Mobvoi, Inc. (HK:2438)
:2438
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Mobvoi, Inc.
(2438)
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Rating:41Neutral
Price Target:
HK$0.42
▼(-28.81% Downside)
Action:Reiterated
Date:05/05/26
The score is held down primarily by ongoing losses combined with heavy cash burn and a sharp revenue decline, despite improved profitability trends and solid gross margin. Technicals also remain weak with the price below key moving averages and negative MACD. Valuation offers limited support because the company is unprofitable and there is no dividend yield data.
Positive Factors
High gross margin (~50%)
Consistent ~50% gross margin provides durable unit economics across smart hardware and AI services, enabling the company to absorb marketing and R&D while improving operating leverage. Sustained margin supports a credible path to profitability as revenue stabilizes or grows.
Negative Factors
Significant cash burn
Sizable negative operating and free cash flow represent a durable funding challenge: ongoing cash burn will require external financing, asset sales, or equity dilution. Over a 2–6 month horizon this constrains investments, limits strategic optionality, and pressures liquidity planning.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margin (~50%)
Consistent ~50% gross margin provides durable unit economics across smart hardware and AI services, enabling the company to absorb marketing and R&D while improving operating leverage. Sustained margin supports a credible path to profitability as revenue stabilizes or grows.
Read all positive factors
Mobvoi, Inc. (2438) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$650.51M
Dividend YieldN/A
Average Volume (3M)18.40M
Price to Earnings (P/E)―
Beta (1Y)2.20
Revenue Growth-17.32%
EPS Growth93.01%
CountryHK
Employees222
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)-0.04
Shares Outstanding1,548,844,400
10 Day Avg. Volume10,961,500
30 Day Avg. Volume18,403,850
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, provides smart devices and other accessories in Mainland China, the United States, the United Kingdom, Italy, Spain, Germany, Japan, Brazil, and internationally. It also offers artificial intelligence (A...
How the Company Makes Money
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Mobvoi, Inc. Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
56
Neutral
Cash Flow
30
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 323.03M | 390.35M | 507.06M | 500.19M | 397.91M |
| Gross Profit | 161.72M | 203.41M | 326.08M | 336.15M | 149.20M |
| EBITDA | -77.16M | -214.80M | -789.40M | -672.65M | -165.42M |
| Net Income | -68.85M | -721.49M | -802.60M | -669.80M | -276.30M |
Balance Sheet | |||||
| Total Assets | 364.90M | 525.25M | 407.14M | 419.49M | 606.46M |
| Cash, Cash Equivalents and Short-Term Investments | 257.05M | 344.25M | 226.23M | 218.36M | 144.65M |
| Total Debt | 55.53M | 29.20M | 3.46M | 29.57M | 35.91M |
| Total Liabilities | 131.02M | 220.95M | 4.54B | 3.72B | 3.53B |
| Stockholders Equity | 233.88M | 304.30M | -4.13B | -3.30B | -2.92B |
Cash Flow | |||||
| Free Cash Flow | -98.29M | -177.44M | 21.92M | 67.27M | -40.11M |
| Operating Cash Flow | -67.33M | -168.74M | 28.39M | 72.44M | -37.24M |
| Investing Cash Flow | 37.65M | -143.67M | 108.83M | -40.45M | -21.89M |
| Financing Cash Flow | 27.87M | 323.83M | -28.98M | -125.74M | -22.12M |
Mobvoi, Inc. Technical Analysis
Negative
0.59
Price Trends
0.48
Negative
0.55
Negative
0.62
Negative
Market Momentum
-0.02
Positive
37.30
Neutral
26.67
Neutral
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 0.45, above the 50-day MA of 0.48, and below the 200-day MA of 0.62, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 37.30 is Neutral, neither overbought nor oversold. The STOCH value of 26.67 is Neutral, 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% | |
50 Neutral | HK$1.68B | 17.24 | 8.10% | ― | ― | ― | |
46 Neutral | HK$861.51M | -22.74 | -15.02% | ― | ― | ― | |
43 Neutral | HK$2.61B | -10.66 | -18.49% | ― | 23.91% | 55.97% | |
41 Neutral | HK$650.51M | -11.24 | -25.32% | ― | -17.32% | 93.01% |
* Technology Sector Average
HK:2438
Mobvoi, Inc.
0.41
0.03
7.89%
HK:2121
AInnovation Technology Group
4.63
-0.57
-10.96%
HK:2495
Shanghai Voicecomm Information Technology Co Ltd Class H
45.84
-372.76
-89.05%
HK:2567
Qiniu Limited
0.42
-0.57
-57.65%
HK:9678
Unisound AI Technology Co., Ltd.
248.40
-37.60
-13.15%
HK:2718
Mininglamp Technology Class A
255.00
-35.60
-12.25%
Mobvoi, Inc. Corporate Events
Mobvoi Narrows 2025 Loss as AI-Driven Overhaul Cuts Costs and Lifts Efficiency
Mar 27, 2026
Mobvoi reported 2025 revenue of RMB323.0 million and a net loss of RMB68.9 million, a sharp 90.5% year-on-year narrowing that reflects significantly improved profitability despite lower revenue. Adjusted net loss also contracted substantially, und...
Mobvoi Schedules Board Meeting to Approve 2025 Annual Results
Mar 17, 2026
Mobvoi Inc. has scheduled a board meeting for 27 March 2026 to review and approve the annual results of the company and its subsidiaries for the financial year ended 31 December 2025. The approval and subsequent publication of these results will p...
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.