Robotics and others revenue grew 175.9% year over year and accounted for 19.8% of total revenue in the first quarter of 2026
BEIJING, June 10, 2026 /PRNewswire/ -- Cheetah Mobile Inc. ("Cheetah Mobile" or the "Company") $(CMCM)$, a China-based IT company with a commitment to AI innovation, today announced its unaudited consolidated financial results for the quarter ended March 31, 2026.
Financial Highlights
Revenue
-- Total revenues were RMB259.0 million (US$37.5 million) in the first
quarter of 2026.
-- Revenues from robotics and others increased 175.9% year over year to
RMB51.2 million, accounting for 19.8% of total revenues in the first
quarter of 2026.
-- Revenue from services of cloud and AI infrastructure increased 68.3% year
over year in the first quarter of 2026 to RMB46.8 million, contributing
to 64.3% of global enterprise services segment revenue and 18.1% of this
quarter's total revenues.
-- Revenue from internet value-added services increased 8.2% year over year
in the first quarter of 2026 to RMB98.3 million, accounting for 72.8% of
internet services segment revenue and 38.0% of this quarter's total
revenues.
Profitability
-- Net loss attributable to Cheetah Mobile shareholders was RMB17.5 million
(US$2.5 million), compared with RMB33.4 million in the same period last
year.
-- Non-GAAP net loss attributable to Cheetah Mobile shareholders was RMB11.7
million (US$1.7 million), compared with non-GAAP net loss attributable to
Cheetah Mobile shareholders of RMB21.1 million in the same period last
year.
Cash Position
-- As of March 31, 2026, the Company had RMB1,280.6 million (US$185.6
million) in cash and cash equivalents.
Management Commentary
Fu Sheng, Chief Executive Officer of Cheetah Mobile, commented: "During the first quarter of 2026, we continued executing our AI and robotics strategy with a disciplined approach. Our robotics and others segment delivered strong year-over-year growth while adjusted operating loss further narrowed, reflecting improving commercial traction and operating efficiency. We also continued advancing EasyClaw, our AI agent platform focused on enterprise productivity scenarios, and introduced other AI Agent products. We believe long-term opportunities in AI will come from practical applications, workflow integration, and real customer value creation. Across the industry, we are seeing growing adoption of AI agents, which is driving demand for AI infrastructure and cloud services. This trend also benefited our services of cloud and AI infrastructure business, which delivered strong year-over-year revenue growth during the quarter. Supported by stable cash flow from our internet services business, we remain focused on disciplined investment, product execution, and building sustainable long-term growth engines."
Thomas Ren, Chief Financial Officer of Cheetah Mobile, commented: "Starting from the first quarter of 2026, we began reporting our robotics business as a separate segment to present the operating progress of this business. Historical results previously reported under the AI and others segment are now presented as robotics and others, which primarily includes robotics-related products and services, and global enterprise services, which includes advertising agency and services of cloud and AI infrastructure through partnering with global leading cloud service providers. We also maintained a solid balance sheet, ending the quarter with US$ 185.6 million in cash and cash equivalents, supporting our disciplined investment in AI and robotics initiatives over the long term."
First Quarter 2026 Financial Results
Total revenues remained relatively flat year over year, generating RMB259.0 million (US$37.5 million) in the first quarter of 2026.
-- Revenues from Robotics and Others increased 175.9% year over year to
RMB51.2 million, accounting for 19.8% of total revenues in the first
quarter of 2026.
-- Internet Services revenue decreased 15.2% year over year to RMB135.0
million. This year-over-year decrease was resulting from a 46.3% decline
in the Company's online advertising business. However, revenue from
internet value added services increased by 8.2% year over year in the
first quarter of 2026, contributing to 72.8% of this quarter's Internet
Services segment revenue, and 38.0% of this quarter's total revenues.
