AMC Robotics' Gross Margin Went From 19% to 80% as a Related-Party Line Grew to 83% of Sales

by Henry Nakamura · August 17, 2026

Earnings Reporter, Earnings Dispatch

AMC Robotics Corporation (Nasdaq: AMCI) put a margin number at the top of its second-quarter release on Monday morning, and it is a large one. Gross margin reached 80% in the June quarter, the company said, against 19% a year earlier. Over the same three months revenue fell by a third. Both of those things happened for the same reason, and the reason is legible in the release's own revenue table: the hardware side of the business shrank by four-fifths, while a single related-party revenue-sharing line with Kami Vision Incorporated grew and took over the mix. The release was issued at 8:30 a.m. ET on Monday, August 17, through GlobeNewswire, and the interim figures in it are labelled unaudited.

Start with the headline figures as the company printed them. Total revenues for the three months ended June 30, 2026 were $937,177, down from $1,397,275 in the same quarter of 2025 — a decline of 32.9% by our arithmetic. Gross profit rose to $750,607 from $266,581. Those two pairs produce the margins the company quoted: 80.1% and 19.1% on our calculation. Loss from operations narrowed sharply, to $156,500 from $735,036. Net loss, however, barely moved: $175,730, or $(0.01) a share, against $228,913, also $(0.01) a share, on 22,600,363 weighted-average basic shares versus 18,000,000 a year ago.

The gap between a $578,536 improvement at the operating line and a $53,183 improvement at the bottom line is worth pausing on, because it is not a mystery — the release's own statement of operations shows it. In the June 2025 quarter, AMC Robotics booked $533,688 of "Other income – related party." In the June 2026 quarter that line is zero, and total other income and expense swung from a positive $507,874 to a negative $20,885. Almost all of the operating-line improvement was absorbed by the disappearance of a related-party item that sat below it.

Now the revenue mix, which is where the margin story actually lives. The release breaks the quarter's $937,177 into three lines: product revenue of $157,947, product revenue – related party of $5,143, and revenue share – related party of $774,087. That third line is 82.6% of the quarter's revenue on our calculation; together the two related-party lines are 83.1%. A year earlier the same three lines read $749,313, $146,655 and $501,307 — the revenue-share line was 35.9% of revenue then. In other words, the product side of the business shrank 81.8% year over year while the related-party revenue-share line grew 54.4%, a growth rate that matches, to a rounding, the figure the chief executive used.

What that mix does to the margin is arithmetic rather than disclosure, and it is worth setting out as such. Take the two product lines together: they brought in $163,090 in the June quarter, against a total cost of revenues of $186,570 — made up of e-commerce platform expenses of $38,463, product cost – related party of $92,490, delivery and freight of $5,997 and inventory impairment losses of $49,620. The quarter's entire cost of revenues therefore exceeded its product revenue by $23,480. A year earlier the same comparison ran $895,968 of product revenue against $1,130,694 of cost of revenues, a gap of $234,726. Reported gross profit in each period — $750,607 and $266,581 — is on our arithmetic 97% and 53% of the revenue-share line taken on its own.

Two cautions about that calculation, both ours. The first is that it is an identity, not a discovery: because the release's three revenue lines sum to total revenue, gross profit will always equal the revenue-share line minus any excess of cost of revenues over product revenue, in this or any other period, for any company reporting revenue on that split. It reconciles exactly because it must. What is informative is the size of the numbers going into it, not the fact that they reconcile. The second is that AMC Robotics reports one undifferentiated cost of revenues and does not allocate any part of it to the revenue-share line. How much cost that line actually carries is not disclosed, so the comparison above sets total cost against product revenue only, and should be read that way.

The pattern is also not uniform across the year so far. Over the six months, the two product lines produced $401,656 of revenue against $350,530 of total cost of revenues — a $51,126 surplus on our addition — because the March quarter's costs were far lower relative to its product sales. The June-quarter shortfall is a June-quarter development, and part of it is a write-down: of $49,929 in inventory impairment losses booked in the first half, $49,620 fell in the second quarter.

The company describes the shift in its own words. "The Company continued to actively manage its revenue mix, significantly reducing inventory-intensive product sales in favor of higher-margin AI, cloud and service revenue, including revenue-sharing arrangements," the release says. The revenue highlight puts it this way: "The decline reflects the Company's deliberate strategic shift away from lower-margin product sales, partially offset by 54% growth in recurring AI and cloud revenue-sharing arrangements with Kami Vision Incorporated." On the arrangement itself, the release states: "The arrangement is conducted on commercially reasonable, arm's-length terms and reflects the integration of complementary AI and computer vision capabilities across the Company's robotics and autonomy platform." The May first-quarter release carries the same characterisation.

Sean Da, chairman of the board and chief executive, framed it the same way in the release's single prepared statement: "Our shift toward higher-margin recurring revenue is gaining traction, with AI and cloud revenue from Kami increasing 54% year over year and gross margin reaching 80% in the second quarter." Both halves of that sentence check out against the tables. What the statement does not address, and what the release does not disclose, is the mechanics of the arrangement — how the share is calculated, on what base, or for how long.

Kami is Kami Vision Incorporated, which AMC Robotics identifies as a related party and describes as a partner in integrating computer-vision capability into its robotics platform. The registration statement AMC Robotics filed with the SEC ahead of its listing does not set out the rates or terms of the sharing arrangement, and it does not describe the ownership link that makes Kami a related party; we could find no later filing or exhibit that does. The registration statement does quantify the dependence as it stood earlier: "For the fiscal year ended December 31, 2024, one customer, Kami Vision Incorporated ("Kami"), a related party to AMC, contributed approximately 26% of AMC's revenue and accounted for 10% of AMC's accounts receivable at December 31, 2024." On the first-half 2026 figures in Monday's release, the revenue-share line alone is 81.1% of revenue on our calculation. The same filing carries the corresponding risk factor: "A significant decline in AMC Robotics' sharing revenue, which is generated from one of its major related party entities, would have an adverse effect on AMC Robotics' business, financial condition and operating results." AMC Robotics was listed through a December 2025 combination with AlphaVest Acquisition Corp, a blank-cheque company, and is incorporated in Delaware.

