Latest news with #JamesPeng
Yahoo
21-05-2025
- Business
- Yahoo
Q1 2025 Pony AI Inc Earnings Call
George Shao; Senior Director - Financing, Investment & Strategy; Pony AI Inc Jun Peng; Chairman of the Board, Chief Executive Officer, Co-Founder; Pony AI Inc Tiancheng Lou; Co-Founder, Chief Technology Officer; Pony AI Inc Haojun Wang; Chief Financial Officer; Pony AI Inc Ming Hsun Lee; Analyst; Bank of America Bin Wang; Analyst; Deutsche Bank Yiming Qiu; Analyst; Huatai Securities Co., Ltd. Operator Ladies and gentlemen, thank you for standing by and welcome to Pony AI Inc's first-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, today's conference call is being recorded, and a webcast replay will be available on the company's Investor Relations website at I will now turn the call over to your host, George Shao, Head of Capital Markets and Investor Relations at Pony AI. Please go ahead, George. George Shao Thank you operator and hello everyone. We appreciate you joining us today for Pony AI's first-quarter 2025 earnings call. Earlier today, we issued a press release with our financial and operating results, which is available on our Investor Relations website. Joining with me today are Dr. James Peng, Chairman of the Board, Co-founder and Chief Executive Officer; Dr. Tiancheng Lou, Director, Co-founder and Chief Technology Officer; and Dr. Leo Wang, Chief Financial Officer. They will provide prepared remarks followed by a Q&A session. Before we begin please refer to the Safe Harbor Statement in our earnings release which applies to this call as we will be making forward-looking statements. Please also note that we will discuss non-GAAP measures today, which are more thoroughly explained and reconciled to the most comparable measures reported under GAAP in our earnings release available on our investor relations website and filings with the SEC. I will now turn the call over to our Chairman, Co-Founder, and CEO, Dr. James Peng. Please go ahead. Jun Peng Thanks, George. This is James Peng, Founder and CEO. 2025 is a year of scaling up for Pony AI and we embraced it with strong growth momentum. Before we dive into our business development, I would like to highlight four key milestones. Firstly, revenue from our Robotaxi services doubled year-over-year for the first quarter of 2025 with fare charging revenues grew approximately eightfold. This is a landmark validating our commercial deployment readiness. Secondly, we launched our seventh-generation autonomous driving system in the Shanghai Auto Show. The Gen 7 system achieves a 70% reduction in bill of materials, basically bond costs, compared with our last generation, the Gen 6. This showcased our technological advancement to effectively drive cost and efficiency. Thirdly, we have secured the production capability and all the relevant components to grow our fleet to 1,000 vehicles by year end, which will significantly increase our fleet density across our operational network. Lastly, we reached strategic partnerships with some key partners, such as Tencent and Uber, to forge comprehensive ecosystems, both domestically and worldwide. Now let me walk you through the details of our business progress. In late April, we showcased the Gen 7 Robotaxi lineup at the Shanghai Auto Show. Gen 7 is a game-changing breakthrough in autonomous driving technology as 100% of the sensors, components, and all the add-ons are automotive-grade, which means that Gen 7 will have an extended product lifecycle, rock-solid reliability, and also next-level safety. Its modular architecture also enables rapid deployment across multiple vehicle platforms, starting with three Robotaxi models we unveiled in the Shanghai Auto Show. Through our strategic partnership with leading OEMs, including Toyota, BAIC, basically Beijing Auto, and the GAC, the Guangzhou Auto, Gen 7 Robotaxis will enter mass production and deployment, and thereby growing our fleet size to 1,000 vehicles by year end. Most importantly, I want to highlight that such technological advancement and large-scale production and deployment capabilities have driven a measurable increase in our efficiency, lowering both the capital expenditure and also operational costs. The two key underlying drivers are, first, on the vehicle economics. Our Gen 7 Robotaxi total cost per vehicle, this includes actually both the vehicle platform and also the ADK, the Autonomous Driving Kit's BOM costs, both have all been reduced, especially with the ADK's BOM costs coming down by 70%. The cost down is driven by multiple design optimizations, including an 80% reduction in autonomous driving computation and also 68% reduction in the LiDAR costs. These efficiencies demonstrate the power of our system integration as well as scalable production approach, positioning us competitively against the industry benchmarks. Second, on operational costs. In this front, we have reached a remote assistant to driver ratio of up to 20. This means that one remote assistant can effectively monitor 20 vehicles. In addition, we largely reduced our insurance cost as our commercial insurance premiums stand at approximately half of the typical cost for traditional human-operated taxis. The aforementioned operational cost reductions are the result of our proven safety track record and also years of Robotaxi operational experience. Now moving to the operational expansion. This is another cornerstone that will empower our quick growth. With strong foundation in place for the future scaling, our total commercialized operational domains across Beijing, Guangzhou, Shenzhen, and Shanghai now span over 2,000 square kilometers. This is nearly 20 times larger than the city area of San Francisco. Our vast coverage includes some high-value transportation hubs such as central business districts, airports, and high-speed train stations. Notably, we secured China's first fully driverless commercial Robotaxi license in Shenzhen's Nanshan District in late March this year, unlocking operations in the city's core economic and transportation hubs. Regarding the market adoption of our Robotaxi service, the number of registered users on our mobile app, basically the Pony Pilot App, increased by more than 20% quarter-over-quarter in the first quarter of this year. We continue to enhance the user experience through innovative operational models, product features, and in-car infotainment systems. Our user growth trajectory will be further amplified by our new strategic partnership with Tencent, which enables us to integrate our Robotaxi services into Tencent's Weixin Mobility Services and also Tencent Maps. As a result, we can tap into China's billions of user base. As we launch Gen 7 Robotaxi later this year, we will expand our capability to meet the fast-growing user demand. It sets a solid foundation to drive our future fare charging revenues through optimized fleet utilization and enhanced customer experience with faster pickup time, superior safety, and premium comfort. Now let me share with you our global expansion progress. At Pony AI, our mission has always been, since the day we were founded, has always been autonomous mobility everywhere. Our global footprint now spans across Europe, the Middle East, South Korea, Southeast Asia, and beyond. Recently, we have achieved multiple breakthroughs in these areas. First, we have forged strategic alliance with key industry partner players. We recently partnered with Uber, which will enable users to access our Robotaxi service directly through Uber's platform. The partnership is expected to first launch