PONY on Nasdaq

Pony.ai

Logo: https://www.pony.ai/, Public domain, via Wikimedia Commons4

Autonomous vehicle technology company

Pony AI Inc. (Chinese: 小马智行; pinyin: Xiǎomǎ Zhìxíng) is a Chinese autonomous vehicle technology company co-located in Silicon Valley, Beijing, and Guangzhou.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 18, 2026.

Overview

$90.0MRevenue, fiscal 20255
-$134.0MNet income, fiscal 20255
Dec 2016Founded1

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  • TickerPONY on Nasdaq1
  • Industryautonomous car1
  • HeadquartersFremont1
  • Websitewww.pony.ai
  • Incorporated inCayman Islands6
  • Business address1/F, Building 8, Phase Ii, Datang Industrial Park, Huangge Twn, Nansha Dist, Guangzhou, 5114556
  • Filer categoryLarge accelerated filer6
(CHN-Guangdong) Pony.ai Lexus RX450h P6001 2024-05-24
Photo: S5A-0043, CC BY 2.0, via Wikimedia Commons8

Pony AI Inc. (Chinese: 小马智行; pinyin: Xiǎomǎ Zhìxíng) is a Chinese autonomous vehicle technology company co-located in Silicon Valley, Beijing, and Guangzhou.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

15.7%Gross margin5
-289.8%Operating margin5
-148.9%Net margin5
20.0%Revenue growth, 20255
-8.1%Return on equity5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Virtual Driver Operation And Other Related Services brought in 45% of the revenue Pony.ai broke down this way in fiscal 2025.

  1. Virtual Driver Operation And Other Related Services$40.2M545%up 2% from 2024
  2. Product$33.3M537%up 337% from 2024
  3. Engineering Solution Services$16.5M518%down 41% from 2024
Products and services by year
Products and services202320242025
Virtual Driver Operation And Other Related Services$23.9M$39.4M$40.2M
Product$7.4M$7.6M$33.3M
Engineering Solution Services$40.6M$28.0M$16.5M

Regions

China brought in 97% of the revenue Pony.ai broke down this way in fiscal 2025.

  1. China$87.6M597%up 18% from 2024
  2. Other Overseas Regions$2.4M53%up 303% from 2024
Regions by year
Regions202320242025
China$71.6M$74.4M$87.6M
Other Overseas Regions$321.0K$604.0K$2.4M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue22¢$75.8M
  • Research and development62¢$217.4M
  • Selling, general and admin16¢$57.6M

Out of $90.0M in revenue.5 The company lost money this year.

Financial statements

Revenue95$90.0M in 2025+32% since 2022
0$25.0M$50.0M$75.0M$100.0M2022: $68.4M$68.4M20222023: $71.9M$71.9M2023+5%2024: $75.0M$75.0M2024+4%2025: $90.0M$90.0M2025+20%
Gross profit95$14.2M in 2025−56% since 2022
0$10.0M$20.0M$30.0M$40.0M2022: $32.1M$32.1M20222023: $16.9M$16.9M2023−47%2024: $11.4M$11.4M2024−32%2025: $14.2M$14.2M2025+24%
Operating income95-$260.9M in 2025+53% since 2022
-$300.0M-$200.0M-$100.0M02022: -$170.7M-$170.7M20222023: -$143.2M-$143.2M2023−16%2024: -$285.5M-$285.5M2024+99%2025: -$260.9M-$260.9M2025−9%
Net income95-$134.0M in 2025−9% since 2022
-$300.0M-$200.0M-$100.0M02022: -$148.0M-$148.0M20222023: -$124.8M-$124.8M2023−16%2024: -$274.1M-$274.1M2024+120%2025: -$134.0M-$134.0M2025−51%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Total Revenues$90.0M$75.0M$71.9M
Cost of revenues-$75.8M-$63.6M-$55.0M
Gross profit$14.2M$11.4M$16.9M
Research and development expenses-$217.4M-$240.2M-$122.7M
Selling, general and administrative expenses-$57.6M-$56.7M-$37.4M
Total operating expenses-$275.0M-$296.9M-$160.1M
Loss from operations-$260.9M-$285.5M-$143.2M
Investment income$43.0M$20.4M$19.4M
Changes in fair value of warrants liability$5.6M-$3.0M
Changes in fair value of trading securities$128.0M-$21.3M-$4.7M
Other income, net$13.1M$5.8M$6.2M
Loss before income tax-$76.8M-$275.0M-$125.5M
Income tax benefits (expenses)-$1.0K$126.0K
Net loss-$76.8M-$275.0M-$125.3M
Net (loss) income attributable to non-controlling interests$57.2M-$885.0K-$516.0K
Net loss-$134.0M-$274.1M-$124.8M
Weighted average number of shares outstanding used in computing net loss per share, basic379.9M shares114.3M shares89.1M shares
Weighted average number of shares outstanding used in computing net loss per share, diluted379.9M shares114.3M shares89.1M shares
Net loss per ordinary share and per ADS, basic-$0.35-$2.40-$1.40
Net loss per ordinary share and per ADS, diluted-$0.35-$2.40-$1.40
Foreign currency translation adjustments$3.9M-$3.0M-$3.8M
Unrealized gain (loss) on available-for-sale investments, net of tax of $243, $(282) and $(27), for the years ended December 31, 2023, 2024 and 2025, respectively-$30.6M$16.1M$8.1M
Total other comprehensive income (loss)-$26.7M$13.1M$4.2M
Total comprehensive loss-$103.4M-$261.9M-$121.1M
Less: Comprehensive (loss) income attributable to non-controlling interest$45.6M$6.4M-$757.0K
Total comprehensive loss attributable to Pony AI Inc.-$149.0M-$268.3M-$120.3M
Share-based compensation expenses$30.8M$127.0M$3.8M
Unrealized gain on available-for-sale investments, tax-$27.0K-$282.0K$243.0K

