NASDAQ : PONY
Pony AI Inc. — Financial statements
Technology · Information Technology Services · China
Last price 4.92 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 2.14B
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Financial statements
Pony AI Inc. (PONY) reported revenue of 125.04M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 125.04M | 90.00M | 75.03M | 71.90M | 68.39M | 8.12M |
| Cost of Revenue | 104.74M | 75.84M | 63.62M | 55.02M | 36.32M | 1.81M |
| Gross Profit | 20.29M | 14.16M | 11.40M | 16.88M | 32.06M | 6.31M |
| Selling, General & Admin | 62.90M | 57.60M | 56.75M | 37.42M | 49.18M | 51.02M |
| Research & Development | 225.02M | 217.42M | 240.18M | 122.71M | 153.60M | 170.60M |
| Operating Expenses | 287.92M | 275.02M | 296.93M | 160.12M | 202.78M | 221.62M |
| Operating Income | -267.62M | -260.86M | -285.52M | -143.24M | -170.72M | -215.31M |
| Interest & Investment Income | 36.50M | 42.98M | 20.38M | 19.39M | 8.89M | 3.60M |
| Other Non Operating Income (Expenses) | -9.09M | -7.23M | 5.73M | 131.00K | 13.61M | -12.46M |
| EBT Excluding Unusual Items | -240.22M | -225.10M | -259.42M | -123.72M | -148.22M | -224.16M |
| Gain (Loss) on Sale of Investments | 155.24M | 148.34M | -15.59M | -1.73M | -107.00K | |
| Pretax Income | -84.98M | -76.76M | -275.00M | -125.45M | -148.32M | -224.16M |
| Income Tax Expense | 1.00K | -126.00K | -74.00K | 547.00K | ||
| Earnings From Continuing Operations | -84.98M | -76.76M | -275.01M | -125.33M | -148.25M | -224.70M |
| Minority Interest in Earnings | -63.16M | -57.21M | 885.00K | 516.00K | 232.00K | |
| Net Income | -148.13M | -133.97M | -274.12M | -124.81M | -148.02M | -224.70M |
| Net Income to Common | -148.13M | -133.97M | -274.12M | -124.81M | -148.02M | -224.70M |
| Shares Outstanding (Basic) | 417.00M | 379.91M | 114.32M | 89.10M | 85.32M | 80.70M |
| Shares Outstanding (Diluted) | 417.00M | 379.91M | 114.32M | 89.10M | 85.32M | 80.70M |
| EPS (Basic) | -0.36 | -0.35 | -2.40 | -1.40 | -1.73 | -2.78 |
| EPS (Diluted) | -0.36 | -0.35 | -2.40 | -1.40 | -1.73 | -2.78 |
| Free Cash Flow | -277.63M | -208.83M | -122.16M | -120.51M | -166.80M | -171.54M |
| Free Cash Flow Per Share | -0.67 | -0.55 | -1.07 | -1.35 | -1.96 | -2.13 |
| Gross Margin | 16.23% | 15.73% | 15.20% | 23.48% | 46.89% | 77.74% |
| Operating Margin | -214.04% | -289.84% | -380.57% | -199.22% | -249.63% | -2,652.52% |
| Profit Margin | -118.47% | -148.85% | -365.37% | -173.59% | -216.44% | -2,768.31% |
| Free Cash Flow Margin | -222.04% | -232.03% | -162.82% | -167.61% | -243.91% | -2,113.37% |
| EBITDA | -260.97M | -254.64M | -277.16M | -128.90M | -153.94M | -201.56M |
| EBITDA Margin | -208.71% | -282.93% | -179.28% | -225.11% | ||
| D&A For EBITDA | 6.66M | 6.22M | 8.36M | 14.34M | 16.77M | 13.74M |
| EBIT | -267.62M | -260.86M | -285.52M | -143.24M | -170.72M | -215.31M |
| EBIT Margin | -214.04% | -289.84% | -199.22% | -249.63% | ||
| Revenue as Reported | 125.04M | 90.00M | 75.03M | 71.90M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 327.11M | 293.49M | 535.98M | 425.96M | 316.26M | 242.54M |
| Short-Term Investments | 787.01M | 872.16M | 209.03M | 163.59M | 261.64M | 176.21M |
| Cash & Short-Term Investments | 1.11B | 1.17B | 745.01M | 589.55M | 577.90M | 418.75M |
| Receivables | 56.23M | 34.98M | 36.88M | 37.23M | 34.20M | 2.17M |