in a key market in the Middle East later this year with the goal of scaling deployments to additional international markets in the future. We are also collaborating with ComfortDelGro on a joint Robotaxi pilot program. ComfortDelGro is one of the largest land transport companies headquartered in Singapore and operates in 13 markets covering Europe, China, Australia, and others. Second, we are pleased to see the ongoing favorable regulatory and testing programs globally. During the first quarter, we have secured an L4 Robotaxi testing permit from Luxembourg's Ministry of Mobility. And we also started road testing in Seoul's Gangnam district of South Korea. All these developments collectively demonstrate our platform's adaptability to complex global conditions while positioning Pony AI for future commercial scaling. In summary, I think the mass production and large-scale deployment of our Gen 7 Robotaxis remain a top priority for us. Through continuous technical innovations, we are seeing accelerating production coupled with significant cost reduction. Given the structural efficiency advantages of the Gen 7 Robotaxis, we have a clear line of sight to break even and long-term profitability. With that, I will now pass it over to our CTO, Dr. Tiancheng Lou. Tiancheng Lou Thanks, James. Hello, everyone. This is Tiancheng. So it's a great pleasure to share with you the latest advancement and progress in our technology. So when we showcased our Gen 7 auto driving system during the Shanghai Auto Show in late April, I also shared the progress of our PonyWorld and hardware system. PonyWorld, as an industry-leading AI-powered world foundation model, has built a high-fidelity training environment and evaluation system, breaking through the limitation of imitation learning. Each week, PonyWorld generates test data exceeding 10 billion kilometers. The breadth and complexity of the data accumulated have far surpassed the data that a human driver can ever collect. This generative world model trains our proprietary virtual driver, a full-stack system featuring integrated software and hardware, where the virtual driver in turn provides valuable human feedback. It fosters the virtual cycle of continuous enhancement, accelerating the improvement in safety and reliability of our auto driving technology. The virtual driver has demonstrated our proven L4 auto driving capability in the real world, successfully navigating complex urban environments across all urban cities in China, operating through rush-hour traffic and the inclement weather. By the end of the first quarter, we have accumulated over 6 million kilometers of driverless operation, a clear validation of our technology's maturity and its readiness for large-scale deployment. Next, let me elaborate how this advancement drives operational cost optimization across the board. From a mass production perspective, hardware cost reduction remains a fundamental challenge that no automaker can avoid. With respect to our Gen 7 Robotaxis, our in-house developed auto driving domain controller is world's first to achieve full-scenario Level 4 auto driving built on auto grid chips, featuring extended product lifecycle and a mileage lifespan of 600,000 kilometers. Regarding computing platform, we are the first player in the L4 industry to adopt autonomous-grade SoC. This advancement has successfully reduced the domain controller's size, weight, power consumption, and cost, each by 50% to 80%. Our proprietary where PonyWorld has also effectively improved computing efficiency by three times through AI-influenced optimization, model distillation, and other technological innovations, significantly outperforming the broader L4 industry. As a result, we are able to adopt more cost-efficient computing power with a total capacity of 1016 TOTS. This cost-efficient approach enables us to meaningfully reduce overall costs and reach break-even as we scale up our fleet in the future. In terms of LiDARs, we have also made significant improvements to software algorithms to adapt to cost-efficient LiDARs. For Gen 7 autonomous driving kits, we opt for highly cost-efficient semi-solid-state LiDARs. While this choice may involve many trade-offs in individual sensor performance, we have compensated through advanced software algorithms that reduce the noise point by up to 30 times, ultimately resulting in enhanced overall system performance and a 68% cost reduction compared with the previous generation. For sensors, more broadly, we have achieved significant performance improvements through upgrading not just the hardware but also the algorithms. A key component of overall cost is related to remote assistance. Unlike remote control, overall system features request-based remote assistance providing suggestions to autonomous driving vehicles rather than direct or indirectly controlled. Over virtual technology allows us to achieve industry-leading remote assistance-to-vehicle ratio of 1 to 20, compared with 1 to 3 for the same period of last year. We expect this trend to continue and improve as our technology advances. Over-virtual driving enables smarter navigation and advanced monitoring capability. For instance, in scenarios like traffic police gesture recognition, no additional human support is required. Similarly, during passenger pick-up and drop-off, there is no need to manually confirm passenger status and inspect the vehicle's cabin. This allows us to operate Robotaxi services with a high-efficiency remote assistant to vehicle ratio, significantly reducing operational costs. This metric also shows how far we have advanced beyond industry standards. Moreover, our technical innovations have significantly enhanced the safety of our Robotaxi fleet, leading to a more favorable insurance economics. As James mentioned, over-commercial insurance premiums are approximately 50% of typical costs of traditional government-operated taxes. This reduction is the result of thorough accurate assessment by insurance providers who have verified our assessment log incident and claim rate. This continued decrease in insurance costs is a direct outcome of over-safety performance and a testament to the reliability of our over-autonomous driving system. Moving forward, we still have significant room to further solidify and expand our technological leadership and thereby scale up for future commercialization deployment. Before I conclude, I want to recap the tremendous effort we have made over the past few years to prepare for mass production, both on software and hardware fronts. Our Pony World platform leads the industry in areas such as technology and model training. On the hardware side, we have optimized the key components required for Robotaxi operations, including sensors, LiDARs, and domain controllers. Not only through traditional cost reduction measures, but also through parallel software driven enhancement that significantly boost our overall system performance. This concludes my prepared remarks. I will now pass the call over to our CFO, Dr. Leo Wang, for a closer look at our financial results. Leo, please go ahead. Haojun Wang Thank you, Tiancheng. Hello, everyone. This is Leo. Before reviewing our first quarter financial results, I would like to reiterate that as we enter this pivotal year for scaling up the Gen 7 Robotaxi fleet, we remain fully committed to disciplined investment in mass production and deployment. We will ensure strong operational momentum while maintaining solid financial resilience, all to create long-term value to our shareholders. Moving to our