Aurora Mobile (JG) Earnings Call Q2 2026: Umsatz übersteigt 100 Millionen RMB

Wichtigste Erkenntnisse

• Der Umsatz im zweiten Quartal 2026 stieg im Jahresvergleich um 13 % auf 101,2 Mio. RMB und überstieg damit zum dritten Mal in der Geschichte von Aurora Mobile die Marke von 100 Mio. RMB.
• Der Umsatz im Bereich Developer Services erreichte einen Rekordwert von 79,9 Mio. RMB, ein Plus von 24 % im Jahresvergleich. Der Umsatz mit Entwickler-Abonnements stieg um 32 % auf 70,7 Mio. RMB.
• Der jährlich wiederkehrende Umsatz (ARR) von EngageLab erreichte im Juni 2026 einen Rekordwert von 14,6 Mio. USD, was einem Plus von 170 % im Jahresvergleich entspricht. Der Quartalsumsatz von EngageLab stieg sprunghaft um 186 % auf 27,5 Mio. RMB.
• Der Rohertrag wuchs um 16 % auf 69,2 Mio. RMB, während sich die Rohmarge im Jahresvergleich um 197 Basispunkte verbesserte.
• Aurora Mobile verzeichnete das fünfte Quartal in Folge einen Nettogewinn nach U.S. GAAP und erzielte einen operativen Netto-Cashflow von 23,3 Mio. RMB.
• Das Management zeigte sich für den Rest des Jahres 2026 weiterhin verhalten optimistisch, verwies auf das Wachstum von EngageLab und betonte die fortgesetzte Kostendisziplin.

Wichtige Finanzdaten

Geschäfts- und operative Entwicklung

Developer Services blieben der Hauptwachstumstreiber von Aurora Mobile. Der Rekordumsatz bei den Abonnements spiegelte sowohl den Zuwachs der Kundenanzahl als auch des durchschnittlichen Umsatzes pro Nutzer wider. Die Net Dollar Retention für das Kerngeschäft mit Entwickler-Abonnements erreichte in den 12 Monaten bis Juni 2026 einen Rekordwert von 106 %, was auf eine höhere Nutzung sowie erfolgreiches Upselling und Cross-Selling bei Bestandskunden hindeutet.

EngageLab setzte seine internationale Expansion fort. Die Kundenbasis überschritt zum 30. Juni die Marke von 2.100, während der kumulierte unterzeichnete Vertragswert 200 Mio. RMB überstieg. Das Unternehmen schloss im zweiten Quartal Neuverträge im Wert von mehr als 27,4 Mio. RMB ab.

Aurora Mobile führte zudem Silent Auth ein, ein passwortloses Authentifizierungsprodukt für Registrierung, Login, Verifizierung von Risikotransaktionen und Prävention von Marketing-Betrug. Laut Management erweitert das Produkt EngageLab über das traditionelle Messaging hinaus und könnte zusätzliche Authentifizierungsumsätze von bestehenden Unternehmenskunden generieren.

GPTBots.ai erhielt ein produktionsorientiertes Upgrade, das graphenbasierte Wissensdatenbanken, Workflow-Automatisierung über 14 Kommunikationskanäle sowie Enterprise-Governance-Funktionen umfasst. Laut Management sollen diese Funktionen den Auslandsvertrieb, Anwendungsfälle in regulierten Sektoren und die großflächige Bereitstellung von KI-Agenten unterstützen.

Modellix wurde als einheitliches AI-Modell-Gateway beschrieben, das die Integrationskomplexität verringert und Multi-Modell-Funktionen mit GPTBots.ai verbindet.

Der Bereich Vertical Applications blieb unter Druck. Der Umsatz im Bereich Financial Risk Management sank im Jahresvergleich um 17 % und blieb im Vergleich zum Vorquartal weitgehend unverändert. Der Umsatz im Bereich Market Intelligence ging im Jahresvergleich um 12 % und gegenüber dem Vorquartal um 11 % zurück, was auf die anhaltend schwache Nachfrage nach chinesischen App-Daten zurückzuführen ist.

