Pony AI shares jump premarket as second-quarter revenue tops estimates
Revenue for the three month period jumped by 76% versus a year ago to $21.5 million, above Bloomberg consensus estimates of $16 million.
Shares in Pony AI jumped by more than 3% in premarket U.S. trading on Tuesday.
Meanwhile, CEO James Peng said that, since mass production of its robotaxis began two months ago, over 200 of the seventh generation of its vehicles have been rolled out, putting the firm "firmly on track" to hit its goal of assembling 1,000 cars by the end of 2025.
Toyota-backed Pony AI, which raised $260 million from its public listing on the Nasdaq last November, said its robotaxi revenues more than doubled, thanks in part to "rapid scaling and operational breakthroughs" at four of its major centers in China. It added that the company's presence in Dubai, South Korea and Luxembourgh was also expanded.
Robotaxi services revenues spiked by 157.8% year-over-year to $1.5 million, with the group saying it is continuing to optimize its pricing and operation strategies across its user bases. Its robotruck segment, meanwhile, brought in sales of $9.5 million, falling by 9.9% due to a push to focus on "high-margin" revenues.
"As we enter the second half of this pivotal year of mass production, we are driving strongly toward positive unit economics and accelerating our multi-year growth trajectory,' Peng said.
Pony AI posted an adjusted net loss for the quarter ended on June 30 of $46.1 million, wider than in the corresponding timeframe last year. Overall operating expenses climbed by 75% to $64.7 million, driven by higher investments in production and elevated employee costs.
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