小马智行系列二-中报点评：单二季度收入同比增长76%，Robotaxi规模化运营持续推进【国信汽车】

Core Viewpoint - In Q2 2025, the company achieved revenue of $21.46 million, a year-on-year increase of 76% [2][7][8] Financial Performance - Q2 2025 revenue was $21.46 million, up 75.9% year-on-year and 53.5% quarter-on-quarter, with a net loss of $53.1 million [2][8] - Adjusted net loss (excluding stock-based compensation) was $45.89 million in Q2 2025 [2][8] - The company's gross margin improved year-on-year, with Q2 2025 gross margin at 16.1%, up 16.5 percentage points year-on-year [4][17] - The expense ratio decreased to 301.7% in Q2 2025, down 1.6 percentage points year-on-year [19] Business Segments - Robotaxi service revenue in Q2 2025 was $1.53 million, a year-on-year increase of 157.8%, driven by a more than 300% increase in passenger fare revenue [9][36] - Robotruck service revenue was $9.52 million, a decrease of 9.9% year-on-year due to a focus on high-margin revenue [9] - Revenue from licensing and applications reached $10.41 million, a significant increase of 901.8% year-on-year, attributed to increased orders and deliveries of autonomous driving domain controllers [9] Operational Expansion - The company is advancing the large-scale operation of Robotaxi, with plans to produce 1,000 units by the end of 2025 [6][30] - Robotaxi operations have commenced in all four first-tier cities (Beijing, Shanghai, Guangzhou, Shenzhen), accumulating over 2 million kilometers of autonomous driving mileage [31] - The company has established strategic partnerships to expand its autonomous driving services, including collaborations in Shenzhen and Dubai [40][38] Market Development - The company has received testing licenses for its seventh-generation Robotaxi in major cities, enabling 24/7 testing and public deployment [38][30] - The company is expanding its global footprint, with operations in the Middle East, Europe, and Asia, including testing in Dubai and Luxembourg [40][44]