-- Global Enterprise Services revenue decreased 10.5% year over year to RMB
72.8 million. This year-over-year decrease resulted from a 51.5% decline
in the Company's advertising agency services business due to policy
shifts from a major global advertising platform. However, revenue from
services of cloud and AI infrastructure increased 68.3% year over year in
the first quarter of 2026, contributing to 64.3% of this quarter's Global
Enterprise Services segment revenue and 18.1% of this quarter's total
revenues. This increase was a result of an increasing number of
enterprises in the overseas markets adopting AI agent products to improve
productivity, which drove demands for both tokens and cloud computing
resources through our platform.
Operating loss was RMB28.3 (US$4.1 million) million in the first quarter of 2026, compared to RMB26.5 million in the same period last year. Non-GAAP operating loss was RMB22.5 million (US$3.3 million) in the first quarter of 2026, compared to RMB14.3 million in the same period last year.
-- Adjusted operating loss from Robotics and Others decreased by 57.1% year
over year to RMB26.9 million in the first quarter of 2026.
-- Adjusted operating profit from Internet Services business decreased by
38.2% year over year in the first quarter of 2026, mainly due to the
decline in online advertising revenue in this segment, along with our
investments in AI agent related products. However, we still earned
RMB15.2 million from the Internet Services business in this quarter,
which laid a solid foundation for our investments in robotics and AI
applications.
-- Adjusted operating profit from Global Enterprise Services decreased by
67.3% year over year to RMB13.8 million in the first quarter of 2026.
This decline was resulting from the revenue decrease in the Company's
advertising agency services business.
Net loss attributable to Cheetah Mobile shareholders was RMB17.5 million (US$2.5 million), compared with RMB33.4 million in the same period last year. Non-GAAP net loss attributable to Cheetah Mobile shareholders was RMB11.7 million (US$1.7 million), compared with non-GAAP net loss attributable to Cheetah Mobile shareholders of RMB21.1 million in the same period last year.
As of March 31, 2026, the Company had RMB1,280.6 million (US$185.6 million) of cash and cash equivalents, and RMB692.2 million (US$100.3 million) of long-term investments.
Conference Call Information
The Company will hold a conference call on June 10, 2026, at 7:00 a.m. Eastern Time (or 7:00 p.m. Beijing Time) to discuss its financial results. Listeners may access the call by dialing the following numbers:
Main Line:
International: 1-412-317-6061
United States Toll Free: 1-888-317-6003
Mainland China Toll Free: +86-4001-206115
Hong Kong Toll Free: 800-963976
Conference ID: 7570048
English Translation:
International: 1-412-317-6061
United States Toll Free: 1-888-317-6003
Mainland China Toll Free: +86-4001-206115
Hong Kong Toll Free: 800-963976
Conference ID: 0340478
A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.cmcm.com.
Exchange Rate
This press release contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars in this press release were made at a rate of RMB6.8980 to US$1.00, the exchange rate in effect as of March 31, 2026, as set forth in the H.10 statistical release of the Federal Reserve Board. Such translations should not be construed as representations that RMB amounts could be converted into U.S. dollars at that rate or any other rate, or to be the amounts that would have been reported under accounting principles generally accepted in the United States of America ("U.S. GAAP").
About Cheetah Mobile Inc.
Cheetah Mobile is a China-based IT company with a commitment to AI innovation. It has developed and launched a diversified suite of software products for PCs and mobile devices, designed to address users' needs in document processing, system optimization, image editing and web browsing, AI agent products, among others. Cheetah Mobile provides advertising services to advertisers worldwide, value-added services including the sale of premium membership to its users, services of cloud and AI infrastructure to companies globally, as well as robotic products to international clients. At the same time, it actively engages in research and development of advanced technologies to empower its products and services. Cheetah Mobile has been listed on the New York Stock Exchange since May 2014.
