🧠 Food for thought

Implications, context, and why it matters.

The IPO prospectus describes a fast-expanding business nearing an important milestone

• Manycore is growing but remains unprofitable under standard accounting, posting an International Financial Reporting Standards (IFRS) net loss of 428 million yuan (US$62.5 million) in 2025 1.
• It is projected to deliver its first adjusted (non-IFRS) net profit, reaching 57.1 million yuan (US$8.34 million) in 2025 1.
• The results come from a subscription software model that delivers gross margins of 82.2% 1.
• More than 95% of revenue comes from use cases tied to physical spaces such as residential properties, office buildings, retail stores, and commercial projects, which links performance to the property and construction sectors 1.

A lidar maker’s prospective investment suggests a growing overlap between spatial data and robotics

• Prospective cornerstone investor Hesai Group manufactures lidar sensors, which use lasers to create three-dimensional maps of surroundings 2.
• The stake would connect Manycore’s software for building digital spaces with Hesai’s hardware that captures real-world environments.
• Manycore has formed strategic partnerships with robotics firms such as Zhiyuan Robotics, a Chinese robotics company, to support spatial intelligence uses that include embodied intelligence, where AI systems interact with the physical world through machines such as robots 1.
• Work on foundation AI models continues through its Spatial Language Model (SpatialLM) 1.