Huya FY2026 Q1 Unaudited Earnings Release

1
HUYA Inc. Reports First Quarter 2026 Unaudited Financial Results

GUANGZHOU, China, May 1 2 , 202 6 /PRNewswire/ — HUYA Inc. (“Huya” or the “Company”)
(NYSE: HUYA), a leading game – related entertainment and services provider, today announced its
unaudited financial results for the first quarter ended March 31, 2026 .

First Quarter 2026 Highlights

• Total net revenues increased by 14.6% to RMB1,728.4 million (US$250.6 million) for the first
quarter of 2026, from RMB 1,508.6 million for the same period of 2025.
• Game – related services, advertising and other revenues increased by 69. 4 % to RMB62 7 . 4
million (US$9 1 . 0 million) for the first quarter of 2026, from RMB370.4 million for the same period
of 202 5.
• Operating loss narrowed to RMB28.8 million (US$4.2 million) for the first quarter of 2026,
compared with RMB59.6 million for the same period of 2025.
• Non – GAAP
1
operating loss narrowed to RMB2.7 million (US$0.4 million) for the first quarter of
2026, compared with RMB35.6 million for the same period of 2025.
• Net loss attributable to HUYA Inc. was RMB 4.1 million (US$ 0.6 million) for the first quarter
of 2026, compared with a net income attributable to HUYA Inc . of RMB 0.9 million for the same
period of 2025.
• Non – GAAP net income attributable to HUYA Inc. was RMB 21.1 million (US$ 3.1 million) for
the first quarter of 2026, compared with RMB24.0 million for the same period of 2025 .

Mr. Junhong Huang, Acting Chief Executive Officer of Huya, commented, “Huya continued to deliver
solid results in the first quarter of 2026, underpinned by our ongoing transformation into a
comprehensive game – related services provider. Total net revenues r eached RMB1.73 billion, up 14.6%
year – over – year, while game – related services, advertising, and other revenues grew 69. 4 % year – over –
year to RMB62 7 . 4 million, representing a record 36. 3 % of total net revenues. ”

“ Goose Goose Duck mobile continued to gain traction in the Chinese mainland, reaching as high a s
Top 5 on the local Apple App Store top – grossing games chart in April, demonstrating the game ’ s
promising monetization potent ial. Beyond game publishing, our broader game – related services also
made meaningful progress. In – game item sales maintained rapid year – over – year growth, fueled by
deeper collaborations with top – tier game titles, while our content – driven advertising services co ntinued
to attract leading game companies seeking integrated marketing solutions. With multiple new
publishing titles in our pipeline, we are well – positioned to build on this momentum through disciplined
execution,” Mr. Huang concluded.

Mr. Raymond Peng Lei, Chief Financial Officer of Huya, added, “This quarter’s steady top line growth
and the continued improvement in both our revenue mix and operating performance underscore the
earnings potential of our diversification efforts. The increased revenue contribution from businesses
with higher gross margins led to a year – over – ye ar and sequential gross margin expansion to 14.6% this
quarter. Looking ahead, we remain focused on prudently pursuing growth opportunities while
preserving earnings q uality and delivering long – term value to our shareholders.”

2
F irst Quarter 2026 Financial Results

Total net revenues increased by 14.6% to RMB 1,728.4 million (US$ 250.6 million) for the first
quarter of 2026, from RMB 1,508.6 million for the same period of 2025.

Live streaming revenues were RMB 1,10 1 . 0 million (US$ 159. 6 million) for the first quarter of 2026,
compared with RMB 1,138.2 million for the same period of 2025, primarily reflecting the live
streaming industry’s current environment .

Game – related services, advertising and other revenues increased by 69. 4 % to RMB 62 7 . 4 million
(US$ 9 1 . 0 million) for the first quarter of 2026, from RMB 370.4 million for the same period of 2025.
The increase was primarily driven by higher revenues from in – game item sales and advertising , mainly
attributable to the Company’s deepened and broadened collaboration with game companies.

