Cheetah Mobile Announces Second Quarter 2026 Unaudited Consolidated Financial Results

Revenue mix is shifting rapidly toward cloud, AI infrastructure and robotics, but heavy declines in advertising agency services drove a much larger operating loss.

Rhea-AI Summary

Cheetah Mobile (CMCM) reported second-quarter 2026 revenue of RMB266.1 million, down 9.9% year over year but up 2.7% sequentially.

Services of cloud and AI infrastructure revenue rose 83.1% year over year and 26.2% quarter over quarter to RMB59.1 million, reaching 22.2% of total revenue, while Robotics and others revenue increased 72.5% year over year to RMB54.5 million, or 20.5% of total revenue. Internet value-added services revenue grew 6.7% year over year to RMB101.2 million, offset by a 70.0% year-over-year decline in advertising agency services to RMB22.0 million, which reduced Global Enterprise Services profit.

Operating loss widened to RMB33.6 million and non-GAAP operating loss to RMB25.6 million, while adjusted operating profit from Internet Services improved to RMB25.4 million with a 19.4% margin. Cash and cash equivalents stood at RMB1,271.0 million (US$187.3 million).

Positive

• Cloud and AI infrastructure revenue RMB59.1m, +83.1% YoY and +26.2% QoQ, 22.2% of total revenue
• Robotics and others revenue RMB54.5m, +72.5% YoY and +6.4% QoQ, 20.5% of total revenue
• Internet value-added services revenue RMB101.2m, +6.7% YoY and +2.9% QoQ, 38.0% of total revenue
• Internet Services adjusted operating profit RMB25.4m, +14.2% YoY and +67.2% QoQ; margin improved to 19.4%
• Gross billings for cloud and AI infrastructure exceeded RMB500m in Q2, vs about RMB200m a year ago and about RMB300m in Q1 2026
• Cash and cash equivalents of RMB1,271.0m (US$187.3m) at June 30, 2026

Negative

• Total revenue RMB266.1m, -9.9% YoY despite 2.7% QoQ growth
• Advertising agency services revenue RMB22.0m, -70.0% YoY and -15.0% QoQ; share of total revenue fell to 8.3% from 24.9% a year ago
• Internet Services revenue RMB130.5m, -17.3% YoY and -3.4% QoQ, with online advertising down 53.5% YoY
• Operating loss widened to RMB33.6m from RMB11.1m a year ago and RMB28.3m in Q1 2026
• Non-GAAP operating loss RMB25.6m vs RMB2.1m a year ago and RMB22.5m in Q1 2026
• Global Enterprise Services adjusted operating profit RMB9.3m, -80.7% YoY and -32.0% QoQ, hurt by reduced advertising agency services
• Robotics and others adjusted operating loss RMB34.0m, narrowed YoY but widened from RMB26.9m in Q1 2026

News Explained

The quarter added a RMB94,911 thousand attributable loss; June 30 shareholder equity was RMB1,434,553 thousand versus RMB1,607,669 thousand at year-end.

Cheetah Mobile reported unaudited results for the quarter ended June 30, 2026; the release places RMB1,270,969 thousand of cash and RMB1,434,553 thousand of shareholders’ equity on record at quarter-end.

The company reported a net loss attributable to its shareholders of RMB94,911 thousand for the quarter, compared with RMB22,643 thousand in the year-earlier quarter.

At June 30, 2026, total liabilities were RMB2,837,378 thousand, versus RMB2,725,524 thousand at December 31, 2025, while Cheetah Mobile shareholders’ equity was RMB1,434,553 thousand versus RMB1,607,669 thousand; the balance sheet therefore shows lower equity alongside higher liabilities over the six-month period.

Market Context

On June 10, CMCM's comparable Q1 earnings release was followed by a -9.33% 24-hour move; the current...

Analysis

On June 10, CMCM's comparable Q1 earnings release was followed by a -9.33% 24-hour move; the current quarter likewise combined cloud and robotics growth with continuing operating losses.

