Pony AI (PONY) Company Report

Pony AI completed a dual primary listing on the Hong Kong Stock Exchange on November 6, raising over $800 million US dollars to strengthen its balance sheet and accelerate commercialization.
The company reported Q3 2025 revenue of $25.4 million, a 72% year-over-year increase, with robotaxi services revenue growing 89.5% year-over-year to $6.7 million and licensing and application revenues surging 354.6% year-over-year to $8.6 million.
Gross margin improved significantly from 9.2% in Q3 2024 to 18.4% in Q3 2025, resulting in a gross profit of $4.7 million. The net loss for Q3 2025 was $61.6 million.
Pony AI expects to exceed its year-end target of 1,000 robotaxi vehicles and projects expanding its fleet to over 3,000 vehicles by 2026. The Gen7 Robotaxi has achieved city-level unit economics break-even in Guangzhou.
The company expanded its global footprint, now operating robotaxis in eight countries, and launched fully driverless commercial services for Gen7 Robotaxis across Guangzhou, Shenzhen, and Beijing.

Nov 25, 2025, 12:00 PM

Transcript

Pony AI Announces Q3 2025 Financial and Operational Highlights

PONY

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Pony AI reported total revenues of US$25.4 million in Q3 2025, a significant increase from US$14.8 million in Q3 2024, driven by over 200% year-over-year growth in fare-charging revenues.
The company achieved a gross profit of US$4.7 million and a gross margin of 18.4% in Q3 2025, up from US$1.4 million and 9.2% respectively in Q3 2024.
Pony AI completed a dual primary listing on NASDAQ and HKEX, raising over US$800 million , which, combined with its existing cash reserve, provides US$587.7 million plus net proceeds from the HK IPO.
Operational highlights include achieving city-wide unit economics breakeven in Guangzhou as of November 23, 2025 , expanding its Robotaxi fleet to over 900 vehicles with a target of 3,000+ by 2026 , and producing over 600 Gen-7 vehicles.
The company also reported a 70% BOM cost reduction for Gen-7 compared to Gen-6, with an additional 20% reduction planned for 2026 production.

Nov 25, 2025, 12:00 PM

Presentation

Pony AI Announces Q3 2025 Results and Hong Kong IPO Completion

PONY

Earnings

Guidance Update

Delisting/Listing Issues

Pony AI successfully completed a dual primary listing on the Hong Kong Stock Exchange on November 6, 2025, raising over $800 million U.S. dollars, which significantly strengthens its balance sheet for accelerated mass production and commercialization.
For Q3 2025, total revenue reached $25.4 million, a 72% year-over-year increase, driven by 89.5% year-over-year growth in robotaxi services revenue to $6.7 million and a 354.6% increase in licensing and application revenues to $8.6 million.
The company achieved city-wide unit economics break-even for its Gen-7 Robotaxis in Guangzhou shortly after their commercial launch, reporting a daily net revenue of CNY 299 and 23 daily average orders per vehicle.
Pony AI expects to outperform its full-year target of 1,000 robotaxi vehicles for 2025, with over 900 Gen-7 Robotaxis produced by November, and projects expanding its fleet to more than 3,000 vehicles by 2026.
Gross margin improved from 9.2% in Q3 2024 to 18.4% in Q3 2025, resulting in a gross profit of $4.7 million, while the net loss for Q3 2025 was $61.6 million.

Nov 25, 2025, 12:00 PM

Transcript

Pony AI Announces Q3 2025 Results, Hong Kong IPO, and Fleet Expansion

PONY

Earnings

Revenue Acceleration/Inflection

Delisting/Listing Issues

Pony AI successfully completed a dual primary listing on the Hong Kong Stock Exchange on November 6, 2025, raising over $800 million US dollars, which significantly strengthens its balance sheet for future growth.
For Q3 2025, the company reported total revenue of $25.4 million, marking a 72% year-over-year increase, primarily fueled by 89.5% year-over-year growth in robotaxi services revenue, which reached $6.7 million.
The Gen7 Robotaxis achieved city-level unit economic break-even in Guangzhou, with daily net revenue per vehicle reaching CNY 299 as of November 23, 2025, and the company's gross margin improved from 9.2% in Q3 2024 to 18.4% in Q3 2025.
Pony AI is ahead of schedule to exceed its full-year 2025 fleet target of 1,000 vehicles, having over 900 vehicles by November 2025, and projects expanding its fleet to more than 3,000 vehicles by 2026.

