小马智行Q4首现季度盈利，Robotaxi商业化提速，目标年底覆盖20城 | 财报见闻

Core Insights - Xiaoma Zhixing achieved its first-ever quarterly net profit, driven by significant gains from early investments, and plans to expand its autonomous taxi service to over 20 cities globally by the end of the year [1][4] - The company reported a net profit of $75.5 million for Q4 2025, a substantial turnaround from a net loss of $181.1 million in the same period last year, primarily due to a $132.5 million gain from the fair value change of its investment in Moole Technology [1][4] - Despite the profit, the core business showed a non-GAAP net loss of $49 million, widening from a loss of $41.3 million year-over-year, indicating ongoing challenges in operational profitability [1][5] Financial Performance - Total revenue for Q4 2025 was $35.5 million, down from $29.1 million in Q4 2024, with service revenue increasing by 160% and passenger fare revenue surging over 500% [1][3] - The company’s operating expenses for 2025 were $180.6 million, with R&D expenses rising by 42.5% to $19.6 million, reflecting a strategic focus on expanding its R&D team and developing the seventh-generation vehicle [5][9] - The overall operating loss for 2025 was $260.9 million, compared to $285.5 million in 2024, indicating a slight improvement in operational efficiency [3][5] Business Expansion - Xiaoma Zhixing's Robotaxi business saw a 129% increase in revenue, reaching $16.6 million for the year, with significant growth in passenger fare revenue [6][9] - The company has successfully achieved single-vehicle profitability for its seventh-generation Robotaxi in Guangzhou and Shenzhen, with a record daily net income of 394 RMB per vehicle [6][9] - The company aims to expand its fleet to over 3,000 vehicles, having already surpassed 1,400 vehicles, and is deepening partnerships with Toyota and local firms to support this growth [8][9] Global Strategy - Xiaoma Zhixing is actively expanding its global footprint, with plans to enter over 20 cities by the end of 2026, including new markets in Croatia, Singapore, and Qatar [1][7] - The company is collaborating with Uber and local startups to launch Robotaxi services in Zagreb, which is expected to become the first city in Europe to offer paid autonomous taxi operations [7][8] - In the Middle East, Xiaoma Zhixing has launched commercial autonomous taxi services in Doha and is preparing for testing in Dubai [7][8]