| Prepaid Expenses | 61.78M | 48.07M | 52.71M | 39.51M | 29.65M | 21.22M |
| Restricted Cash | 4.68M | 1.94M | 21.00K | 49.00K | 1.81M | |
| Total Current Assets | 1.24B | 1.25B | 834.62M | 666.35M | 643.57M | 442.14M |
| Property, Plant & Equipment | 117.33M | 75.28M | 30.58M | 21.84M | 34.97M | 33.91M |
| Long-Term Investments | 375.66M | 454.94M | 130.80M | 51.71M | 80.65M | 227.17M |
| Other Long-Term Assets | 8.84M | 31.98M | 54.82M | 7.22M | 12.33M | 5.71M |
| Total Assets | 1.74B | 1.81B | 1.05B | 747.12M | 771.51M | 708.94M |
| Accounts Payable | 72.07M | 31.86M | 16.03M | 1.79M | 1.77M | 2.62M |
| Accrued Expenses | 43.91M | 35.32M | 16.80M | 16.14M | 22.54M | |
| Short-Term Debt | 3.95M | |||||
| Current Portion of Leases | 5.51M | 5.32M | 3.97M | 5.11M | 5.30M | |
| Current Income Taxes Payable | 7.40M | 1.81M | 2.41M | 3.19M | 895.00K | |
| Current Unearned Revenue | 1.92M | 3.23M | 2.41M | 4.92M | ||
| Other Current Liabilities | 1.07M | 10.53M | 19.64M | 12.83M | 4.04M | |
| Total Current Liabilities | 77.58M | 91.47M | 70.89M | 48.16M | 48.10M | 30.11M |
| Long-Term Leases | 13.52M | 11.18M | 10.99M | 2.25M | 3.79M | |
| Other Long-Term Liabilities | 1.91M | 1.18M | 233.00K | 1.53M | 1.71M | 1.14M |
| Total Liabilities | 93.00M | 103.84M | 82.11M | 51.94M | 53.60M | 31.25M |
| Common Stock | 1.58B | 217.00K | 175.00K | 45.00K | 44.00K | 42.00K |
| Additional Paid-In Capital | 3.08B | 2.23B | 57.76M | 63.20M | 50.80M | |
| Retained Earnings | -1.42B | -1.29B | -739.53M | -614.66M | -466.55M | |
| Comprehensive Income & Other | -4.54M | 10.35M | 4.47M | -72.00K | 13.61M | |
| Total Common Equity | 1.58B | 1.65B | 951.12M | -677.25M | -551.49M | -402.10M |
| Minority Interest | 70.10M | 56.72M | 17.59M | 11.14M | 11.90M | 3.89M |
| Shareholders' Equity | 1.65B | 1.71B | 968.71M | 695.17M | 717.91M | 677.69M |
| Total Liabilities & Equity | 1.74B | 1.81B | 1.05B | 747.12M | 771.51M | 708.94M |
| Total Debt | 19.02M | 16.50M | 14.96M | 7.36M | 13.04M | |
| Net Cash (Debt) | 1.10B | 1.15B | 730.05M | 582.20M | 564.87M | 418.75M |
| Net Cash Per Share | 2.63 | 3.02 | 6.39 | 6.53 | 6.62 | 5.19 |
| Filing Date Shares Outstanding | 433.55M | 433.54M | 355.29M | 91.75M | 91.80M | 80.70M |
| Total Common Shares Outstanding | 433.55M | 433.54M | 350.29M | 91.75M | 91.80M | 80.70M |
| Working Capital | 1.16B | 1.16B | 763.74M | 618.18M | 595.47M | 412.04M |
| Book Value Per Share | 3.63 | 3.81 | 2.72 | -7.38 | -6.01 | -4.98 |
| Tangible Book Value | 1.58B | 1.65B | 951.12M | -677.25M | -551.49M | -402.10M |
| Tangible Book Value Per Share | 3.63 | 3.81 | 2.72 | -7.38 | -6.01 | -4.98 |
| Machinery | 83.13M | 62.15M | 53.36M | 53.78M | 50.58M | |
| Construction In Progress | 22.85M | 597.00K | 7.00K | 125.00K | 1.16M | |
| Leasehold Improvements | 8.71M | 4.73M | 6.20M | 6.26M | 5.50M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -148.13M | -133.97M | -274.12M | -124.81M | -148.02M | -224.70M |
| Depreciation & Amortization | 6.22M | 6.22M | 8.36M | 14.34M | 16.77M | 13.74M |
| Loss (Gain) From Sale of Assets | 16.00K | 16.00K | -36.00K | 1.12M | -39.00K | 127.00K |
| Loss (Gain) From Sale of Investments | -148.34M | -148.34M | 15.59M | 1.73M | 107.00K | 4.37M |
| Stock-Based Compensation | 30.80M | 30.80M | 127.00M | 3.25M | 13.18M | 41.06M |
