HUYA Inc. First Quarter 2026 Unaudited Financial Results

Key insights

6 takeaways

01
HUYA Inc. reported total net revenues of RMB1,728.4 million for Q1 2026, a 14.6% increase year-over-year driven by a 69.4% surge in game-related services and advertising.See it on page 1
02
Non-streaming revenue segments reached RMB627.4 million, now accounting for 36.3% of total net revenues as the company shifts away from its traditional live streaming model.See it on page 2
03
Operational efficiency improved significantly, with the non-GAAP operating loss narrowing to RMB2.7 million from RMB35.6 million in Q1 2025 and gross margin expanding to 14.6%.See it on page 2
04
The company posted a net loss of RMB4.1 million for the quarter, though it achieved a non-GAAP net income of RMB21.1 million.See it on page 1
05
Sales and marketing expenses rose 45.1% to RMB88.1 million, primarily due to the promotional launch of the mobile version of Goose Goose Duck in the Chinese mainland.See it on page 2
06
As of March 31, 2026, HUYA Inc. maintains a strong liquidity position with RMB3,455.1 million in cash, cash equivalents, and deposits.See it on page 7

Summary

HUYA Inc. released its unaudited financial results for the first quarter of 2026, highlighting a strategic transition toward becoming a comprehensive game-related services provider. The company reported total net revenues of RMB1,728.4 million, representing a 14.6% increase compared to the same period in 2025. This growth was primarily driven by a 69.4% surge in game-related services, advertising, and other revenues, which reached RMB627.4 million and accounted for 36.3% of total net revenues.

Financial performance metrics showed significant improvement in operational efficiency. The operating loss narrowed to RMB28.8 million from RMB59.6 million in the first quarter of 2025, while the non-GAAP operating loss improved to RMB2.7 million from RMB35.6 million. Gross profit rose by 34.3% to RMB253.2 million, with the gross margin expanding to 14.6% from 12.5% in the prior year. Despite these gains, the company recorded a net loss attributable to HUYA Inc. of RMB4.1 million, compared to a net income of RMB0.9 million in the first quarter of 2025, while non-GAAP net income attributable to HUYA Inc. was RMB21.1 million.

The company’s operational focus remains on diversifying its revenue streams beyond traditional live streaming, which saw a slight decline to RMB1,101.0 million. Management attributed the growth in non-streaming segments to successful in-game item sales and content-driven advertising collaborations. Increased sales and marketing expenses, which rose by 45.1% to RMB88.1 million, were largely tied to the promotional launch of the mobile version of Goose Goose Duck in the Chinese mainland. As of March 31, 2026, the company maintained a solid liquidity position with RMB3,455.1 million in cash, cash equivalents, and deposits.