Unitree Robotics posts 70% revenue surge on robot deliveries

Unitree Robotics posted a 69.93% jump in third-quarter revenue to 665 million yuan ($99.7 million) on Oct. 28, 2026, driven by higher delivery volumes across its quadruped and humanoid platforms.

The disclosure marks the first periodic financial report from the Hangzhou-based manufacturer since completing its public listing on the Shanghai Stock Exchange.

Net profit attributable to shareholders fell 17.37% year-on-year to 112.7 million yuan ($16.9 million) during the three months ended Sept. 30.

Surging research and development expenditures drove the quarterly earnings decline, the company said in its filing to the Shanghai exchange.

Quarterly research outlays climbed 249.58% from the previous year to 127.04 million yuan ($19 million). Research spending absorbed 19.10% of total revenue during the quarter.

Operating margins narrowed alongside the heavier software investments. Net profit excluding non-recurring items fell 17.42% year-on-year to 105 million yuan.

Sequential profitability contracted more steeply. Net profit attributable to shareholders dropped 49.55% compared to the second quarter of 2026 as computing overhead expanded.

Nine-month cumulative revenue reached 1.817 billion yuan ($273.1 million), an increase of 55.71% from the first nine months of 2025.

Cumulative attributable net profit for the nine-month period expanded 270.54% to 387 million yuan. Lower base effects and non-recurring adjustments from early 2025 accounted for the headline expansion.

Excluding non-recurring items, cumulative nine-month earnings fell 18.78% to 349 million yuan, reflecting higher unit manufacturing and development costs across the year.

Unitree completed its initial public offering on the Shanghai STAR Market on Aug. 19, 2026, floating shares at an issue price of 150.80 yuan under stock code 688836.

The company issued 40.45 million new shares, representing 10% of its enlarged share capital of 404.5 million shares. Founder Wang Xingxing controls 65.31% of company voting rights through weighted voting structures.

Unitree allocated 2.022 billion yuan from offering proceeds to intelligent robot foundation models, alongside 1.11 billion yuan for robotic body development.

The company earmarked an additional 624 million yuan to construct an automated manufacturing base to expand commercial assembly capacity.

The commercial expansion follows a structural shift away from four-legged robotic platforms toward bipedal humanoid systems over the past three operating years.

Quadruped machines accounted for 75.78% of corporate sales in 2023, while humanoid systems generated 1.88% of revenue.

Humanoid robot sales reached 868 million yuan in 2025, contributing 51.78% of the company's 1.699 billion yuan annual revenue.

Unitree shipped more than 5,500 humanoid robots during 2025, representing the largest shipment volume in the sector, according to its prospectus. The company generated a 60.13% gross profit margin on its core robotics business that year.

Aggressive pricing has driven unit adoption. Unitree lists its G1 humanoid robot starting at $13,500, or roughly 99,000 yuan, alongside its Go2 quadruped from $1,600.

Comparable bipedal research units produced by Western robotics manufacturers typically list between $90,000 and $150,000 per unit.

Cumulative production of the G1 humanoid platform reached between 10,000 and 20,000 units by late October, Wang said at an industry conference.

Wang said deploying hardware at commercial scale is necessary to gather real-world kinematic data to train motion foundation models.

To broaden component procurement, Unitree launched the Yuchuang Plan on Oct. 22, 2026, aiming to back 200 supply chain companies over five years.

The ecosystem program funds outside development in joint actuators, dexterous hands, simulation engines and edge computing modules.

Chinese suppliers in Zhejiang and Jiangsu produce precision harmonic reducers, planetary gears and battery packs locally, lowering assembly expenses.

China's Ministry of Commerce reported on Oct. 23, 2026, that sales of embodied intelligence robots across key distribution platforms expanded 22.6% in the first nine months.

The company did not state standalone revenue or delivery totals for humanoid robots in the third-quarter report. The filing combined quadruped and bipedal sales into a consolidated revenue figure.

Regulators approved China's first six national technical standards for humanoid robots on Oct. 16, 2026, establishing compliance baselines for joint torque and mechanical safety.

Unitree will file its full-year 2026 audited financial statements by April 2027 under Shanghai Stock Exchange reporting schedules.