financial performance for the first quarter of 2025, we started this year with a strong note, demonstrating solid execution of our go-to-market strategy. Revenues totaled at USD14 million, up 11.6% year-over-year, mainly driven by rapid growth in Robotaxi services. The quarter-over-quarter volatility was primarily due to the variation in revenue recognition of project-based engineering solution services and product sales, a trend consistent with historical pattern. In the first quarter, Robotaxi's service revenue were USD1.7 million, growing significantly at 200.3% year over year. This growth was driven by both fare charging and the project-based engineering solution services, with fare charging revenues achieving faster growth rate, increasing by roughly 800% year over year. The strong growth rate was attributed to the expansion of our public-facing fare charging Robotaxi operations in Tier 1 cities in China, as well as our optimizing operations for diverse user groups. Robotaxi services revenue grew by 4.2% year over year, to USD7.8 million for the first quarter, primarily driven by contributions from new clients. Licensing and application revenues were flattish year-over-year at USD4.5 million. We saw increasing orders and delivery for Autonomous Domain Controller, ADC sales primarily driven by new robo delivery clients. The total cost of revenue was USD11.7 million, up 17.9% year over year, in line with revenue trends. Our gross profit reached USD2.3 million, resulting a gross margin of 16.6%, down from 21% in the same period last year. This decrease was mainly due to the change in revenue mix on increased ADC sales for new robo-delivery clients in the first quarter. That being said, we are actively working on initiatives to reduce gross margin variability for the coming quarters. Total operating expenses were USD58.4 million, an increase of 56.3% year-over-year. Excluding share-based compensation expenses, non-GAAP operating expenses were USD49.3 million, up 35% year-over-year. The increase was primarily due to investment in the mass production for Gen 7 and one-time expenses associated with share awards settled upon the completion of IPO. Additionally, we increased employee expenses in the first quarter to strengthen our R&D capacity for concurrently developing three Gen 7 vehicle models. Reflecting the investment preparing for our upcoming production of Gen 7, net loss was USD37.9 million, compared to USD20.8 million in the first quarter of 2024. Non-GAAP net loss was USD28.4 million, compared to USD25.7 million in the first quarter of 2024. Turning to our balance sheet, our combined cash and cash equivalents, restricted cash, short-term investments, and long-term debt instruments for wealth management was USD738.5 million as of March 31, 2025, compared to USD825.8 million at the end of 2024. The cash outflow was primarily driven by our Gen 7 R&D effort and supply chain preparation, in which the procurement of some key components kicked off ahead of the mass production. With the imminent scaling up and commercial deployment, we believe our current cash reserve is sufficient for our future growth and will continue to explore more opportunities to ensure sustained support. Looking ahead, we are thrilled to embark on a chapter in our journey towards mass production and deployment, aiming at scalable commercialization. With our core technological advancements as the foundation, we will continue making disciplined investments to strengthen mass production capability and drive long-term cost and operational efficiencies. Our robust go-to-market strategy will also allow us to gradually reduce financial volatility and build a more predictable path to growth. I will now turn the call over to the operator to begin our Q&A session. Thank you. Operator Thank you. (Operator Instructions) Ming Hsun Lee, BofA. Ming Hsun Lee Thank you, James, Tiancheng, and Leo. Congrats for the first quarter results and also your launch of Gen 7 Robotaxi product. So I have one question. As you mentioned, 2025 is a year of scaling up. How should we understand your progress throughout this year, is there any color or pipeline for 2026? Jun Peng I'll take this question. This is James. We actually have a very clear pipeline for the Gen 7 Robotaxi mass production. This will, as I mentioned, this remains to be our main focus for this year. We expect Gen 7 will enter mass production for the second quarter and thereby bring in the total number of our fleet size up to 1,000 vehicles by year end. In addition, the large-scale deployment will ramp up gradually throughout the second half of the year. We are especially working on the following three areas to ensure a quick ramp up. First, we are closely -- working very closely with the OEM partners such as Toyota, GAC, and BAIC for the mass production across the component sourcing pre-installment and the final assembly, thereby ensuring that each Robotaxi meets the highest industrial standards of quality and safety. Second thing we're working on is our agile and flexible approach to sourcing the key components allows us to rapidly adapt to the changing demand, ensuring our stable supply chains and supporting the efficient execution of our mass production plans. Lastly, our years of collaborations with the central and local governments have established a proven track record of our superior safety level and operational capability. This enhances our credibility and positions us to secure the required licenses. Paving the way for commercial deployment of our Gen 7 Robotaxis. With the aforementioned three things that we are working on, we will focus on reinforcing these critical foundations to realize robust growth momentum of our fleet size, ensuring a scalable and sustainable expansion. As for year 2026, I think our scale up will be even more accelerated. We will produce more autonomous driving vehicles and then deploy them in China and also the international markets. With this, back to the operator. Operator [Ting Hong], Goldman Sachs Thank you. Congratulations on the results. I have two questions. And the first one is, while you emphasize China's first strategy last quarter, we have now seen some progress on global markets this time. So could you elaborate more on your evolving global strategy and to what extent does the China market remain a core focus at this stage? Thank you. Jun Peng Sure. This is James again. I think I'll take this one. As I mentioned in my prepared remarks, Pony AI's mission has always been Autonomous Mobility everywhere. While we currently prioritize the China market, giving its relatively mature regulatory environment, we believe our established ecosystem, technological advancement, and the scaled operation in China have empowered us to enter new markets with proven capabilities, experiences, and proven business models. At this stage, we are aiming for markets with strong mobility demand, advanced infrastructure, and welcoming regulations. While the commercialization of these international markets is still at the early stage, we relentlessly work hand-in-hand with our global partners to showcase the technology readiness, move forward local commercial driverless regulations, build momentum for public acceptance, and generate revenues along the course. This approach actually mirrors our achievements that we have already established in the Tier One cities in China over the recent years, which we believe our successful track record in China will also help foster greater confidence for these new markets. Recently, we have formed