Passed Listing Hearing! Momenta Discloses Financial Data for the First Time

Just one step away from a true listing.

On June 23, autonomous driving company MOMENTA GLOBAL LIMITED (hereinafter referred to as "Momenta") published the Post-Listing Hearing Information Set (PHIP) at the HKEX, marking that it has passed the listing hearing and formally entered the IPO sprint phase. CICC and Deutsche Bank serve as joint sponsors. [Reply "260623" to download the Momenta prospectus].

With the public release of the hearing materials, Momenta's prospectus has also disclosed its financial situation in detail to the outside world for the first time.

Momenta Passed Listing Hearing

Data shows that the company's revenue over the past three years grew from 743 million yuan to 2.41 billion yuan, gross margin climbed to 71.6%, and adjusted loss narrowed significantly from 1.09 billion yuan to 303 million yuan. Losses continued to shrink and gross margin rose steadily, seemingly indicating that the profit turning point for the smart driving business is just around the corner.

Regarding business expansion, the prospectus shows that as of February 28, 2026, Momenta has cumulatively obtained mass production designations for 180 car models, with cumulative installations of mass production vehicle solutions exceeding 7.33 million units. At the same time, cooperation relationships have been established with 24 automakers globally, including Toyota, GM, Volkswagen, Honda and other international car companies, as well as SAIC, BYD, GAC, Chery, FAW, Geely, Great Wall and other Chinese car factories.

Through this prospectus, a more real and three-dimensional Momenta is unfolding to the outside world.

Revenue 2.4 billion, gross margin over 70%, cash reserves over 10 billion yuan

From a financial data perspective, Momenta has indeed turned in a quite impressive growth report card.

Momenta Major Financial Status

Momenta's revenue over the past three years has shown leapfrog growth. The prospectus shows that from 2023 to 2025, Momenta's operating revenue grew from 743 million yuan to 2.41 billion yuan, with a compound annual growth rate exceeding 80%. Against the background that the smart driving industry is still in a high-investment period, this growth rate is considerable.

Its revenue is composed of two major segments.

The first is technology development services, development and adaptation fees charged by project. Revenue in 2025 was 1.445 billion yuan, accounting for 59.9% of total revenue. This part of revenue comes from smart driving solutions developed with automakers for specific models, belonging to project-based revenue.

Momenta Two Major Revenue Segments

The second is licensing services, licensing fees charged per mass production vehicle, which is the core metric for measuring the scale effect of the business model. This revenue grew significantly from 23 million yuan in 2023 to 968 million yuan in 2025, growing 42 times over three years, and the proportion of total revenue jumped to 40.1%. Licensing revenue has the attribute of "high marginal revenue". Technology R&D costs are pre-invested, and each additional vehicle licensing revenue almost does not increase additional costs. It can be understood as the key engine for Momenta to maintain high revenue growth in the future.

From 2023 to 2025, the total revenue generated by Momenta's top five customers was 644.3 million yuan, 1.04 billion yuan, and 1.51 billion yuan respectively, accounting for 86.7%, 78.3%, and 62.6% of revenue respectively. Among them, the revenue generated by the largest customer was 265.5 million yuan, 255.6 million yuan, and 522.2 million yuan respectively, accounting for 35.7%, 19.3%, and 21.6% of Momenta's revenue respectively.

Momenta Major Customer Share

While revenue grew, gross margin also soared. Momenta's gross margin rose from 17.5% in 2023 to 49.0% in 2024, and further reached 71.6% in 2025. For pure software algorithm suppliers, high gross margin is not surprising.

However, currently, Momenta is still in a loss state. Net losses from 2023 to 2025 were 2.57 billion yuan, 3.21 billion yuan, and 3.46 billion yuan respectively, with a cumulative net loss over three years of approximately 9.23 billion yuan.

