Pony AI (PONY) financial statements
Pony AI reported revenue of $90M in fiscal 2025, up 9.6% a year over 3 years.
Net income was -$134M and the operating margin -289.8%, against -249.6% in 2022.
Free cash flow was -$209M.
The diluted share count rose 345% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Pony AI's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $68M | $72M | $75M | $90M |
| Cost of revenue | $36M | $55M | $64M | $76M |
| Gross profit | $32M | $17M | $11M | $14M |
| Research and development | $154M | $123M | $240M | $217M |
| Selling, general and admin | $49M | $37M | $57M | $58M |
| Operating income | -$171M | -$143M | -$286M | -$261M |
| Pre-tax income | -$148M | -$125M | -$275M | -$77M |
| Income tax | -$74,000 | -$126,000 | $1,000 | — |
| Net income | -$148M | -$125M | -$274M | -$134M |
| EPS (diluted) | -$1.73 | -$1.40 | -$2.40 | -$0.35 |
| Diluted shares | 85M | 89M | 114M | 380M |
| Gross margin | 46.9% | 23.5% | 15.2% | 15.7% |
| Operating margin | -249.6% | -199.2% | -380.6% | -289.8% |
| Net margin | -216.4% | -173.6% | -365.4% | -148.9% |
Balance sheet
Fiscal years, from Pony AI's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Cash and short-term investments | $578M | $590M | $745M | $1.2B |
| Receivables | $26M | $32M | $29M | $24M |
| Total current assets | $644M | $666M | $835M | $1.3B |
| Property, plant and equipment | $27M | $15M | $17M | $60M |
| Total assets | $772M | $747M | $1.1B | $1.8B |
| Total current liabilities | $48M | $48M | $71M | $91M |
| Total liabilities | $54M | $52M | $82M | $104M |
| Shareholders' equity | -$551M | -$677M | $951M | $1.7B |
| Net debt | -$316M | -$426M | -$536M | -$293M |
Cash flow
Fiscal years, from Pony AI's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating cash flow | -$155M | -$115M | -$111M | -$165M |
| Capital spending | $12M | $5M | $11M | $44M |
| Free cash flow | -$167M | -$121M | -$122M | -$209M |
| Stock-based compensation | $13M | $3M | $127M | $31M |
| Share buybacks (net) | — | -$994,000 | — | — |
| Free cash flow margin | -243.9% | -167.6% | -162.8% | -232.0% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for PONY.
Open PONY in InvestinglyQuestions
What was Pony AI's revenue in 2025?
$90M in fiscal 2025, from its 10-K filing.
How much free cash flow does Pony AI generate?
-$209M in fiscal 2025 (operating cash flow minus capital spending).
From Pony AI's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.