Cost of revenues increased by 11.8 % to RMB 1,475.2 million (US$ 213.9 million) for the f irst quarter
of 2026, from RMB 1,320.1 million for the same period of 2025, primarily due to increased costs of
in – game virtual items , as well as increased revenue sharing fees and content costs . Revenue sharing
fees and content costs, a key component of cost of revenues, increased by 6.9 % year – over – year to
RMB 1,234.7 million (US$ 179.0 million) for the f irst quarter of 2026, mainly reflecting higher
revenues.

Gross profit increased by 34.3 % to RMB 253.2 million (US$ 36.7 million) for the f ir st quarter of 2026,
from RMB 188.5 million for the same period of 2025. Gross margin was 14.6 % for the first quarter
of 2026, compared with 12.5% for the same period of 2025.

Research and development expenses increased by 1.7 % to RMB 131.7 million (US$ 19.1 million) for
the first quarter of 2026, from RMB 129.5 million for the same period of 2025.

Sales and marketing expenses increased by 45.1 % to RMB 88.1 million (US$ 12.8 million) for the
f irst quarter of 2026, from RMB60.7 million for the same period of 2025, primarily due to marketing
and promotional efforts related to the launch of Goose Goose Duck mobile .

General and administrative expenses in creased by 5.9 % to RMB 65.1 million (US$ 9.4 million) for
the first quarter of 2026, from RMB61.4 million for the same period of 2025, primarily due to increased
share – based compensation expenses.

Other income was RMB 2.9 million (US$ 0.4 million) for the first quarter of 2026, compared with
RMB 3.5 million for the same period of 2025, primarily due to lower government subsidies .

Operating loss n a rrowed to RMB 28.8 million (US$ 4.2 million) for the first quarter of 2026, compared
with RMB 59.6 million for the same period of 2025.

Non – GAAP operating loss n a rrowed to RMB 2.7 million (US$ 0.4 million) for the first quarter of
2026, compared with RMB35.6 million for the same period of 202 5 .

3
Interest income was RMB 30.3 million (US$ 4.4 million) for the f irst quarter of 2026 , compared with
RMB 64.9 million for the same period of 2025, primarily due to a lower time deposit balance , mainly
reflecting the payment of special cash dividends.

Net loss attributable to HUYA Inc. was RMB 4.1 million (US$ 0.6 million) for the f i rst quarter of
2026, compared with a net income attributable to HUYA Inc . of R MB 0.9 million for the same period
of 2025.

Non – GAAP net income attributable to HUYA Inc. was RMB 21.1 million (US$ 3.1 million) for the
first quarter of 2026, compared with RMB24.0 million for the same period of 2025.

Basic and diluted net loss per American depositary share (“ADS”) were each RMB 0.02 (US$ 0.00 )
for the first quarter of 2026 . Basic and diluted net income per ADS were each RMB 0.00 for the first
quarter of 2025. Each ADS represents one Class A ordinary share of the Company.

Non – GAAP basic and diluted net income per ADS were each RMB 0.09 (US$ 0.01 ) for the first
quarter of 2026. Non – GAAP basic and diluted net income per ADS were each RMB 0.10 for the f irst
quarter of 2025.

As of March 31, 2026, the Company had cash and cash equivalents, short – term deposits and long –
term deposits of RMB 3,455 . 1 million (US$ 500.9 million), compared with RMB 3,818.4 million as of
December 31, 2025.

Earnings Webinar

The Company’s management will host a Tencent Meeting Webinar at 6:00 a.m. U.S. Eastern Time on
Ma y 12, 2026 (6:00 p.m. Beijing/Hong Kong time on May 12, 2026), to review and discuss the
Company’s business and financial performance.

For participants who wish to join the webinar, please complete the online registration in advance using
the links provided below. Upon registration, participants will receive an email with webinar access
information, including meeting ID, meeting link, dia l – in numbers, and a unique attendee ID to join the
webinar.

