$PYAIF

Pony AI Inc.

CIK:0001969302|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Total Revenues	$ 90,001	$ 75,025	$ 71,899
Cost of revenues	(75,840)	(63,622)	(55,015)
Gross profit	14,161	11,403	16,884
Operating expenses:
Research and development expenses	(217,419)	(240,179)	(122,707)
Selling, general and administrative expenses	(57,599)	(56,747)	(37,417)
Total operating expenses	(275,018)	(296,926)	(160,124)
Loss from operations	(260,857)	(285,523)	(143,240)
Investment income	42,985	20,378	19,389
Changes in fair value of warrants liability		5,617	(3,030)
Changes in fair value of trading securities	128,031	(21,285)	(4,727)
Other income, net	13,083	5,808	6,154
Loss before income tax	(76,758)	(275,005)	(125,454)
Income tax benefits (expenses)		(1)	126
Net loss	(76,758)	(275,006)	(125,328)
Net (loss) income attributable to non-controlling interests	57,211	(885)	(516)
Net loss	$ (133,969)	$ (274,121)	$ (124,812)
Weighted average number of shares outstanding used in computing net loss per share, basic	379,914,317	114,318,765	89,100,415
Weighted average number of shares outstanding used in computing net loss per share, diluted	379,914,317	114,318,765	89,100,415
Net loss per ordinary share and per ADS, basic	$ (0.35)	$ (2.4)	$ (1.4)
Net loss per ordinary share and per ADS, diluted	$ (0.35)	$ (2.4)	$ (1.4)
Foreign currency translation adjustments	$ 3,933	$ (2,952)	$ (3,841)
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	(30,609)	16,089	8,089
Total other comprehensive income (loss)	(26,676)	13,137	4,248
Total comprehensive loss	(103,434)	(261,869)	(121,080)
Less: Comprehensive (loss) income attributable to non-controlling interest	45,568	6,444	(757)
Total comprehensive loss attributable to Pony AI Inc.	(149,002)	(268,313)	(120,323)
Share-based compensation expenses	30,800	127,000	3,800
Research and development expenses
Operating expenses:
Share-based compensation expenses	21,115	102,383	1,832
Selling, general and administrative expenses
Operating expenses:
Share-based compensation expenses	9,683	24,620	1,926
Service
Total Revenues	56,714	67,415	64,546
Product
Total Revenues	$ 33,287	$ 7,610	$ 7,353