R&D is still the biggest expenditure. From 2023 to 2025, Momenta's R&D expenses were 1.28 billion yuan, 1.51 billion yuan, and 1.87 billion yuan respectively, with cumulative R&D investment reaching 4.66 billion yuan over the past three years.

Momenta stated that R&D continued to increase, mainly driven by an increase in R&D activities, including rising infrastructure costs, increased training platform expenses, increased cloud service fees, Momenta's test fleet operating costs, and increased employee compensation and benefits. The prospectus shows that there are 1,157 R&D personnel, accounting for nearly 82% of the total number of employees, and more than two-thirds have a master's degree or above.

Momenta Financing Status

However, Momenta's reserves are thick enough. As of November 28, 2025, Momenta has completed Series C-13 financing, with a post-money valuation of 6.185 billion USD (approximately 41.94 billion yuan). Among them, the shareholder list partially overlaps with the customer list, including SAIC, GM, Mercedes-Benz, Toyota, BYD, Hyundai, Chery and other car companies.

Unparalleled capital appeal also allowed it to stock enough ammunition. The prospectus shows that by the end of 2025, Momenta's cash reserves exceeded 10 billion yuan.

This also shows that Momenta's seeking listing on the Hong Kong stock market is obviously not just for money. It also needs to use this to complete the financial loop for early shareholders and formally deliver the core narrative "Chinese third-party smart driving solutions have global competitiveness" to the secondary market.

Growth story with "two legs"

Momenta's business lines are mainly composed of two parts: mass production vehicle solutions and scaled autonomous driving mobility and logistics business.

Momenta "Flywheel Mode"

This is the strategy defined since the beginning of Momenta, which is vehicle-standard pre-installed mass production + Robotaxi dual-line layout, forming a "Flywheel Mode".

Among them, mass production vehicle solutions are currently still the focus.

The prospectus shows that according to CIC Consulting data, whether it is calculated by the vehicle sales volume of vehicles equipped with Momenta Urban NOA solutions for the past 12 months as of February 28, 2026, or by the cumulative mass production model count of vehicles equipped with Momenta Urban NOA solutions as of February 28, 2026, Momenta ranks first among all independent smart driving solution providers globally.

As of December 31, 2025, Momenta has cumulatively obtained designations for 170 car models, including 68 models that have entered the formal mass production phase; the installation volume of smart driving solutions on mass production vehicles has exceeded 680,000 units; cooperation relationships have been established with 24 automakers globally, including Toyota, GM, Volkswagen, Honda and other international car companies, as well as SAIC, BYD, GAC, Chery, FAW, Geely, Great Wall and other Chinese car factories.

Momenta Designation Volume Change

Mass production vehicle solutions mainly focus on the Urban NOA field. By the end of 2025, the installation volume of Momenta Urban NOA solutions in mass production vehicles has exceeded 650,000 units, with cumulatively obtained 155 car models' Urban NOA function certification designations, including 57 car models that have achieved formal mass production.

The prospectus also emphasizes that according to CIC Consulting data, for the past 12 months ended February 28, 2026, by Urban NOA sales volume, Momenta ranked first among independent Urban NOA solution providers globally, with a market share of 64.5%.

Momenta Mass Production Vehicle Solution Revenue Model

In the autonomous driving field, Momenta is currently more focused on Robotaxi. With the evolution of technology and business environment, it will further expand autonomous driving freight vehicles and autonomous trucking services.

Momenta stated that it is the first company to adopt mass production vehicles to provide Robotaxi services. It started preparing for the large-scale deployment of autonomous driving taxis in 2020 and became the first company in Suzhou to obtain autonomous driving taxi commercial operation permits.

As of the Last Practical Date, Momenta has obtained commercial operation approvals in Suzhou and Shanghai, China, obtained demonstration application permits and testing permits in Wuxi, China, and obtained testing permits in Abu Dhabi, UAE.

According to CIC Consulting data, Momenta also cooperated with Mercedes-Benz and UAE national taxi company Lumo to launch the world's first high-end autonomous driving car rental service.