Ausblick des Managements

Das Management erklärte, dass Aurora Mobile für den verbleibenden Verlauf des Jahres 2026 verhalten optimistisch bleibe und das Unternehmen auf Kurs sei, seine Ganzjahresziele zu erreichen. Es wurde keine konkrete Umsatzerlös- oder Gewinnprognose in Zahlen vorgelegt.

Das Unternehmen plant, seine strikte Kostendisziplin beizubehalten und gleichzeitig punktuell in Initiativen mit hoher Priorität zu investieren, um nachhaltiges Wachstum zu unterstützen – insbesondere in die globale Expansion von EngageLab und in KI-Produkte für Unternehmen.

Risiken und Beobachtungspunkte

• Das Management bezeichnete das operative Umfeld im Bereich Financial Risk Management als schwierig und gab bekannt, dass Vertriebs- (Go-to-Market) und andere Strategien angepasst werden.
• Market Intelligence sieht sich weiterhin mit einer schwachen Nachfrage nach chinesischen App-Daten konfrontiert.
• Die Net Dollar Retention kann aufgrund kundenspezifischer Verlängerungsdynamiken zwischen den Quartalen schwanken.
• Die Auslandsexpansion erhöhte die Vertriebs- und Marketingkosten, während höhere Personalaufwendungen und Gebühren für technische Dienstleistungen die F&E-Ausgaben steigen ließen.

Wichtigste Punkte aus der Fragerunde mit Analysten

Auf die Frage nach dem Ausblick für das dritte und vierte Quartal 2026 hob das Management die Kombination aus einem Umsatz von über 100 Mio. RMB, dem fünften GAAP-profitablen Quartal in Folge und einem positiven operativen Cashflow hervor. Es bekräftigte seine verhalten optimistische Haltung, gab jedoch keine spezifischen Prognosen ab.

Auf Fragen zu Silent Auth, Modellix und GPTBots.ai erklärte das Management, dass diese Angebote Erweiterungen der bestehenden Customer-Engagement- und KI-Plattformen von Aurora Mobile seien und keine unzusammenhängenden Projekte darstellten. Das Unternehmen geht davon aus, dass sie die Kundenbindung erhöhen, höhere Vertragswerte unterstützen und unter Nutzung der bestehenden globalen Vertriebs-, Compliance- und Infrastrukturpräsenz zusätzliche Einnahmequellen schaffen.

Aurora Mobile gab außerdem bekannt, im zweiten Quartal 2026 insgesamt 44.000 ADS zurückgekauft zu haben, womit sich die kumulierten Rückkäufe im Rahmen des Programms auf 485.000 ADS belaufen.

Vollständiges Transkript der Ergebnis-Telefonkonferenz

Vollständiges Transkript der Telefonkonferenz

Ausführungen des Managements

Christian Arnell

Thank you. Hello, everyone, and thank you for joining us today. Aurora Mobile's earnings release was distributed earlier today and is available on its IR website at ir.aurora-mobile.com. On the call today are Mr. WeiDong Luo, Chairman and Chief Executive Officer; Mr. Shan-Nen Bong, Chief Financial Officer; and Mr. Guangyan Chen, General Manager. Following their prepared remarks, they will be available to answer your questions during the Q&A session that follows. Before we begin, I'd like to remind you that this conference call contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 as amended and as defined in the U.S. Private Securities Litigation Reform Act of 1995.

These forward-looking statements are based upon management's current expectations and current market and operating conditions, which are difficult to predict and may cause the company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties and factors are included in the company's filings with the U.S. SEC. The company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law. With that, I'd now like to turn the conference call over to Mr. Luo. Please go ahead.

Weidong Luo

Thanks, Christian.

