Financial Data and Key Metrics Changes - Revenue totaled $14 million, up 11.6% year over year, driven by rapid growth in Robotaxi services [28] - Robotaxi service revenue was $1.7 million, growing 200.3% year over year, with fare charging revenues increasing approximately 800% year over year [28][29] - Gross profit reached $2.3 million, resulting in a gross margin of 16.6%, down from 21% in the same period last year [30] - Net loss was $37.9 million compared to $20.8 million in the first quarter of 2024 [31] Business Line Data and Key Metrics Changes - Robotruck services revenue grew by 4.2% year over year to $7.8 million, primarily driven by contributions from new clients [29] - Licensing and application revenues remained flat year over year at $4.5 million [29] Market Data and Key Metrics Changes - The number of registered users on the Pony Pilot app increased by more than 20% quarter over quarter [13] - The company secured China's first fully driverless commercial robotaxi license in Shenzhen, unlocking operations in key economic and transportation hubs [12] Company Strategy and Development Direction - The company aims to scale up its Gen 7 robotaxi fleet to 1,000 vehicles by year-end 2025, focusing on mass production and deployment [6][17] - Strategic partnerships with Tencent and Uber are expected to enhance the ecosystem and expand market reach [7][15] - The company is committed to disciplined investment in mass production while maintaining financial resilience [27] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of technological advancements and operational efficiency in achieving long-term profitability [17][32] - The company is optimistic about its growth trajectory, expecting to reduce financial volatility and build a more predictable path to growth [32] Other Important Information - The Gen 7 autonomous driving system was launched at the Shanghai Auto Show, achieving a 70% reduction in bill of materials costs compared to the previous generation [6][8] - The company has made significant improvements in operational cost optimization, including a remote assistant to driver ratio of 20:1 [11][24] Q&A Session Summary Question: Progress and pipeline for 2026 - Management confirmed a clear pipeline for Gen 7 robotaxi mass production, expecting to ramp up deployment in the second half of 2025 and accelerate growth in 2026 [37][39] Question: Evolving global strategy and focus on China - The company prioritizes the China market but is expanding into international markets with strong mobility demand and favorable regulations [41][44] Question: Factors driving revenue growth in Robotaxi segment - Revenue growth was driven by fare charging and project-based engineering services, with expectations of natural volatility in revenues [46][49] Question: Impact of regulatory requirements on operations - Management believes recent regulatory requirements will benefit the company by clarifying distinctions between L2 and L4 autonomous driving [58][60] Question: Potential impact of U.S.-China tariff issues - The company expects minimal impact from tariff issues due to a predominantly domestic supply chain and enhanced supply chain resilience [66]