Key Figures

Total revenues: RMB266.1 million (US$39.2 million) Cloud and AI infrastructure revenue: RMB59.1 million Robotics and others revenue: RMB54.5 million +5 more

Total revenues

RMB266.1 million (US$39.2 million)

2Q 2026; down 9.9% year over year and up 2.7% quarter over quarter

Cloud and AI infrastructure revenue

RMB59.1 million

2Q 2026; up 83.1% year over year and 26.2% quarter over quarter

Robotics and others revenue

RMB54.5 million

2Q 2026; up 72.5% year over year and 6.4% quarter over quarter

Advertising agency services revenue

RMB22.0 million

2Q 2026; down 70.0% year over year and 15.0% quarter over quarter

Operating loss

RMB33.6 million (US$5.0 million)

2Q 2026; compared with RMB11.1 million in 2Q 2025 and RMB28.3 million in 1Q 2026

Non-GAAP operating loss

RMB25.6 million (US$3.8 million)

2Q 2026; compared with RMB2.1 million in 2Q 2025 and RMB22.5 million in 1Q 2026

Internet Services adjusted operating margin

19.4%

2Q 2026; compared with 14.1% in 2Q 2025 and 11.3% in 1Q 2026

Cash and cash equivalents

RMB1,271.0 million (US$187.3 million)

As of June 30, 2026

Previous Earnings Reports

1 past event · Latest: Jun 10

Same Type 1 event

1. Jun 10

   Earnings results

   24h Move

   -9.3%

   Cloud and robotics growth accompanied declining internet revenue and continuing operating losses

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

non-gaap, gross billings, adjusted operating margin

3 terms

non-gaap financial

"Non-GAAP operating loss was RMB33.6 million"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

gross billings financial

"Gross billings from services of cloud and AI infrastructure exceeded RMB500 million"

Gross Billings is the total amount of money a company earns from selling its products or services before any expenses or discounts are taken out. It shows how much business the company is doing overall and helps investors understand its growth or size. Think of it as the total sales receipt before deducting costs or returns.

adjusted operating margin financial

"Adjusted operating margin for the segment expanded to 19.4%"

Adjusted operating margin shows how much profit a company makes from its core business activities, after removing unusual or one-time costs and income. It helps investors see the company's true profitability by providing a clearer picture, similar to removing unexpected expenses to understand the regular performance. This metric is useful for comparing companies or tracking performance over time, as it highlights consistent earning power.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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• Services of cloud and AI infrastructure revenue increased 83.1% year over year and 26.2% quarter over quarter, accounting for 72.8% of Global Enterprise Services revenue and 22.2% of total revenues and making a positive contribution to the adjusted operating results of Global Enterprise Services.

• Robotics and others revenue increased 72.5% year over year and 6.4% quarter over quarter, accounting for 20.5% of total revenues.

BEIJING, Sept. 10, 2026 /PRNewswire/ -- Cheetah Mobile Inc. ("Cheetah Mobile" or the "Company") (NYSE: CMCM), a China-based IT company with a commitment to AI innovation, today announced its unaudited consolidated financial results for the quarter ended June 30, 2026.

Financial Highlights

• Total revenues were RMB266.1 million (US$39.2 million) in the second quarter of 2026, representing a decrease of 9.9% year over year and an increase of 2.7% quarter over quarter.

• • Advertising agency services revenue, which is included in the Global Enterprise Services segment, decreased 70.0% year over year and 15.0% quarter over quarter to RMB22.0 million, primarily due to changes in rebate policies implemented by a major global advertising platform. Its contribution to total revenues declined to 8.3% from 24.9% in the same period last year. Revenues excluding advertising agency services were RMB244.1 million, increasing approximately 10.1% year over year and 4.7% quarter over quarter. The decline in advertising agency services revenue was a significant factor in the year-over-year increase in the Company's operating loss in the second quarter of 2026.