strategic partnerships with key global players one of them is Uber, with plans to launch our Robotaxi service on their platform, starting in a key market in the Middle East this year and expanding to other international markets. Another partner is ComfortDelGro, one of Singapore's largest transport companies operating across 13 countries, including Europe, China, and Australia. We also continue to make regulatory and testing progress globally, having secured an L4 Robotaxi testing permit from Luxembourg, and also initiated road testing in Seoul's Gangnam district in South Korea. These successes have provided us with valuable experience as we explore future opportunities beyond the China market. With this, back to the operator. (multiple speakers) My second question is, you deliver very impressive revenue growth in Robotaxi. What factors are driving behind this quarter, and do you believe this is sustainable in the upcoming quarters? Thank you. Haojun Wang Yes, this is Leo, and I'll take this question. So the revenue growth in Robotaxi segment was driven by both fare charging and project-based engineering solution services. With fare charging revenues achieving at a much faster growth rate, increasing by roughly 800% year over year. The strong growth rate was attributed to the expansion of our public-facing fare charging Robotaxi operations in Tier 1 cities in China. We also optimized our operations to cater to diverse user groups, such as interactive reward features. I would also like to take this opportunity to explain our Robotaxi revenue structure. Our revenue are currently generated from two main streams. The first stream consists of engineering solution services, which are recognized upon the achievement of project milestones. Hence, this is project-based and could fluctuate among quarters. The second stream is recurring revenue, primarily from our virtual driver operations, such as our Robotaxi fare charging services. While the project-based revenues currently make a larger portion in our total Robotaxi revenue, we believe the non-recurring revenues we are generating from partners, such as ride-hailing platforms, OEMs, and other parties are very critical to enhance and advance our recurring revenue stream. These collaborations also further pave the way for a robust long-term monetization model. As a result, we anticipate some natural volatility in revenues from-to-quarter in this segment. That being said, we will gradually reduce financial fluctuations and are very confident to deliver a strong growth trajectory in the long term. I'll get back to the operator. Operator Bin Wang, Deutsche Bank. Bin Wang Thank you for taking my question. My small part of technology perspective, you mentioned that in the ADK pricing was quite dramatic. Did you need to upgrade your software to fulfill this ADK cost reduction, in particular, what's the improvements you're doing for computing power, you also mentioned that you actually would decline 48% of the cost for computing power? Thank you. Tiancheng Lou Thank you. I will take this question. So this is Tiancheng. Before I answer your question, I would like to say that we believe in the field of front-driving technology. Pony AI is poised to represent China's leading companies in embracing the deep-thick moment. So by optimizing our PonyWorld and enhancing engineering capabilities, we have designed a cost-effective hardware and software system. This enables us to significantly improve inference performance while reducing associated cost, even with auto grid SoC and the lower-precision LiDAR sensors. So for instance, the old PonyWorld had effectively improved computing power efficiency by three times through AI inference optimization, auto-distillation, and other innovations. Significantly outperformed the broader L4 industry. As a result, we're able to adopt more cost-efficient computing power with a total capacity of [1,016 TATs], compared with industry pairs typically range from 2,000 to 5,000 TATs. In terms of the inference computing, we have implemented numerous optimizations, such as optimizing operators in the AI model, increasing computational parallelism, and improving model memory efficiency to enhance inference performance. So all these efforts help us to improve cost efficiency without giving up performance, proving that we're able to realize the cost-effective and the scale of L4 driverless auto driving. Thank you. I will give back to the operator. Operator Qiu Yiming, Huatai Securities. Yiming Qiu Thank you for taking my question. So congrats on your expansion in Robotaxi services. So we noticed that the Ministry of Industry and Information Technology of China has recently issued some regulatory requirements regarding driver assist. So I just wonder that could this potentially have an impact on Pony AI? Thank you. Tiancheng Lou Yeah, this is Tiancheng. I will take this one. So I think a lot of people mistakenly equate L2 driver assist with L4 auto driving. Recently, the Ministry of Industry and Information Technology, MRIT, issued a notice clearly states that L2 is not equal to L4. The key requirement from MRIT includes, first, the manufacturers or solution providers must avoid using misleading terms, such as auto driving, intelligent driving, when promoting L2 driver assist system. Second, manufacturer solution providers are required to clearly define the capabilities and safety measures of driver assist system. Terms like zero takeover or hands-off must not be used. And the responsibility of the driver for continuous monitoring must be emphasized. So we believe this is a clear beneficial for Pony AI as it helps foster a comprehensive and clear understanding of distinctions between L2 and L4 for the public. That's also the reason why we consistently emphasize that L2 and L4 are fundamentally different in value add to the customer. Being more specifically, only L4 can truly fulfill user's need in the situation where they are looking for relaxation or even wish to take a nap while auto driving system is on. So I would like to go into more detail about the technological difference between L2 and L4 systems. So L2 system widely uses imitation learning. The AI drivers learn by copying human behavior from real-world driving data. The limitation of imitation learning is that AI driver cannot understand the reasoning behind the driving behavior. So as a result, it is not safe enough to handle ever-changing traffic scenarios. For L4 system, we use the reinforcement learning and over generative PonyWorld. So under PonyWorld, our virtual driver teach itself through a large amount of generative data. This allows our virtual driver to understand why by analyzing the outcome of every action, teaching them to make smarter decisions in different scenarios and eventually surpass the safety of human drivers. So over time, our virtual driver trained under PonyWorld developed advanced skills needed for complex tasks such as multi-navigating urban areas, handling unpredictable traffic scenarios, or safely operating for 500,000 hours without any human intervention. More importantly, the key compatible edge differs significantly between the two approaches. For imitation learning requires large amount of data, while reinforcement learning relies on heavily on AI motor type abilities. These underlying distinction creates a considerable barrier, making it challenging to transition from one to another. It basically requires companies to start over and build a whole team from (inaudible) which means it cannot be simply acceleration through