GPU Cloud Baidu General Business revenue increased 2% year over year to RMB26.0B. with Online Marketing Services declining 22% to RMB12.6 billion, while Others revenue increased 42% to RMB13.4 billion and GPU Cloud revenue within Others increased 184%. iQIYI revenue declined 14% to RMB6.2B.
ADAS and Robotics LiDAR Business revenue increased 29.6% year over year to RMB680.6M, with total LiDAR shipments increasing 140.9% to 471,723 units, including 353,441 ADAS shipments and 118,282 Robotics shipments. Management attributed the revenue growth to strong, broad based demand across both ADAS and Robotics.
Hydra Host GPUaaS Technology Solutions generated $562K in Q1 versus $0 in Q1 FY2025. The $176M Hydra Host GPUaaS agreement is expected to contribute approximately $26M of revenue in H2 2026, supporting the company’s expectation for 2026 revenue to exceed $50M, with a significant portion anticipated in the second half. Services and Consulting revenue declined 45%, and Services and Consulting — Related Parties revenue declined 60%.
High Performance Computing Hosting High Performance Computing Hosting revenue increased 54% year over year to $4.64M from $3.01M. FY2026 HPC revenue reached a record $19.5M, up 94% from $10.0M in FY2025, driven by deployment of the NVIDIA H200 GPU cluster and strong demand on the GPU marketplace. Digital Currency Mining revenue increased 42.6% year over year, but declined 23.9% sequentially from Q3.
Installation & Maintenance Engineering & Consulting revenue increased 14.0% year over year to $165.8M and Installation & Maintenance revenue increased 141.9% to $872.1M. Engineering & Consulting adjusted gross margin declined to 33.2% from 40.7%, primarily due to a higher percentage of subcontractor expenses, a revenue mix shift toward the lower margin Program & Project Management service line and lower project margins in Engineering & Design.
AI Infrastructure Networking revenue increased 25% year over year to $8.8B. Within Networking, Cisco reported $5.3B in AI infrastructure orders year to date through Q3 FY2026, with the company expecting FY2026 AI infrastructure orders to reach $9B and AI infrastructure revenue to reach $4B. Security revenue was flat at $2.0B, Collaboration revenue decreased 1% to $1.0B, Observability revenue increased 3% to $269M, while Services revenue declined 1% to $3.7B.
Nebius AI Cloud Nebius AI cloud revenue increased 841% to $389.7M. Management attributed group revenue growth to capacity scaling, supported by pricing and utilization.
New Construction New Construction revenue increased 61.1% to $650.7M and Existing Infrastructure revenue declined 5.8% to $25.0M. Management attributed the significant increase in New Construction revenue to backlog realization, supported by productivity gains from continued strong project execution and seasonally favorable weather conditions in key regions.
Launch Services Launch Services revenue increased 79% year over year to $63.7M and Space Systems revenue increased 57.2% to $136.7M. Neutron remained on track for its debut launch later in 2026, while research and development expenses increased primarily due to Neutron development progress.