• • In the Global Enterprise Services segment, revenues from services of cloud and AI infrastructure increased 83.1% year over year and 26.2% quarter over quarter to RMB59.1 million, accounting for 72.8% of Global Enterprise Services revenue and 22.2% of total revenues, compared with approximately 10.9% of total revenues in the same period last year. The increase was driven by growing demand from enterprises expanding overseas for cloud resources, computing power and AI model services.
  • Robotics and others revenue increased 72.5% year over year and 6.4% quarter over quarter to RMB54.5 million, accounting for 20.5% of total revenues, driven by an increase in sales volume of our robotic products. The year-over-year increase benefited from the contribution of UFACTORY, a provider of lightweight robotic arms acquired by the Company on July 29, 2025.
  • Internet value-added services revenue, which is included in the Internet Services segment, increased 6.7% year over year and 2.9% quarter over quarter to RMB101.2 million, accounting for 77.6% of segment revenue, and 38.0% of total revenues, due to increase in user base and distribution channels.

Balance Sheet

• As of June 30, 2026, the Company had RMB1,271.0 million (US$187.3 million) in cash and cash equivalents.

Management Commentary

Fu Sheng, Chief Executive Officer of Cheetah Mobile, commented: "During the second quarter, we continued to evolve our business mix, with revenue from services of cloud and AI infrastructure within Global Enterprise Services growing 83.1% year over year, driven by demand from enterprises expanding overseas for cloud and AI infrastructure services, accounting for 22.2% total revenues in the quarter. Gross billings^[1] from services of cloud and AI infrastructure exceeded RMB500 million during the quarter, compared with about RMB200 million in the same period last year and about RMB300 million in the previous quarter, reflecting the rapid expansion of customer demand and business scale. Robotics and others revenue increased 72.5% year over year and accounted for 20.5% of total revenues in the quarter, with new initiatives such as smart mobility beginning to contribute revenue. The growth of these AI-related businesses underscores the progress of our AI-driven transformation.

Internet Services remained a stable foundation for our business. Internet value-added services revenue increased both year over year and sequentially and represented 77.6% of segment revenue. While advertising agency services revenue within Global Enterprise Services remained under pressure, growth in services of cloud and AI infrastructure and Robotics and others supported the Company's return to sequential revenue growth while strengthening our foundation for future growth."

[1] Gross billings from services of cloud and AI infrastructure is an operating metric representing the aggregate monetary value of customers' consumption of public cloud resources and AI model tokens provided or arranged by the Company during the relevant period.

Thomas Ren, Chief Financial Officer of Cheetah Mobile, commented: "Second-quarter revenue increased 2.7% sequentially. Operating loss was RMB33.6 million, compared with RMB28.3 million in the previous quarter, while non-GAAP operating loss remained relatively stable at RMB25.6 million, compared with RMB22.5 million in the previous quarter.

The sequential movement in non-GAAP operating loss reflected higher adjusted operating profit in Internet Services, offset by lower adjusted operating profit in Global Enterprise Services resulting from lower advertising agency services revenue, as well as a wider adjusted operating loss in Robotics and others. Adjusted operating profit from Internet Services increased 14.2% year over year and 67.2% sequentially, with adjusted operating margin improving to 19.4%. Services of cloud and AI infrastructure continued to scale rapidly. However, the growth of cloud and AI infrastructure services partially offset the negative impact of lower advertising agency services revenue on the segment's adjusted operating profit. We ended the quarter with US$187.3 million in cash and cash equivalents, providing us with the flexibility to invest prudently in our AI and robotics businesses."

Second Quarter 2026 Financial Results

Total revenues decreased 9.9% year over year and increased 2.7% quarter over quarter to RMB266.1 million (US$39.2 million).

• Internet Services revenue decreased 17.3% year over year and 3.4% quarter over quarter to RMB130.5 million (US$19.2 million).

• • Within the segment, internet value-added services revenue increased 6.7% year over year and 2.9% quarter over quarter to RMB101.2 million, accounting for 77.6% of segment revenue.
  • Online advertising revenue decreased 53.5% year over year and 20.2% quarter over quarter to RMB29.3 million, accounting for 22.4% of segment revenue.

• Global Enterprise Services revenue decreased 23.3% year over year and increased 11.5% quarter over quarter to RMB81.1 million (US$12.0 million).

