WeRide (WRD) Q4 2025 earnings summary

Executive summary

• Achieved record full-year 2025 revenue of RMB 685 million, up 90% year-over-year, driven by Robotaxi (up 210%) and Robobus growth, with global fleet reaching 1,125 vehicles and major milestones in Europe, Middle East, and Asia-Pacific.

• Expanded operations to 12 countries and over 40 cities, securing official permits in 8 and launching fully driverless Robotaxi services in Switzerland, Abu Dhabi, and Dubai.

• Registered users increased over 900% year-over-year in Q4, reflecting robust user adoption and engagement.

• Net loss narrowed significantly to RMB 1.65 billion, a 34% improvement year-over-year, reflecting improved operational efficiency and cost controls.

• Focused on scaling operations, improving unit economics, and advancing technology leadership.

Financial highlights

• Q4 2025 revenue was RMB 314–325 million, up 123% year-over-year; full-year revenue reached RMB 685 million, with product revenue up 310% to RMB 360 million and service revenue up 19% to RMB 325 million.

• Gross profit for 2025 was RMB 207 million, with a gross margin of 30%, up from 13% in 2024.

• Operating expenses for 2025 were RMB 2.04 billion, representing 31% of total revenue; administrative expenses fell 48% to RMB 596 million.

• Net loss narrowed by 34% to RMB 1.65 billion for the year; capital reserves stood at RMB 7.13 billion at year-end.

• Cash, cash equivalents, and investments totaled RMB 7.1 billion at year-end.

Outlook and guidance

• Targeting 2,600 global Robotaxis by end of 2026, with long-term vision of tens of thousands by 2030.

• Projected annual recurring ride-hailing service revenue of US$1 billion, with a blended margin of 30%.

• Overseas revenue expected to continue strong growth, with stable gross margins and modest increase in operating cash flow.

• Five-year, 15-city rollout plan with Uber remains on track, aiming for 1,200 vehicles in the Middle East by 2027.

• Continued international expansion expected, with new launches in Slovakia and further penetration in Europe, Middle East, and Asia-Pacific.