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ (76,758)	$ (275,006)	$ (125,328)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	6,220	8,361	14,342
Share-based compensation	30,798	127,003	3,254
Losses (gains) from disposal of property and equipment	16	(36)	1,124
Realized gains from investments	(20,313)	(5,697)	(2,993)
Deferred income tax			(120)
Changes in fair value of warrants liability		(5,617)	3,030
Changes in fair value of trading securities	(128,031)	21,285	4,727
Unrealized foreign exchange losses (gains)	(3,750)	550	681
Non-cash lease expenses	6,456	6,238	5,515
Changes in operating assets and liabilities:
Accounts receivable	4,014	2,016	(16,367)
Amounts due from related parties	(3,016)	(2,672)	5,625
Prepaid expenses and other current assets	11,068	(9,857)	(5,027)
Other non-current assets	(1,793)	3,739	302
Accounts payable and other current liabilities	14,162	23,220	(1,149)
Right-of-use assets	(6,249)	(11,377)	(3,424)
Operating lease liabilities, current and non-current	1,739	7,206	345
Other non-current liabilities	482	(114)	42
Net cash used in operating activities	(164,955)	(110,758)	(115,421)
Cash flows from investing activities:
Purchases of property, equipment and software	(43,875)	(11,397)	(5,091)
Purchases of short-term investments	(816,653)	(513,596)	(66,088)
Proceeds from the sales and maturities of short-term investments	336,874	488,643	172,214
Prepayment for long-term investments		(52,823)
Purchases of long-term investments	(414,302)	(113,842)	(15,000)
Proceeds from the sales and maturities of long-term investments	48,772	21,696	49,590
Loans to third parties	(13,512)
Proceeds from repayment of loans to third parties	13,532
Proceeds from disposal of property and equipment	4	52	869
Net cash provided by (used in) investing activities	(889,160)	(181,267)	136,494
Cash flows from financing activities:
Net proceeds from issuance of Series D convertible redeemable preferred shares			104,006
Proceeds from issuance of Class A ordinary shares upon the completion of the IPO and the CPP, net of issuance cost of $9,442		408,404
Proceeds from issuance of Class A ordinary shares upon the completion of Dual Primary Listing, net of issuance cost of $7,973	829,351
Payments for finance lease liabilities	(971)	(1,015)	(1,061)
Proceeds from discounting notes receivable	2,795
Payments for loans in connection to warrant issuance			(3,829)
Repurchase/Settlement of RSUs	(12,638)		(3,558)
Proceeds from exercise of share options	2,626	0
Dividends distribution to a non-controlling shareholder	(6,435)
Payment for the repurchase of ordinary shares			(994)
Payment for the repurchase of Series A convertible redeemable preferred shares			(4,800)
Proceeds from shares sold on behalf of employees	105
Net cash provided by financing activities	814,833	407,389	89,764
Effect of exchange rate changes on cash and cash equivalents	(1,177)	(5,397)	(3,150)
Increase (decrease) in cash and cash equivalents	(240,459)	109,967	107,687
Cash, cash equivalents and restricted cash at beginning of year	536,172	426,205	318,518
Cash, cash equivalents and restricted cash at end of year	295,713	536,172	426,205
Cash and cash equivalents	293,489	535,976	425,960
Restricted cash	2,224	196	245
Cash, cash equivalents and restricted cash at end of year	295,713	536,172	426,205
Supplemental disclosure of cash flow information
- Cash paid for income tax		1	434
Non-cash investing and financing activities
- Payable for purchase of property and equipment, and not paid yet	$ 11,819	$ 148	212
- Accounts receivable settled in shares			$ 10,000

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 293,489	$ 535,976
Restricted cash, current	1,936	21
Short-term investments (including short-term investments measured at fair value of $209,035 and $872,158 as of December 31, 2024 and 2025, respectively)	872,158	209,035
Accounts receivable, net	23,644	28,555
Amounts due from related parties, current	$ 11,338	$ 8,322
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Prepaid expenses and other current assets	$ 48,074	$ 52,713
Total current assets	1,250,639	834,622
Non-current assets:
Restricted cash, non-current	288	175
Property, equipment and software, net	60,467	17,241
Operating lease right-of-use assets	14,811	13,342
Long-term investments (including long-term investments measured at fair value of $93,449 and $129,876 as of December 31, 2024 and 2025, respectively)	454,942	130,799
Prepayment for long-term investments	25,000	52,823
Other non-current assets	6,690	1,819
Total non-current assets	562,198	216,199
Total assets	1,812,837	1,050,821
Current liabilities:
Accounts payable and other current liabilities	85,261	66,548
Operating lease liabilities, current	4,792	3,438
Amounts due to related parties, current	$ 1,422	$ 900
Other Liability, Current, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Total current liabilities	$ 91,475	$ 70,886
Operating lease liabilities, non-current	10,375	9,835
Other non-current liabilities	1,988	1,389
Total liabilities	103,838	82,110
Pony AI Inc. shareholders' equity:
Additional paid-in capital	3,078,559	2,228,444
Special reserve	355	220
Accumulated deficit	(1,421,955)	(1,287,851)
Accumulated other comprehensive income (loss)	(4,899)	10,134
Total Pony AI Inc. shareholders' equity	1,652,277	951,122
Non-controlling interests	56,722	17,589
Total shareholders' equity	1,708,999	968,711
Total liabilities and shareholders' equity	1,812,837	1,050,821
Commitments and contingencies (See note 10)
Class A ordinary shares
Pony AI Inc. shareholders' equity:
Ordinary shares	182	140
Class B ordinary shares
Pony AI Inc. shareholders' equity:
Ordinary shares	$ 35	$ 35