• • Services of cloud and AI infrastructure revenue, which is included in this segment, increased 83.1% year over year and 26.2% quarter over quarter to RMB59.1 million, accounting for 72.8% of segment revenue.
  • Advertising agency services revenue decreased 70.0% year over year and 15.0% quarter over quarter to RMB22.0 million, accounting for 27.2% of segment revenue.

• Robotics and others revenue increased 72.5% year over year and 6.4% quarter over quarter to RMB54.5 million (US$8.0 million).

Operating loss was RMB33.6 million (US$5.0 million), compared with RMB11.1 million in the same period last year and RMB28.3 million in the first quarter of 2026.

Non-GAAP operating loss was RMB25.6 million (US$3.8 million), compared with RMB2.1 million in the same period last year and RMB22.5 million in the first quarter of 2026. The year-over-year increase primarily reflected lower advertising agency services revenue within the Global Enterprise Services segment.

• Adjusted operating profit from Internet Services was RMB25.4 million, increasing by 14.2% year over year and 67.2% quarter over quarter. Adjusted operating margin for the segment expanded to 19.4%, compared with 14.1% in the same period last year and 11.3% in the first quarter of 2026.
  
  
• Adjusted operating profit from Global Enterprise Services was RMB9.3 million, decreasing by 80.7% year over year and 32.0% quarter over quarter, primarily reflecting lower advertising agency services revenue. The continued strong growth of services of cloud and AI infrastructure provided a positive contribution to the segment's adjusted operating results.
  
  
• Adjusted operating loss from Robotics and others was RMB34.0 million, narrowing by 35.5% from RMB52.7 million in the same period last year, but widening from RMB26.9 million in the first quarter of 2026, as the Company continued to invest in the development and commercialization of its robotics businesses.

Conference Call Information

Cheetah Mobile's management will hold an earnings conference call at 11:30 AM on Friday, September 11, 2026, Beijing Time (11:30 PM on Thursday, September 10, 2026, U.S. Eastern Time).

Main Conference:
Tencent Meeting ID: 175-882-665

Meeting Link: https://cmcm.meeting.tencent.com/dm/3QuXIZPgSezq 

Dial-in Numbers:
United States: +1 4153389272
Mainland China: +86 (0)755 36550000
Hong Kong: +852 30088359

English Interpretation:
Tencent Meeting ID: 845-329-676

Meeting Link: https://cmcm.meeting.tencent.com/dm/t07drnN5B7fM 

Dial-in Numbers:
United States: +1 4153389272
Mainland China: +86 (0)755 36550000
Hong Kong Toll Free: +852 30088359

Exchange Rate

Unless otherwise noted, all translations from Renminbi to U.S. dollars were made at a rate of RMB6.7851 to US$1.00, the exchange rate in effect as of June 30, 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.

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 the Company's growth strategies, ability to retain and increase its user base, expand its offerings, monetize its platform, and future business development, financial condition and results of operations; competition; expected changes in revenues and expenses; and general economic and business conditions globally and in China. Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement, except as required by 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;

• 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;

• Non-GAAP net income/loss attributable to Cheetah Mobile shareholders excludes share-based compensation expenses, amortization of 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.