Participant Online Registration :

Chinese Mainland
2
: https://meeting.tencent.com/dw/mXzxW3WQFgBW
International: https://voovmeeting.com/dw/mXzxW3WQFgBW

A live webcast of the webinar will be accessible at https://ir.huya.com , and a replay of the webcast
will be available following the session.

1
The Company’s non – GAAP financial measures exclude share – based compensation expenses, amortization of intangible assets from
business acquisitions , and impairment loss of investments, to the extent applicable. For more information, please refer to the section
titled “ Use of Non – GAAP Financial Measures ” and the table captioned “ HUYA Inc. Unaudited Reconciliations of GAAP and Non –
GAAP Results ” at the end of this press release.
2
For the purpose of this announcement only, Chinese Mainland excludes the Hong Kong Special Administrative Region, the Macao
Special Administrative Region of the People’s Republic of China, and Taiwan.

4
About HUYA Inc.

HUYA Inc. is a leading game – related entertainment and services provider. Huya delivers dynamic live
streaming and video content and a rich array of services spanning games, e – sports, and other interactive
entertainment genres to a large, highly engaged com munity of game enthusiasts. Huya has cultivated
a robust entertainment ecosystem powered by AI and other advanced technologies, serving users and
partners across the gaming universe, including game companies, e – sports tournament organizers,
broadcasters an d talent agencies. Leveraging this strong foundation, Huya has also expanded into
innovative game – related services, such as game distribution, in – game item sales, advertising and more.
Huya continues to extend its footprint in China and abroad, meeting the evolving needs of gamers,
content creators, and industry partners worldwide.

For more information, please visit: https://ir.huya.com .

Use of Non – GAAP Financial Measures

The unaudited condensed consolidated financial information is prepared in conformity with accounting
principles generally accepted in the United States of America (“U.S. GAAP”), except that the
consolidated statement of changes in shareholders’ equity, con solidated statements of cash flows, and
the detailed notes have not been presented. Huya uses non – GAAP gross profit, non – GAAP operating
loss, non – GAAP net income (loss) attributable to HUYA Inc., non – GAAP net income (loss)
attributable to ordinary sharehol ders, non – GAAP basic and diluted net income (loss) per ordinary
share, and non – GAAP basic and diluted net income (loss) per ADS, which are non – GAAP financial
measures. Non – GAAP gross profit is gross profit excluding share – based compensation expenses
alloca ted in cost of revenues. Non – GAAP operating loss is operating loss excluding share – based
compensation expenses and amortization of intangible assets from business acquisitions. Non – GAAP
net income (loss) attributable to HUYA Inc. is net income (loss) attri butable to HUYA Inc. excluding
share – based compensation expenses, impairment loss of investments, and amortization of intangible
assets from business acquisitions, net of income taxes, to the extent applicable. Non – GAAP net income
(loss) attributable to or dinary shareholders is net income (loss) attributable to ordinary shareholders
excluding share – based compensation expenses, impairment loss of investments, and amortization of
intangible assets from business acquisitions, net of income taxes, to the extent applicable. Non – GAAP
basic and diluted net income (loss) per ordinary share and per ADS is non – GAAP net income (loss)
attributable to ordinary shareholders divided by the weighted average number of ordinary shares and
ADS used in the calculation of non – GA AP basic and diluted net income (loss) per ordinary share and
per ADS. The Company believes that separate analysis and exclusion of the impact of (i) share – based
compensation expenses, (ii) impairment loss of investments, and (iii) amortization of intangib le assets
from business acquisitions (net of income taxes), add clarity to the constituent parts of its performance.
The Company reviews these non – GAAP financial measures together with GAAP financial measures
to obtain a better understanding of its operati ng performance. It uses the non – GAAP financial measures
for planning, forecasting and measuring results against the forecast. The Company believes that non –
GAAP financial measures represent useful supplemental information for investors and analysts to
asse ss its operating performance without the effect of (i) share – based compensation expenses, and (ii)
amortization of intangible assets from business acquisitions, which have been and will continue to be
significant recurring expenses in its business, and (ii i) impairment loss of investments. However, the
use of non – GAAP financial measures has material limitations as an analytical tool. One of the

5
limitations of using non – GAAP financial measures is that they do not include all items that impact the
Company’s net income (loss) for the period. In addition, because non – GAAP financial measures are
not measured in the same manner by all companies, they m ay not be comparable to other similarly
titled measures used by other companies. In light of the foregoing limitations, you should not consider
a non – GAAP financial measure in isolation from or as an alternative to the financial measures prepared
in accord ance with U.S. GAAP.

