Core Insights - The company reported significant revenue growth alongside increased losses, with a third-quarter revenue of $25.4 million, a 72% increase from the previous year, while operating losses reached $69.7 million [2] - The company anticipates achieving its goal of over 1,000 Robotaxi vehicles by the end of the year and plans to triple its fleet to over 3,000 by the end of 2026 [4] Revenue and Loss Analysis - The third-quarter revenue totaled $25.4 million (RMB 181 million), up 72% from $14.8 million in the same quarter of 2024; however, the operating loss was $69.7 million (RMB 496 million), compared to a loss of $40.7 million in the previous year [2] - The revenue from autonomous ride-hailing services was $6.7 million, an increase of 89.5% year-over-year, with passenger fare revenue rising over 200% [2] - The revenue from autonomous truck services was $10.29 million, an 8.7% increase from $9.4 million in the same quarter of 2024 [2] - Technology licensing and application revenue surged to $8.6 million (RMB 61 million), a 354.6% increase from $1.9 million in the previous year, driven by strong demand for autonomous driving domain controllers [2] Cash Position - As of September 30, the company had cash and cash equivalents totaling RMB 4.184 billion; following its Hong Kong listing, it raised approximately RMB 6 billion, potentially reaching RMB 7 billion if the overallotment option is fully exercised [3] - The dual listing provides long-term and stable capital support for the company's commercialization efforts [3] Robotaxi Expansion Plans - The total number of Robotaxi vehicles reached 961, with 667 being the seventh generation; the company expects to exceed 1,000 vehicles by year-end and aims for 3,000 by the end of 2026 [4] - The seventh-generation Robotaxi began commercial operations in Beijing, Guangzhou, and Shenzhen in November, achieving profitability in Guangzhou with an average of 23 orders per vehicle per day [4] - The company is focused on enhancing the profitability of its Robotaxi business and has established a scalable ecosystem for autonomous driving services [5] Strategic Partnerships - The company has explored a light-asset value chain collaboration model, partnering with taxi and ride-hailing platforms to expand its autonomous vehicle fleet efficiently [5] - Collaborations with companies like Shenzhen Xihu Group and Sunshine Travel are aimed at building a large-scale autonomous driving fleet in major cities [5]
小马智行财报喜忧参半 RoboTaxi千辆规模将提前实现