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 13811591550
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		June 30, 2026
	RMB		RMB		USD
ASSETS
Current assets:
Cash and cash equivalents	1,506,625		1,270,969		187,318
Short-term investments	9,527		445		66
Accounts receivable, net	468,058		689,708		101,650
Prepayments and other current assets, net	1,154,774		1,170,431		172,498
Due from related parties, net	94,821		134,754		19,860
Total current assets	3,233,805		3,266,307		481,392
Non-current assets:
Property and equipment, net	40,238		40,730		6,003
Operating lease right-of-use assets	16,833		17,828		2,628
Intangible assets, net	54,069		48,191		7,102
Goodwill	460,034		460,034		67,801
Long-term investments	688,459		600,054		88,437
Deferred tax assets	112,913		117,674		17,343
Other non-current assets	77,521		89,403		13,176
Total non-current assets	1,450,067		1,373,914		202,490
Total assets	4,683,872		4,640,221		683,882
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY
Current liabilities:
Bank Loans	-		2,900		427
Accounts payable	211,689		413,198		60,898
Accrued expenses and other current liabilities	2,264,659		2,163,995		318,933
Due to related parties	18,613		25,199		3,714
Income tax payable	54,430		56,356		8,306
Total current liabilities	2,549,391		2,661,648		392,278
Non-current liabilities:
Deferred tax liabilities	21,711		20,555		3,029
Other non-current liabilities	154,422		155,175		22,870
Total non-current liabilities	176,133		175,730		25,899
Total liabilities	2,725,524		2,837,378		418,177
Mezzanine equity:
Redeemable noncontrolling interests	197,560		200,903		29,609
Shareholders' equity:
Ordinary shares	254		257		38
Additional paid-in capital	2,736,117		2,739,942		403,817
Accumulated deficit	(1,490,947)		(1,603,338)		(236,303)
Accumulated other comprehensive income	362,245		297,692		43,874
Total Cheetah Mobile Inc. shareholders' equity	1,607,669		1,434,553		211,426
Noncontrolling interests	153,119		167,387		24,670
Total shareholders' equity	1,760,788		1,601,940		236,096
Total liabilities, mezzanine equity and shareholders' equity	4,683,872		4,640,221		683,882

 

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						For The Six Months Ended
		June 30, 2025		June 30, 2026		June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2026
		RMB		RMB		USD		RMB		RMB		USD
Revenues		295,218		266,115		39,220		554,224		525,108		77,391
Internet Services		157,837		130,474		19,229		316,978		265,479		39,127
Global Enterprise Services		105,788		81,134		11,958		187,085		153,884		22,680
Robotics and others		31,593		54,507		8,033		50,161		105,745		15,584
Cost of revenues (a)		(70,426)		(97,490)		(14,368)		(139,931)		(189,921)		(27,991)
Gross profit		224,792		168,625		24,852		414,293		335,187		49,400
Operating income and expenses:
Research and development (a)		(67,083)		(58,764)		(8,661)		(128,327)		(116,486)		(17,168)
Selling and marketing (a)		(102,434)		(74,654)		(11,003)		(207,272)		(146,368)		(21,572)
General and administrative (a)		(66,627)		(68,735)		(10,130)		(119,251)		(134,871)		(19,878)
Other operating income/(expense)		289		(67)		(10)		2,959		655		97
Total operating income and expenses		(235,855)		(202,220)		(29,804)		(451,891)		(397,070)		(58,521)
Operating loss		(11,063)		(33,595)		(4,952)		(37,598)		(61,883)		(9,121)
Other income/(expenses):
Interest income, net		9,980		3,201		472		15,585		6,623		976
Foreign exchange gains		6,349		20,764		3,060		7,999		40,016		5,898
Other expense, net		(17,844)		(68,707)		(10,126)		(21,853)		(67,386)		(9,931)
Loss before income taxes		(12,578)		(78,337)		(11,546)		(35,867)		(82,630)		(12,178)
Income tax expenses		(3,865)		(8,199)		(1,208)		(8,685)		(15,822)		(2,332)
Net loss		(16,443)		(86,536)		(12,754)		(44,552)		(98,452)		(14,510)
Less: net income attributable to noncontrolling interests		6,200		8,375		1,234		11,448		13,939		2,054
Net loss attributable to Cheetah Mobile shareholders		(22,643)		(94,911)		(13,988)		(56,000)		(112,391)		(16,564)
Net loss per share
Basic		(0.0162)		(0.0619)		(0.0091)		(0.0397)		(0.0745)		(0.0110)
Diluted		(0.0163)		(0.0620)		(0.0091)		(0.0398)		(0.0747)		(0.0110)
Net loss per ADS
Basic		(0.8116)		(3.0927)		(0.4550)		(1.9861)		(3.7245)		(0.5500)
Diluted		(0.8152)		(3.1003)		(0.4550)		(1.9923)		(3.7337)		(0.5500)
Weighted average number of shares outstanding
Basic		1,518,381,903		1,553,878,937		1,553,878,937		1,517,084,516		1,552,927,613		1,552,927,613
Diluted		1,518,381,903		1,553,878,937		1,553,878,937		1,517,084,516		1,552,927,613		1,552,927,613
Weighted average number of ADSs outstanding
Basic		30,367,638		31,077,579		31,077,579		30,341,690		31,058,552		31,058,552
Diluted		30,367,638		31,077,579		31,077,579		30,341,690		31,058,552		31,058,552
Other comprehensive loss , net of tax of nil
Foreign currency translation adjustments		(7,643)		(31,282)		(4,610)		(7,915)		(62,442)		(9,203)
Unrealized gains/(loss) on available-for-sale securities, net		188		(4,348)		(641)		2,848		(3,763)		(555)
Other comprehensive loss		(7,455)		(35,630)		(5,251)		(5,067)		(66,205)		(9,758)
Total comprehensive loss		(23,898)		(122,166)		(18,005)		(49,619)		(164,657)		(24,268)
Less: Total comprehensive income attributable to noncontrolling interests		7,113		7,556		1,114		13,775		12,287		1,811
Total comprehensive loss attributable to Cheetah Mobile shareholders		(31,011)		(129,722)		(19,119)		(63,394)		(176,944)		(26,079)

