Cheetah Mobile (CMCM) Q2 2026 Earnings Call: AI and Robotics Growth Accelerates
Source Tradingkey
Key Takeaways
- Cloud and AI infrastructure services revenue rose 83.1% year over year and 26.2% quarter over quarter to RMB 59.1 million, representing 22.2% of total revenue.
- Robotics and others revenue increased 72.5% year over year and 6.4% sequentially to RMB 54.5 million, supported by higher robotic product sales and the initial contribution from smart mobility products.
- Internet services revenue declined 17.3% year over year to RMB 130.5 million, but adjusted operating margin expanded to 19.4% from 14.1% a year earlier and 11.3% in Q1 2026.
- Revenue excluding advertising agency services reached RMB 244.1 million, up approximately 10% year over year and 5% quarter over quarter.
- Non-GAAP operating loss widened to RMB 25.6 million from RMB 22.5 million in Q1 2026, as weaker advertising agency results and continued robotics investment offset higher Internet services profit.
- Management expects 2026 cloud and AI infrastructure gross billings to exceed RMB 2 billion and related revenue to surpass RMB 200 million, based on current business momentum.
Core Financial Data
| Metric | Q2 2026 | Change | Key context |
|---|---|---|---|
| Revenue excluding advertising agency services | RMB 244.1 million | Approximately +10% YoY; +5% QoQ | Growth across cloud and AI infrastructure, robotics and Internet value-added services |
| Operating loss | RMB 73.6 million | Versus RMB 28.3 million in Q1 2026 and RMB 11.1 million in Q2 2025 | Affected by weaker advertising agency services and robotics investment |
| Non-GAAP operating loss | RMB 25.6 million | Versus RMB 22.5 million in Q1 2026 and RMB 2.1 million in Q2 2025 | Internet profit improvement was more than offset by other segments |
| Internet services revenue | RMB 130.5 million | -17.3% YoY; -3.4% QoQ | Online advertising remained under pressure |
| Internet services adjusted operating profit | RMB 25.4 million | +14.2% YoY; +67.2% QoQ | Adjusted margin reached 19.4% |
| Robotics and others revenue | RMB 54.5 million | +72.5% YoY; +6.4% QoQ | Higher robotic product sales and smart mobility launch |
| Robotics and others adjusted operating loss | RMB 34.0 million | Narrowed 35.5% YoY; widened from RMB 26.9 million QoQ | Continued development and commercialization spending |
| Global Enterprise Services revenue | RMB 81.1 million | -23.3% YoY; +11.5% QoQ | Cloud and AI growth partly offset lower agency revenue |
| Cloud and AI infrastructure revenue | RMB 59.1 million | +83.1% YoY; +26.2% QoQ | Demand from Chinese enterprises expanding overseas |
| Cash and cash equivalents | RMB 1.271 billion | As of June 30, 2026 | Equivalent to USD 187.3 million |
Business and Operating Performance
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