Hi, everyone. Welcome to Aurora Mobile's 2026 Second Quarter Earnings Call. Before I comment on our Q2 results, I would like to remind everyone that we have uploaded the quarterly earnings deck on our IR website. You may refer to the deck as we proceed with the call today. As we've done in the past, the suitable description that I will give to the second quarter of 2026 is our RMB 100 million revenue quarter. The reason for this narrative is obvious. Our achievements in the second quarter of 2026 are as follows. Firstly, for the third time in our history, we recorded SaaS business revenue in excess of RMB 100 million in a single quarter. This was fueled by the highest developer service revenue in history of RMB 79.9 million in this quarter.

Secondly, our global flagship product, EngageLabs, has its best quarter yet. The EngageLabs ARR for June 2026 has scaled to a record high of $14.6 million, representing 170% year-over-year growth. Thirdly, gross profit grew by 16% year-over-year. Gross margin improved by 197 basis points between the years. Having top line growth alone is not enough. In this quarter, we delivered the fifth consecutive quarters of U.S. GAAP net profit. Last but not least, operationally, we brought a net cash inflow of RMB 23.3 million this quarter. This marks a strong second quarter performance hitting on our Q1 results in May. Taken together, the first 2 quarters of 2026 validate our robust growth momentum, and we remain on track to deliver against our targets for highly promising full year 2026.

Let me now share more on the business aspects. RMB 100 million revenue a quarter. Yes, we made it again. This milestone came 1 quarter earlier than what we previously anticipated. We are very pleased with this early pleasant surprise. Our total Q2 group revenue reached RMB 101.2 million, representing a strong 13% year-over-year growth. This RMB 100 million of quarter revenue is a very important milestone for us. It signifies a few key messages that I think are important that I share with you all today. Firstly, the RMB 100 million quarterly revenue milestone marks a landmark validation of Aurora Mobile's pure SaaS strategic transformation forming a durable larger revenue foundation. Secondly, top line expansion is anchored by high-margin recurring developer subscription revenue supported by solid customer retention and rising enterprise demand.

Thirdly, dual growth engines, domestic developer ecosystem and fast-growing global EngageLab business jointly drive scalable cross-market revenue expansion. Fourthly, greater revenue scale improves operating leverage, underpinning our consistent profitability trend and long-term path of sustainable shareholder returns. In this quarter, Developer Services recorded a great 24% revenue growth year-over-year, but Vertical Applications revenue decreased 16% year-over-year. Developer services revenues, which consists of subscription service and value-added services, delivered excellent performance in this quarter. Our core business, developer subscription services delivered another historic high quarterly revenue number of RMB 70.7 million, representing growth of 32% year-over-year and 9% quarter-over-quarter.

The year-over-year and quarter-over-quarter revenue growth was mainly driven by increases in both customer number and ARPU. In short, the momentum of this business is very strong, and I do have high hope of the continued growth in many more quarters to come. Now let's move on to the update on our global flagship product, EngageLabs. EngageLabs being the jewel of Aurora Mobile's growth engine has again brought in excellent numbers every quarter since its launch. In this quarter, the highlights include Firstly, EngageLab recorded another quarter of tremendous growth where the ARR reached a new milestone of $14.6 million as of June 2026.

This represents a 170% year-over-year growth. Secondly, EngageLab broke another record where the cumulative signed contract value has exceeded RMB 200 million by the end of Q2 of 2026. This speaks volume in terms of the market acceptance and total addressable market for these products. For sure, we are very pleased with this achievement. Nevertheless, we will continue to work hard and smart to conquer more markets and winning more contracts. In Q2 alone, we [indiscernible] more than RMB 27.4 million worth of new contracts. Thirdly, more and more new global customers are being converted and switched to EngageLab. The EngageLab customer number has exceeded 2,100 as of the 30th of June 2026.

The expansion of EngageLab across the globe has been very successful. Fourthly, the recognized revenue for EngageLab in Q2 of 2026 reached RMB 27.5 million, representing an outstanding 186% growth year-over-year. Also, in this quarter, there was a new addition to the EngageLab family, where we officially launched Silent Auth, an advanced password-less authentication solution designed to complement existing SMS OTP services and elevate identity verification for the global market. Silent Auth provides a more dependable approach to phone-based authentication across 3 key use cases, namely: firstly, faster registration and login; secondly, secure verification for high-risk operations; and thirdly, marketing fraud prevention.

