Cheetah Mobile Announces First Quarter 2026 Unaudited Consolidated Financial Results

Robotics and others revenue grew 175.9% year over year and accounted for 19.8% of total revenue in the first quarter of 2026

BEIJING, June 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 March 31, 2026.

Financial Highlights

Revenue

Profitability

Cash Position

Management Commentary

Fu Sheng, Chief Executive Officer of Cheetah Mobile, commented: "During the first quarter of 2026, we continued executing our AI and robotics strategy with a disciplined approach. Our robotics and others segment delivered strong year-over-year growth while adjusted operating loss further narrowed, reflecting improving commercial traction and operating efficiency. We also continued advancing EasyClaw, our AI agent platform focused on enterprise productivity scenarios, and introduced other AI Agent products. We believe long-term opportunities in AI will come from practical applications, workflow integration, and real customer value creation. Across the industry, we are seeing growing adoption of AI agents, which is driving demand for AI infrastructure and cloud services. This trend also benefited our services of cloud and AI infrastructure business, which delivered strong year-over-year revenue growth during the quarter. Supported by stable cash flow from our internet services business, we remain focused on disciplined investment, product execution, and building sustainable long-term growth engines."

Thomas Ren, Chief Financial Officer of Cheetah Mobile, commented: "Starting from the first quarter of 2026, we began reporting our robotics business as a separate segment to present the operating progress of this business. Historical results previously reported under the AI and others segment are now presented as robotics and others, which primarily includes robotics-related products and services, and global enterprise services, which includes advertising agency and services of cloud and AI infrastructure through partnering with global leading cloud service providers. We also maintained a solid balance sheet, ending the quarter with US$ 185.6 million in cash and cash equivalents, supporting our disciplined investment in AI and robotics initiatives over the long term."

First Quarter 2026 Financial Results

Total revenues remained relatively flat year over year, generating RMB259.0 million (US$37.5 million) in the first quarter of 2026.

Operating loss was RMB28.3 (US$4.1 million) million in the first quarter of 2026, compared to RMB26.5 million in the same period last year. Non-GAAP operating loss was RMB22.5 million (US$3.3 million) in the first quarter of 2026, compared to RMB14.3 million in the same period last year.

Net loss attributable to Cheetah Mobile shareholders was RMB17.5 million (US$2.5 million), compared with RMB33.4 million in the same period last year. Non-GAAP net loss attributable to Cheetah Mobile shareholders was RMB11.7 million (US$1.7 million), compared with non-GAAP net loss attributable to Cheetah Mobile shareholders of RMB21.1 million in the same period last year.

As of March 31, 2026, the Company had RMB1,280.6 million (US$185.6 million) of cash and cash equivalents, and RMB692.2 million (US$100.3 million) of long-term investments.

Conference Call Information

The Company will hold a conference call on June 10, 2026, at 7:00 a.m. Eastern Time (or 7:00 p.m. Beijing Time) to discuss its financial results. Listeners may access the call by dialing the following numbers:

Main Line:

International: 1-412-317-6061

United States Toll Free: 1-888-317-6003

Mainland China Toll Free: +86-4001-206115

Hong Kong Toll Free: 800-963976

Conference ID: 7570048

English Translation:

International: 1-412-317-6061

United States Toll Free: 1-888-317-6003

Mainland China Toll Free: +86-4001-206115

Hong Kong Toll Free: 800-963976

Conference ID: 0340478

A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.cmcm.com.

Exchange Rate

This press release contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars in this press release were made at a rate of RMB6.8980 to US$1.00, the exchange rate in effect as of March 31, 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, or to be the amounts that would have been reported under accounting principles generally accepted in the United States of America ("U.S. GAAP").

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 but are not limited to the following: Cheetah Mobile's growth strategies; Cheetah Mobile's ability to retain and increase its user base and expand its product and service offerings; Cheetah Mobile's ability to monetize its platform; Cheetah Mobile's future business development, financial condition and results of operations; competition with companies in a number of industries including internet companies that provide online marketing services and internet value-added services; expected changes in Cheetah Mobile's revenues and certain cost or expense items; and general economic and business condition globally and in China. Further information regarding these and other risks is included in Cheetah Mobile's filings with the U.S. Securities and Exchange Commission. Cheetah Mobile does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

Use of Non-GAAP Financial Measures

This release contains non-GAAP financial measures, including but not limited to:

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 10 6292 7779

Email: [email protected]

CHEETAH MOBILE INC.

