PONY Q3 2025 Earnings

Call Details

• Call Title: Pony AI Inc. Q3 2025 Earnings Call
• Date: November 25, 2025 at 12:00 PM UTC
• Management Team:
  • George Shao (Head of Capital Markets and Investor Relations)
  • James Peng (Chairman of the Board and Chief Executive Officer)
  • Tiancheng Lou (Chief Technology Officer)
  • Haojun Wang (Chief Financial Officer)

Call Summary

Financial Performance

• Revenue for Q3 2025 was $25.4M, growing by 72% year-over-year.
• Robo-taxi services revenue was $6.7M, up 89.5% year-over-year and 338.7% quarter-over-quarter.
• Fair charging revenue increased 233.3% year-over-year in Q3 2025.
• Robotruck service revenue was $10.2M, increasing by 8.7% year-over-year.
• Licensing and application revenues were $8.6M, growing by 354.6% year-over-year.
• Gross profit was $4.7M and gross margin improved to 18.4% from 9.2% in Q3 2024.
• Total operating expenses were $74.3M, up 76.7% year-over-year, and non-GAAP operating expenses were $67.7M, up 63.7%.
• Net loss was $61.6M versus $42.1M in prior-year quarter and non-GAAP net loss was $55.0M versus $41.4M last year.

Guidance

• Company expects to outperform its full-year target of 1,000 robotaxis and to surpass 1,000 vehicles by year-end 2025.
• Company expects fleet size to expand to more than 3,000 vehicles in 2026 and expects robotaxi revenue growth to accelerate with scale.
• Gen7 robotaxis have reached citywide unit-economic breakeven in Guangzhou based on a two-week daily average, which company cites as validation to scale.
• Since Gen7 launch in Guangzhou, daily net revenue per vehicle reached 299 RMB and daily average orders per vehicle reached 23, which are cited as breakeven assumptions.
• Company targets a remote-assistance-to-vehicle ratio of 1:30 by year-end, which is presented as a cost-efficiency assumption for scaling.
• Gen4 Robotruck production and initial fleet deployment is expected in 2026, and company expects a 70% ADK cost reduction versus prior generation for that platform.