Pony AI Inc. reported third‑quarter 2025 revenue of $25.4 million, a 72% year‑over‑year increase from $14.8 million in Q3 2024. The growth was driven by a 89.5% jump in robotaxi services to $6.7 million, an 8.7% rise in robotruck revenue to $10.2 million, and a 354.6% surge in licensing and application fees to $8.6 million, reflecting expanding demand for the company’s autonomous‑driving platform and software solutions.
The company posted a net loss of $61.6 million, up 46% from the $43.3 million loss reported a year earlier (the prior year’s loss was $42.1 million). Non‑GAAP earnings per share fell to $0.16, a loss that exceeded analyst expectations of a smaller negative figure. Gross margin improved to 18.4% from 9.2% in Q3 2024, driven by a higher mix of higher‑margin robotaxi services and operational efficiencies as the fleet scales.
Cash and cash equivalents stood at $587.7 million as of September 30, 2025, down from $747.7 million at the end of Q2. The decline was largely attributable to a one‑off outflow linked to an investment in a joint venture with Toyota Motor (China) Investment Co. Ltd. and GAC Toyota Motor Co. Ltd., which supports mass production of Gen‑7 robotaxis. The joint venture had been announced in 2023 with a planned investment of over 1 billion yuan ($140 million).
Management guided for continued revenue growth in the coming quarters, citing strong demand for Gen‑7 robotaxis and a projected tripling of the fleet to over 3,000 vehicles by the end of 2026. The company also highlighted the successful dual primary listing on the Hong Kong Stock Exchange, which raised more than $800 million and bolstered its balance sheet for large‑scale commercialization. The Gen‑7 platform achieved city‑wide unit‑economics breakeven in Guangzhou, a milestone that underpins the company’s path to profitability.
Dr. Leo Wang, CFO, described the quarter as a “landmark” period, noting that the revenue beat and margin expansion reflect disciplined cost management amid heavy investment in fleet expansion. Dr. James Peng, Chairman and CEO, emphasized the significance of the Hong Kong IPO and the Gen‑7 breakeven milestone, stating that these developments position Pony AI to accelerate commercial deployment and capture market share in China’s tier‑one cities. Investors responded positively to the results, citing the revenue beat, margin improvement, and capital strength as key drivers of optimism.
Overall, Pony AI’s Q3 2025 results demonstrate accelerated top‑line growth and improving profitability metrics, while the company continues to invest heavily in fleet expansion and technology development. The company’s forward‑looking guidance and strategic milestones suggest a trajectory toward sustainable unit economics and a stronger competitive position in the autonomous‑vehicle market.
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