Gross margins have trended downward from a peak of 27.9% in 2023 to 12.7% in 2025Q4, reflecting the high cost burden of scaling autonomous hardware.
| Sales/Revenue | 90.24M | 75.03M | 71.9M | 68.39M | 8.12M |
| Revenue Growth % | 20.28% | 4.35% | 5.14% | 742.5% | - |
| Cost of Goods Sold | 76.04M | 63.62M | 55.02M | 36.32M | 1.81M |
| COGS % of Revenue | 84.27% | 84.8% | 76.52% | 53.11% | 22.26% |
| Gross Profit | 14.2M | 11.4M | 16.88M | 32.06M | 6.31M |
| Gross Margin % | 15.73% | 15.2% | 23.48% | 46.89% | 77.74% |
| Gross Profit Growth % | 24.52% | -32.46% | -47.34% | 408.15% | - |
| Operating Expenses | 275.75M | 296.93M | 160.12M | 202.78M | 221.62M |
| OpEx % of Revenue | 305.57% | 395.77% | 222.71% | 296.52% | 2730.26% |
| Selling, General & Admin | 57.75M | 56.75M | 37.42M | 49.18M | 51.02M |
| SG&A % of Revenue | 64% | 75.64% | 52.04% | 71.91% | 628.53% |
| Research & Development | 217.99M | 240.18M | 122.71M | 153.6M | 170.6M |
| R&D % of Revenue | 241.57% | 320.13% | 170.67% | 224.61% | 2101.72% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -261.55M | -285.52M | -143.24M | -170.72M | -215.31M |
| Operating Margin % | -289.84% | -380.57% | -199.22% | -249.63% | -2652.52% |
| Operating Income Growth % | 8.4% | -99.33% | 16.09% | 20.71% | - |
| EBITDA | -255.33M | -277.16M | -128.9M | -153.94M | -201.56M |
| EBITDA Margin % | -282.95% | -369.43% | -179.28% | -225.11% | -2483.22% |
| EBITDA Growth % | 7.88% | -115.02% | 16.27% | 23.62% | - |
| D&A (Non-Cash Add-back) | 6.22M | 8.36M | 14.34M | 16.77M | 13.74M |
| EBIT | -76.96M | -275M | -125.45M | -148.32M | -224.16M |
| Net Interest Income | 43.1M | 20.38M | 19.39M | 8.89M | 3.6M |
| Interest Income | 43.1M | 20.39M | 19.37M | 8.88M | 3.61M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 184.59M | 10.52M | 17.79M | 22.39M | -8.85M |
| Pretax Income | -76.96M | -275M | -125.45M | -148.32M | -224.16M |
| Pretax Margin % | -85.29% | -366.55% | -174.49% | -216.89% | -2761.57% |
| Income Tax | 0 | 1K | -126K | -74K | 547K |
| Effective Tax Rate % | 0% | -0% | 0.1% | 0.05% | -0.24% |
| Net Income | -134.32M | -274.12M | -124.81M | -148.02M | -224.7M |
| Net Margin % | -148.85% | -365.37% | -173.59% | -216.44% | -2768.31% |
| Net Income Growth % | 51% | -119.63% | 15.68% | 34.13% | - |
| Net Income (Continuing) | -76.96M | -275.01M | -125.33M | -148.25M | -224.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 56.72M | 17.59M | 11.14M | 11.9M | 3.89M |
| EPS (Diluted) | -0.35 | -2.40 | -1.40 | -0.42 | -0.64 |
| EPS Growth % | 85.42% | -71.43% | -233.33% | 34.38% | - |
| EPS (Basic) | -0.35 | -2.40 | -0.36 | -0.42 | -0.64 |
| Diluted Shares Outstanding | 379.91M | 114.32M | 88.93M | 348.96M | 348.96M |
| Basic Shares Outstanding | 379.91M | 114.32M | 348.96M | 348.96M | 348.96M |
| Dividend Payout Ratio | - | - | - | - | - |
High cash burn rate
As reported in recent financial filings, Pony AI's revenue growth remains highly volatile, with quarterly fluctuations ranging from a 13.1% contraction in 2025Q2 to a 16.3% expansion by 2025Q4, suggesting that the company's commercialization efforts are not yet scaling in a predictable or linear fashion.
The erratic revenue trajectory indicates that the firm's income streams, likely tied to project-based licensing and early-stage fleet operations, lack the recurring stability of a mature SaaS model. Investors should monitor whether this volatility reflects lumpy contract recognition or underlying challenges in maintaining consistent fleet utilization rates across its core Chinese markets.
According to the company's income statement data, gross margins have trended downward from a peak of 27.9% in 2023 to 12.7% in 2025Q4, highlighting the significant cost burden associated with scaling autonomous vehicle hardware and the associated human-in-the-loop operational requirements necessary for current service delivery.
The compression in gross margins suggests that the cost of revenue is rising faster than the company's ability to achieve economies of scale. This trend implies that the current service model remains fundamentally capital-intensive, and significant technological breakthroughs in driverless efficiency will be required to reverse this margin erosion.
Based on reported figures, R&D spending remains the primary driver of the company's operating losses, with quarterly outlays reaching as high as $147.3 million in 2024Q4, which significantly dwarfs the company's ability to generate gross profit from its current autonomous driving service and licensing operations.
The massive R&D commitment underscores a 'growth at any cost' strategy aimed at maintaining a competitive edge in the autonomous stack. While this spending is necessary for long-term viability, the lack of a clear inflection point where R&D intensity begins to moderate suggests that profitability remains a distant prospect.
Analysis of the income statement reveals that stock-based compensation, which reached $24.2 million in 2025Q4, significantly impacts the quality of reported earnings, often masking the true extent of operational cash outflows and complicating the assessment of the company's underlying profitability trajectory for potential investors.
The reliance on stock-based compensation to attract and retain specialized engineering talent creates a disconnect between reported net income and actual cash burn. Investors should be wary of these non-cash charges, as they suggest that the company's path to positive free cash flow is further complicated by the need to manage dilution.
Quick answers to the most common questions about buying PONY stock.
For fiscal year 2025, Pony AI Inc. American Depositary Shares (PONY) reported total revenue of $90.2M. This represents a 1011.7% increase compared to $8.1M in 2021.
Pony AI Inc. American Depositary Shares (PONY) reported a net loss of $134.3M for the fiscal year ending 2025.
Pony AI Inc. American Depositary Shares (PONY) reported an operating income of $-261.5M, resulting in an operating profit margin of -289.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Pony AI Inc. American Depositary Shares (PONY) generated $14.2M in gross profit for the year, representing a gross profit margin of 15.7%. This demonstrates the company's core pricing power and production efficiency.