Why WeRide Stock Sank Today
Shares of WeRide (NASDAQ: WRD) saw another day of big sell-offs Monday as investors continue to bet on a rival. The company's share price closed out the daily session down 5.5%, and the stock had been off as much as 14.3% earlier in today's trading. Shares for rival Pony AI jumped 47.2% in the session.
Rapid gains for Pony stock on the heels of recent tech announcements have corresponded with big sell-offs for WeRide. While Pony stock is now up 143% over the last month, WeRide is down 22%.
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Pony unveiled its new driverless-vehicle software and robotaxi line last week, and excitement surrounding its competitor's new tech helped spur big sell-offs for WeRide. The slide intensified last week after Tencent announced a new partnership with Pony, and the valuation pullback is continuing this week as new details about Pony's software emerge.
In a report published today, The Wall Street Journal cited recent comments from Pony's chief technology officer, Tiancheng Lou, stating that the new software platform has the company on the verge of shifting into profitability. Lou said that software optimization is allowing Pony to produce it most advanced automated vehicle system at 70% lower cost.
Recent gains for Pony's stock reflect justifiable excitement surrounding its new robotaxi technologies, and it's reasonable to expect that continued wins for the company will create competitive pressures for WeRide stock.
On the other hand, WeRide has mostly been focused on autonomous buses and street-cleaning technologies and less on robotaxi fleets. Pony's wins could close off growth avenues for WeRide, but its strengths don't necessarily present an existential threat at this point.
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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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(the 'Transactions'), such as improved operations, enhanced revenues and cash flow, synergies, growth potential, market profile, business plans, expanded portfolio and financial strength; the competitive ability and position of Informa TechTarget; legal, economic, and regulatory conditions; and any assumptions underlying any of the foregoing. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words 'may,' 'will,' 'should,' 'potential,' 'intend,' 'expect,' 'endeavor,' 'seek,' 'anticipate,' 'estimate,' 'overestimate,' 'underestimate,' 'believe,' 'plan,' 'could,' 'would,' 'project,' 'predict,' 'continue,' 'target,' or the negatives of these words or other similar terms or expressions that concern Informa TechTarget's expectations, strategy, priorities, plans, or intentions. 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Remeasurement of contingent consideration (22,436 ) (123,944 ) 8,000 Net foreign exchange (gain)/loss (5,235 ) 1,059 28 Changes in operating assets and liabilities (net of the impact of acquisitions): Accounts receivable (2,817 ) 7,533 209 Prepaid expenses and other current and non-current assets (6,576 ) 2,296 (3,560 ) Related party receivables 336 (2,248 ) (148 ) Accounts payable (2,648 ) (3,334 ) 2,652 Income taxes payable 7,949 3,122 1,767 Accrued expenses and other current liabilities 4,760 (1,215 ) (6,728 ) Accrued compensation expenses 2,100 — — Operating lease liabilities with right of use (3,183 ) (2,709 ) (1,699 ) Contract liabilities 1,529 (8,366 ) (3,464 ) Other liabilities (1,400 ) 219 2,671 Related party payables (29,001 ) — 29,575 Net cash provided by (used in) operating activities (64,854 ) (12,505 ) 28,060 Investing activities: Purchases of property and equipment, and other capitalized assets (420 ) (2,589 ) (413 ) Purchases of intangible assets (6,339 ) (6,771 ) (2,951 ) Purchase of investments (289 ) — — Acquisitions of business, net of acquired cash (72,315 ) (47,830 ) (351,333 ) Net cash used in investing activities (79,363 ) (57,190 ) (354,697 ) Financing activities: Cash pool arrangements with Parent 23,950 43,749 (9,949 ) Contingent consideration settlement (3,980 ) — (2,760 ) Repayment of debt — — (42,590 ) Repayment of loans (213 ) — — Capital contribution from Parent 351,574 — — Net transfers from Parent 38,302 29,679 136,114 Proceeds from loans issued by Parent — — 250,213 Repayment of loans issued by Parent — — (713 ) Net cash provided by financing activities 409,633 73,428 330,315 Effect of exchange rate changes on cash and cash equivalents (222 ) (86 ) (202 ) Net increase in cash and cash equivalents 265,194 3,647 3,476 Cash and cash equivalents at beginning of year 10,789 7,142 3,666 Cash and cash equivalents at end of year $ 275,983 $ 10,789 $ 7,142 Supplemental disclosure of cash flow information: Cash paid for taxes by Parent $ 1,633 $ 3,039 $ 4,293 Cash paid for interest on related party loans $ 19,008 $ 25,194 $ 80 Schedule of non-cash investing and financing activities: Operating right-of-use assets obtained in exchange for new operating lease liabilities $ 226 $ 1,295 $ 423 Intangible asset purchases included in accrued expenses and other current liabilities $ 191 $ 78 $ 267 Debt capitalization through net parent investment $ 250,000 $ — $ — Loans capitalized through net parent investment $ 59,689 $ — $ — Capitalization of short-term debt $ 474,943 $ — $ — Common stock issued in connection with the acquisitions of business $ 592,707 $ — $ — $ 9,772 $ — $ — Expand TechTarget, Inc. d/b/a Informa TechTarget Combined Company Consolidated Statements of Operations (in thousands) Year Ended (Unaudited) Revenues $ 490,391 Cost of revenues (201,236 ) Gross profit 289,155 Operating expenses: Selling and marketing 155,018 General and administrative 111,981 Product development 22,253 Depreciation 2,661 Amortization, excluding amortization of $19,867 included in Cost of revenues 82,811 Impairment of goodwill 66,235 Impairment of long-lived assets 2,019 Acquisition and integration costs 42,187 Remeasurement of contingent consideration (22,436) Total operating expenses 462,769 Operating loss (173,573 ) Interest expense (2,299) Interest income 18,027 Interest on related party loans (17,740) Other income (expense), net 3,390 Loss before income tax benefit (172,194 ) Income tax benefit 6,199 Net loss $ (165,996 ) Note: The Combined Company Consolidated Statement of Operations presents Informa TechTarget's results of operations for the year ended December 31, 2024 as if the acquisition of Former TechTarget had occurred on January 1, 2023 and is not necessarily indicative of Informa TechTarget's operating results that may have actually occurred had the acquisition of Former TechTarget been completed on January 1, 2023. Expand TechTarget, Inc. d/b/a Informa TechTarget Reconciliation of Combined Company Net Income/(Loss) to Combined Company Adjusted EBITDA and Combined Company Net Income/ (Loss) Margin to Combined Company Adjusted EBITDA Margin (in thousands) Year Ended December 31, 2024 (Unaudited) Combined Company Net income/(loss) $ (165,996 ) Interest expense, net 2,011 Provision for income taxes (6,199 ) Depreciation and amortization 105,339 Combined Company EBITDA (64,845 ) Stock-based compensation expense 58,472 Impairment of goodwill 66,235 Impairment of long-lived assets 2,019 Remeasurement of contingent consideration (22,436 ) Acquisition and integration costs 42,187 Combined Company Adjusted EBITDA 81,632 Net income/(loss) margin (34 )% Combined Company Adjusted EBITDA margin 17 % Expand