We view the launch of Silent Auth not only enriches EngageLab's omnichannel customer engagement portfolio, but also reinforces Aurora Mobile's commitment to providing global enterprises with stable, efficient and intelligent solutions. Going forward, it is my goal that EngageLab will continue to leverage advanced technology to help businesses build stronger, trust-based customer relationships and accelerate global growth. Within subscription revenue, some of the notable wins in this quarter include but are not limited to, Bank of China, Hong Kong, CXMT, Mingshun Zhenzhen [indiscernible]. Value-added services revenues were RMB 9.2 million, up 36% quarter-over-quarter but down 15% year-over-year.

The quarter-over-quarter spike was mainly attributable to the traditional quarterly online shopping of [indiscernible] in Q2. I think it is also time for me to provide an update on the progress and updates we have on our enterprise AI agent platform, GPTbots.ai. Recently, we released a major production grade upgrade to GPTbots.ai, tackling the key industry limitations, whereby conventional AI agents only support conversations and demos like business system integration and end-to-end task execution. The upgrade centers on 3 pillars: a graph enhanced knowledge base for context-aware business analysis, autonomous workflow automation across 14 communication channels via agent collaboration. and robust enterprise governance with audit trails, onetime safeguard and mandatory human validation for live deployment.

This product advancement supports GPT global expansion through the following: Firstly, transform the platform into a production-ready solution to improve overseas sales conversion. Secondly, native compatibility with global channels, including WhatsApp, Flex and Teams expand market reach across North America, Europe and Southeast Asia. Thirdly, strengthen governance satisfies international data compliance requirements, enabling deals with multinationals and regulated sectors. Fourthly, optimized knowledge processing reduces customization and onboarding costs for global clients and improves project gross margin. We believe the upgrade puts Aurora Mobile in a strong position to capture market share as enterprises worldwide transition from AI testing to large-scale deployment of agent AI.

As you can see, besides growing the business globally, we have been busy on the R&D front. Our team has not taken our eyes off the need to continue to upgrade and create new products and services to supplement our entire suite of service to our customers. This is important because we will not rest on our laurels amidst our achievements to date. We must remain attuned to the latest developments across global markets and implement necessary product upgrades, adjustments and innovations as circumstances demand. Only by doing so can we stay relevant and meet the evolving needs of our global customer base. Collectively, these efforts form critical building blocks to sustain ongoing revenue growth and advance our path towards improved profitability. Now let me pass the call over to Shan-Nen, who will take you through the metrics on vertical applications and financial performance for this quarter.

Shan-Nen Bong

Vertical application that includes Financial Risk Management and Market Intelligence. Overall, Vertical Application revenue decreased year-over-year and quarter-over-quarter. Within Vertical Application, Financial Risk Management revenue decreased 17% year-over-year and pretty much remained flat quarter-over-quarter. We are still operating in a tough business environment, and we are making the necessary adjustment on go-to-market and various strategies. The customers that we signed up or renewed in Q2 include, but not limited to, Pufahang, Ping An Xxin, Yitonghang and many more licensed credit for financial institutions throughout China.

Market Intelligence revenue decreased 11% quarter-over-quarter and 12% year-over-year due to the continued weak market demand for Chinese APP data. And this result is in line with our expectation. Coming to the other P&L items. Our gross profit recorded another strong Q2 quarter with 16% year-over-year growth to RMB 69.2 million. Our gross margin has also recorded significant improvement by 197 basis points year-over-year. This improvement reflects better product mix and tighter operating control discipline. Higher gross profit gives us greater flexibility to invest in growth while absorbing external cost pressure. Most importantly, it proves that we can convert business scale into sustainable profit generation, which is critical to driving shareholders' return over time.

