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. ADAS and Robotics shipments increased similar amounts, 141.9% and 137.8% respectively.
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 45.3%, and Services and Consulting — Related Parties revenue declined 60.3%.
Infrastructure Deployment Forgent’s vertical integration targets electrical equipment lead times, a constraint in power infrastructure deployment. According to a BCE assessment, FPS lead times were approximately 65% shorter for substation transformers, 34% for eHouses, 43% for medium voltage switchgear and 33% for padmount transformers versus industry averages. This accelerates data center deployment.
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 5.5% year over year to $206.9M and Installation & Maintenance revenue increased 162.0% to $1.06B. Legence’s adjusted gross margin declined to 18.5% from 21.8% a year earlier, with the company citing revenue mix and a slight decline in Engineering & Consulting margins.
AI Infrastructure Networking revenue increased 28.3% year over year to $9.8B. Within Networking, AI infrastructure revenue reached approximately $4B for FY2026, up approximately 300% from $1B, and AI infrastructure orders reached $9.3B. Security revenue increased 14% to $2.23B, Collaboration revenue increased 12% to $1.17B, Observability revenue increased 6.2% to $275M, while Services revenue increased 0.2% to $3.79B.
Nebius AI Cloud Nebius AI cloud revenue increased 514% to $574.9M representing 98% of group revenue. Management attributed revenue growth to capacity added in Q1, higher utilization, and high margin revenue from Token Factory and recent acquisitions.
Spacecraft Manufacturing Launch Services declined 4.4% year over year to $44.6M while Space Systems revenue increased 93.6% to $189.5M. Within Space Systems, Products revenue increased 95.6% to $181.3M and Services revenue increased 58.6% to $8.1M. Space Systems revenue increased primarily due to spacecraft manufacturing growth and acquisitions. Launch Services revenue decreased primarily due to revenue recognition timing.
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.