prior experience. Yeah, thank you. I will go back to the operator. Operator [Tsa Lei], Jeffries. Hi. Thanks for taking my question. My question is regarding the US-China tariff issue, which appears to be easing at the moment. But I'm still wondering, well, it has to have any potential negative impact on the operations, how many materials are you sourced from the overseas market? Haojun Wang Thank you and this is Leo. I'll take this question. We believe the potential impact from the tariffs issue will be very minimal to our operation. First, the majority of our supply chain is domestically sourced. Second, over the past few quarters, we have enhanced our supply chain resilience in response to the evolving geopolitical landscape. This includes diversifying suppliers and also increasing inventories when necessary. As a result, we are well prepared to manage this risk. In addition, I would like to highlight that our Gen 7 mass production plant has also been reflected with these assumptions and also uncertainties. Therefore, we are confident that our full-year target of deploying 1,000 unit fleet size is on track and will not be affected by the changing trade environment. I will now get back to the operator. Operator Thank you. This concludes our question-and-answer session. I'd like to turn the conference back over to management for closing remarks. George Shao Thank you once again for joining us today. If you have any further questions, please feel free to contact our IR team. We look forward to speaking with you in the next quarter. Operator Thank you. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
20-05-2025
- Automotive
- Yahoo
Why Pony AI Trounced the Market on Tuesday With a Nearly 6% Gain
The Asian specialist in autonomous vehicles posted a satisfying quarterly revenue gain. It also has very ambitious plans for the future. 10 stocks we like better than Pony Ai › The U.S.-listed equity of Chinese autonomous-vehicle developer Pony AI (NASDAQ: PONY) accelerated well higher on Tuesday. Following the company's unveiling of its latest quarterly results, investors in this country sent its American depositary receipts (ADRs) almost 6% higher. That was miles ahead of the S&P 500 index's 0.4% decline. In its first quarter, Pony AI collected a bit under $14 million in revenue, up by nearly 12% from the slightly more than $12.5 million in the same period of 2024. Its adjusted net loss deepened to almost $34 million, against the $25.4 million deficit in the year-ago quarter. Thanks to a much higher ADR count, however, the net loss per ADR narrowed considerably, to $0.10 from $0.28. In this country, Pony AI is not a title closely followed by analysts, so consensus estimates were not available. The company's revenue improvement stemmed from a 3% improvement in robotruck services and licensing, the activity that comprises nearly 90% of its top line. A difference maker in the quarter was robotaxi services, which nearly tripled -- albeit from a low base -- to bring in over $1.7 million. The higher costs were due to the mass production of its current generation of self-driving vehicles. Pony AI has vaulting ambition for the future. It quoted CEO James Peng as saying that "As we accelerate production and drive cost efficiency through technological advancement, the unveiling of seventh-generation autonomous driving system enables us to reduce bill-of-materials costs by 70% compared to its predecessor, strongly bolstering our confidence to expand the fleet to 1,000 vehicles by year-end." Given the company's rapid expansion so far, and the Chinese government's zeal for next-generation transportation solutions, I think these goals are achievable. This is certainly an investment to watch. Before you buy stock in Pony Ai, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Pony Ai wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $642,582!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $829,879!* Now, it's worth noting Stock Advisor's total average return is 975% — a market-crushing outperformance compared to 172% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of May 19, 2025 Eric Volkman 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. Why Pony AI Trounced the Market on Tuesday With a Nearly 6% Gain was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
20-05-2025
- Automotive
- Yahoo
Uber Partner Pony AI Stock Surges as Q1 Revenue Rises
Shares of Pony AI are jumping in premarket trading Tuesday after the Chinese autonomous vehicle maker posted a surge in first-quarter sales on the back of gains in its robotaxi service. The Chinese firm had struck a deal earlier this month with Uber Technologies to put its robotaxis in the U.S. ride-hailing firm's platform. Pony AI went public in the U.S. late last of Pony AI (PONY) are jumping in premarket trading Tuesday after the Chinese autonomous vehicle maker posted a surge in first-quarter sales on the back of gains in its robotaxi service. The Chinese firm had struck a deal earlier this month with Uber Technologies (UBER) to put its robotaxis in the U.S. ride-hailing firm's platform. First-quarter revenue rose 11.6% year-over-year to $13.98 million, up from $12.52 million. Its loss per share narrowed to $0.12 from $0.23 in Q1 2024. Pony AI's net loss attributed to the company more than doubled to $42.99 million from $20.60 million a year ago. The company attributed the bigger loss partly to its mass production of its seventh-generation autonomous vehicles. '2025 is the year of scaling up for and we embraced it with strong growth momentum,' Pony AI CEO James Peng said. 'Our robust total revenues in the first quarter were fueled by a 200% year-over-year rise in Robotaxi services, with fare-charging revenues achieving approximately 800% growth rate.' Pony AI, which was founded in 2016, went public on Nasdaq in November at $13 per share. Its shares are up 5% in premarket trading and have soared 18% so far this year entering Tuesday, closing Monday at $16.91 each. UPDATE—This article has been updated with the latest share price and additional information. Read the original article on Investopedia Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
20-05-2025
- Automotive
- Yahoo
China's Pony AI Robotaxi Revenue Jumps 200%, Eyes 1,000-Vehicle Fleet
China-based Pony AI Inc (NASDAQ:PONY) stock gained on Tuesday premarket after the company disclosed its first-quarter results. Sales grew 11.6% year-over-year to $13.98 million (101.6 million Chinese yuan), mainly driven by rapid growth in Robotaxi services revenues. The analyst consensus estimate for sales was 90.11 million Chinese yuan. Robotaxi services revenue climbed 200.3% Y/Y to $1.7 million in the quarter, primarily attributable to expanding its public-facing fare-charging operations in Tier-one cities in China and refined operational strategies for diverse user Robotruck services revenue surged 4.2% Y/Y to $7.8 million, mainly due to contributions from new clients. Gross profit fell 11.8% Y/Y to $2.3 million, with a margin contraction of 440 bps to 16.6%, mainly due to changes in the revenue mix with increased ADC sales for new robot delivery clients in the first quarter. The company reported a loss of 10 cents (or 0.73 Chinese yuan) per share, compared to a loss of 28 cents in the prior year's quarter. The analyst consensus loss estimate was 0.07 Chinese yuan. As of March 31, 2025, cash and cash equivalents, short-term investments, and restricted cash stood at $738.5 million. Co-founder and Chief Executive Officer Dr. James Peng said the unveiling of the seventh-generation autonomous driving system (Gen 7) enabled it to reduce bill-of-materials (BOM) costs by 70% and made it confident about expanding the fleet to 1,000 vehicles by year-end. Co-founder and Chief Technology Officer Dr. Tiancheng Lou said its Gen 7 Robotaxis accomplished full-scenario L4 autonomous driving on automotive-grade chips. It remains on track to scale mass production and deployment in 2025. Price Action: PONY shares are trading higher by 17.6% to $19.90 premarket at last check Tuesday. Read Next:Image by Tada Images via Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? This article China's Pony AI Robotaxi Revenue Jumps 200%, Eyes 1,000-Vehicle Fleet originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Yahoo
