of revenue, 2.63 percentage points lower than a year earlier, because revenue grew faster than spending.
Cambricon has not said in the material Voltgrid reviewed that production, foundry capacity or HBM-class memory limited its shipments. Whether the quarter fell short of expectations rests on Bloomberg's account alone. On the demand side, Voltgrid News also covered how DeepSeek added Huawei Ascend support. The full quarterly report on the Shanghai exchange would show inventory, contract liabilities and prepayments, which are the lines that would test the output-constraint reading. Voltgrid will update this story if the company or a second outlet addresses supply.
