Why Shares of Pony AI Blasted 70% Higher This Week
Investors are clearly impressed by Pony AI's robotaxis, which are backed by Toyota. Management claims Pony's vehicles are 20% to 30% cheaper to make than those built by the U.S.-based Waymo. Pony also said it had cut its production costs on the vehicles by 70% from its previous generation, and that its self-driving systems are very safe.
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"The safety requirements for [Level 4] systems inherently surpass those of human drivers, which we believe is unattainable through merely imitating human behavior," Pony AI's chief technology officer, Tiancheng Lou, said in a statement. "Our proprietary PonyWorld generates realistic scenarios, conducts high-fidelity simulations, and establishes behavior evaluation benchmarks to make our autonomous decision-making go beyond human capability. Building on this advanced technology, our seventh-generation autonomous driving system not only makes [Level 4] autonomous driving possible but also ensures scalability at a manageable cost."
CEO James Peng told the South China Morning Post that the new autonomous systems are more integrated than those made by Waymo and benefit from China's "... mature supply chain and ecosystem ..." Peng also said that mass production of the new vehicles will begin this year and scale up to 50,000 units by 2028.
Pony AI generated about $75 million of revenue in 2024, while also turning in a loss of about $275 million. With a $2.5 billion market cap, that means it trades at a massive valuation.
Obviously, investors are focused on the future, and the opportunity could be enormous. But early-stage companies like this can be very volatile, so if you are interested in investing, I would start with a small position and gradually accumulate shares as the company hits more milestones and reaches financial maturity.
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Cost of revenues was RMB4.66 billion (US$650.8 million), representing an increase of 9% from the same period of 2024. The increase was mainly due to higher revenue sharing costs and was partially offset by lower content costs. Revenue-sharing costs, a key component of cost of revenues, were RMB2.97 billion (US$414.0 million), representing an increase of 19% from the same period of 2024, and the increase was in line with the increase of our revenue growth. Gross profit. Gross profit was RMB2.68 billion (US$373.5 million), representing an increase of 46% from the same period of 2024, mainly attributable to the growth in total net revenues and relatively stable costs related to platform operations as the Company enhanced its monetization efficiency. Total operating expenses. Total operating expenses were RMB2.42 billion (US$338.4 million), which remained stable compared with the same period of 2024. Sales and marketing expenses. 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Second Quarter 2025 Earnings Conference Call Registration Link: All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers and a personal PIN, which will be used to join the conference call. Additionally, a live webcast of the conference call will be available on the Company's investor relations website at and a replay of the webcast will be available following the session. About Bilibili Inc. Bilibili is an iconic brand and a leading video community with a mission to enrich the everyday lives of young generations in China. Bilibili offers a wide array of video-based content with 'All the Videos You Like' as its value proposition. Bilibili builds its community around aspiring users, high-quality content, talented content creators and the strong emotional bonds among them. Bilibili pioneered the 'bullet chatting' feature, a live comment function that has transformed users' viewing experience by displaying the thoughts and feelings of audience members viewing the same video. The Company has now become the welcoming home of diverse interests among young generations in China and a frontier for promoting Chinese culture around the world. For more information, please visit: Use of Non-GAAP Financial Measures The Company uses non-GAAP measures, such as adjusted profit/(loss) from operations, adjusted net profit/(loss), adjusted net profit/(loss) per share and per ADS, basic and diluted and adjusted net profit/(loss) attributable to the Bilibili Inc.'s shareholders in evaluating its operating results and for financial and operational decision-making purposes. The Company believes that the non-GAAP financial measures help identify underlying trends in its business by excluding the impact of share-based compensation expenses, amortization expense related to intangible assets acquired through business acquisitions, income tax related to intangible assets acquired through business acquisitions, gain/loss on fair value change in investments in publicly traded companies, and gain/loss on repurchase of convertible senior notes. The Company believes that the non-GAAP financial measures provide useful information about the Company's results of operations, enhance the overall understanding of the Company's past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making. The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP and therefore, may not be comparable to similar measures presented by other companies. The non-GAAP financial measures have limitations as analytical tools, and when assessing the Company's operating performance, cash flows or liquidity, investors should not consider them in isolation, or as a substitute for net loss, cash flows provided by operating activities or other consolidated statements of operations and cash flows data prepared in accordance with U.S. GAAP. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company's performance. For more information on the non-GAAP financial measures, please see the table captioned 'Unaudited Reconciliations of GAAP and Non-GAAP Results.' Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars ('US$') at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.1636 to US$1.00, the exchange rate on June 30, 2025 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred to could be converted into US$ or RMB, as the case may be, at any particular rate or at all. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as 'will,' 'expects,' 'anticipates,' 'aims,' 'future,' 'intends,' 'plans,' 'believes,' 'estimates,' 'confident,' 'potential,' 'continue,' or other similar expressions. Among other things, outlook and quotations from management in this announcement, as well as Bilibili's strategic and operational plans, contain forward-looking statements. Bilibili may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its interim and annual reports to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the 'Hong Kong Stock Exchange'), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Bilibili's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: results of operations, financial condition, and stock price; Bilibili's strategies; Bilibili's future business development, financial condition and results of operations; Bilibili's ability to retain and increase the number of users, members and advertising customers, provide quality content, products and services, and expand its product and service offerings; competition in the online entertainment industry; Bilibili's ability to maintain its culture and brand image within its addressable user communities; Bilibili's ability to manage its costs and expenses; PRC governmental policies and regulations relating to the online entertainment industry, general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company's filings with the Securities and Exchange Commission and the Hong Kong Stock Exchange. All information provided in this announcement and in the attachments is as of the date of the announcement, and the Company undertakes no duty to update such information, except as required under applicable law. For investor and media inquiries, please contact: In China: Bilibili YangTel: +86-21-2509-9255 Ext. 8523E-mail: ir@ Piacente Financial Communications Helen WuTel: +86-10-6508-0677E-mail: bilibili@ In the United States: Piacente Financial Communications Brandi PiacenteTel: +1-212-481-2050E-mail: bilibili@ Condensed Consolidated Statements of Operations(All amounts in thousands, except for share and per share data) For the Three Months Ended For the Six Months Ended June30, March31, June30, June30, June30, 2024 2025 2025 2024 2025 RMB RMB RMB RMB RMB Net revenues: Value-added services (VAS) 2,565,888 2,807,340 2,836,596 5,094,797 5,643,936 Advertising 2,037,491 1,997,635 2,448,888 3,706,075 4,446,523 Mobile games 1,007,367 1,731,155 1,612,333 1,990,177 3,343,488 IP derivatives and others 516,398 467,118 439,873 1,000,695 906,991 Total net revenues 6,127,144 7,003,248 7,337,690 11,791,744 14,340,938 Cost of revenues (4,293,943 ) (4,464,150 ) (4,661,844 ) (8,353,183 ) (9,125,994 ) Gross profit 1,833,201 2,539,098 2,675,846 3,438,561 5,214,944 Operating expenses: Sales and marketing expenses (1,035,596 ) (1,166,975 ) (1,048,189 ) (1,962,655 ) (2,215,164 ) General and administrative expenses (488,039 ) (515,638 ) (509,631 ) (1,019,816 ) (1,025,269 ) Research and development expenses (894,701 ) (841,477 ) (866,414 ) (1,859,821 ) (1,707,891 ) Total operating expenses (2,418,336 ) (2,524,090 ) (2,424,234 ) (4,842,292 ) (4,948,324 ) (Loss)/profit from operations (585,135 ) 15,008 251,612 (1,403,731 ) 266,620 Other (expenses)/income: Investment loss, net (including impairments) (94,684 ) (62,203 ) (56,875 ) (115,933 ) (119,078 ) Interest income 100,344 94,173 101,639 233,551 195,812 Interest expense (19,809 ) (32,571 ) (35,506 ) (51,383 ) (68,077 ) Exchange losses (15,275 ) (11,659 ) (11,710 ) (73,335 ) (23,369 ) Debt extinguishment loss - - (2 ) (20,980 ) (2 ) Others, net 256 (1,837 ) (4,518 ) 54,439 (6,355 ) Total other (expenses)/income, net (29,168 ) (14,097 ) (6,972 ) 26,359 (21,069 ) (Loss)/profit before income tax (614,303 ) 911 244,640 (1,377,372 ) 245,551 Income tax benefit/(expense) 6,154 (11,588 ) (26,357 ) 4,592 (37,945 ) Net (loss)/profit (608,149 ) (10,677 ) 218,283 (1,372,780 ) 207,606 Net (profit)/loss attributable to noncontrolling interests (551 ) 1,575 719 15,535 2,294 Net (loss)/profit attributable to the Bilibili Inc.'s shareholders (608,700 ) (9,102 ) 219,002 (1,357,245 ) 209,900 Net (loss)/profit per share, basic (1.46 ) (0.02 ) 0.52 (3.26 ) 0.50 Net (loss)/profit per ADS, basic (1.46 ) (0.02 ) 0.52 (3.26 ) 0.50 Net (loss)/profit per share, diluted (1.46 ) (0.02 ) 0.51 (3.26 ) 0.49 Net (loss)/profit per ADS, diluted (1.46 ) (0.02 ) 0.51 (3.26 ) 0.49 Weighted average number of ordinary shares, basic 416,287,273 420,086,397 419,443,582 415,780,807 419,763,214 Weighted average number of ADS, basic 416,287,273 420,086,397 419,443,582 415,780,807 419,763,214 Weighted average number of ordinary shares, diluted 416,287,273 420,086,397 437,370,780 415,780,807 431,601,628 Weighted average number of ADS, diluted 416,287,273 420,086,397 437,370,780 415,780,807 431,601,628 The accompanying notes are an integral part of this press release. BILIBILI to Unaudited Financial Information(All amounts in thousands, except for share and per share data) For the Three Months Ended For the Six Months Ended June30, March31, June30, June30, June30, 2024 2025 2025 2024 2025 RMB RMB RMB RMB RMB Share-based compensation expenses included in: Cost of revenues 18,370 23,996 26,314 32,047 50,310 Sales and marketing expenses 13,361 16,417 19,800 25,921 36,217 General and administrative expenses 139,032 144,497 137,165 296,856 281,662 Research and development expenses 88,716 105,855 101,568 169,241 207,423 Total 259,479 290,765 284,847 524,065 575,612BILIBILI Condensed Consolidated Balance Sheets(All amounts in thousands, except for share and per share data) December 31, June 30, 2024 2025 RMB RMB Assets Current assets: Cash and cash equivalents 10,249,382 10,675,615 Time deposits 3,588,475 7,396,047 Restricted cash 50,000 50,800 Accounts receivable, net 1,226,875 1,083,544 Prepayments and other current assets 1,934,788 2,145,669 Short-term investments 2,706,535 4,219,143 Total current assets 19,756,055 25,570,818 Non-current assets: Property and equipment, net 589,227 608,268 Production cost, net 1,851,207 1,721,157 Intangible assets, net 3,201,012 3,019,348 Goodwill 2,725,130 2,725,130 Long-term investments, net 3,911,592 4,565,609 Other long-term assets 664,277 583,453 Total non-current assets 12,942,445 13,222,965 Total assets 32,698,500 38,793,783 Liabilities Current liabilities: Accounts payable 4,801,416 5,186,223 Salary and welfare payables 1,599,482 1,383,188 Taxes payable 428,932 415,028 Short-term loans and current portion of long-term debt 1,571,836 1,734,988 Deferred revenue 3,802,307 4,239,833 Accrued liabilities and other payables 2,558,830 3,055,058 Total current liabilities 14,762,803 16,014,318 Non-current liabilities: Long-term debt 3,264,153 8,088,858 Other long-term liabilities 567,631 534,849 Total non-current liabilities 3,831,784 8,623,707 Total liabilities 18,594,587 24,638,025 Total Bilibili Inc.'s shareholders' equity 14,108,397 14,162,576 Noncontrolling interests (4,484 ) (6,818 ) Total shareholders' equity 14,103,913 14,155,758 Total liabilities and shareholders' equity 32,698,500 38,793,783BILIBILI Selected Condensed Consolidated Cash Flows Data(All amounts in thousands, except for share and per share data) For the Three Months Ended For the Six Months Ended June30, March31, June30, June30, June30, 2024 2025 2025 2024 2025 RMB RMB RMB RMB RMB Net cash provided by operating activities 1,750,540 1,302,095 1,989,265 2,388,237 3,291,360BILIBILI Reconciliations of GAAP and Non-GAAP Results(All amounts in thousands, except for share and per share data) For the Three Months Ended For the Six Months Ended June30, March31, June30, June30, June30, 2024 2025 2025 2024 2025 RMB RMB RMB RMB RMB (Loss)/profit from operations (585,135 ) 15,008 251,612 (1,403,731 ) 266,620 Add: Share-based compensation expenses 259,479 290,765 284,847 524,065 575,612 Amortization expense related to intangible assets acquired through business acquisitions 41,776 36,692 36,692 83,552 73,384 Adjusted (loss)/profit from operations (283,880 ) 342,465 573,151 (796,114 ) 915,616 Net (loss)/profit (608,149 ) (10,677 ) 218,283 (1,372,780 ) 207,606 Add: Share-based compensation expenses 259,479 290,765 284,847 524,065 575,612 Amortization expense related to intangible assets acquired through business acquisitions 41,776 36,692 36,692 83,552 73,384 Income tax related to intangible assets acquired through business acquisitions (5,407 ) (4,136 ) (4,136 ) (10,814 ) (8,272 ) Loss on fair value change in investments in publicly traded companies 41,311 48,869 25,641 28,125 74,510 Loss on repurchase of convertible senior notes - - 2 20,980 2 Adjusted net (loss)/profit (270,990 ) 361,513 561,329 (726,872 ) 922,842 Net (profit)/loss attributable to noncontrolling interests (551 ) 1,575 719 15,535 2,294 Adjusted net (loss)/profit attributable to the Bilibili Inc.'s shareholders (271,541 ) 363,088 562,048 (711,337 ) 925,136 Adjusted net (loss)/profit per share, basic (0.65 ) 0.86 1.34 (1.71 ) 2.20 Adjusted net (loss)/profit per ADS, basic (0.65 ) 0.86 1.34 (1.71 ) 2.20 Adjusted net (loss)/profit per share, diluted (0.65 ) 0.85 1.29 (1.71 ) 2.15 Adjusted net (loss)/profit per ADS, diluted (0.65 ) 0.85 1.29 (1.71 ) 2.15 Weighted average number of ordinary shares, basic 416,287,273 420,086,397 419,443,582 415,780,807 419,763,214 Weighted average number of ADS, basic 416,287,273 420,086,397 419,443,582 415,780,807 419,763,214 Weighted average number of ordinary shares, diluted 416,287,273 425,602,954 437,370,780 415,780,807 431,601,628 Weighted average number of ADS, diluted 416,287,273 425,602,954 437,370,780 415,780,807 431,601,628