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The story

Founded by Tiancheng Lou on Dec 2016.1

The company was founded in December 2016 by James Peng and Tiancheng Lou, formerly software developers for Baidu in Silicon Valley.

The company has partnered with equipment manufacturers such as Toyota. Pony.ai obtained permits to run fully driverless ride-hailing services in Beijing and Guangzhou, China.

In April 2019, Pony.ai launched a pilot system covering 50 km2 (19 sq mi) in Guangzhou for employees and invited affiliates, serving pre-defined pick-up points.

In November 2019, the company started a three-month trial in Irvine, California, with 10 cars and defined stops for pick-up and drop-off. In February 2021, Brunei Investment Agency participated in a $100 million funding series round for Pony.ai.

In May 2021, the California Department of Motor Vehicles (DMV) permitted Pony.ai to test six autonomous vehicles without human safety drivers on specified streets in Fremont, Milpitas and Irvine. The permit restricts operation to roads with speed limits not exceeding 45 miles per hour (72 km/h) in clear weather and light precipitation. Testing was planned to start in Fremont and Milpitas on weekdays between 10 a.m. and 3 p.m. In June 2021, testing began in Fremont and Milpitas.

On October 28, a Pony.ai vehicle operating in autonomous mode hit a road center divider and a traffic sign in Fremont after turning right. In December 2021, California DMV suspended a driverless testing permit for Pony.ai following this accident. It is the first time for DMV to issue such a suspension. Subsequently, the National Highway Traffic Safety Administration (NHTSA) launched a probe. More than four months after the accident, the NHTSA announced the "first recall of an automated driving system" as the company complied with the government agency’s request. In May 2022, California DMV revoked Pony.ai's permit for failing to monitor the driving records of the safety drivers on its testing permit. By June 2023, Pony.ai was back to testing its fleet with safety drivers present in California.

According to the California DMV, in 2021 Pony.ai had the third-highest number of miles driven, behind Waymo and Cruise.

In April 2022, Pony.ai became the first autonomous driving company to get a taxi license in China.

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In July 2022, Pony.ai partnered with equipment manufacturer Sany Heavy Industry to mass produce autonomous driving trucks in China.

In April 2023, Pony.ai was licensed to operate robotaxi services in Guangzhou.

In August 2023, Toyota and Pony.ai developed plans to mass produce robotaxis in China. The two companies and GAC-Toyota, a venture between the Japanese automaker and Chinese state-owned Guangzhou Automobile Group, will invest more than 1 billion yuan ($140 million) combined.

In April 2025, Pony.ai partnered with Tencent Cloud and Smart Industries Group, the cloud business division of Tencent Holding, to advance autonomous driving technology.

As of June 2025, Pony AI was testing autonomous big trucks (with a safety driver) on a highway between Beijing and the Port of Tianjin. Around that time, Reuters reported estimates that "Pony AI lets one person monitor as many as a dozen" of its robotaxis at the same time, with analysts polled by LSEG estimating that the company could become profitable by 2029 (after still incurring over $200 million in losses in 2024).

In November 2025, Pony.ai announced its partnership with Bolt, as they aim to deploy driverless cars as part of Bolt's taxi services in Europe.

