Pony AI Inc. Announces Unaudited Fourth Quarter and Full Year 2024 Financial Results

Core Insights - Pony.ai has achieved significant milestones in 2024, transitioning to a public company and positioning itself as a leader in the commercialization of autonomous mobility [2][37] - The company aims to accelerate its growth in 2025, focusing on scaling production and enhancing the safety and efficiency of its autonomous mobility solutions [2][37] Financial Performance - Total revenues for the fourth quarter of 2024 were US$35.5 million, a decrease of 29.8$50.6 million in the fourth quarter of 2023 [18] - The net loss for the fourth quarter of 2024 was US$181.1 million, compared to US$20.7 million in the fourth quarter of 2023 [17] - For the full year 2024, total revenues were US$75.0 million, representing an increase of 4.3$71.9 million in 2023 [22] Cost Structure - Total cost of revenues in the fourth quarter of 2024 was US$28.1 million, down 16.1$33.4 million in the fourth quarter of 2023 [14] - Operating expenses surged to US$180.6 million in the fourth quarter of 2024, an increase of 313.9$43.6 million in the fourth quarter of 2023 [19] - Research and development expenses reached US$147.8 million in the fourth quarter of 2024, a 375.7$31.1 million in the fourth quarter of 2023 [19] Operational Developments - Pony.ai launched its first paid robotaxi service in Beijing on March 13, 2025, connecting major transport hubs [3] - A partnership with ComfortDelGro was established to launch a robotaxi pilot program in Guangzhou, enhancing service quality through collaboration [4] - The company became the first in China approved for autonomous truck platooning tests, indicating advancements in logistics efficiency [6][7] Strategic Partnerships - A strategic cooperation agreement was signed with GAC Aion to develop a fully driverless, mass-produced robotaxi, with initial deliveries expected in 2025 [9] - A partnership with BAIC BJEV aims to develop L4 robotaxis, targeting the Chinese market with the ARCFOX αT5 model [10] - Collaboration with Amap allows integration of Pony.ai's robotaxis into Amap's ride-hailing services, expanding user access [8] Global Expansion - Pony.ai secured an autonomous driving test permit in Seoul, marking a significant step in its global expansion efforts [11] - The establishment of a European hub in Luxembourg aims to advance the development of autonomous mobility solutions in the region [12]