The presentation of these non – GAAP financial measures is not intended to be considered in isolation
from, or as a substitute for, the financial information prepared and presented in accordance with U.S.
GAAP. For more information on these non – GAAP financia l measures, please see the table captioned
“HUYA Inc. Unaudited Reconciliations of GAAP and Non – GAAP Results” at the end of this
announcement.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate
solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S.
dollars are made at a rate of RMB6.8980 to US$1.00, the noon buying rate in effect on March 31,
2026, in the H.10 statistical release of the Federal Reserve Board. The Company makes no
representatio n that the Renminbi or U.S. dollar amounts referred to in this announcement could have
been or could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or
at all.

Safe Harbor Statement

This announcement contains forward – looking statements. These statements are made under the “safe
harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward –
looking statements can be identified by terminology such as “wil l,” “expects,” “anticipates,” “future,”
“intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations
from management in this announcement, as well as Huya’s strategic and operational plans, contain
forward – looking statements. Huya may also make written or oral forward – looking statements in its
periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in its annual report to
shareholders, in press releases and other written materials and in oral statem ents made by its officers,
directors or employees to third parties. Statements that are not historical facts, including statements
about Huya’s beliefs and expectations, are forward – looking statements. Forward – looking statements
involve inherent risks and uncertainties. A number of factors could cause actual results to differ
materially from those contained in any forward – looking statement, including but not limited to the
following: Huya’s goals and strategies; Huya’s future business development, results o f operations and
financial condition; the expected growth of the live streaming industry and the game industry in
mainland China and internationally; Huya’s expectation regarding demand for and market acceptance
of its products and services; Huya’s ability retain and grow its user reach, broadcasters, talent agencies,
business partners for game – related services and advertisers; Huya’s ability to expand its product and
service offerings; competition in the live streaming industry and game industry; Huya’s ef forts in
complying with applicable data privacy and security regulations; fluctuations in general economic and
business conditions in China; the economy in China and elsewhere generally; any regulatory
developments in laws, regulations, rules, policies or guidelines applicable to Huya; and assumptions

6
underlying or related to any of the foregoing. Further information regarding these and other risks is
included in Huya’s filings with the SEC. All information provided in this press release and in the
attachments is as of the date of this press release, an d Huya does not undertake any obligation to update
any forward – looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

HUYA Inc.
Investor Relations
Tel: +86 – 20 – 2290 – 7829
E – mail: ir@huya.com

Piacente Financial Communications
Jenny Cai
Tel: +86 – 10 – 6508 – 0677
E – mail: huya@tpg – ir.com

In the United States:

Piacente Financial Communications
Brandi Piacente
Tel: +1 – 212 – 481 – 2050
E – mail: huya@tpg – ir.com

HUYA INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except share, ADS, per share data and per ADS data)

As of December 31, As of March 31,
202 5 2026 2026
RMB RMB US$

Assets
Current assets
Cash and cash equivalents 692,663 360,398 52,247
Restricted cash and short – term deposit s 1 2 ,031 31,537 4,572
Short – term deposits 3 , 125 , 760 2,874,686 416,742
Accounts receivable, net 238 , 569 339,951 49,283
Prepaid assets and amounts due from related
parties, net 290,747 371,368 53,837
Prepayments and other current assets, net 5 47 , 078 524,849 76,086