On net profit, following the great momentum we had in Q1 of 2026, we recorded yet another GAAP net profit quarter, making it fifth consecutive quarter of GAAP net profit. We are very pleased with how this quarter has played out financially from top line growth to bottom line profitability. On to operating expenses. Q2 OpEx was at RMB 67.6 million, up 2% quarter-over-quarter and up 11% year-over-year. The OpEx is within our forecast, and we are happy at the level where they are. I'll now dive deeper into the individual OpEx category. R&D expenses increased by 13% year-over-year to RMB 29.3 million, mainly due to the higher staff costs and associated expenses. Technical service fees also contributed to the year-over-year increase. Selling and marketing expenses increased by 25% year-over-year to RMB 28.3 million, mainly due to the higher staff costs driven by overseas business expansion.

G&A expenses decreased by 18% year-over-year to RMB 10 million, mainly due to the decrease in bad debt provision resulting from improved collection efficiency. Besides, there was no loss on disposal on property and equipment in Q2 of 2026, while such loss was incurred in the same quarter last year. Next, I'll share 4 other very important KPIs that we closely monitor. Our net dollar retention rate, a commonly used KPI for SaaS company stood at 106% for our core developer subscription business for the trailing 12-month period ended June 2026. This is the highest NDR number that we have recorded to date. This is an important signal of existing customer health. This record NDR speaks to strong product stickiness, expanded usage from our installed base and the success upsell and cross-selling activity within our customer -- within our current clients.

While NDR can fluctuate quarter-over-quarter, given customer-specific renewal dynamics, but we are very encouraged by this peak result, and we are focused on sustaining healthy retention trends ahead. Secondly, another financial KPI for tracking the performance of SaaS company is total deferred revenue. This represents cash collected in advance from customers for future contract performance and it stood at RMB 181.9 million as of June 30, 2026. This is also a historic high balance. This balance acts as a high-quality leading indicator. It gives us good visibility into the near-term revenue stream and strengthen our operating cash flow profile by bringing cash collection forward relative to the income statement recognition.

Thirdly, we continue to maintain a healthy level of AR turnover days of 37. These low AR turnover days ensure we have great cash liquidity while mitigating the risk of bad and doubtful debt. And on to cash flow, another important financial KPI for us to manage the business. For the quarter ended June 30, 2026, we recorded net operating cash inflow of RMB 23.3 million. Having operating net cash inflow is very important as it validates our earnings quality and gives investors and shareholders greater confidence in the sustainability of the reported profit.

And let's now recap on Chris' comment on our RMB 100 million quarter revenue quarter. In the second quarter of 2026, we achieved another quarter of GAAP net profit in 2026. This marks our fifth consecutive quarters of net profit, a great trend for healthy, profitable and sustainable business. Two, our core developer subscription business has outgone itself again by recording another historical high of RMB 70.7 million revenue in this quarter. The jewel of Aurora Mobile, EngageLab continues to scale rapidly across the globe. Our EngageLab business exceeded its past record in this quarter.

The ARR in June 2026 reached USD 14.6 million. This represents a stunning 170% year-over-year growth. Fourth, our gross margin grew by 197 basis points year-over-year and gross profit grew by 16% year-over-year. Five, our net dollar retention for core developer service stood strongly at 106%, another historic high. Number six, equally important was the net cash inflow that I mentioned of RMB 23.3 million we brought in from operating activities.

As I have alluded in the last quarter's earnings call, Q1 numbers we have recorded paved the way for a great financial year of 2026. And this momentum we built in Q2 of 2026 was truly phenomenal. The quarterly operating and financial results that Chris and I shared during the call today reflect the considerable strength across our business. We will continue to executing against our established strategic priorities. As we deliver on our execution road map, we are confident these operational wins will translate into sustained improvement in our financial statement. Lastly, before I conclude, I'll give a quick update on the share repurchase plan.

In the quarter ended June 30, 2026, we repurchased 44,000 ADS. Cumulatively, we have repurchased a total of 485,000 ADS since the start of our repurchase program. And this concludes our prepared remarks. We are happy to take your questions now. Operator, please proceed.[ id="-1" name="Operator" />

[Operator Instructions]

And the first question comes from Calvin Wong with Ser Capital.