 

 

		For The Three Months Ended						For The Six Months Ended
		June 30, 2025		June 30, 2026		June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2026
(a) Share-based compensation expenses		RMB		RMB		USD		RMB		RMB		USD
Cost of revenues		5		-		-		10		-		-
Research and development		62		1,197		176		358		2,129		314
Selling and marketing		229		521		77		300		1,026		151
General and administrative		2,065		3,953		583		7,277		5,997		884
Total		2,361		5,671		836		7,945		9,152		1,349

 

 

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 June 30, 2026						For The Six Months Ended June 30, 2026
	GAAP	Share-based	Amortization of	Non-GAAP			GAAP	Share-based	Amortization of	Non-GAAP
	Result	Compensation	intangible assets*	Result			Result	Compensation	intangible assets*	Result
	RMB	RMB	RMB	RMB	USD		RMB	RMB	RMB	RMB	USD
Revenues	266,115	-	-	266,115	39,220		525,108	-	-	525,108	77,391
Cost of revenues	(97,490)	-	-	(97,490)	(14,368)		(189,921)	-	-	(189,921)	(27,991)
Gross profit	168,625	-	-	168,625	24,852		335,187	-	-	335,187	49,400
Research and development	(58,764)	1,197	232	(57,335)	(8,451)		(116,486)	2,129	463	(113,894)	(16,786)
Selling and marketing	(74,654)	521	2,071	(72,062)	(10,621)		(146,368)	1,026	4,141	(141,201)	(20,811)
General and administrative	(68,735)	3,953	-	(64,782)	(9,547)		(134,871)	5,997	-	(128,874)	(18,994)
Other operating (expense)/income, net	(67)	-	-	(67)	(10)		655	-	-	655	97
Total operating income and expenses	(202,220)	5,671	2,303	(194,246)	(28,629)		(397,070)	9,152	4,604	(383,314)	(56,494)
Operating loss	(33,595)	5,671	2,303	(25,621)	(3,777)		(61,883)	9,152	4,604	(48,127)	(7,094)
Net loss attributable to Cheetah Mobile shareholders	(94,911)	5,671	2,303	(86,937)	(12,813)		(112,391)	9,152	4,604	(98,635)	(14,537)
Diluted losses per ordinary share (RMB)	(0.0620)	0.0036	0.0015	(0.0569)			(0.0747)	0.0059	0.0030	(0.0658)
Diluted losses per ADS (RMB)	(3.1003)	0.1800	0.0753	(2.8450)			(3.7337)	0.2950	0.1487	(3.2900)
Diluted losses per ADS (USD)	(0.4550)	0.0265	0.0111	(0.4193)			(0.5500)	0.0435	0.0219	(0.4849)

 

 