Safe Harbor Statement
This press release contains forward-looking statements. These statements, including management quotes and business outlook, constitute forward-looking statements under the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Such statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in the forward-looking statements, including but are not limited to the following: Cheetah Mobile's growth strategies; Cheetah Mobile's ability to retain and increase its user base and expand its product and service offerings; Cheetah Mobile's ability to monetize its platform; Cheetah Mobile's future business development, financial condition and results of operations; competition with companies in a number of industries including internet companies that provide online marketing services and internet value-added services; expected changes in Cheetah Mobile's revenues and certain cost or expense items; and general economic and business condition globally and in China. Further information regarding these and other risks is included in Cheetah Mobile's filings with the U.S. Securities and Exchange Commission. Cheetah Mobile does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
Use of Non-GAAP Financial Measures
This release contains non-GAAP financial measures, including but not limited to:
-- Non-GAAP cost of revenues excludes share-based compensation expenses;
-- Non-GAAP gross profit excludes share-based compensation expenses;
-- Non-GAAP gross margin excludes share-based compensation expenses;
-- Total non-GAAP operating expenses exclude share-based compensation
expenses, amortization of intangible assets resulting from business
acquisitions, impairment of goodwill and intangible assets resulting from
business acquisitions;
-- Non-GAAP research and development expenses exclude share-based
compensation expenses, amortization of intangible assets resulting from
business acquisitions;
-- Non-GAAP selling and marketing expenses exclude share-based compensation
expenses , amortization of intangible assets resulting from business
acquisitions;
-- Non-GAAP general and administrative expenses exclude share-based
compensation expenses;
-- Non-GAAP operating profit/loss excludes share-based compensation expenses,
amortization of intangible assets resulting from business acquisitions
and impairment of goodwill and intangible assets resulting from business
acquisitions;
-- Non-GAAP net income/loss attributable to Cheetah Mobile shareholders
excludes share-based compensation expenses, amortization of intangible
assets resulting from business acquisitions, impairment of goodwill and
intangible assets resulting from business acquisitions;
-- Non-GAAP diluted earnings/losses per ADS excludes share-based
compensation expenses, amortization of intangible assets resulting from
business acquisitions, impairment of goodwill and intangible assets
resulting from business acquisitions.
The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measures for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance without the effect of share-based compensation expenses, amortization of intangible assets resulting from business acquisitions, which have been and will continue to be significant recurring expenses in its business, as well as impairment of goodwill and intangible assets resulting from business acquisitions. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company's net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measure in isolation from or as an alternative to the financial measure prepared in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the tables captioned "Cheetah Mobile Inc. Reconciliation of GAAP and non-GAAP Results".
Investor Relations Contact
Helen Jing Zhu
Cheetah Mobile Inc.
Tel: +86 10 6292 7779
Email: ir@cmcm.com
CHEETAH MOBILE INC.
Condensed Consolidated Balance Sheets
(Unaudited, amounts in thousands of Renminbi ("RMB") and US dollars
("US$"))
As of
-----------------------------------------
December 31, 2025 March 31, 2026
----------------- ----------------------
RMB RMB USD
ASSETS
Current assets:
Cash and cash equivalents 1,506,625 1,280,591 185,647
Short-term investments 9,527 9,499 1,377
Accounts receivable, net 468,058 471,332 68,329
Prepayments and other current
assets, net 1,154,774 1,086,601 157,524
Due from related parties, net 94,821 119,067 17,261
----------------- ----------- ---------
Total current assets 3,233,805 2,967,090 430,138
----------------- ----------- ---------
Non-current assets:
Property and equipment, net 40,238 40,967 5,939
Operating lease right-of-use
assets 16,833 14,316 2,075
Intangible assets, net 54,069 51,322 7,440
Goodwill 460,034 460,034 66,691
Long-term investments 688,459 692,209 100,349
Deferred tax assets 112,913 111,313 16,137
Other non-current assets 77,521 79,947 11,590
----------------- ----------- ---------
Total non-current assets 1,450,067 1,450,108 210,221
----------------- ----------- ---------
Total assets 4,683,872 4,417,198 640,359
================= =========== =========
LIABILITIES, MEZZANINE EQUITY
AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable 211,689 288,243 41,786
Accrued expenses and other
current liabilities 2,264,659 1,967,039 285,161
Due to related parties 18,613 24,298 3,522
Income tax payable 54,430 43,360 6,286
----------------- ----------- ---------
Total current liabilities 2,549,391 2,322,940 336,755
----------------- ----------- ---------
Non-current liabilities:
Deferred tax liabilities 21,711 21,132 3,063
Other non-current liabilities 154,422 153,789 22,295
----------------- ----------- ---------
Total non-current liabilities 176,133 174,921 25,358
----------------- ----------- ---------
Total liabilities 2,725,524 2,497,861 362,113
----------------- ----------- ---------
Mezzanine equity:
Redeemable noncontrolling
interests 197,560 199,656 28,944
Shareholders' equity:
Ordinary shares 254 254 37
Additional paid-in capital 2,736,117 2,737,443 396,846
Accumulated deficit (1,490,947) (1,508,427) (218,676)
Accumulated other comprehensive
income 362,245 332,503 48,203
----------------- ----------- ---------
Total Cheetah Mobile Inc.
