Unitree's first quarterly report after IPO: revenue up 55.71%, non-GAAP net profit down 18.78%
Unitree Technology's revenue for the first three quarters of 2026 was 1.817 billion yuan, up 55.71% year on year, while non-GAAP net profit was 349 million yuan, down 18.78% year on year; R&D investment was 263 million yuan, up 191.48% year on year. The article places this report of revenue growth without profit growth alongside JPMorgan's October 25 upgrade to Overweight with a target price raised from 300 yuan to 995 yuan, and Wang Xingxing's statement that the window for a physical AI breakthrough may come in the next one to two years or two to three years, noting that valuations are pricing in platform value after 2028, while current revenue still comes mainly from research and education scenarios.