	For The Three Months Ended June 30, 2025					For The Six Months Ended June 30, 2025
	GAAP	Share-based	Amortization of	Non-GAAP		GAAP	Share-based	Amortization of	Non-GAAP
	Result	Compensation	intangible assets*	Result		Result	Compensation	intangible assets*	Result
	RMB	RMB	RMB	RMB		RMB	RMB	RMB	RMB
Revenues	295,218	-	-	295,218		554,224	-	-	554,224
Cost of revenues	(70,426)	5	-	(70,421)		(139,931)	10	-	(139,921)
Gross profit	224,792	5	-	224,797		414,293	10	-	414,303
Research and development	(67,083)	62	6,156	(60,865)		(128,327)	358	12,312	(115,657)
Selling and marketing	(102,434)	229	469	(101,736)		(207,272)	300	938	(206,034)
General and administrative	(66,627)	2,065	-	(64,562)		(119,251)	7,277	-	(111,974)
Other operating income, net	289	-	-	289		2,959	-	-	2,959
Total operating income and expenses	(235,855)	2,356	6,625	(226,874)		(451,891)	7,935	13,250	(430,706)
Operating loss	(11,063)	2,361	6,625	(2,077)		(37,598)	7,945	13,250	(16,403)
Net loss attributable to Cheetah Mobile shareholders	(22,643)	2,361	6,625	(13,657)		(56,000)	7,945	13,250	(34,805)
Diluted losses per ordinary share (RMB)	(0.0163)	0.0016	0.0043	(0.0104)		(0.0398)	0.0052	0.0086	(0.0260)
Diluted losses per ADS (RMB)	(0.8152)	0.0800	0.2152	(0.5200)		(1.9923)	0.2600	0.4323	(1.3000)

* 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 June 30, 2026										For The Six Months Ended June 30, 2026
		Internet Services		Global Enterprise Services		Robotics and others		Consolidated				Internet Services		Global Enterprise Services		Robotics and others		Consolidated
		RMB		RMB		RMB		RMB		USD		RMB		RMB		RMB		RMB		USD
Revenues from external customers		130,474		81,134		54,507		266,115		39,220		265,479		153,884		105,745		525,108		77,391
Inter-segment revenues		347		13,324		-		13,671		2,015		347		24,454		-		24,801		3,655
Segment revenue		130,821		94,458		54,507		279,786		41,235		265,826		178,338		105,745		549,909		81,046
Elimination of inter-segment revenue								(13,671)		(2,015)								(24,801)		(3,655)
Consolidated Revenues								266,115		39,220								525,108		77,391
Operating Costs and expenses
Cost of revenues(i)		31,081		40,373		36,616						60,238		84,313		63,074
Selling and marketing(i)		33,373		17,727		19,038						73,022		26,907		38,785
Research and development(i)		29,325		1,050		28,640						58,317		1,428		55,782
Other segment items(i)		11,641		25,959		4,174						33,652		42,588		8,935
Adjusted operating income/(losses)		25,401		9,349		(33,961)		789		116		40,597		23,102		(60,831)		2,868		423
Unallocated amounts-share based compensations								5,671		836								9,152		1,349
Unallocated amounts-corporate expense								28,713		4,232								55,599		8,195
Operating loss								(33,595)		(4,952)								(61,883)		(9,121)
Reconciliation of segment profit/(loss)
Interest income, net								3,201		472								6,623		976
Foreign exchange gains, net								20,764		3,060								40,016		5,898
Other expense, net								(68,707)		(10,126)								(67,386)		(9,931)
Loss before income taxes								(78,337)		(11,546)								(82,630)		(12,178)

 

 