shareholders' equity 1,607,669 1,561,773 226,410
Noncontrolling interests 153,119 157,908 22,892
----------------- ----------- ---------
Total shareholders' equity 1,760,788 1,719,681 249,302
----------------- ----------- ---------
Total liabilities, mezzanine
equity and shareholders'
equity 4,683,872 4,417,198 640,359
================= =========== =========
CHEETAH MOBILE INC.
Condensed Consolidated Statements of Comprehensive Loss
(Unaudited, amounts in thousands of Renminbi ("RMB") and US dollars
("US$"), except for number of shares and per share(or ADS) data)
For The Three Months Ended
----------------------------------------------
March 31, 2025 March 31, 2026 March 31, 2026
-------------- -------------- --------------
RMB RMB USD
Revenues 259,006 258,993 37,546
Internet Services 159,141 135,005 19,572
Global Enterprise
Services 81,297 72,750 10,547
Robotics and others 18,568 51,238 7,427
Cost of revenues (a) (69,505) (92,431) (13,400)
-------------- -------------- --------------
Gross profit 189,501 166,562 24,146
Operating income and
expenses:
Research and development
(a) (61,244) (57,722) (8,368)
Selling and marketing
(a) (104,838) (71,714) (10,396)
General and
administrative (a) (52,624) (66,136) (9,588)
Other operating income 2,670 722 105
-------------- -------------- --------------
Total operating income
and expenses (216,036) (194,850) (28,247)
Operating loss (26,535) (28,288) (4,101)
Other
income/(expenses):
Interest income, net 5,605 3,422 496
Foreign exchange gains 1,650 19,252 2,791
Others (expense)/income,
net (4,009) 1,321 192
-------------- -------------- --------------
Loss before income taxes (23,289) (4,293) (622)
Income tax expenses (4,820) (7,623) (1,105)
-------------- -------------- --------------
Net loss (28,109) (11,916) (1,727)
Less: net income
attributable to
noncontrolling
interests 5,248 5,564 807
-------------- -------------- --------------
Net loss attributable to
Cheetah Mobile
shareholders (33,357) (17,480) (2,534)
============== ============== ==============
Net loss per share
Basic (0.0235) (0.0126) (0.0018)
Diluted (0.0236) (0.0127) (0.0018)
Net loss per ADS
Basic (1.1749) (0.6306) (0.0900)
Diluted (1.1814) (0.6334) (0.0900)
Weighted average number
of shares outstanding
Basic 1,515,787,128 1,551,965,718 1,551,965,718
Diluted 1,515,787,128 1,551,965,718 1,551,965,718
Weighted average number
of ADSs outstanding
Basic 30,315,743 31,039,314 31,039,314
Diluted 30,315,743 31,039,314 31,039,314
Other comprehensive
loss , net of tax of
nil
Foreign currency
translation
adjustments (272) (31,160) (4,517)
Unrealized gains on
available-for-sale
securities, net 2,660 585 85
-------------- -------------- --------------
Other comprehensive
income/(loss) 2,388 (30,575) (4,432)
-------------- -------------- --------------
Total comprehensive loss (25,721) (42,491) (6,159)
-------------- -------------- --------------
Less: Total
comprehensive income
attributable to
noncontrolling
interests 6,662 4,731 686
-------------- -------------- --------------
Total comprehensive loss
attributable to Cheetah
Mobile shareholders (32,383) (47,222) (6,845)
============== ============== ==============
For The Three Months Ended
----------------------------------------------
March 31, 2025 March 31, 2026 March 31, 2026
-------------- -------------- --------------
(a) Share-based
compensation expenses RMB RMB USD
Cost of revenues 5 - -
Research and development 296 932 135
Selling and marketing 71 505 73
General and
administrative 5,212 2,044 296
-------------- -------------- --------------
Total 5,584 3,481 504
============== ============== ==============
CHEETAH MOBILE INC.