20-05-2025
- Automotive
- Yahoo
PONY AI Inc. Announces Unaudited First Quarter 2025 Financial Results
NEW YORK, May 20, 2025 (GLOBE NEWSWIRE) -- Pony AI Inc. (' or the 'Company') (Nasdaq: PONY), a global leader in achieving large-scale commercialization of autonomous mobility, today announced its unaudited financial results for the first quarter ended March 31, 2025. Dr. James Peng, Co-founder and Chief Executive Officer of commented, '2025 is the year of scaling up for and we embraced it with strong growth momentum. Our robust total revenues in the first quarter were fueled by a 200% year-over-year rise in Robotaxi services, with fare-charging revenues achieving approximately 800% growth rate. As we accelerate production and drive cost efficiency through technological advancement, the unveiling of seventh-generation autonomous driving system ('Gen 7') enables us to reduce bill-of-materials ('BOM') costs by 70% compared to its predecessor, strongly bolstering our confidence to expand the fleet to 1,000 vehicles by year-end. Along with the ongoing efforts to forge alliance with strategic partners, we are laying a clear path toward large-scale commercialization.' Dr. Tiancheng Lou, Co-founder and Chief Technology Officer of commented, 'The advancements we have achieved in our proprietary PonyWorld, AI capabilities, and system integration and optimization have led to significant breakthroughs in safety and enabled operations under complex scenarios. Our Gen 7 Robotaxis are the world's first to achieve full-scenario L4 autonomous driving on automotive-grade chips — a milestone that extends product lifecycle and optimizes hardware cost efficiency. Meanwhile, the high efficiency of our remote assistant, which operates without the need for vehicle control, has resulted in significantly lower operating costs. As we continue to advance our software and hardware technology, we are confident in our ability to accelerate and scale mass production and deployment in 2025.' Dr. Leo Wang, Chief Financial Officer of commented, 'Our first quarter performance in 2025 underscores the successful execution of our go-to-market strategy. Total revenues grew by a robust 12% year-over-year, driven by the strong momentum in Robotaxi services. As we scale up investments for Gen 7 Robotaxi mass production to accelerate our growth in this pivotal year, we will maintain our disciplined investment approach to foster a long-term and sustainable business model.'Unveiling of mass-production-ready Gen 7 Robotaxi lineup. We unveiled the Gen 7 autonomous driving system alongside the mass-production-ready Robotaxi lineup in partnership with Toyota, BAIC and GAC at the Shanghai International Automobile Industry Exhibition. 1) This next-generation system was designed to enhance passenger safety and reliability, featuring a 100% automotive-grade autonomous driving kit, a 70% reduction in BOM costs compared to its predecessor, and an integrated modular architecture. 2) The Gen 7 marks a milestone toward mass production, which is expected to begin from mid-2025. Technological advancements to enhance safety and drive cost efficiency. 1) Our proprietary AI-powered world foundation model, PonyWorld, creates a high-fidelity training environment and evaluation system, generating over 10 billion kilometers of testing data weekly. 2) Leveraging our AI capabilities, and system integration and optimization, we are proven to drive passengers under complex and challenging scenarios, and effectively optimize cost efficiency across our operations. 3) All these resulted in improving remote assistant efficiency, lowering commercial insurance premiums, and reducing hardware costs – including computing platforms, LiDARs, and other hardware. Extending operations and regulatory approvals. 1) Extended our total commercialized footprint to over 2,000 square kilometers across Beijing, Guangzhou, Shenzhen and Shanghai, nearly 20 times larger than the city area of San Francisco, United States. The coverage now includes key transportation hubs such as central business districts, airports, and high-speed rail stations. 2) Secured China's first fully driverless commercial Robotaxi license in Shenzhen's Nanshan District in late March. Expanding user base and growing ecosystem. 1) Our registered user numbers increased by more than 20% sequentially in the first quarter. 2) Entered into a strategic partnership with Tencent's Weixin 'Mobility Services' platform – including Tencent Maps and its advanced cloud computing, AI, and big data infrastructure – further expanding our reach to China's billions of user collaboration with local partners. 1) We have forged strategic alliances with Uber to enable users to access our Robotaxi services on the Uber platform. The partnership is expected to first launch in a key market in the Middle East later this year, with a goal of scaling deployments to additional international markets in the future. 2) We are also collaborating with ComfortDelGro, one of the largest land transport companies headquartered in Singapore, on a joint Robotaxi pilot program. Ongoing positive regulatory and testing progress. We secured a L4 Robotaxi testing permit from Luxembourg's Ministry of Mobility and began road testing in Seoul's Gangnam district, South Korea, during the first quarter. Unaudited First Quarter 2025 Financial Results Three Months Ended March 31, 2024 March 31, 2025 Revenues: Robotaxi services 576 1,730 Robotruck services 7,467 7,780 Licensing and applications 4,478 4,469 Total revenues 12,521 13,979 Total revenues were US$14.0 million (RMB101.6 million)1 in the first quarter of 2025, representing an increase of 11.6% from US$12.5 million in the first quarter of 2024. The increase was mainly driven by rapid growth in Robotaxi services revenues. Robotaxi services revenues were US$1.7 million (RMB12.3 million) in the first quarter of 2025, representing an increase of 200.3% from US$0.6 million in the first quarter of 2024. The increase was driven by both fare-charging and project-based engineering solution services revenues, with fare-charging revenue achieving faster growth rate — increasing by approximately 800%. The strong growth rate was primarily attributable to the expansion of its public-facing fare-charging operations in Tier-one cities in China and refined operational strategies for diverse user groups. Robotruck services revenues were US$7.8 million (RMB56.6 million) in the first quarter of 2025, representing an increase of 4.2% from US$7.5 million in the first quarter of 2024. The increase was mainly due to contributions from new clients. Licensing and applications revenues were US$4.5 million (RMB32.7 million) in the first quarter of 2025, remaining largely flat compared to US$4.5 million in the first quarter of 2024. However, orders and delivery for autonomous domain