Total current assets 4,9 06 , 848 4,502,789 652,767

Non – current assets
Long – term deposits – 220,000 31,893
Investments 296,165 329,409 47,754
Goodwill 4 5 3, 498 446,440 64,720
Property and equipment, net 604 , 368 653,732 94,771
Intangible assets, net 1 27 , 633 116,683 16,915
Right – of – use assets, net 3 04 , 017 310,640 45,033
Prepayments and other non – current assets 8,843 9,503 1,378

Total non – current assets 1, 794 , 524 2,086,407 302,464

Total assets 6,70 1 , 372 6,589,196 955,231

Liabilities and shareholders’ equity
Current liabilities
Accounts payable 237 , 903 384,594 55,754
Advances from customers and deferred revenue 2 28 , 167 208,398 30,211
Income taxes payable 61,479 55,101 7,988
Accrued liabilities and other current liabilities 1,03 2 , 437 852,899 123,644
Amounts due to related parties 150,166 104,470 15,145
Lease liabilities due within one year 1 8, 982 16,470 2,388
Dividends payable – 214,655 31,118

Total current liabilities 1,7 29 , 134 1,836,587 266,248

Non – current liabilities
Lease liabilities 1 , 766 12,808 1,857
Deferred tax liabilities 18 , 932 18,059 2,618
Deferred revenue 3 1 , 824 32,780 4,752

Total non – current liabilities 52,522 63,647 9,227

Total liabilities 1,78 1 , 656 1,900,234 275,475

HUYA INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
( All amounts in thousands, except share, ADS, per share data and per ADS data )

As of December 31, As of March 31,
202 5 2026 2026
RMB RMB US$

Shareholders’ equity
Class A ordinary shares (US$0.0001 par value;
750,000,000 shares authorized as of December
31, 2025 and March 31, 2026, respectively;
73,146,779 and 79,404,675 * shares issued and
outstanding as of December 31, 2025 and March
31, 2026, respectively) 54 58 8
Class B ordinary shares (US$0.0001 par value;
200,000,000 shares authorized as of December
31, 2025 and March 31, 2026, respectively;
150,386,517 and 150,386,517 shares issued and
outstanding as of December 31, 2025 and
March 31, 2026, respectively) 98 98 14
Treasury shares (128,056) (125,183) (18,148)
Additional paid – in capital 6,466,101 6,270,666 909,056
Statutory reserves 122,429 122,429 17,748
Accumulated deficit (2,219,365) (2,224,839) (322,534)
Accumulated other comprehensive income 678,455 645,733 93,612

Total shareholders’ equity 4,919,716 4,688,962 679,756

Total liabilities and shareholders’ equity 6,70 1 , 372 6,589,196 955,231

* For the avoidance of doubt, the total outstanding ordinary shares include 5,655,480 Class A ordinary shares beneficially owne d by participants
of HUYA Inc.’s share incentive plans.

HUYA INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(All amounts in thousands, except share, ADS, per share data and per ADS data)

Three Months Ended

March 31,
202 5
December 31,
202 5
March 31,
2026
March 31,
2026
RMB RMB RMB US$

Net revenues
Live streaming 1,138,151 1,145,950 1,100,993 159,610
Game – related services, advertising and other
revenues 370,434 592,525 627,393 90,953

Total net revenues 1,508,585 1,738,475 1,728,386 250,563

Cost of revenues
(1)
(1,320,102) (1,493,767) (1,475,234) (213,864)

Gross profit 188,483 244,708 253,152 36,699

Operating expenses
(1)

Research and development expenses (129,525) (123,054) (131,709) (19,094)
Sales and marketing expenses (60,695) (78,066) (88,067) (12,767)
General and administrative expenses (61,445) (125,958) (65,092) (9,436)

Total operating expenses (251,665) (327,078) (284,868) (41,297)

Other income, net 3,534 17,516 2,927 424

Operating loss (59,648) (64,854) (28,789) (4,17 4 )

Interest income 64,916 32,144 30,32 7 4,39 6
Impairment loss of investments – ( 81 , 458 ) – –
Foreign currency exchange losses, net (416) (2,182) (1,703) (247)

Income (loss) before income tax expenses 4,852 (116,350) (16 5 ) (2 5 )