| Other Operating Activities | 35.44M | 59.92M | 286.00K | 8.59M | -2.96M | 15.61M |
| Change in Accounts Receivable | 4.01M | 4.01M | 2.02M | -16.37M | -26.53M | 336.00K |
| Change in Accounts Payable | 14.16M | 14.16M | 23.22M | -1.15M | 19.01M | 12.36M |
| Change in Other Net Operating Assets | 2.23M | 2.23M | -13.07M | -2.14M | -26.29M | -9.04M |
| Operating Cash Flow | -203.60M | -164.96M | -110.76M | -115.42M | -154.77M | -146.14M |
| Capital Expenditures | -74.03M | -43.88M | -11.40M | -5.09M | -12.03M | -25.40M |
| Sale of Property, Plant & Equipment | 4.00K | 4.00K | 52.00K | 869.00K | 520.00K | |
| Investment in Securities | -845.31M | -845.31M | -169.92M | 140.72M | 60.84M | 80.23M |
| Investing Cash Flow | -567.87M | -889.16M | -181.27M | 136.49M | 49.33M | 54.83M |
| Short-Term Debt Issued | 3.95M | |||||
| Total Debt Issued | 3.95M | |||||
| Long-Term Debt Repaid | -971.00K | -1.01M | -4.89M | -853.00K | ||
| Net Debt Issued (Repaid) | -971.00K | -971.00K | -1.01M | -4.89M | 3.09M | |
| Issuance of Common Stock | 832.08M | 832.08M | 408.40M | 328.00K | ||
| Repurchase of Common Stock | -12.64M | -12.64M | -4.55M | -5.40M | ||
| Other Financing Activities | -27.62M | -3.64M | 7.54M | 1.55M | ||
| Financing Cash Flow | 790.86M | 814.83M | 407.39M | 89.76M | 191.57M | 121.87M |
| Foreign Exchange Rate Adjustments | -6.22M | -1.18M | -5.40M | -3.15M | -10.61M | 2.38M |
| Net Cash Flow | 13.16M | -240.46M | 109.97M | 107.69M | 75.53M | 32.95M |
| Free Cash Flow | -277.63M | -208.83M | -122.16M | -120.51M | -166.80M | -171.54M |
| Free Cash Flow Margin | -222.04% | -232.03% | -162.82% | -167.61% | -243.91% | -2,113.37% |
| Free Cash Flow Per Share | -0.67 | -0.55 | -1.07 | -1.35 | -1.96 | -2.13 |
| Levered Free Cash Flow | -271.90M | -146.04M | -43.44M | -83.44M | -116.91M | |
| Unlevered Free Cash Flow | -271.90M | -146.04M | -43.44M | -83.44M | -116.91M | |
| Cash Income Tax Paid | 1.00K | 434.00K | 9.00K | |||
| Change in Working Capital | 20.41M | 20.41M | 12.16M | -19.65M | -33.81M | 3.65M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.01B | 6.29B | 5.01B | |||
| Enterprise Value | 911.90M | 5.87B | 5.96B | |||
| Last Close Price | 4.62 | 14.50 | 14.35 | |||
| PS Ratio | 16.05 | 69.85 | 66.75 | |||
| PB Ratio | 1.27 | 3.68 | 5.17 | |||
| P/TBV Ratio | 1.27 | 3.81 | 5.26 | |||
| EV/Sales Ratio | 7.29 | 65.19 | 79.50 | |||
| Debt / Equity Ratio | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | |
| Net Debt / Equity Ratio | -0.67 | -0.67 | -0.75 | -0.84 | -0.79 | -0.62 |
| Net Debt / EBITDA Ratio | 4.20 | 4.51 | 2.63 | 4.52 | 3.67 | 2.08 |
| Net Debt / FCF Ratio | 3.94 | 5.50 | 5.98 | 4.83 | 3.39 | 2.44 |
| Asset Turnover | 0.09 | 0.06 | 0.08 | 0.10 | 0.09 | |
| Quick Ratio | 15.09 | 13.12 | 11.03 | 13.01 | 12.73 | 13.98 |
| Current Ratio | 15.94 | 13.67 | 11.77 | 13.84 | 13.38 | 14.69 |
| Return on Equity (ROE) | -6.77% | -5.73% | -33.06% | -17.74% | -21.25% | |
| Return on Assets (ROA) | -12.26% | -11.39% | -19.85% | -11.79% | -14.41% | |
| Return on Capital Employed (ROCE) | -16.10% | -15.20% | -29.10% | -20.50% | -23.60% | -31.70% |
| Earnings Yield | -7.68% | -2.13% | -5.47% | |||
| FCF Yield | -13.83% | -3.32% | -2.44% | |||
| Buyback Yield / Dilution | -68.02% | -232.33% | -28.30% | -4.43% | -5.73% |