controllers ("ADC") increased, primarily driven by new robot delivery clients. Cost of Revenues Total cost of revenues was US$11.7 million (RMB84.9 million) in the first quarter of 2025, representing an increase of 17.9% from US$9.9 million in the first quarter of 2024, in-line with revenue trends. Gross Profit and Gross Margin Gross profit was US$2.3 million (RMB16.7 million) in the first quarter of 2025, compared to US$2.6 million in the first quarter of 2024. Gross margin was 16.6% in the first quarter of 2025, compared to 21.0% in the first quarter of 2024. The decrease was mainly due to changes in the revenue mix with increased ADC sales for new robot delivery clients in the first quarter. We continue to actively work on initiatives to reduce gross margin variability. Operating Expenses Operating expenses were US$58.4 million (RMB423.8 million) in the first quarter of 2025, representing an increase of 56.3% from US$37.3 million in the first quarter of 2024. Non-GAAP2 operating expenses were US$49.3 million (RMB357.8 million) in the first quarter of 2025, representing an increase of 35.0% from US$36.5 million in the first quarter of 2024. The increase in operating expenses was primarily due to investments in mass production for Gen 7 and one-time expenses associated with share awards vested upon IPO and settled in the first quarter of 2025. Additionally, we increased employee compensation and benefits in the first quarter to strengthen our R&D capacity for concurrently developing 3 Gen 7 vehicle models. Research and development expenses were US$47.5 million (RMB344.7 million) in the first quarter of 2025, representing an increase of 59.8% from US$29.7 million in the first quarter of 2024. Non-GAAP research and development expenses were US$40.6 million (RMB294.6 million), representing an increase of 38.1% from US$29.4 million in the first quarter of 2024. The increase was mainly due to i) investments in mass production for the Gen 7 vehicles; ii) one-time expenses associated with share awards vested upon IPO and settled in the first quarter of 2025; and iii) increased employee compensation and benefits to strengthen technological capabilities. Selling, general and administrative expenses were US$10.9 million (RMB79.1 million) in the first quarter of 2025, representing an increase of 42.6% from US$7.6 million in the first quarter of 2024. Non-GAAP selling, general and administrative expenses were US$8.8 million (RMB63.9 million), representing an increase of 22.3% from US$7.2 million in the first quarter of 2024. The increase was mainly due to i) one-time expenses associated with share awards vested upon IPO and settled in the first quarter of 2025 and compliance expenditure and ii) increased employee compensation and benefits. Loss from Operations Loss from operations was US$56.0 million (RMB406.4 million) in the first quarter of 2025, compared to US$34.7 million in the first quarter of 2024. Non-GAAP loss from operations was US$47.0 million (RMB341.1 million), compared to US$33.9 million in the first quarter of 2024. The increase also reflected i) investments in mass production for the Gen 7 vehicles; ii) one-time expenses associated with share awards vested upon IPO and settled in the first quarter of 2025; and iii) increased employee compensation and benefits to strengthen technological capabilities. Net Loss Net loss was US$37.4 million (RMB271.4 million) in the first quarter of 2025, compared to US$20.8 million in the first quarter of 2024. Non-GAAP net loss was US$28.4 million (RMB206.1 million) in the first quarter of 2025, compared to US$25.7 million in the first quarter of 2024. The increase also reflected i) investments in mass production for the Gen 7 vehicles; ii) one-time expenses associated with share awards vested upon IPO and settled in the first quarter of 2025; and iii) increased employee compensation and benefits to strengthen technological capabilities. It was partially offset by the gains in investment income. Basic and Diluted Loss per ordinary share Basic and diluted net loss per ordinary share was both US$0.12 (RMB0.87) in the first quarter of 2025, compared to US$0.23 in the first quarter of 2024. Non-GAAP basic and diluted net loss per ordinary share was both US$0.10 (RMB0.73) in the first quarter of 2025, compared to US$0.28 in the first quarter of 2024. Each ADS represents one Class A ordinary share. Balance Sheet and Cash Flow Cash and cash equivalents, short-term investments, restricted cash and long-term debt instruments for wealth management were US$738.5 million (RMB5,359.1 million) as of March 31, 2025, compared to US$825.1 million as of December 31, 2024. The decrease in the balance of such items was mainly driven by our R&D efforts and supply chain preparation to scale Gen 7 vehicle production and one-time cash payments associated with employee expenses. The net cash used in investing activities was US$93.3 million (RMB677.1 million) in the first quarter of 2025, compared to US$54.3 million provided by investing activities in the first quarter of 2024. This was attributable primarily to purchases of investments in marketable debt securities and long-term investment, which was incorporated into the short-term investments and long-term debt instruments for wealth management. 1 Unless otherwise noted, all translations from Renminbi to U.S. dollars and from U.S. dollars to Renminbi in this earnings release are made at RMB 7.2567 to US1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on March 31, 2025. We make no representation that any Renminbi or U.S. dollar amounts could have been, or could be, converted into U.S. dollars or Renminbi, as the case may be, at any particular rate, or at all. For the avoidance of doubt, our reporting currency and functional currency is the U.S. dollar. 2 Non-GAAP financial measures exclude share-based compensation expenses and changes in fair value of warrants liability, and such adjustment has no impact on income tax. For further details, see the 'Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results' set forth at the end of this press release. Conference Call will hold a conference call at 8:00 AM U.S. Eastern Time on Tuesday, May 20, 2025 (8:00 PM Beijing/Hong Kong Time on the same day) to discuss financial results and answer questions from investors and analysts. For participants who wish to join the call, please complete online registration using the link provided below prior to the scheduled call start time. Upon registration, participants will receive a confirmation email containing dial-in numbers, passcode, and a unique access PIN. Participant Online Registration: A replay of the conference call will be accessible through May 27, 2025, by dialing the following numbers: United States: 1-877-344-7529 International: 1-412-317-0088 Replay Access Code: 1232599 Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at Exchange Rate This press release contains translations of certain RMB amounts into U.S. dollars ('USD') at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.2567 to US$1.00, the noon buying rate in effect on March 31, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release. Non-GAAP Financial Measures The Company uses non-GAAP financial measures, such as non-GAAP research and development expenses, non-GAAP selling, general and administrative expenses, non-GAAP operating expenses, non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss attributable to Pony AI Inc., non-GAAP basic and diluted net loss per ordinary share, and non-GAAP free cash flows, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses and changes in fair value of warrants liability, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company's past performance and future prospects. The Company also believes that the non-GAAP financial measures 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 presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company's operating performance, investors should not consider them in isolation, or as a substitute for financial information prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. 