WeRide (WRD) Q4 2024 earnings summary

Executive summary

• Achieved record-breaking robotaxi and international revenue in 2024, driven by global expansion, technology innovation, and Nasdaq listing.

• Expanded commercial robotaxi and robobus operations to over 30 cities in 10 countries, including new launches in Beijing, Abu Dhabi, Switzerland, Spain, and France.

• Introduced the GXR Robotaxi, now operating driverlessly in Beijing and soon in Guangdong and Abu Dhabi, with major regulatory milestones achieved.

• Formed strategic partnerships with Uber, Zurich Airport, Renault, NVIDIA, Bosch, and others to accelerate commercialization and technology leadership.

• Recognized for product innovation, cybersecurity standards, and listed as the highest-ranked autonomous driving company on the Fortune Future 50 List.

Financial highlights

• Q4 2024 revenue was RMB 140.8 million, down 3% year-over-year; full-year 2024 revenue reached RMB 361.1 million, with product revenue up 62% to RMB 88 million and service revenue down 21% to RMB 273 million.

• Q4 product gross margin was 17.3%, service gross margin 47.6%; full-year product and service gross margins were 18.2% and 34.6%, respectively.

• Q4 operating expenses rose 82% to RMB 639.7 million; full-year operating expenses increased 32% to RMB 2,283.8 million.

• Net loss increased 66% to RMB 592.4 million in Q4 and 29% to RMB 2,516.8 million for the year; non-IFRS/adjusted net loss rose 112% in Q4 and 60% for the year.

• Cash, cash equivalents, and time deposits totaled RMB 4,888.4 million at year-end, with RMB 1,742.1 million in financial assets.

Outlook and guidance

• Plans to deploy hundreds of vehicles globally in 2025, focusing on scaling robotaxi fleet and expanding international presence.

• Expects R&D expenses to grow moderately as talent and compute resources are expanded, with sufficient liquidity for future needs.

• Anticipates positive unit economics for robotaxi in first-tier Chinese cities in coming years and 60% operating profit margin in high-cost overseas markets by 2030.

• Renewal of ADAS R&D contracts anticipated in 2025, expected to support service revenue recovery.