Investment Rating - The investment rating for the company is "Outperform the Market" [6][54]. Core Insights - The company achieved a revenue of $25.44 million in Q3 2025, representing a year-on-year growth of 72% and a quarter-on-quarter growth of 18.6% [7][8]. - The Robotaxi service revenue reached $6.7 million in Q3 2025, with a year-on-year increase of 89.5%, driven by a significant rise in passenger fare revenue [8][19]. - The company is expanding its Robotaxi fleet, with 961 operational vehicles, including 667 of the seventh-generation model, aiming to exceed 1,000 vehicles by year-end and 3,000 by the end of 2026 [3][23]. - The company has formed strategic partnerships to enhance its global presence, including collaborations in Qatar, Singapore, and with major ride-hailing platforms like Uber and Bolt [37][48]. Financial Performance - The gross margin for Q3 2025 was 18.4%, an increase of 9.1 percentage points year-on-year, attributed to an improved revenue mix [15]. - The company reported a net loss of $61.32 million in Q3 2025, compared to a loss of $41.89 million in Q3 2024 [7][15]. - The adjusted net loss for Q3 2025 was $54.72 million, reflecting ongoing investments in technology and fleet expansion [7][15]. Business Segments - The Robotruck service generated $10.2 million in revenue in Q3 2025, marking an 8.7% year-on-year growth, supported by a 70% reduction in the BOM cost of the fourth-generation Robotruck [8][40]. - The licensing and application revenue surged to $8.6 million in Q3 2025, a significant increase of 354.6% year-on-year, driven by rising demand for autonomous driving domain controllers [8][19]. Future Outlook - The company maintains its revenue forecasts, projecting revenues of $80 million, $93 million, and $195 million for 2025, 2026, and 2027, respectively, with expected growth rates of 7.0%, 15.4%, and 110.3% [54][56]. - The company is focused on scaling its Robotaxi and Robotruck operations, with expectations to continue outperforming the industry [54].
小马智行-W（02026）：单三季度收入同比增长72%，Robotaxi商业化运营持续推进