Income tax expenses (3,248) (1,662) (2,631) (381)

Income (loss) before (loss) gain in equity method
investments, net of income taxes 1,604 (118,012) (2,79 6 ) (40 6 )

(Loss) gain in equity method investments, net of
income taxes (677) 429 (1,271) (184)

Net income (loss) attributable to HUYA Inc. 927 (117,583) (4,067) (590)

Net income (loss) attributable to ordinary
shareholders 927 (117,583) (4,067) (590)

HUYA INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)
( All amounts in thousands, except share, ADS, per share data and per ADS data )

Three Months Ended

March 31,
202 5
December 31,
202 5
March 31,
2026
March 31,
2026
RMB RMB RMB US$

Net income (loss) per ADS*
— Basic 0.00 (0. 51 ) (0.02) 0.00
— Diluted 0.00 (0. 51 ) (0.02) 0.00
Net income (loss) per ordinary share
— Basic 0.00 (0. 51 ) (0.02) 0.00
— Diluted 0.00 (0. 51 ) (0.02) 0.00

Weighted average number of ADS used in
calculating net income (loss) per ADS
— Basic 229,451,944 229,212,223 229,705,246 229,705,246
— Diluted 231,527,507 229,212,223 229,705,246 229,705,246

* Each ADS represents one Class A ordinary share.

(1) Share – based compensation was allocated in cost of revenues and operating expenses as follows:

Three Months Ended

March 31,
202 5
December 31,
202 5
March 31,
2026
March 31,
2026
RMB RMB RMB US$

Cost of revenues 3,383 3,335 2,435 353
Research and development expenses 6,313 5,561 4,437 643
Sales and marketing expenses 320 214 211 31
General and administrative expenses 8,048 13,720 13,512 1,959

HUYA INC.
UNAUDITED RECONCILIATIONS OF GAAP AND NON – GAAP RESULTS
( All amounts in thousands, except share, ADS, per share data and per ADS data )

Three Months Ended

March 31,
202 5
December 31,
202 5
March 31,
2026
March 31,
2026
RMB RMB RMB US$

Gross profit 188,483 244,708 253,152 36,699
Share – based compensation expenses allocated
in cost of revenues 3,383 3,335 2,435 353

Non – GAAP gross profit 191,866 248,043 255,587 37,052

Operating loss (59,648) (64,854) (28,789) (4,174)
Share – based compensation expenses 18,064 22,830 20,595 2,986
Amortization of intangible assets from
business acquisitions 5,996

5,915

5,466 792

Non – GAAP operating loss (35,588)

(36,109)

(2,728)

(396)

Net income (loss) attributable to HUYA Inc. 927 (117,583) (4,067) (590)
Impairment loss of investments – 81 , 458 – –
Share – based compensation expenses 18,064 22,830 20,595 2,986
Amortization of intangible assets from
business acquisitions, net of income taxes 4,977

4,910

4,537 658

Non – GAAP net income (loss) attributable
to HUYA Inc. 23,968 (8,385) 21,065 3,054

Net income (loss) attributable to ordinary
shareholders 927 (117,583) (4,067) (590)
Impairment loss of investments – 81 , 458 – –
Share – based compensation expenses 18,064 22,830 20,595 2,986
Amortization of intangible assets from
business acquisitions, net of income taxes 4,977 4,910 4,537 658

Non – GAAP net income (loss) attributable
to ordinary shareholders 23,968 (8,385) 21,065 3,054

Non – GAAP net income (loss) per ordinary
share
— Basic 0.10 (0.04) 0.09 0.01
— Diluted 0.10 (0.04) 0.09 0.01

Non – GAAP net income (loss) per ADS
— Basic 0.10 (0.04) 0.09 0.01
— Diluted 0.10 (0.04) 0.09 0.01

Weighted average number of ADS used in
calculating Non – GAAP net income (loss)
per ADS
— Basic 229,451,944 229,212,223 229,705,246 229,705,246
— Diluted 231,527,507 229,212,223 233,646,621 233,646,621