Fragen und Antworten

Calvin Wong

Based on the numbers released today, we note that you have a very, very strong Q2 quarter. So can I get the management to shed some light on the Q2 quarter and perhaps maybe some hints on how Q3 and Q4 will be for 2026?

Shan-Nen Bong

Calvin, thanks for your question. Let me take your question today. Yes, you're right. The Q2 numbers that we just had was a good quarter for us. If I may take a few minutes or just probably just 1 minute to summarize here, the 3 key highlights for Q2 of 2026 would be: number one, our quarterly revenue exceeded RMB 100 million mark.

Number two, we recorded the fifth consecutive quarters of U.S. GAAP profit. And number three, operating activities brought in net cash inflow of RMB 23.3 million. And hitting all these 3 milestones in 1 quarter is significant. It reflects a thriving business where revenue is at a high level. We are delivering GAAP profitability while we also generate net cash inflow, which is very important. And Chris and I are very pleased with how this quarter has unfolded. As we look into the rest of 2026, our stance remains cautiously optimistic. We are encouraged by the business growth trajectory with the global EngageLab business delivering standout momentum. Meanwhile, we will continue to exercise strict cost discipline. Even so, we will still allocate resources selectively to high-priority initiatives that we believe are critical to driving durable and long-term sustainable growth. I hope this answers your question, Calvin.

[ id="-1" name="Operator" />

And our next question is going to come from Jack Sun with Gelonghui Research.

Jack Sun

I'm Jack from Gelonghui Research. I noticed from the press release by the company and the commentary made by Chris during the call, we are launching various new services such as Silent Auth and Modellix together with some upgrades to GPTBots. My question is, are they necessary? And how do they benefit the company as a whole?

Weidong Luo

Jack, good to hear from you. Let me take this question. Those services and upgrades that you mentioned are purpose built upgrades built upon our existing customers' engagement and AI platforms. They are not disconnected new ventures.

And this is an important differentiator when compared to others in the space. We are not building all these new tools or services just to follow the flavor of demand trend. Instead, every single new capability ties back to our core business. I think, for example, Silent Auth they expand EngageLab value proposition beyond traditional messaging. It reduces user lock-in drop-off. It strengthens the fraud defense and give us high-value authentication revenue from our existing global enterprise clients.

And for Modellix that you mentioned also, it addresses the fragmentation enterprise space juggling different AI model vendors. It acts as our unified AI model gateway, cutting integration overheads for customers and it simplifies billing and operation and feeding model by multimodel capability directly into the GPTBots to make our AI agent more powerful for end user. And just to share, even our own internal IR team, we use Modellix to prepare the Q2 ER deck that we uploaded to the IR website today. It's simply because Modellix has so many different large language models that we can pick and choose from within one single platform. There's no need to switch between different large language model accounts for different companies. It is also very easy to use. So I will sincerely encourage everyone on this call to try out Modellix too. As for our GPTBot platform upgrades, it advances our enterprise AI agent offering. It expands multi-agent orchestration, multimodel workflow and no-code tooling. And this drives upsell among our large existing customer base and attract new clients seeking production-ready AI automation and not just AI prototypes.

So if I may summarize, collectively, I believe these upgrades or new products that you mentioned, they reinforce our integrated platform strategy where deeper stickiness within our current account. It helps higher our average contract value and also this represent a new venture, new revenue stream while leveraging our existing global sales, compliance and infrastructure footprint. I hope this answers your question.

Jack?

Jack Sun

Yes, that's very clear.

Operator, I have no more questions.

[ id="-1" name="Operator" />

[Operator instructions]

I am showing no further questions at this time. I will now turn the call back over to Christian for closing remarks.

Christian Arnell

Thank you, everyone, for joining the call tonight. If you have any further questions or comments, please don't hesitate to reach out to the IR team. This concludes the call. Have a good evening. Thank you very much.

[ id="-1" name="Operator" />

Thank you. This does conclude today's conference call. Thank you for participating, and you may now disconnect.