In addition, in May 2025, Momenta also reached a strategic cooperation with Dida Chuxing under SAIC to deploy autonomous driving taxi vehicles based on the pre-installed mass production vehicle platform, planning to launch commercial operations in Shanghai at the beginning of 2026.

Momenta Partners with Dida Chuxing

At the same time, Momenta has established cooperation frameworks with overseas mobility platforms such as Uber (Uber) and Grab, and plans to launch overseas commercial autonomous driving taxi services in Abu Dhabi, UAE and Munich, Germany in 2026, and is expected to expand to more cities in regions such as the Middle East, Europe and Southeast Asia (such as Dubai, Singapore and selected cities in Germany).

According to Momenta's autonomous driving taxi cooperation model, mobility platforms are usually responsible for user acquisition, order dispatch, customer interface and fleet operations through their mobility applications. Vehicles are mainly provided through Momenta's cooperation with vehicle partners (usually automakers), while Momenta focuses on delivering autonomous driving systems.

As for the proceeds from this fundraising, Momenta expects to use them to strengthen core infrastructure, expand R&D capabilities, promote R&D investment of next-generation high-end smart driving solutions, and at the same time use them for investment in accelerating the commercialization and scaled development of autonomous driving taxi service solutions, etc.

Technology positioning "Physical AI", capital seeking secondary calibration

The core narrative of Momenta's listing this time is Physical AI. The company positions itself as the "Builder of the Physical AI foundation model" and released the mass-production-level R7 World Model in April 2026, marking that Physical AI has officially moved from technical concept to scaled mass production implementation.

This Year Beijing Auto Show Momenta Announces Physical AI Goes to Implementation

The model is divided into three levels.

Pre-training: Compress physical laws, common sense and causal relationships into the model through over 12 billion kilometers of real vehicle driving data and over 100 million segments of golden data extracted from it, allowing AI to "understand physics".

Simulation: Give the model a "training ground" through closed-loop simulation to deduce how the world will evolve when the model's own behavior changes, and perform performance evaluation on long-tail scenarios.

Reinforcement Learning: Allow the model to explore autonomously in a simulation environment highly close to the real world, learn optimal decisions through reward mechanisms, and perform beyond human drivers in extreme scenarios.

Momenta R7 World Model Three-Layer Architecture

In terms of business model, Momenta accurately positions itself as a "Platform-level" company, using a single large model to cover passenger cars, Robotaxi and Robovan, and plans to expand to the Robotruck field in 2027. This full-scenario, platform-based layout, while reducing marginal costs, builds a diversified, synergistic, and sustainable growth business ecosystem.

And behind the choice to list at this time, there is more thinking.

First, to provide exit channels for old shareholders: Momenta's shareholder lineup covers industrial capital such as SAIC, GM, Mercedes-Benz, Toyota, Bosch, as well as financial investors such as Temasek, IDG, Yunfeng Capital, Tencent, Shunwei, Zhenge. Financial investors need public market exit paths, and the difficulty of giving higher valuations in the primary market is increasing.

Momenta Major Shareholder Status

Second, to anchor valuation in the secondary market: Valuations supported by financing rounds and industrial resources in the primary market will be re-calibrated by trading prices in the secondary market. Momenta needs to compete for a fair price before the market suppresses the "valuation logic for third-party smart driving companies".

Brand endorsement and global acceleration: HKEX listing will strengthen the brand tag of "Physical AI stock" and accelerate global layout.

Overall, Momenta passing the hearing marks the capital market's recognition of the autonomous driving "mass production + data" dual-loop model. Its financial data shows high-speed growth and a clear profitability path, and the transformation of "Physical AI" has opened up a broader valuation imagination space for it.

As the R7 World Model moves from concept to mass production, whether Momenta can maintain technology gap while converting technical advantages into commercial profitability in the global market is the core concern of the market in the long term.