On April 28th, Insta360 released its latest financial report, which blew everyone away.

The annual revenue reached 9.741 billion yuan, a sharp increase of 74.76% year-on-year; the revenue in the first quarter of 2026 was 2.481 billion yuan, a substantial increase of 83.11% year-on-year. More strikingly, the net cash outflow from operating activities in Q1 was 1.471 billion yuan - equivalent to giving suppliers a head start of 14 "small targets" in advance to lock in inventory. Is this a big move before the peak season?

01

Overseas sales account for more than 69%, online gross margin outperforms offline

The financial report shows that in 2025, Insta360's overseas revenue was 6.676 billion yuan, accounting for 69.03% of the main business income. North America, Europe, and Japan are the three core battlefields, covering more than 70 countries and regions around the world.

The gross margin of online channels is 50.72%, maintaining a high level. Amazon, Tmall, JD.com, and the official independent website are the four main drivers, and the marketing cost per host has actually decreased by about 10%.

Offline is even more aggressive: the number of global specialty stores has increased from 36 to nearly 300, and the sales volume of single stores has increased by nearly 50% year-on-year. Channels such as Apple Store, Best Buy, Shunfeng, and JB Hi-Fi have been fully rolled out, and the distribution network covers more than 10,000 retail terminals. Offline has become a strong position for new product launches, experiences, and localized services.

02

Three main forces compete globally, ecological accessories generate 1.1 billion yuan annually

Insta360 can stand firm globally, relying on three core categories:

• Panoramic camera (ONE X series): Global market share of 66%, 8K panorama, AI editing, and invisible selfie stick form technical barriers, the largest cross-border single product.

• Thumb camera (GO series): Global market share of 57%, lightweight and wearable, suitable for Vlog, parent-child, and pet scenes, with strong online repurchase and social media communication.

• Action camera (Ace series): Jointly designed with Leica + AI night scene + flip screen, competing with GoPro in a different position, leading in online growth.

New categories are even more powerful: Insta360 Antigravity panoramic drone was launched globally at the end of 2025, with over 30,000 units shipped globally in the first month. 360° panorama + immersive flight + motion control directly take a share of the drone market. From 2026, AI microphones and gimbal cameras will be launched globally one after another. The revenue from ecological accessories in 2025 was 1.131 billion yuan, a year-on-year increase of 57.47%.

R&D investment is also generous: R&D expenses in Q1 were 465 million yuan, a sharp increase of 100.59% year-on-year. Chips, AI, drones, and gimbal cameras are launched in turn, vowing to dig a technical moat that competitors can't cross.

To put it bluntly, Insta360's operation is a typical "high growth + high investment" strategy: double-digit revenue growth, gross margin of more than 50% outperforming the industry, doubled R&D investment, batch launch of new products, and global channel deployment. The cash outflow of 1.4 billion yuan for inventory is to prepare for the peak season.

In today's world, there are not many Chinese brands that can compete globally. Insta360 is one of them.

The information in this article is for reference only and should not be used as the basis for investment decisions.