Cambricon said revenue for the quarter ended September climbed 105% to 3.53 billion yuan, equal to $529 million, and net income rose 148% to 1.4 billion yuan. That top line fell short of projections that hovered around 6.26 billion yuan, reflecting production bottlenecks and tight supplies of memory chips.
The company, based in Beijing, still expects momentum to continue thanks to strong demand for AI computing capacity.
In a separate exchange filing, Cambricon reiterated a previously announced 2026 revenue objective of no less than 13.5 billion yuan. That target is more than twice the 6.5 billion yuan it booked for 2025.
Cambricon is among domestic chip designers trying to backfill demand after Washington curbed exports of Nvidia's most advanced chips to slow China's AI progress. Authorities in China have also restricted the volume of older Nvidia parts that can be sold domestically to push chip self-sufficiency.
Designers across the sector face a squeeze in high-bandwidth memory - fast memory paired with AI accelerators - made by Samsung Electronics Co., SK Hynix Inc. and Micron Technology Inc. US-led sanctions limit foreign vendors' sales to Chinese buyers, and local HBM inventories are being depleted.
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Cambricon and Huawei Technologies Co. depend on Chinese fabs, including Semiconductor Manufacturing International Corp., which cannot obtain ASML Holding NV's extreme ultraviolet lithography tools.
Cambricon is widening the footprint of its hardware, powering AI models from local frontier labs such as DeepSeek and Moonshot and serving more enterprise customers in finance, energy and retail. Translation for investors watching China's AI stack: demand is strong, but supply snags in HBM and manufacturing remain the swing factors for revenue delivery.
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