VeriSilicon, China’s leading semiconductor IP provider, reported H1 2026 revenue of RMB 1.864 billion, up 91.4% year‑on‑year – a record high. Q2 alone delivered RMB 1.03 billion (+76% YoY).

The top‑line surge was driven by AI‑related design services (41% of total), with mass‑production revenue soaring 185% and design service revenue up 50.7%.

As of June 30, backlog reached RMB 12.45 billion ($1.7B) – up 142.5% from Q1, marking the 11th consecutive quarter of high order levels. New orders in the first 8 months of 2026 totaled RMB 15.14 billion, over 2.5x the full‑year 2025 figure, with 90% from AI compute and 89% from data processing.

Despite revenue growth, net loss widened to RMB 612 million (vs. RMB 320 million loss a year ago), due to long project cycles (design: 9‑12 months; mass production: 6‑18 months) and heavy R&D spending – 50.5% of revenue (down from 65.7% last year). Excluding share‑based compensation and acquisition costs, adjusted net loss was RMB 423 million.

Management targets adjusted EBITDA breakeven in H2 2026 and full‑year adjusted net profit breakeven in 2027, as the huge backlog gradually converts to revenue and operating leverage kicks in.

ICgoodFind Takeaway:
VeriSilicon is riding the AI wave with explosive orders – but revenue recognition lags. The profit inflection point will come as backlog delivers – watch H2 2026 and 2027 closely.