		For The Three Months Ended June 30, 2025								For The Six Months Ended June 30, 2025
		Internet Services		Global Enterprise Services		Robotics and others		Consolidated		Internet Services		Global Enterprise Services		Robotics and others		Consolidated
		RMB		RMB		RMB		RMB		RMB		RMB		RMB		RMB
Revenues from external customers		157,837		105,788		31,593		295,218		316,978		187,085		50,161		554,224
Inter-segment revenues		-		8,982		-		8,982		-		17,503		-		17,503
Segment revenue		157,837		114,770		31,593		304,200		316,978		204,588		50,161		571,727
Elimination of inter-segment revenue								(8,982)								(17,503)
Consolidated Revenues								295,218								554,224
Operating Costs and expenses
Cost of revenues(i)		26,315		29,119		22,046				49,307		57,436		46,532
Selling and marketing(i)		62,119		19,501		17,843				129,615		34,283		37,874
Research and development(i)		33,409		1,911		31,752				66,252		3,170		58,131
Other segment items(i)		13,744		15,841		12,626				24,947		19,238		22,971
Adjusted operating income/(losses)		22,250		48,398		(52,674)		17,974		46,857		90,461		(115,347)		21,971
Unallocated amounts-share based compensations								2,361								7,945
Unallocated amounts- corporate expense								26,676								51,624
Operating loss								(11,063)								(37,598)
Reconciliation of segment profit/(loss)
Interest income, net								9,980								15,585
Foreign exchange gains, net								6,349								7,999
Other expense, net								(17,844)								(21,853)
Loss before income taxes								(12,578)								(35,867)

(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						For The Six Months Ended
		June 30, 2025		June 30, 2026		June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2026
		RMB		RMB		USD		RMB		RMB		USD
Net loss attributable to Cheetah Mobile shareholders		(22,643)		(94,911)		(13,988)		(56,000)		(112,391)		(16,564)
Add:
Income tax expenses		3,865		8,199		1,208		8,685		15,822		2,332
Interest income, net		(9,980)		(3,201)		(472)		(15,585)		(6,623)		(976)
Depreciation and other amortization		10,757		6,969		1,027		20,539		13,433		1,980
Net income attributable to noncontrolling interests		6,200		8,375		1,234		11,448		13,939		2,054
Other expense, net		11,495		47,943		7,066		13,854		27,370		4,033
Share-based compensation		2,361		5,671		836		7,945		9,152		1,349
Adjusted EBITDA		2,055		(20,955)		(3,089)		(9,114)		(39,298)		(5,792)

 

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SOURCE Cheetah Mobile

FAQ

How is Cheetah Mobile’s revenue mix evolving across its main segments?

In the second quarter of 2026, Internet Services contributed RMB130.5 million, or about 49.0% of total revenue; Global Enterprise Services contributed RMB81.1 million, or about 30.5%; and Robotics and others contributed RMB54.5 million, or about 20.5%. Within Global Enterprise Services, services of cloud and AI infrastructure made up 72.8% of segment revenue, while advertising agency services accounted for 27.2%. Within Internet Services, internet value-added services contributed 77.6% of segment revenue and online advertising 22.4%.

What does Cheetah Mobile mean by gross billings from services of cloud and AI infrastructure?

Gross billings from services of cloud and AI infrastructure is described as an operating metric that represents the aggregate monetary value of customers’ consumption of public cloud resources and AI model tokens provided or arranged by the company during the relevant period.

When is the Cheetah Mobile second-quarter 2026 earnings conference call and how can investors join?

The earnings conference call is scheduled for 11:30 AM on Friday, September 11, 2026, Beijing Time (11:30 PM on Thursday, September 10, 2026, U.S. Eastern Time). The main conference uses Tencent Meeting ID 175-882-665 with the link https://cmcm.meeting.tencent.com/dm/3QuXIZPgSezq. Dial-in numbers include United States: +1 4153389272, Mainland China: +86 (0)755 36550000, and Hong Kong: +852 30088359. An English interpretation session is available via Tencent Meeting ID 845-329-676 and link https://cmcm.meeting.tencent.com/dm/t07drnN5B7fM, with the same dial-in numbers and a Hong Kong toll-free line at +852 30088359.

What exchange rate did Cheetah Mobile use to translate Renminbi into U.S. dollars for these results?

The company used an exchange rate of RMB6.7851 to US$1.00, which was the rate in effect as of June 30, 2026, as set forth in the H.10 statistical release of the Federal Reserve Board.