Financial Performance - Total revenues for Q3 2025 reached $25.4 million, a 72.0% increase from $14.8 million in Q3 2024, driven by strong growth in Robotaxi services and Licensing & Applications[9] - Revenues for the three months ended September 30, 2025, increased to $25,442 thousand, up 72% from $14,789 thousand in the same period of 2024[34] - Gross profit for the nine months ended September 30, 2025, reached $10,448 thousand, representing a 165% increase compared to $3,947 thousand for the same period in 2024[34] - The net loss for Q3 2025 was $61.6 million, compared to $42.1 million in Q3 2024, with a non-GAAP net loss of $55.0 million[16] - Net loss attributable to Pony AI Inc. for the three months ended September 30, 2025, was $61,315 thousand, compared to a net loss of $41,890 thousand for the same period in 2024[34] - Non-GAAP net loss per ordinary share for the three months ended September 30, 2025, was $(0.14), compared to $(3.50) for the same period in 2024[38] Revenue Sources - Robotaxi services revenues were $6.7 million in Q3 2025, up 89.5% from $3.5 million in Q3 2024, with fare-charging revenues surging over 200% year-over-year[11] - Licensing and applications revenues increased significantly by 354.6% to $8.6 million in Q3 2025 from $1.9 million in Q3 2024, reflecting robust demand for the autonomous domain controller[11] Operational Metrics - The company achieved city-wide unit economics breakeven for Gen-7 Robotaxis in Guangzhou, with daily average orders per vehicle reaching 23[19] - The Gen-7 Robotaxi fleet consists of 961 vehicles, including 667 Gen-7 units, with plans to exceed 1,000 vehicles by year-end and 3,000 by the end of 2026[7] - The company is expanding its Robotaxi operations into new markets, including Qatar, and reinforcing existing markets in Singapore, Luxembourg, and South Korea[10] Expenses - Research and development expenses rose to $60.4 million in Q3 2025, a 79.6% increase from $33.6 million in Q3 2024, primarily due to investments in Gen-7 vehicle development[19] - Research and development expenses for the three months ended September 30, 2025, were $60,384 thousand, a 79% increase from $33,614 thousand in the same period of 2024[34] - Operating expenses for Q3 2025 were $74.3 million, up 76.7% from $42.1 million in Q3 2024, driven by increased personnel costs and professional service fees[14] Financial Position - The dual primary listing in Hong Kong raised over $800 million, enhancing the company's financial position for mass production and market expansion[6] - Total assets decreased from $1,050,821 thousand as of December 31, 2024, to $900,666 thousand as of September 30, 2025[32] - Cash and cash equivalents dropped significantly from $535,976 thousand as of December 31, 2024, to $98,995 thousand as of September 30, 2025[32] - Total liabilities increased from $82,110 thousand as of December 31, 2024, to $88,674 thousand as of September 30, 2025[32] - Free cash flows (Non-GAAP) for the nine months ended September 30, 2025, were $(173,607) thousand, compared to $(85,440) thousand for the same period in 2024[40] - The weighted average number of ordinary shares outstanding used in computing net loss per ordinary share for the three months ended September 30, 2025, was 385,292,553[38]
Pony Ai(PONY) - 2025 Q3 - Quarterly Report