The company is experiencing rapid scaling with an 84.4% year-over-year revenue growth rate, though this is currently constrained by a 30.21% gross margin profile indicative of hardware-heavy project reliance.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Sales/Revenue | 665.94M | 361.13M | 401.84M | 527.54M | 138.17M |
| Revenue Growth % | 84.4% | -10.13% | -23.83% | 281.8% | - |
| Cost of Goods Sold | 464.75M | 250.42M | 218.37M | 295M | 86.51M |
| COGS % of Revenue | 69.79% | 69.34% | 54.34% | 55.92% | 62.61% |
| Gross Profit | 201.19M | 110.72M | 183.48M | 232.54M | 51.66M |
| Gross Margin % | 30.21% | 30.66% | 45.66% | 44.08% | 37.39% |
| Gross Profit Growth % | 81.72% | -39.66% | -21.1% | 350.15% | - |
| Operating Expenses | 2B | 2.3B | 1.75B | 1.01B | 552.16M |
| OpEx % of Revenue | 300.69% | 635.75% | 435.41% | 191.79% | 399.62% |
| Selling, General & Admin | 667.61M | 1.19B | 666.82M | 260.81M | 119.34M |
| SG&A % of Revenue | 100.25% | 330.17% | 165.94% | 49.44% | 86.37% |
| Research & Development | 1.33B | 1.09B | 1.06B | 758.57M | 443.18M |
| R&D % of Revenue | 200.44% | 302.2% | 263.38% | 143.79% | 320.74% |
| Other Operating Expenses | 7 | 12.17M | 24.47M | -7.6M | -10.37M |
| Operating Income | -1.8B | -2.19B | -1.57B | -779.23M | -500.5M |
| Operating Margin % | -270.48% | -605.09% | -389.75% | -147.71% | -362.23% |
| Operating Income Growth % | 17.57% | -39.52% | -100.99% | -55.69% | - |
| EBITDA | -1.8B | -2.08B | -1.48B | -692.68M | -434.67M |
| EBITDA Margin % | -270.48% | -577.09% | -367.45% | -131.3% | -314.59% |
| EBITDA Growth % | 13.57% | -41.14% | -113.17% | -59.36% | - |
| D&A (Non-Cash Add-back) | 0 | 101.13M | 89.61M | 86.55M | 65.82M |
| EBIT | -1.8B | -2.51B | -1.94B | -1.29B | -1B |
| Net Interest Income | 158.73M | 174.1M | 129.19M | 32.54M | 24.2M |
| Interest Income | 167.61M | 176.9M | 132.04M | 36.11M | 29.77M |
| Interest Expense | 8.88M | 2.8M | 2.85M | 3.57M | 5.57M |
| Other Income/Expense | 195.41M | -325.76M | -380.03M | -519.27M | -506.75M |
| Pretax Income | -1.61B | -2.51B | -1.95B | -1.3B | -1.01B |
| Pretax Margin % | -241.14% | -695.29% | -484.33% | -246.14% | -728.98% |
| Income Tax | 3.99M | 5.87M | 2.87M | 0 | 0 |
| Effective Tax Rate % | -0.25% | -0.23% | -0.15% | 0% | 0% |
| Net Income | -1.61B | -2.52B | -1.95B | -1.3B | -1.01B |
| Net Margin % | -241.74% | -696.92% | -485.04% | -246.14% | -728.98% |
| Net Income Growth % | 36.04% | -29.13% | -50.1% | -28.91% | - |
| Net Income (Continuing) | -1.61B | -2.52B | -1.95B | -1.3B | -1.01B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -5.25 | -9.15 | -7.38 | -4.83 | -3.75 |
| EPS Growth % | 42.62% | -23.98% | -52.8% | -28.8% | - |
| EPS (Basic) | -5.25 | -9.15 | -7.38 | -4.83 | -3.75 |
| Diluted Shares Outstanding | 308.19M | 275.4M | 268.04M | 268.04M | 269.42M |
| Basic Shares Outstanding | 308.19M | 275.4M | 268.04M | 268.04M | 269.42M |
| Dividend Payout Ratio | - | - | - | - | - |
Geopolitical tech-restriction exposure
As reported in recent financial disclosures, WeRide achieved an 84.4% year-over-year revenue growth rate, signaling an aggressive market expansion phase driven by the fulfillment of large-scale municipal and commercial fleet orders across five distinct vehicle form factors, including specialized urban sanitation and logistics platforms.
The company's revenue trajectory appears heavily tied to project-based deployments rather than recurring software subscriptions, which may introduce volatility in future periods. Investors should monitor whether this rapid top-line growth can be sustained as the firm transitions from pilot programs to broader commercial fleet integration.
Based on reported figures, the company maintains a 30.21% gross margin, which suggests that current revenue streams are heavily weighted toward hardware-inclusive project sales and sensor-intensive service contracts rather than high-margin, pure-play software licensing models typical of mature autonomous infrastructure providers.
This margin profile indicates that the cost of physical components and field operations currently consumes a significant portion of every dollar earned. Achieving structural margin expansion will likely require a pivot toward software-only licensing or a substantial reduction in the bill of materials for sensor suites.
According to financial statements, the company reports a -270.48% operating margin, illustrating a high fixed-cost structure where massive R&D expenditures and fleet maintenance costs significantly outpace current commercial intake, indicating that operating leverage remains deeply negative during this intensive capital-allocation phase.
The current cost structure appears dominated by personnel expenses for engineering talent and the depreciation of expensive sensor hardware. This suggests that the firm is prioritizing market share and technological maturity over immediate profitability, a strategy that warrants further investigation into the long-term path to break-even.
While the company's multi-pronged deployment strategy is a core thesis, the 84.4% growth rate may mask underlying operational inefficiencies, as managing five distinct vehicle categories could lead to 'diworsification' and prevent any single segment from achieving the necessary scale to reach sustainable profitability.
Short-sellers may focus on the potential for margin compression if the company fails to commoditize its sensor suites or if regulatory hurdles in Tier-1 cities delay fleet expansion. The reliance on project-based revenue also raises concerns regarding the predictability of future cash flows compared to more mature software peers.
Quick answers to the most common questions about buying WRD stock.
For fiscal year 2025, WeRide Inc. (WRD) reported total revenue of $665.9M. This represents a 382.0% increase compared to $138.2M in 2021.
WeRide Inc. (WRD) reported a net loss of $1.61B for the fiscal year ending 2025.
WeRide Inc. (WRD) reported an operating income of $-1801.2M, resulting in an operating profit margin of -270.5%. This margin reflects the operational efficiency of the business before interest and taxes.
WeRide Inc. (WRD) generated $201.2M in gross profit for the year, representing a gross profit margin of 30.2%. This demonstrates the company's core pricing power and production efficiency.