From Science Project to Solvent: WeRide’s 761% Revenue Surge

Core Insights - WeRide has demonstrated a significant improvement in gross margin, expanding from 6.5% to 32.9%, indicating a shift towards a more scalable, high-margin software and service model [2][5] - The company's total revenue for Q3 2024 reached approximately $24 million, a 144.3% increase year-over-year, driven by a 761% surge in robotaxi revenue [3][4] - WeRide's shares rose by 14.7% following the earnings release, despite a year-to-date decline of 73.8%, reflecting investor optimism about real revenue growth and improving margins [4][17] Financial Performance - Product revenue, including sales of Robobuses and autonomous sweepers, grew by 428% to $11.1 million [2] - The net loss for the quarter narrowed by 71% to $43.2 million, indicating that revenue growth is outpacing operating expense growth [6] - As of September 30, 2025, WeRide held approximately $764.1 million in cash and equivalents, with total accessible liquidity exceeding $1 billion after a recent dual listing [10][11] Market Position and Strategy - WeRide has successfully launched fully driverless commercial operations in Abu Dhabi, marking a strategic pivot towards profitable global expansion [6][7] - The partnership with Uber allows WeRide to generate upfront product revenue and ongoing service revenue without maintaining a consumer-facing fleet [8] - The company holds autonomous driving permits in eight countries, including Belgium, France, and Singapore, accumulating over 55 million kilometers of Level 4 autonomous mileage [14] Future Outlook - The Abu Dhabi model serves as a proof of concept for WeRide's business strategy, with potential for replication in other markets like Singapore and Dubai [18] - The WePilot 3.0 system, an Advanced Driver Assistance System, is being rolled out with partners, generating immediate revenue while refining algorithms for robotaxis [15][16] - Despite the recent share rally, WeRide's stock remains down approximately 74% year-to-date, attracting significant short interest [17]