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Mobvoi, Inc.
(2438)
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Rating:40Underperform
Price Target:
HK$0.27
▼(-54.92% Downside)
Action:Reiterated
Date:10/15/26
The score is primarily weighed down by weak financial performance—especially significant negative operating/free cash flow and declining revenue—despite improved loss trends and decent gross margin. Technicals also remain bearish with the stock trading below major moving averages and negative MACD. Valuation provides limited support because the company is still loss-making (negative P/E) and no dividend yield is available.
Positive Factors
Improving Profitability
The substantial reduction in net and operating losses indicates meaningful progress in cost control and operating leverage. A gross margin near 50% provides an economic base for further improvement if revenue stabilizes, helping the company convert product demand into stronger future earnings.
Negative Factors
Revenue Contraction
Sharp revenue contraction is a durable concern because it suggests weaker demand, reduced commercial scale, or difficulty sustaining product momentum. Lower revenue can dilute fixed-cost absorption and make it harder for improving margins and narrower losses to translate into durable profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving Profitability
The substantial reduction in net and operating losses indicates meaningful progress in cost control and operating leverage. A gross margin near 50% provides an economic base for further improvement if revenue stabilizes, helping the company convert product demand into stronger future earnings.
Read all positive factors
Mobvoi, Inc. (2438) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$394.96M
Dividend YieldN/A
Average Volume (3M)944.17K
Price to Earnings (P/E)―
Beta (1Y)0.91
Revenue Growth-43.66%
EPS Growth19.94%
CountryHK
Employees150
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)-0.07
Shares Outstanding1,548,844,400
10 Day Avg. Volume1,055,100
30 Day Avg. Volume944,166
Financial Highlights & Ratios
PEG Ratio0.12
Price to Book (P/B)3.31
Price to Sales (P/S)2.39
P/FCF Ratio-7.87
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Mobvoi, Inc. Business Overview & Revenue Model
Company Description
Mobvoi Inc., an investment holding company, distributes smart devices and various accessories across numerous international markets, including Mainland China, the United States, the United Kingdom, Italy, Spain, Germany, Japan, and Brazil. Beyond ...
How the Company Makes Money
Mobvoi primarily makes money by selling its own branded consumer devices (most notably TicWatch smartwatches) through retail and online channels, where revenue is recognized from hardware product sales. The company may also generate revenue from s...
Mobvoi, Inc. Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
56
Neutral
Cash Flow
30
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 222.86M | 323.03M | 390.35M | 507.06M | 500.19M | 397.91M |
| Gross Profit | 92.10M | 161.72M | 203.41M | 326.08M | 336.15M | 149.20M |
| EBITDA | -71.43M | -68.76M | -202.52M | -789.40M | -672.65M | -165.42M |
| Net Income | -115.61M | -68.85M | -721.49M | -802.60M | -669.80M | -276.30M |
Balance Sheet | ||||||
| Total Assets | 252.59M | 364.90M | 525.25M | 407.14M | 419.49M | 606.46M |
| Cash, Cash Equivalents and Short-Term Investments | 174.26M | 257.05M | 344.25M | 226.23M | 218.36M | 144.65M |
| Total Debt | 24.49M | 55.53M | 29.20M | 3.46M | 29.57M | 35.91M |
| Total Liabilities | 67.52M | 131.02M | 220.95M | 4.54B | 3.72B | 3.53B |
| Stockholders Equity | 185.07M | 233.88M | 304.30M | -4.13B | -3.30B | -2.92B |
Cash Flow | ||||||
| Free Cash Flow | -55.91M | -98.29M | -177.44M | 21.92M | 67.27M | -40.11M |
| Operating Cash Flow | -54.55M | -67.33M | -168.74M | 28.39M | 72.44M | -37.24M |
| Investing Cash Flow | 9.44M | 37.65M | -143.67M | 108.83M | -40.45M | -21.89M |
| Financing Cash Flow | -23.78M | 27.87M | 323.83M | -28.98M | -125.74M | -22.12M |
Mobvoi, Inc. Technical Analysis
Negative
0.59
Price Trends
0.29
Negative
0.31
Negative
0.42
Negative
Market Momentum
>-0.01
Positive
39.27
Neutral
19.01
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2438, the sentiment is Negative. The current price of 0.59 is above the 20-day moving average (MA) of 0.27, above the 50-day MA of 0.29, and above the 200-day MA of 0.42, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 39.27 is Neutral, neither overbought nor oversold. The STOCH value of 19.01 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:2438.
Mobvoi, Inc. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
51 Neutral | HK$500.89M | 2.81 | 8.50% | ― | ― | ― | |
43 Neutral | HK$621.09M | -11.85 | -11.42% | ― | ― | ― | |
42 Neutral | HK$1.90B | -5.60 | -22.29% | ― | 26.08% | 38.72% | |
40 Underperform | HK$394.96M | -2.88 | -55.19% | ― | -43.66% | 19.94% | |
40 Underperform | HK$4.07B | -0.56 | -261.95% | 8.29% | 9.21% | -5994.15% |
* Technology Sector Average
HK:2438
Mobvoi, Inc.
0.26
-0.39
-60.16%
HK:2121
AInnovation Technology Group
3.37
-3.18
-48.63%
HK:2495
Shanghai Voicecomm Information Technology Co Ltd Class H
14.10
-43.25
-75.41%
HK:2567
Qiniu Limited
0.31
-0.47
-60.26%
HK:9678
Unisound AI Technology Co., Ltd.
51.70
-474.30
-90.17%
HK:2718
Mininglamp Technology Class A
26.60
-264.00
-90.85%
Mobvoi, Inc. Corporate Events
Mobvoi Widens Interim Loss as It Pivots to AI Agent-Centric Platform
Aug 28, 2026
Mobvoi reported interim unaudited results for the first half of 2026 showing revenue of RMB78.7 million and a widened loss of RMB49.6 million, reflecting pressure from a strategic overhaul and the early-stage commercialization of new offerings. Ma...
Mobvoi Warns of Wider Interim Loss Amid Strategic Pivot to Core AI Ecosystem
Aug 21, 2026
Mobvoi Inc., incorporated in the Cayman Islands and listed in Hong Kong, operates in the artificial intelligence software and smart hardware industry. The group is building an AI-centric business ecosystem, with its AI Agent technology at the core...
Mobvoi Sets Board Meeting to Approve Interim 2026 Results
Aug 18, 2026
Mobvoi Inc. has scheduled a board meeting for August 28, 2026 to review and approve the unaudited interim results for the six months ended June 30, 2026. Following board approval, the company plans to publish these interim financial results, which...
Mobvoi Grants 46 Million RSU Award Shares Under Post-IPO Incentive Scheme
Jul 28, 2026
Mobvoi Inc. has granted 46,195,097 award shares under its post-IPO RSU scheme to 16 participants, including two executive directors and substantial shareholders, 13 other employees, and one service provider, with no purchase price attached. The aw...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.