❯ Unitree grows nine-month revenue 56% as embodied-model research spending rises

Cumulative and quarterly results differUnitree’s third-quarter report shows nine-month revenue of 1.817 billion yuan, up 55.71%, attributable profit of 386.69 million yuan, up 270.54%, and profit excluding nonrecurring items of 348.97 million yuan, down 18.78%. Third-quarter revenue rose 69.93% to 665.04 million yuan; attributable and adjusted profit were 112.69 million and 105.04 million yuan, each down about 17%.

The comparison includes earlier compensation costsUnitree attributes cumulative profit growth to higher gross profit and substantial one-off share-based compensation recognized a year earlier. Such accounting expenses change the comparison base. The attributable-profit increase therefore does not show recurring operations growing at the same rate; adjusted and quarterly figures provide additional perspectives.

Research moves into embodied modelsUnitree makes legged and humanoid robots and related components. Its incremental research emphasizes embodied AI: models that interpret surroundings and control physical movement. Quarterly R&D reached 127.04 million yuan, up 249.58%, or 19.10% of sales; nine-month R&D rose 191.48% to 262.95 million yuan. The company specifically identifies model development, compute and team expansion.

Growth also requires cashNine-month operating cash flow was 193.71 million yuan, down 54.69%, with higher purchasing, payroll, sales and research payments. Contract liabilities rose to 233.10 million yuan from 136.96 million yuan at year-end, reflecting advance-payment and performance arrangements. The report does not break out buyer types or repeat purchases, so this does not establish industrial deployment at scale.

▮ SIGNALRobotics investment is extending from physical hardware into models and compute, making research cadence, cash collection and actual use cases essential companions to sales growth.