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 It was founded by Tiancheng Lou.1 It employed 1,300 people in 2024.1 Wikipedia text CC BY-SA 4.0

Price unavailable

Last updated Oct 21, 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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Corporate structure

Pony.ai sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Pony.ai

  • FMR LLC Filed SCHEDULE 13G/A on Pony.ai, latest Feb 5, 2026 (2 filings since Nov 5, 2025)
  • TMT General Partner Ltd Filed SCHEDULE 13G/A on Pony.ai, latest Jan 30, 2026 (2 filings since Feb 10, 2025)
  • Jun Peng Filed SCHEDULE 13G/A on Pony.ai, latest Nov 17, 2025 (2 filings since May 15, 2025)
  • HSG Holding Ltd Filed SCHEDULE 13G/A on Pony.ai, latest Nov 14, 2025 (2 filings since Aug 14, 2025)
  • Chi Sing Ho Filed SCHEDULE 13G on Pony.ai, latest Nov 12, 2025 (2 filings since May 29, 2025)
  • Tiancheng Lou Filed SCHEDULE 13G on Pony.ai, latest May 15, 2025
  • HSG Venture VI Holdco, Ltd. Filed SCHEDULE 13G on Pony.ai, latest Feb 14, 2025
  • Toyota Filed SCHEDULE 13G on Pony.ai, latest Feb 14, 2025
  • Teachers Pension Plan Board Ontario Filed SCHEDULE 13G on Pony.ai, latest Feb 7, 2025
  • Pony.ai Fremont

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Pony.ai reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Construction in progress$22.8M5 Dec 31, 2025$597.0K5 Dec 31, 2024+3726.8%
Finance-lease assets$1.4M5 Dec 31, 2025$1.8M5 Dec 31, 2024−21.5%
Operating-lease assets (leased space)$14.8M5 Dec 31, 2025$13.3M5 Dec 31, 2024+11.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$293.5M5 Dec 31, 2025$536.0M5 Dec 31, 2024−45.2%
Marketable securities, current$872.2M5 Dec 31, 2025$209.0M5 Dec 31, 2024+317.2%
Debt securities available for sale$398.6M5 Dec 31, 2025$208.9M5 Dec 31, 2024+90.8%
Equity securities at fair value$19.7M9 Dec 31, 2024
Stakes in other companies (equity method)$68.2M5 Dec 31, 2025$15.4M5 Dec 31, 2024+343.8%
Long-term investments$454.9M5 Dec 31, 2025$130.8M5 Dec 31, 2024+247.8%

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.

Read the full text

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

Calendar

Coming up

  1. Nov 18, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported ($0.16) a share, on Nov 25, 2025.20

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

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 five years, summarized. The full record is on SEC EDGAR.

Insider trades

10 open-market trades by officers, directors and large owners since October 2021: 0 buys and 10 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 28, 2026Wang HaojunChief Financial OfficerSale13,751$7.10$97.6KForm 4
Sep 28, 2026ZHANG NINGVice PresidentSale15,524$7.10$110.2KForm 4
Sep 28, 2026Mo LuyiVice PresidentSale12,425$7.10$88.2KForm 4
Jun 26, 2026Mo LuyiVice PresidentSale14,460$6.86$99.2KForm 4
Jun 26, 2026ZHANG NINGVice PresidentSale17,347$6.86$119.0KForm 4
Jun 26, 2026Wang HaojunChief Financial OfficerSale13,751$6.86$94.3KForm 4
Mar 30, 2026ZHANG NINGVice PresidentSale22,946$8.69$199.4KForm 4
Mar 30, 2026Gao TianVP, Chief of Staff, GCSale31,561$8.69$274.3KForm 4
Mar 30, 2026Mo LuyiVice PresidentSale19,864$8.69$172.6KForm 4
Mar 30, 2026Wang HaojunChief Financial OfficerSale18,283$8.69$158.9KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

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.

SEC filer profile

How Pony.ai is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARPony AI Inc.2
  • CIK0001969302
  • Filer statusLarge accelerated filer not an emerging growth company; not a shell company30
  • Incorporated inCayman Islands30
  • Fiscal year endsDecember 312
  • Industry code (SIC)7373 Services-Computer Integrated Systems Design2
  • SEC reviewing officeOffice of Technology, Division of Corporation Finance2
  • Business address1/F, Building 8, Phase Ii, Datang Industrial Park, Huangge Twn, Nansha Dist, Guangzhou, 511455, China2
  • Phone86 020-3466 76562
  • Shares outstanding433,541,553 shares as of Dec 31, 202530
  • AuditorDeloitte Touche Tohmatsu Certified Public Accountants LLP, Beijing, the People’s Republic of China PCAOB ID 1113; it also attests to the company’s internal control over financial reporting30
  • On EDGAR sinceMar 27, 20232
  • Filings164 in all: 6-K (56), 4 (26), 144 (21), 3 (11), SCHEDULE 13G (9), CORRESP (7), UPLOAD (6), SCHEDULE 13G/A (5)2
    All 21 form types

    F-1/A (4), DRS/A (3), 20-F (2), DRSLTR (2), EFFECT (2), FWP (2), S-8 (2), 424B4 (1), 8-A12B (1), CERT (1), DRS (1), F-1 (1), F-6 (1)

  • Latest filingsAnnual report (20-F) Apr 22, 2026

Securities registered for trading

ClassSymbolExchange
American depositary shares, each ADS represents one Class A ordinary share, par value US$0.0005 per sharePONYThe Nasdaq Global Select Market
Class A ordinary shares, par value US$0.0005 per share*The Nasdaq Global Select Market

From the cover page of the 20-F filed Apr 22, 2026 (Section 12(b) of the Exchange Act).30