Reconciliation of GAAP and Non-GAAP Results
(Unaudited, amounts in thousands of Renminbi ("RMB") and US dollars ("US$"),
except for per share data )
For The Three Months Ended March 31, 2026
-------------------------------------------------------------
GAAP Share-based Amortization of Non-GAAP
intangible
Result Compensation assets* Result
--------- ------------ --------------- -------------------
RMB RMB RMB RMB USD
Revenues 258,993 - - 258,993 37,546
Cost of
revenues (92,431) - - (92,431) (13,400)
--------- ------------ --------------- --------- --------
Gross profit 166,562 - - 166,562 24,146
Research and
development (57,722) 932 231 (56,559) (8,200)
Selling and
marketing (71,714) 505 2,070 (69,139) (10,023)
General and
administrative (66,136) 2,044 - (64,092) (9,292)
Other operating
income, net 722 - - 722 105
--------- ------------ --------------- --------- --------
Total operating
income and
expenses (194,850) 3,481 2,301 (189,068) (27,410)
Operating loss (28,288) 3,481 2,301 (22,506) (3,264)
Net loss
attributable
to Cheetah
Mobile
shareholders (17,480) 3,481 2,301 (11,698) (1,697)
Diluted losses
per ordinary
share (RMB) (0.0127) 0.0022 0.0016 (0.0089)
Diluted losses
per ADS (RMB) (0.6334) 0.1100 0.0784 (0.4450)
Diluted losses
per ADS $(USD)$ (0.0900) 0.0159 0.0114 (0.0645)
For The Three Months Ended March 31, 2025
-------------------------------------------------------------
GAAP Share-based Amortization of Non-GAAP
intangible
Result Compensation assets* Result
--------- ------------ --------------- -------------------
RMB RMB RMB RMB
Revenues 259,006 - - 259,006
Cost of
revenues (69,505) 5 - (69,500)
--------- ------------ --------------- -------------------
Gross profit 189,501 5 - 189,506
Research and
development (61,244) 296 6,156 (54,792)
Selling and
marketing (104,838) 71 469 (104,298)
General and
administrative (52,624) 5,212 - (47,412)
Other operating
income, net 2,670 - - 2,670
--------- ------------ --------------- -------------------
Total operating
income and
expenses (216,036) 5,579 6,625 (203,832)
Operating loss (26,535) 5,584 6,625 (14,326)
Net loss
attributable
to Cheetah
Mobile
shareholders (33,357) 5,584 6,625 (21,148)
Diluted losses
per ordinary
share (RMB) (0.0236) 0.0037 0.0043 (0.0156)
Diluted losses
per ADS (RMB) (1.1814) 0.1850 0.2164 (0.7800)
* This represents amortization of intangible assets resulting from business
acquisitions.
CHEETAH MOBILE INC.
