Ubtech’s Humanoid Pivot Gains Momentum, Yet the Share Price Tells a Colder Story

The arithmetic of Ubtech Robotics’ transformation is becoming harder to ignore. Sales of full-size humanoid robots surged more than fourteen-fold to 590.3 million renminbi in the first half of 2026, propelling that division to nearly half of group revenue — up from a mere 6.1 percent slice a year earlier. The segment has now overtaken the company’s legacy businesses as its single largest revenue source.

Investors took notice on Friday, sending the shares 7.6 percent higher to close at €9.48. The bounce extends a recovery that began with the August 28 interim results and was reinforced by a strategic tie-up with chipmaker BASiC Semiconductor. Yet for all the operational momentum, the equity remains 34 percent below its level at the start of the year — a reminder that the market’s enthusiasm has its limits.

A Business Model Shifting Shape

The half-year numbers reveal a company in the midst of a decisive strategic turn. Total revenue doubled year-on-year to 1.269 billion renminbi (approximately $188.5 million), while gross profit climbed 160.9 percent to 566.9 million renminbi. The gross margin widened by 9.7 percentage points to 44.7 percent. Losses are narrowing too: the net loss contracted 23 percent to 338.8 million renminbi, and adjusted EBITDA losses were nearly halved, falling 45.9 percent, as revenue scaling and earnings quality improved in tandem.

Unit sales tell the same story. Ubtech delivered 921 full-size humanoids in the period, a 1,946.7 percent jump from the prior-year half. Management has set an ambitious target of 10,000 full-size units in annual production for the current year.

That scale-up ambition is backed by a widening network of industrial partners. A collaboration with Siemens brings digital tools for robot design and manufacturing into the fold, while a strategic cooperation agreement with Hitachi (China), signed in May, adds another international name to the roster. In August, Ubtech raised its registered capital by roughly 5 percent to 440 million renminbi.

Silicon Carbide and the Next Voltage Leap

The BASiC Semiconductor partnership, struck on August 19 at the World Robot Conference in Beijing, targets a technical shift that could redefine humanoid power architecture. The two companies will collaborate on silicon carbide power semiconductors for humanoid robots, with Ubtech’s machines also slated for deployment on BASiC’s own production lines.

Should investors sell immediately? Or is it worth buying Ubtech Robotics?

The rationale is straightforward: onboard voltages in humanoid robots are expected to climb from 48 volts toward 400 volts, a range where silicon carbide technology offers meaningful advantages in voltage tolerance and heat resistance. Media reports suggest these components are gaining traction precisely because of that impending voltage transition.

Fresh Capital and a Berlin Showcase

Early September brought additional financial firepower. Ubtech secured a $13.9 million funding round, earmarked for technology upgrades and product development — with particular focus on a new generation of integrated joint modules boasting high power density, alongside industrial and consumer humanoids. Heavy-duty and explosion-proof quadruped robots are also on the development slate.

The company is showcasing its robotics platforms at IFA in Berlin from September 4 to 8, presenting its wares to an international audience. The second half also brings a product pipeline refresh: the Walker S industrial model will be expanded, while the Walker C and U1 series target commercial, educational and domestic applications. The Thinker-WM world model is due for a 2.0 release, accompanied by improvements in multi-robot coordination.

R&D Spending Signals Long-Term Commitment

Despite the narrowing losses, Ubtech continues to invest heavily in its technological future. Research spending rose 38.9 percent in the first half to 303.1 million renminbi, representing 23.9 percent of revenue. The R&D workforce now numbers 1,103 employees — a signal that management views the current loss-making phase as an investment period rather than a reason to retrench.

The combination of explosive growth in the core humanoid business, shrinking losses and ambitious production targets offers the market its first concrete evidence that Ubtech’s bet on humanoid robotics is beginning to pay off financially. The share price, however, suggests that full conviction will take time — the recovery from the summer lows is real, but the stock still carries the scars of a bruising year.