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PONY

Pony AI Inc. American Depositary Shares

PONY

Pony AI Inc. American Depositary Shares • NASDAQ
$13.65 ▲ 1.49% (+0.20)
Market Cap $5.26 B
52w High $24.92
52w Low $4.11
Dividend Yield 0%
P/E -14.37
Volume 2.77M
Outstanding Shares 385.32M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $21.455M ▲ $64.731M ▲ $-53.098M ▼ -247.485% ▲ $-0.15 ▼ $-61.268M ▼
Q1-2025 $13.979M ▼ $58.359M ▼ $-42.988M ▲ -307.518% ▲ $-0.12 ▲ $-53.953M ▲
Q4-2024 $25.152M $111.311M $-111.402M -442.906% $-0.99 ▼ $-105.06M
Q3-2024 $25.152M ▲ $111.311M ▲ $-111.402M ▼ -442.906% ▼ $-0.6 ▲ $-105.06M ▼
Q2-2024 $12.36M $37.152M $-25.659M -207.593% $-0.63 $-33.521M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $608.026M ▼ $991.046M ▲ $126.781M ▲ $853.363M ▼
Q1-2025 $629.948M ▼ $972.336M ▼ $54.99M ▼ $899.875M ▼
Q4-2024 $745.011M $1.051B ▲ $82.11M ▲ $951.122M
Q3-2024 $745.011M ▲ $1.051B ▲ $82.11M ▲ $951.122M ▲
Q2-2024 $473.016M $693.564M $44.516M $638.432M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-53.098M ▼ $-25.411M ▲ $-67.145M ▲ $33.086M ▲ $-60.637M ▼ $-25.411M ▲
Q1-2025 $-42.988M ▲ $-54.159M ▼ $-93.271M ▼ $-9.486M ▼ $379.378M ▲ $-54.159M ▼
Q4-2024 $-111.402M $-25.818M $-76.299M $204.049M $0 ▲ $-30.564M
Q3-2024 $-111.402M ▼ $-25.818M ▼ $-76.299M ▲ $204.049M ▲ $-335M ▼ $-30.564M ▼
Q2-2024 $-25.659M $-18.046M $-83.013M $-357K $-99.148M $-30.514M

Five-Year Company Overview

Income Statement

Income Statement Pony AI is still in a very early commercial stage. Revenue exists but remains tiny compared with its spending, which is typical for a pre‑scale autonomous driving business. Gross profit is positive but small, so it does not yet meaningfully offset operating costs. Losses at the operating and net income level are large and have recently widened again as the company ramps up investment, which is also visible in the more negative earnings per share. Overall, the income statement reflects a company focused on building technology and scale first, with profitability clearly a longer‑term objective rather than a current reality.

Balance Sheet

Balance Sheet The balance sheet shows a much healthier position than a few years ago. Total assets and cash have grown, while debt remains very low, indicating the company is largely equity‑funded rather than reliant on borrowing. Importantly, shareholder equity has moved from negative to comfortably positive, suggesting prior recapitalization and fresh funding have repaired earlier balance‑sheet weakness. This gives Pony AI a more solid financial base to support ongoing development, though its asset base is still modest relative to the scale of its ambitions.

Cash Flow

Cash Flow Cash flow is consistently negative, mainly driven by operating losses rather than heavy capital spending. Capital expenditures are relatively light, reinforcing the company’s asset‑light approach and focus on software, data, and partnerships over owning large fleets outright. Free cash flow remains firmly in the red, but the burn rate has been fairly stable instead of accelerating sharply. The growing cash balance suggests recent fundraising has outpaced cash usage for now, but the business remains dependent on external capital until operating cash flows improve materially.

Competitive Edge

Competitive Edge Pony AI operates in one of the most competitive and capital‑intensive technology races globally: autonomous driving. Its position is strengthened by operating in both China and the United States, giving it experience across very different roads, regulations, and customer expectations. Strategic partnerships with large automakers and logistics players allow Pony AI to lean on partners for vehicles and production, while it focuses on the autonomous stack and services, which supports an asset‑light model. Regulatory approvals for fully driverless services in several major Chinese cities provide an important validation and create a barrier for new entrants. At the same time, the company faces intense competition from both global tech giants and well‑funded local rivals, as well as regulatory and safety scrutiny that can quickly affect deployment timelines.

Innovation and R&D

Innovation and R&D Innovation is clearly Pony AI’s core strength. It has built a full in‑house self‑driving system covering perception, prediction, planning, and control, supported by a sophisticated simulation platform that lets it test countless scenarios virtually. The tight integration of its software with specialized computing hardware, and the rapid progression through multiple generations of its autonomous system, point to a fast product improvement cycle. A key recent milestone is a new generation of robotaxi hardware that significantly cuts costs, which is crucial for scaling commercially. The company is also pushing into autonomous trucking and exploring future applications in personally owned vehicles, indicating a broad roadmap. All of this implies heavy and ongoing R&D spend, with success depending on Pony AI’s ability to maintain a technological edge while turning that innovation into profitable, large‑scale services.

Summary

Pony AI is an early‑stage, high‑growth, high‑uncertainty business centered on autonomous mobility. Financially, it has minimal revenue and sizable, intentional losses as it invests heavily in technology and deployment, though its balance sheet has been strengthened and debt kept low through equity funding and its recent listing. Operationally and strategically, the company benefits from strong partners, regulatory traction in key Chinese cities, and a dual‑market presence across China and the U.S. Its main assets are its technology stack, simulation capabilities, data, and cost‑focused new system generations. The main risks revolve around sustained cash burn, execution challenges in scaling robotaxis and robotrucks, fierce global competition, and evolving regulation. Overall, Pony AI looks like a classic frontier‑technology player: rich in innovation and long‑term potential, but still far from demonstrating stable profitability or self‑funding operations.

NEWS

November 24, 2025 · 3:30 AM UTC

PONY AI Inc. Partners with Sunlight Mobility to Adopt an Asset-Light Model for Accelerating Fleet Expansion

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November 18, 2025 · 7:00 PM UTC

Pony.ai Announces Gen-4 Autonomous Truck Lineup, Set for Mass Production and Deployment in 2026

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November 11, 2025 · 4:00 AM UTC

PONY AI Inc. to Report Third Quarter 2025 Financial Results on November 25, 2025

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November 6, 2025 · 12:01 AM UTC

Pony.ai Lists on HKEX, Ushering in a New Era of Scaled Commercialization in Autonomous Driving

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October 31, 2025 · 5:00 AM UTC

Pony.ai Granted Shenzhen's First Citywide Permit for Fully Driverless Commercial Robotaxi Operations

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