On 10 December 2025, Pony.ai announced its expansion into Singapore after partnering with the country's largest transport operator ComfortDelGro. This is part of their global expansion strategy.

From Wikipedia’s article on Pony.ai, shared under CC BY-SA 4.0.7

Leadership

Who has led Pony.ai, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Jun Peng2026–now

Chief financial officer

  1. Haojun Wang2026–now
20202025
Board members and other officers (10)

Employees over time

  • 20241,3001

Timeline

  1. Mar 18, 2026New chief executive Jun Peng becomes CEO10
  2. Dec 2016Founded Founded1

Filings

164 filings to the SEC since October 2021: 2 annual reports, 37 insider forms, 14 large holders, 111 other. The latest 20:

  1. Oct 9, 20266-K EDGAR
  2. Oct 7, 20266-K EDGAR
  3. Oct 2, 20264 OWNERSHIP DOCUMENT EDGAR
  4. Oct 2, 20266-K EDGAR
  5. Sep 30, 2026144 EDGAR
  6. Sep 29, 20264 OWNERSHIP DOCUMENT EDGAR
  7. Sep 29, 20264 OWNERSHIP DOCUMENT EDGAR
  8. Sep 29, 20264 OWNERSHIP DOCUMENT EDGAR
  9. Sep 29, 20264 OWNERSHIP DOCUMENT EDGAR
  10. Sep 28, 2026144 EDGAR
  11. Sep 28, 2026144 EDGAR
  12. Sep 28, 2026144 EDGAR
  13. Sep 23, 20266-K EDGAR
  14. Sep 4, 20266-K EDGAR
  15. Aug 25, 20266-K EDGAR
  16. Aug 18, 20266-K EDGAR
  17. Aug 14, 20266-K EDGAR
  18. Aug 6, 20266-K EDGAR
  19. Jul 17, 20266-K EDGAR
  20. Jul 9, 20266-K EDGAR

The 164 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 14 such filings since October 2021, the latest 10:

  1. Feb 5, 2026SCHEDULE 13G/A
  2. Jan 30, 2026SCHEDULE 13G/A
  3. Nov 17, 2025SCHEDULE 13G/A
  4. Nov 14, 2025SCHEDULE 13G/A
  5. Nov 12, 2025SCHEDULE 13G
  6. Nov 5, 2025SCHEDULE 13G
  7. Aug 14, 2025SCHEDULE 13G/A
  8. May 29, 2025SCHEDULE 13G
  9. May 15, 2025SCHEDULE 13G
  10. May 15, 2025SCHEDULE 13G

From Forms 4 and Schedules 13D and 13G filed with the SEC.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Ontario Teachers Pension Plan Board21,641,766$150.4M1.0%+15,149,236
Baillie Gifford & Co12,421,070$86.3M0.1%+6,061,602
Fmr LLC10,812,608$75.1M0.0%−3,098,318
Vanguard Capital Management LLC8,151,732$56.7M0.0%+283,383
HSG Holding Ltd7,538,358$52.4M4.4%No change
TMT General Partner Ltd6,942,135$48.2M24.9%No change
Norges Bank5,307,487$36.9M0.0%New
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.4,428,729$30.8M0.0%+152,177
UBS Group AG4,387,040$30.5M0.0%+2,495,403
IDG China Venture Capital Fund IV Associates L.P.3,989,250$27.7M18.8%No change
Morgan Stanley2,908,301$20.2M0.0%−295,643
Wellington Management Group Llp2,798,990$19.5M0.0%−234,796
Eurizon Capital SGR S.p.A.2,735,897$19.0M0.1%+1,555,843
Bamco Inc /ny/2,720,081$18.9M0.0%+594,438
M&g PLC2,432,769$17.0M0.1%+794,443
Carlyle Group Inc.2,362,447$16.4M0.2%No change
Vanguard Fiduciary Trust Co2,225,498$15.5M0.0%+83,483
ARK Investment Management LLC2,212,454$15.4M0.1%+286,303
Goldman Sachs Group Inc1,863,340$13.0M0.0%+1,375,341
Lingotto Investment Management LLP1,817,066$12.6M0.3%−1,507,002
Sumitomo Mitsui Trust Group, Inc.1,596,694$11.1M0.0%−225,041
Amova Asset Management Americas, Inc.1,596,694$11.1M0.1%−225,041
Ghisallo Capital Management LLC1,500,000$10.4M0.2%New
Citadel Advisors LLC1,058,925$7.4M0.0%−805,977
Masters Capital Management LLC950,000$6.6M0.9%No change

13F reports cover disclosed long positions in U.S. stocks only.