Pony AI (PONY) investor relations material

Executive summary

• Achieved 160% YoY Q4 2025 Robotaxi revenue growth and over 500% surge in fare charging revenues.

• Surpassed 1,400 Robotaxi fleet units and crossed 1 million users in China, with expansion into Croatia, Hangzhou, Changsha, and a target of 20+ cities by end of 2026.

• Achieved unit economics breakeven in Guangzhou and Shenzhen within four months of Gen-7 Robotaxi launch, proving business model viability.

• First-ever quarterly GAAP net profit in Q4 2025, driven by gains from trading securities.

• Formed strategic alliances with major partners like Toyota, Tencent, Uber, and others, securing 1,000 vehicles for 2026 deployment.

Financial highlights

• Q4 2025 Robotaxi revenues rose 160% YoY to $6.7 million; full-year revenues reached $16.6 million, up 129%.

• Q4 fare charging revenues grew 501% YoY; full-year fare charging revenues up nearly 400%.

• Q4 2025 total revenues: $29.1M, down 18% YoY due to lower licensing revenues; full year 2025 revenues: $90.0M, up 20% YoY.

• Q4 2025 gross margin: 12.7% (vs. 21.0% Q4 2024); full year 2025 gross margin: 15.7% (vs. 15.2% 2024).

• Ended 2025 with over $1.5 billion in cash reserves, bolstered by a successful Hong Kong IPO.

Outlook and guidance

• Targeting over 3,000 Robotaxi fleet units and deployment in more than 20 global cities by end of 2026, with nearly half of new city deployments expected to be overseas.

• Confident in tripling Robotaxi revenues in 2026, supported by joint deployment model and global expansion.

• Expect revenue growth to outpace operating expense growth, driving sustained profitability.

• Continued front-loaded investment in R&D and commercialization to drive growth.