To be plain about what this article is and is not saying: it is a description of concentration, disclosed by the company and flagged as a risk in its own registration statement. Nothing in the release, in the registration statement or in any filing we reviewed describes any of these arrangements as improper, and this publication makes no such suggestion. The figures are the company's own, the related-party lines are labelled as such by the company, and the company states the arrangement is conducted on commercially reasonable, arm's-length terms.

The release compares the June quarter only with the June quarter a year ago. Set it beside AMC Robotics' own first-quarter release, issued the evening of Monday, May 18, and the direction changes. In the March quarter the company reported revenue of $1,184,616, gross profit of $1,020,656 — an 86.2% margin on our arithmetic — operating income of positive $128,539 and net income of $145,601, or $0.01 a share. The revenue-share line was $946,050 in the March quarter and $774,087 in the June quarter, an 18.2% sequential decline. So the six-month net loss of $30,129 is not a company running near break-even for two quarters; it is a first-quarter profit and a second-quarter loss of roughly similar size cancelling each other out.

The release also carries a non-GAAP reconciliation the company labels EBITDA, and the label does more work than the table does. The reconciliation starts from net loss and adds back two things: income tax and interest expense. There is no depreciation or amortisation add-back anywhere in it, which is what the first two letters of the acronym stand for. Because interest expense in the June 2026 quarter was zero, the resulting "EBITDA" of $(177,385) is numerically identical to the loss before income taxes printed in the statement of operations. The same is true of the six-month figure, $(29,685) on both lines. In the year-ago periods the only difference between the two is the interest expense that was added back — $8,082 for the quarter, $24,584 for the half. That comparison is ours, from the company's own table: an investor setting this EBITDA against another company's is comparing a pretax loss with something else.

The balance sheet in the release is where the six months land, and it cross-foots: total liabilities of $920,567 plus stockholders' equity of $10,306,468 equal total assets of $11,227,035. Cash and equivalents fell to $4,544,353 from $7,004,601 at December 31, 2025 — a $2,460,248 decline over a half-year in which the reported net loss was $30,129. Three balance-sheet lines account for most of the difference. Accounts receivable – related party rose $1,185,160 to $3,251,050. Advance to suppliers – related party rose $1,056,527 to $1,077,914, from a standing start of $21,387. And a long-term investment line went from zero to $1,000,000, which the release attributes to two SAFE agreements executed in April and May with Etronium AI Inc.

Those first two lines are worth holding together. Related-party revenue across the six months totalled $1,861,828 on our addition of the release's components; the related-party receivable grew by $1,185,160 over the same period, or 64% of that amount. Claims on related parties — the receivable plus the supplier advance — now total $4,328,964, against $4,544,353 of cash, and the receivable alone is 29% of total assets on our calculation. None of that is an allegation about collectability; the release makes no statement either way, and reports no allowance or write-down against either line. It is simply where the company's assets now sit, and it is the reason the cash line and the earnings line have been telling different stories.

The spending plans point the same direction. AMC Robotics said its Vietnam subsidiary has agreed to lease a 6,150-square-metre facility in Bắc Ninh for the first phase of production of its NovaArm™ robotic arm, with production targeted for the second half of 2026 and roughly $3.5 million of planned buildout and equipment costs attached to it. That is against the $4,544,353 of cash on hand at June 30. "Securing our 6,150-square-meter manufacturing facility in Bắc Ninh is an important step toward launching NovaArm™ in the second half of 2026, while our work with Sunward Logistics continues to prepare the platform for its first deployment," Da said, in the same prepared statement quoted above; the release identifies Sunward Logistics USA LLC as the company's designated first deployment customer and strategic partner.

The stock is up in a session that is still running. AMC Robotics closed on Friday, August 14 at $4.76, per the previous-close figure on The Motley Fool's quote page. Monday's market is open and nothing has closed today; as of our checks around midday ET, The Motley Fool showed AMCI at $5.39, up 13.24%, and a separate quote from StocksToTrade, which states its prices are delayed, showed $5.34, up 12.18%. Both readings sit on the same $4.76 Friday base and are consistent with each other, but neither provider stamps a market time on the quote itself — the 12:21 p.m. ET timestamp on the StocksToTrade page belongs to the page, not the trade — so treat both as delayed intraday indications rather than settled prices. We have dropped the $107.58 million market capitalisation shown alongside the Motley Fool quote: at $5.39 it implies roughly 20.0 million shares, against the 22,600,363 weighted-average basic shares in the release, and the figure does not reconcile.

Monday is the first session in which the numbers could trade. StockTitan's filing record shows AMC Robotics' quarterly report on Form 10-Q was accepted by EDGAR at 4:31 p.m. ET on Friday, August 14 — after the closing bell — and posted five minutes later, so Friday's close preceded both the filing and Monday's release. This publication has not been able to retrieve that 10-Q: it appears to post-date EDGAR's full-text index, and repeated searches did not surface a fetchable document or directory URL for it. Nothing above is attributed to the 10-Q or to any summary of it. Every figure in this article is drawn from the company's own August 17 and May 18 releases and from its SEC registration statement, each read directly. What the next quarter has to answer is narrow and checkable: whether the revenue-share line stops declining sequentially, and whether the $3.25 million owed by a related party turns into cash before the Vietnam buildout starts drawing on the $4.5 million that is left.