Core Insights - Guangzhou Xiaoma Zhixing Technology Co., Ltd. reported a revenue of $25.44 million for Q3 2025, representing a 72% year-on-year increase, and a total revenue of $60.88 million for the first three quarters, up 54.1% year-on-year [1] - Despite revenue growth, the company is still facing significant losses, with a net loss of $61.57 million in Q3 2025, a 46.2% increase year-on-year, and a total net loss of $152 million for the first three quarters, up 62.1% year-on-year [1] - Operating cash flow remains negative, with an outflow of $56.80 million in Q3 2025, a 175.2% increase year-on-year, and a total outflow of $136 million for the first three quarters, up 71% year-on-year [1] Operational Highlights - The company reported that its seventh-generation Robotaxi has achieved single-vehicle profitability in Guangzhou, with an average of 23 orders per vehicle per day [1] - However, this profitability claim is limited to a specific region and model, and does not reflect the overall lack of positive operating cash flow for the company [2] Strategic Developments - Xiaoma Zhixing continues to pursue an expansion strategy, planning to increase its Robotaxi fleet to over 3,000 vehicles by the end of 2026 [2] - The heavy asset investment contradicts the company's stated "light asset model," as costs related to autonomous driving system development, high-precision map maintenance, safety personnel, insurance, and operational expenses remain significant burdens [2] Market Performance - The capital market has reacted negatively, with Xiaoma Zhixing's stock price declining since its listing on the Hong Kong Stock Exchange, closing at HKD 100.4 per share on November 26, down 27.77% from its IPO price of HKD 139 [2]
小马智行前三季度亏损同比扩大62.1% 登陆港股不足一个月股价已下跌逾27%