Information about Segment
(Unaudited, amounts in thousands of Renminbi ("RMB") and US dollars
("US$"), except for percentage)
For The Three Months Ended March 31, 2026
-------------------------------------------------
Global Robotics
Internet Enterprise and
Services Services others Consolidated
-------- ---------- -------- -----------------
RMB RMB RMB USD
Revenues from
external
customers 135,005 72,750 51,238 258,993 37,546
Inter-segment
revenues - 11,130 - 11,130 1,614
-------- ---------- -------- -------- -------
Segment revenue 135,005 83,880 51,238 270,123 39,160
Elimination of
inter-segment
revenue (11,130) (1,614)
-------- -------
Consolidated
Revenues 258,993 37,546
======== =======
Operating Costs
and expenses
Cost of
revenues(i) 29,157 43,940 26,458
Selling and
marketing(i) 39,649 9,180 19,747
Research and
development(i) 28,992 378 27,142
Other segment
items(i) 22,011 16,629 4,761
Adjusted operating
income/(losses) 15,196 13,753 (26,870) 2,079 301
======== ========== ======== ======== =======
Unallocated
amounts-share
based
compensations 3,481 504
Unallocated
amounts-corporate
expense 26,886 3,898
-------- -------
Operating loss (28,288) (4,101)
======== =======
Reconciliation of
segment
profit/(loss)
Interest income,
net 3,422 496
Foreign exchange
gains, net 19,252 2,791
Other income, net 1,321 192
-------- -------
Loss before income
taxes (4,293) (622)
======== =======
For The Three Months Ended March 31, 2025
-------------------------------------------------
Global Robotics
Internet Enterprise and
Services Services others Consolidated
-------- ---------- -------- -----------------
RMB RMB RMB
Revenues from
external
customers 159,141 81,297 18,568 259,006
Inter-segment
revenues - 8,521 - 8,521
-------- ---------- -------- -----------------
Segment revenue 159,141 89,818 18,568 267,527
Elimination of
inter-segment
revenue (8,521)
-----------------
Consolidated
Revenues 259,006
=================
Operating Costs
and expenses
Cost of
revenues(i) 22,992 28,317 24,486
Selling and
marketing(i) 67,496 14,782 20,031
Research and
development(i) 32,843 1,259 26,379
Other segment
items(i) 11,203 3,397 10,345
Adjusted operating
income/(losses) 24,607 42,063 (62,673) 3,997
======== ========== ======== =================
Unallocated
amounts-share
based
compensations 5,584
Unallocated
amounts-corporate
expense 24,948
-----------------
Operating loss (26,535)
=================
Reconciliation of
segment
profit/(loss)
Interest income,
net 5,605
Foreign exchange
gains, net 1,650
Other income, net (4,009)
-----------------
Loss before income
taxes (23,289)
=================
(i) Share-based compensations and certain corporate expenses were not
allocated to segments. Other segment items include general and
administrative expenses and other operating expenses allocated to the
respective segments.
CHEETAH MOBILE INC.
Reconciliation from Net Loss Attributable to Cheetah Mobile Shareholders
to Adjusted EBITDA (Non-GAAP)
(Unaudited, amounts in thousands of Renminbi ("RMB") and US dollars
("US$"))
For The Three Months Ended
----------------------------------------------
March 31, 2025 March 31, 2026 March 31, 2026
-------------- -------------- --------------
RMB USD
Net loss attributable to
Cheetah Mobile
shareholders (33,357) (17,480) (2,534)
Add:
Income tax expenses 4,820 7,623 1,105
Interest income, net (5,605) (3,422) (496)
Depreciation and other
amortization 9,782 6,464 937
Net income attributable
to noncontrolling
interests 5,248 5,564 807
Other expense/(income),
net 2,359 (20,573) (2,983)
Share-based
compensation 5,584 3,481 504
Adjusted EBITDA (11,169) (18,343) (2,660)
-------------- -------------- --------------
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SOURCE Cheetah Mobile
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June 10, 2026 05:22 ET (09:22 GMT)
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