Condensed Consolidated Balance Sheets

(Unaudited, amounts in thousands of Renminbi ("RMB") and US dollars ("US$"))

As of

December 31, 2025

March 31, 2026

RMB

USD

ASSETS

Current assets:

Cash and cash equivalents

1,506,625

1,280,591

185,647

Short-term investments

9,527

9,499

1,377

Accounts receivable, net

468,058

471,332

68,329

Prepayments and other current assets, net

1,154,774

1,086,601

157,524

Due from related parties, net

94,821

119,067

17,261

Total current assets

3,233,805

2,967,090

430,138

Non-current assets:

Property and equipment, net

40,238

40,967

5,939

Operating lease right-of-use assets

16,833

14,316

2,075

Intangible assets, net

54,069

51,322

7,440

Goodwill

460,034

66,691

Long-term investments

688,459

692,209

100,349

Deferred tax assets

112,913

111,313

16,137

Other non-current assets

77,521

79,947

11,590

Total non-current assets

1,450,067

1,450,108

210,221

Total assets

4,683,872

4,417,198

640,359

LIABILITIES, MEZZANINE EQUITY AND

SHAREHOLDERS' EQUITY

Current liabilities:

Accounts payable

211,689

288,243

41,786

Accrued expenses and other current liabilities

2,264,659

1,967,039

285,161

Due to related parties

18,613

24,298

3,522

Income tax payable

54,430

43,360

6,286

Total current liabilities

2,549,391

2,322,940

336,755

Non-current liabilities:

Deferred tax liabilities

21,711

21,132

3,063

Other non-current liabilities

154,422

153,789

22,295

Total non-current liabilities

176,133

174,921

25,358

Total liabilities

2,725,524

2,497,861

362,113

Mezzanine equity:

Redeemable noncontrolling interests

197,560

199,656

28,944

Shareholders' equity:

Ordinary shares

254

Additional paid-in capital

2,736,117

2,737,443

396,846

Accumulated deficit

(1,490,947)

(1,508,427)

(218,676)

Accumulated other comprehensive income

362,245

332,503

48,203

Total Cheetah Mobile Inc. shareholders'

equity

1,607,669

1,561,773

226,410

Noncontrolling interests

153,119

157,908

22,892

Total shareholders' equity

1,760,788

1,719,681

249,302

Total liabilities, mezzanine equity and

shareholders' equity

4,683,872

4,417,198

640,359

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

March 31, 2025

March 31, 2026

RMB

USD

Revenues

259,006

258,993

37,546

Internet Services

159,141

135,005

19,572

Global Enterprise Services

81,297

72,750

10,547

Robotics and others

18,568

51,238

7,427

Cost of revenues (a)

(69,505)

(92,431)

(13,400)

Gross profit

189,501

166,562

24,146

Operating income and expenses:

Research and development (a)

(61,244)

(57,722)

(8,368)

Selling and marketing (a)

(104,838)

(71,714)

(10,396)

General and administrative (a)

(52,624)

(66,136)

(9,588)

Other operating income

2,670

722

105

Total operating income and expenses

(216,036)

(194,850)

(28,247)

Operating loss

(26,535)

(28,288)

(4,101)

Other income/(expenses):

Interest income, net

5,605

3,422

496

Foreign exchange gains

1,650

19,252

2,791

Others (expense)/income, net

(4,009)

1,321

192

Loss before income taxes

(23,289)

(4,293)

(622)

Income tax expenses

(4,820)

(7,623)

(1,105)

Net loss

(28,109)

(11,916)

(1,727)

Less: net income attributable to noncontrolling interests

5,248

5,564

807

Net loss attributable to Cheetah Mobile shareholders

(33,357)

(17,480)

(2,534)

Net loss per share

Basic

(0.0235)

(0.0126)

(0.0018)

Diluted

(0.0236)

(0.0127)

(0.0018)

Net loss per ADS

Basic

(1.1749)

(0.6306)

(0.0900)

Diluted

(1.1814)

(0.6334)

(0.0900)

Weighted average number of shares outstanding

Basic

1,515,787,128

1,551,965,718

Diluted

1,515,787,128

1,551,965,718

Weighted average number of ADSs outstanding

Basic

30,315,743

31,039,314

Diluted

30,315,743

31,039,314

Other comprehensive loss , net of tax of nil

Foreign currency translation adjustments

(272)

(31,160)

(4,517)

Unrealized gains on available-for-sale securities, net

2,660

585

Other comprehensive income/(loss)

2,388

(30,575)

(4,432)

Total comprehensive loss

(25,721)

(42,491)

(6,159)

Less: Total comprehensive income attributable to noncontrolling

interests

6,662

4,731

686

Total comprehensive loss attributable to Cheetah Mobile shareholders

(32,383)

(47,222)

(6,845)

For The Three Months Ended

March 31, 2025

March 31, 2026

(a) Share-based compensation expenses

RMB

USD

Cost of revenues

Research and development

296

932

135

Selling and marketing

505

General and administrative

5,212

2,044

296

Total

5,584

3,481

504

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 March 31, 2026

GAAP

Share-based

Amortization of

Non-GAAP

Result

Compensation

intangible assets*

Result

RMB

USD

Revenues

258,993

37,546

Cost of revenues

(92,431)