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 Reconciliation of U.S. GAAP and Non-GAAP Results' set forth at the end of this press release. About Pony AI Inc. Pony AI Inc. is a global leader in achieving large-scale commercialization of autonomous mobility. Leveraging its vehicle-agnostic Virtual Driver technology, a full-stack autonomous driving technology that seamlessly integrates proprietary software, hardware, and services, is developing a commercially viable and sustainable business model that enables the mass production and deployment of vehicles across transportation use cases. Founded in 2016, has expanded its presence across China, Europe, East Asia, the Middle East and other regions, ensuring widespread accessibility to its advanced technology. For more information, please visit: Safe Harbor Statement This press release contains statements that may constitute 'forward-looking' statements pursuant to 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,' 'likely to,' and similar statements. Statements that are not historical facts, including statements about beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in filings with the SEC. All information provided in this press release is as of the date of this press release, and does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: RelationsEmail: ir@ Christensen AdvisoryEmail: pony@ AI Condensed Consolidated Balance Sheets(All amounts in USD thousands) As of As of December 31, 2024 March 31, 2025 Assets Current assets: Cash and cash equivalents 535,976 379,183 Restricted cash, current 21 20 Short-term investments 209,035 250,765 Accounts receivable, net 28,555 21,687 Amounts due from related parties, current 8,322 8,524 Prepaid expenses and other current assets 52,713 56,048 Total current assets 834,622 716,227 Non-current assets: Restricted cash, non-current 175 175 Property, equipment and software, net 17,241 19,918 Operating lease right-of-use assets 13,342 12,090 Long-term investments 130,799 154,172 Prepayment for long-term investments 52,823 52,862 Other non-current assets 1,819 16,892 Total non-current assets 216,199 256,109 Total assets 1,050,821 972,336 Liabilities and Shareholders' Equity Current liabilities: Accounts payable and other current liabilities 66,548 40,866 Operating lease liabilities, current 3,438 3,618 Amounts due to related parties, current 900 668 Total current liabilities 70,886 45,152 Operating lease liabilities, non-current 9,835 8,482 Other non-current liabilities 1,389 1,356 Total liabilities 82,110 54,990 Total Pony AI Inc. shareholders' equity 951,122 899,875 Non-controlling interests 17,589 17,471 Total shareholders' equity 968,711 917,346 Total liabilities and shareholders' equity 1,050,821 972,336 Pony AI Condensed Consolidated Statements of Operations and Comprehensive Loss(All amounts in USD thousands, except for share and per share data) Three Months Ended March 31, 2024 March 31, 2025 Revenues 12,521 13,979 Cost of revenues (9,894 ) (11,663 ) Gross profit 2,627 2,316 Operating expenses: Research and development expenses (29,714 ) (47,486 ) Selling, general and administrative expenses (7,623 ) (10,873 ) Total operating expenses (37,337 ) (58,359 ) Loss from operations (34,710 ) (56,043 ) Investment income 6,177 22,174 Changes in fair value of warrants liability 5,617 - Other income (expenses), net 2,087 (3,508 ) Loss before income tax (20,829 ) (37,377 ) Income tax expenses - - Net loss (20,829 ) (37,377 ) Net (loss) income attributable to non-controlling interests (231 ) 5,611 Net loss attributable to Pony AI Inc. (20,598 ) (42,988 ) Foreign currency translation adjustments (305 ) 104 Unrealized gain (loss) on available-for-sale investments 51 (13,724 ) Total other comprehensive loss (254 ) (13,620 ) Total comprehensive loss (21,083 ) (50,997 ) Less: Comprehensive loss attributable to non-controlling interests (261 ) (118 ) Total comprehensive loss attributable to Pony AI Inc. (20,822 ) (50,879 ) Weighted average number of ordinary shares outstanding used in computing net loss per share, basic and diluted 91,427,302 351,651,363 Net loss per ordinary share, basic and diluted (0.23 ) (0.12 )Pony AI Condensed Consolidated Statements of Cash Flows(All amounts in USD thousands) Three Months Ended March 31, 2024 March 31, 2025 Net cash used in operating activities (41,076 ) (54,159 ) Net cash provided by/(used in) investing activities 54,344 (93,271 ) Net cash used in by financing activities (353 ) (9,486 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash (4,972 ) 122 Net change in cash, cash equivalents and restricted cash 7,943 (156,794 ) Cash, cash equivalents and restricted cash at beginning of period 426,205 536,172 Cash, cash equivalents and restricted cash at end of period 434,148 379,378 Pony AI Reconciliation of U.S. GAAP and Non-GAAP Results(All amounts in USD thousands, except for share and per share data) Three Months Ended March 31, 2024 March 31, 2025 Research and development expenses (29,714 ) (47,486 ) Share-based compensation expenses 332 6,904 Non-GAAP research and development expenses (29,382 ) (40,582 ) Selling, general and administrative expenses (7,623 ) (10,873 ) Share-based compensation expenses 457 2,108 Non-GAAP selling, general and administrative expenses (7,166 ) (8,765 ) Operating expenses (37,337 ) (58,359 ) Share-based compensation expenses 789 9,012 Non-GAAP operating expenses (36,548 ) (49,347 ) Loss from operations (34,710 ) (56,043 ) Share-based compensation expenses 789 9,012 Non-GAAP loss from operations (33,921 ) (47,031 ) Net loss (20,829 ) (37,377 ) Share-based compensation expenses 789 9,012 Changes in fair value of warrants liability (5,617 ) - Non-GAAP net loss (25,657 ) (28,365 ) Net loss attributable to Pony AI Inc. (20,598 ) (42,988 ) Share-based compensation expenses 789 9,012 Changes in fair value of warrants liability (5,617 ) - Non-GAAP net loss attributable to Pony AI Inc. (25,426 ) (33,976 ) Weighted average number of ordinary shares outstanding used in computing net loss per share, basic and diluted 91,427,302 351,651,363 Non-GAAP net loss per ordinary share, basic and diluted (0.28 ) (0.10 ) Pony AI Inc. Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results (All amounts in USD thousands, except for share and per share data) Three Months Ended March 31, 2024 March 31, 2025 Net cash used in operating activities (41,076) (54,159) Capital expenditures (170) (4,888) Free cash flows3 (Non-GAAP) (41,246) (59,047) 3 Free Cash Flows is a non-GAAP measure, commonly defined as cash flows from operating activities as presented in the statement of cash flows, less capital expenditures. However, in the context of the Company, where operating cash flow is a cash out (i.e., a cash outflow), Free Cash Flows represent the total of operating cash outflows plus capital expenditures. This metric reflects the Company's important cash outflows, as it combines the funds required to maintain operations and invest in growth. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
