Pony AI (PONY) Q4 2025 earnings summary

Executive summary

• Robotaxi revenues grew 160% year-over-year in Q4 2025, with fare-charging revenues surging over 500%.

• Fleet size surpassed 1,400 units, 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.

• First-ever quarterly GAAP-level net profit in Q4 2025, driven by fair value gains on trading securities.

• Strategic partnership with Toyota secured 1,000 vehicles for 2026 deployment.

Financial highlights

• Q4 2025 total revenues: $29.1M, down 18% YoY due to lower licensing revenues; Robotaxi revenues up 159.5% YoY to $6.7M; Robotruck revenues up 1.2% YoY to $13.1M.

• Full year 2025 revenues: $90.0M, up 20% YoY; Robotaxi revenues up 128.6% YoY to $16.6M; Licensing revenues up 19.7% YoY to $32.8M.

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

• Q4 2025 net income: $75.5M (vs. net loss $181.1M Q4 2024), mainly from trading securities gains; non-GAAP net loss: $49.0M.

• Full year 2025 net loss: $76.8M (vs. $275.0M in 2024); non-GAAP net loss: $174.0M (vs. $132.3M in 2024).

Outlook and guidance

• Targeting deployment in 20+ cities globally by end of 2026, with fleet size to exceed 3,000 units.

• Nearly half of new city deployments expected to be overseas.

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