Nov 25, 2025, 12:00 PM

Transcript

Pony AI Inc. Reports Strong Q3 2025 Revenue Growth, Achieves Robotaxi Breakeven, and Completes Hong Kong Listing

PONY

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Pony AI Inc. reported total revenues of US$25.4 million for Q3 2025, marking a 72.0% year-over-year increase, primarily driven by 89.5% growth in Robotaxi services revenues and 354.6% growth in Licensing and Applications revenues.
The company successfully completed a dual primary listing in Hong Kong, raising over US$800 million to accelerate mass production, commercialization, R&D, and market expansion.
Pony.ai's Gen-7 Robotaxis launched fully driverless commercial operations in major Chinese cities and achieved city-wide unit economics (UE) breakeven in Guangzhou.
As of November 23, 2025, the Robotaxi fleet comprised 961 vehicles, including 667 Gen-7 units, with a target to exceed 1,000 vehicles by year-end 2025 and surpass 3,000 vehicles by the end of 2026.
For Q3 2025, the company reported a net loss of US$61.6 million and a basic and diluted net loss per ordinary share of US$0.16. Cash and cash equivalents, short-term investments, restricted cash, and long-term debt instruments totaled US$587.7 million as of September 30, 2025.

Nov 25, 2025, 11:03 AM

6-K

Pony AI Inc. Announces Gen-4 Autonomous Trucks for Mass Production

PONY

Product Launch

New Projects/Investments

Pony AI Inc. announced the development of its Gen-4 Autonomous Trucks in collaboration with SANY Truck and Dongfeng Liuzhou Motor, with mass production and deployment expected in 2026 at a thousand-unit scale.
The Gen-4 Autonomous Trucks are designed to reduce the bill-of-materials cost per vehicle by approximately 70% compared to the previous generation.
The "1+4" platooning solution, utilizing these trucks, is projected to reduce freight cost per kilometer by 29% and increase profit margin by 195%.
The system is designed for a service life of 20,000 hours, supporting up to 1 million kilometers of freight operation, and features a fully redundant design for enhanced safety and reliability.

Nov 19, 2025, 11:03 AM

6-K

Pony.ai Receives Shenzhen's First Citywide Permit for Fully Driverless Commercial Robotaxi Operations

PONY

New Projects/Investments

Product Launch

Pony.ai has been granted Shenzhen's first citywide permit for fully driverless commercial robotaxi operations, a joint authorization with Shenzhen Xihu Corporation Limited ("Xihu Group").
This permit allows the companies to operate fully driverless robotaxis throughout Shenzhen, with plans to deploy over 1,000 units of Pony.ai's seventh-generation ("Gen-7") robotaxis in the city over the next few years.
Pony.ai is now the only company authorized to operate fully driverless commercial robotaxi services across all four of China's Tier-1 cities (Beijing, Shanghai, Guangzhou, and Shenzhen).

Oct 31, 2025, 9:00 AM

Press Release

Pony AI Reaches 300th BAIC Robotaxi Milestone

PONY

Product Launch

New Projects/Investments

Guidance Update

Pony AI Inc. announced it has reached the 300th Gen-7 BAIC Robotaxi milestone.
This achievement is a significant step towards the company's year-end target of a 1,000-vehicle combined fleet.
The ARCFOX Alpha T5 Robotaxi, developed in partnership with BAIC, is currently undergoing testing for broader commercial deployment in Beijing and Shenzhen later this year.
The 1,000-vehicle fleet target also includes the ongoing ramp-up of seventh-generation Guangzhou Automobile Group (GAC) Robotaxi vehicles.

Oct 24, 2025, 10:07 AM

6-K

Pony.ai Rolls Out 300th Robotaxi, Targets 1,000-Vehicle Fleet by Year-End

PONY

Product Launch

New Projects/Investments

Guidance Update

Pony.ai announced the rollout of its 300th jointly manufactured ARCFOX Alpha T5 Robotaxi, a significant production milestone accelerating its trajectory toward large-scale deployment and commercialization.
Mass production of the ARCFOX Alpha T5 Robotaxi, equipped with Pony.ai's Gen-7 autonomous driving system, began in July 2025. The Gen-7 technology has reduced the bill of materials (BOM) cost of the autonomous driving system by 70%, addressing a major cost barrier for L4 vehicle mass production.
The company plans to deploy the Alpha T5 Robotaxi for commercial ride-hailing services across China's Tier-1 cities and aims to expand its combined fleet to 1,000 vehicles and achieve unit economic break-even by year-end.

Oct 24, 2025, 8:00 AM

Press Release

Pony.ai and Stellantis Partner for European Robotaxi Development

PONY

New Projects/Investments

Product Launch

Pony.ai and Stellantis have signed a non-binding Memorandum of Understanding (MoU) to accelerate the development and deployment of robotaxi solutions in Europe.
The collaboration will integrate Pony.ai's advanced autonomous driving software with Stellantis' medium-size van (K0) AV-Ready Platform - BEV version, with an initial focus on battery-electric medium-size vans.
Test vehicle deployment is expected to begin in Luxembourg in the coming months, followed by a gradual rollout across European cities starting in 2026.
As of August 2025, Pony.ai operates a fleet of over 500 Robotaxis and 170 Robotrucks, having driven more than 55 million autonomous testing and operation kilometers worldwide.

Oct 17, 2025, 8:00 AM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for Pony AI.

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