Unitree’s revenue jumped 70% in its first earnings report since going public. Profit fell 17%.
Unitree's first earnings report since its stock market debut set a public yardstick for China's humanoid makers: revenue up 70 percent, and a profit miss tied to heavier R&D spending.
Unitree filed its first quarterly earnings report as a public company on October 28, 2026, two months after its shares began trading on Shanghai’s STAR Market. Third-quarter revenue reached 665 million yuan, about $94 million, up 69.93 percent from the same quarter last year.
Net profit went the other way, down 17.4 percent to 112.7 million yuan and short of an analyst forecast of 224 million yuan set before the filing.
The shortfall traces to one line on the filing: research and development. Unitree’s R&D spending rose 249.6 percent in the quarter, to 127.0 million yuan, or 19.1 percent of third-quarter revenue.
The company said the money funded embodied-intelligence models, added computing capacity and grew its research team. Across the first nine months of 2026, revenue is up 55.7 percent to 1.82 billion yuan and net profit is up 270.5 percent to 386.7 million yuan.
That nine-month profit jump is partly a comparison artifact. The same period last year carried a one-time share-based payment charge that this year’s filing does not.
Unitree’s stock had fallen 55 percent from its August debut before this report, then rallied more than 65 percent over the two weeks leading into it. JPMorgan raised its rating to overweight on October 28, setting a December 2027 price target of 995 yuan, and Unitree’s market capitalization stood at about 281.5 billion yuan that same day.
Unitree is the company behind the Go2 quadruped and the G1 humanoid, two machines sold into homes, labs and research budgets rather than only demonstrated on stage. One industry estimate puts cumulative G1 production between 10,000 and 20,000 units.
For an owner of either machine, this is news about the company’s finances. The filing reports what Unitree earned and spent, and says nothing about a firmware update, a new model or a price change for either line.
The filing also does not say where the revenue came from. Chinese regulators are separately scrutinizing whether soaring valuations and revenue tied to state-backed deployment projects reflect genuine commercial demand for humanoid robots, rather than government-linked contracts booked as sales.
Unitree’s release breaks its numbers out by expense category, not by customer type. That leaves the headline growth figure folding together two very different sources: retail and enterprise buyers of the Go2 and G1, and the state-backed deployment orders regulators are asking about. Which of the two drove the quarter is what the filing leaves out.