(13,400)

Gross profit

166,562

24,146

Research and development

(57,722)

932

231

(56,559)

(8,200)

Selling and marketing

(71,714)

505

2,070

(69,139)

(10,023)

General and administrative

(66,136)

2,044

(64,092)

(9,292)

Other operating income, net

722

105

Total operating income and expenses

(194,850)

3,481

2,301

(189,068)

(27,410)

Operating loss

(28,288)

3,481

2,301

(22,506)

(3,264)

Net loss attributable to Cheetah Mobile shareholders

(17,480)

3,481

2,301

(11,698)

(1,697)

Diluted losses per ordinary share (RMB)

(0.0127)

0.0022

0.0016

(0.0089)

Diluted losses per ADS (RMB)

(0.6334)

0.1100

0.0784

(0.4450)

Diluted losses per ADS (USD)

(0.0900)

0.0159

0.0114

(0.0645)

For The Three Months Ended March 31, 2025

GAAP

Share-based

Amortization of

Non-GAAP

Result

Compensation

intangible assets*

Result

RMB

Revenues

259,006

Cost of revenues

(69,505)

(69,500)

Gross profit

189,501

189,506

Research and development

(61,244)

296

6,156

(54,792)

Selling and marketing

(104,838)

469

(104,298)

General and administrative

(52,624)

5,212

(47,412)

Other operating income, net

2,670

Total operating income and expenses

(216,036)

5,579

6,625

(203,832)

Operating loss

(26,535)

5,584

6,625

(14,326)

Net loss attributable to Cheetah Mobile shareholders

(33,357)

5,584

6,625

(21,148)

Diluted losses per ordinary share (RMB)

(0.0236)

0.0037

0.0043

(0.0156)

Diluted losses per ADS (RMB)

(1.1814)

0.1850

0.2164

(0.7800)

* 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 March 31, 2026

Internet Services

Global Enterprise Services

Robotics and others

Consolidated

RMB

USD

Revenues from external customers

135,005

72,750

51,238

258,993

37,546

Inter-segment revenues

11,130

1,614

Segment revenue

135,005

83,880

51,238

270,123

39,160

Elimination of inter-segment revenue

(11,130)

(1,614)

Consolidated Revenues

258,993

37,546

Operating Costs and expenses

Cost of revenues (i)

29,157

43,940

26,458

Selling and marketing (i)

39,649

9,180

19,747

Research and development (i)

28,992

378

27,142

Other segment items (i)

22,011

16,629

4,761

Adjusted operating income/(losses)

15,196

13,753

(26,870)

2,079

301

Unallocated amounts-share based compensations

3,481

504

Unallocated amounts-corporate expense

26,886

3,898

Operating loss

(28,288)

(4,101)

Reconciliation of segment profit/(loss)

Interest income, net

3,422

496

Foreign exchange gains, net

19,252

2,791

Other income, net

1,321

192

Loss before income taxes

(4,293)

(622)

For The Three Months Ended March 31, 2025

Internet Services

Global Enterprise Services

Robotics and others

Consolidated

RMB

Revenues from external customers

159,141

81,297

18,568

259,006

Inter-segment revenues

8,521

Segment revenue

159,141

89,818

18,568

267,527

Elimination of inter-segment revenue

(8,521)

Consolidated Revenues

259,006

Operating Costs and expenses

Cost of revenues(i)

22,992

28,317

24,486

Selling and marketing(i)

67,496

14,782

20,031

Research and development(i)

32,843

1,259

26,379

Other segment items(i)

11,203

3,397

10,345

Adjusted operating income/(losses)

24,607

42,063

(62,673)

3,997

Unallocated amounts-share based compensations

5,584

Unallocated amounts-corporate expense

24,948

Operating loss

(26,535)

Reconciliation of segment profit/(loss)

Interest income, net

5,605

Foreign exchange gains, net

1,650

Other income, net

(4,009)

Loss before income taxes

(23,289)

(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

March 31, 2025

March 31, 2026

RMB

USD

Net loss attributable to Cheetah Mobile shareholders

(33,357)

(17,480)

(2,534)

Add:

Income tax expenses

4,820

7,623

1,105

Interest income, net

(5,605)

(3,422)

(496)

Depreciation and other amortization

9,782

6,464

937

Net income attributable to noncontrolling interests

5,248

5,564

807

Other expense/(income), net

2,359

(20,573)

(2,983)

Share-based compensation

5,584

3,481

504

Adjusted EBITDA

(11,169)

(18,343)

(2,660)

SOURCE Cheetah Mobile