Insta360's First Three Quarters Revenue Reaches 9.3 Billion Yuan, Nearly Matching Full-Year 2025; Heavy Investment in R&D and Inventory

【Ebrun Original】Recently, Insta360 released its Q3 2026 report. The financials show that the company's revenue for the first three quarters reached 9.336 billion yuan, up 42.73% year-over-year and almost matching full-year 2025 (9.741 billion yuan); net profit attributable to shareholders of the listed company was 47.8355 million yuan, down 93.96% year-over-year. In the third quarter, revenue was 3.919 billion yuan, up 33.30% year-over-year, and net profit attributable to parent was 17.4282 million yuan, down 93.59% year-over-year.

The report explains that revenue growth was mainly driven by continued market expansion, continuous new product launches, and sustained expansion of online and offline sales. The profit decline was mainly due to the company's proactive increase in strategic R&D investment and market expansion, which led to higher related expenses; meanwhile, rising prices of memory components and intensifying competition in the imaging industry caused a decline in gross margin.

In addition, the expansion of new businesses also affected the company's profit. The report notes that panoramic drones, as a new category expansion for the company, are still in the market education phase, and before economies of scale have been achieved, the segment's phased investment has had a negative impact on the company's overall profit.

Looking at specific expenditures, Insta360's R&D, sales, and administrative expenses all rose in the first three quarters. R&D investment totaled 1.675 billion yuan, up 54.29% year-over-year; R&D investment as a proportion of operating revenue reached 17.75%, up 1.33 percentage points year-over-year. The report notes that the increase was mainly due to more R&D projects, higher R&D staff compensation, and increased R&D materials. In addition, sales expenses reached 1.617 billion yuan, compared with 1.130 billion yuan in the same period last year, and administrative expenses reached 381 million yuan, compared with 233 million yuan in the same period last year.

Facing rising costs of memory components, Insta360 proactively adopted a forward-looking procurement strategy, increasing strategic reserves of core components and inventory for new products to ensure supply chain stability and security. The company's inventory balance increased significantly; as of the end of the third quarter, inventory reached 7.154 billion yuan, up about 145% from the end of last year; meanwhile, net cash flow from operating activities in the first three quarters fell to -4.264 billion yuan.

This article was first published on the Ebrun official website.