Pony AI Inc. (PONY) Income Statement
PONY 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsPONY revenue and net income
Where PONY's revenue goes
2025Each bar shows an amount and its share of revenue. PONY kept −148.9% of revenue as net income.
PONY profit margins
PONY growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +20.3% | +9.7% | — | — |
| Gross profit | +24.5% | −23.8% | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
PONY quarterly EPS vs estimates
Pony AI Inc. beat the analyst EPS estimate in 2 of the last 3 quarters. Next report: November 24, 2026.
PONY income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | $90.2M | $75.0M | $71.9M | $68.4M | $8.1M |
| Cost of revenue | $76.0M | $63.6M | $55.0M | $36.3M | $1.8M |
| Gross profit | $14.2M | $11.4M | $16.9M | $32.1M | $6.3M |
| Research & development | $218.0M | $240.2M | $122.7M | $153.6M | $170.6M |
| Sales, general & admin | $57.6M | $56.7M | $37.4M | $51.9M | $54.8M |
| Total operating expenses | $275.7M | $296.9M | $160.1M | $202.8M | $221.6M |
| Operating income | −$261.5M | −$285.5M | −$143.2M | −$170.7M | −$215.3M |
| Income before taxes | −$77.0M | −$275.0M | −$125.5M | −$148.3M | −$224.2M |
| Income taxes | — | $1,000 | −$126,000 | −$74,000 | $547,000 |
| Net income | −$134.3M | −$274.1M | −$124.8M | −$148.0M | −$224.7M |
| EBITDA | −$70.7M | −$266.6M | −$111.1M | −$131.6M | −$210.4M |
| EPS (diluted) | −$0.53 | −$0.99 | −$1.39 | −$1.74 | — |
| Gross margin | 15.7% | 15.2% | 23.5% | 46.9% | 77.7% |
| Operating margin | −289.8% | −380.6% | −199.2% | −249.6% | −2,652.5% |
| Net margin | −148.9% | −365.4% | −173.6% | −216.4% | −2,768.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $36.2M | $34.2M | $29.3M | $25.4M | $21.5M | $14.0M | $35.5M | $25.2M | $24.7M | $12.5M | $29.8M | $29.8M |
| Cost of revenue | $29.9M | $28.7M | $25.5M | $20.8M | $18.0M | $11.7M | $28.1M | $20.7M | $26.3M | $9.9M | $21.5M | $21.5M |
| Gross profit | $6.3M | $5.6M | $3.7M | $4.7M | $3.5M | $2.3M | $7.5M | $4.4M | −$1.7M | $2.6M | $8.3M | $8.3M |
| Research & development | $56.2M | $47.9M | $60.8M | $60.4M | $49.0M | $47.5M | $147.8M | $90.7M | $54.4M | $29.7M | $31.0M | $31.0M |
| Sales, general & admin | $15.9M | $16.0M | $17.1M | $14.0M | $15.7M | $10.9M | $32.7M | $8.5M | $8.0M | $7.6M | — | — |
| Total operating expenses | $72.1M | $63.9M | $77.9M | $74.3M | $64.7M | $58.4M | $208.6M | $111.3M | $70.0M | $37.3M | $41.2M | $41.2M |
| Operating income | −$65.7M | −$58.3M | −$74.2M | −$69.7M | −$61.3M | −$56.0M | −$173.1M | −$106.9M | −$71.6M | −$34.7M | −$32.9M | −$32.9M |
| Interest expense | — | — | — | — | — | — | — | — | $5.7M | — | — | — |
| Income before taxes | −$45.3M | −$53.5M | $75.8M | −$61.6M | −$53.3M | −$37.4M | −$181.1M | −$111.6M | −$51.7M | −$20.8M | −$27.9M | −$27.9M |
| Income taxes | $1,000 | — | — | −$1,000 | $1,000 | −$500 | — | −$500 | $1,997 | $1,000 | −$4,014 | −$2,000 |
| Net income | −$59.8M | −$50.4M | $23.5M | −$61.3M | −$53.1M | −$43.0M | −$180.9M | −$111.4M | −$51.2M | −$20.6M | −$27.7M | −$27.7M |
| EBITDA | −$62.9M | −$53.5M | −$74.2M | −$54.9M | −$51.9M | −$35.3M | — | −$109.8M | −$47.0M | −$18.5M | −$24.6M | −$24.6M |
| EPS (diluted) | −$0.13 | −$0.09 | −$0.12 | −$0.14 | −$0.15 | −$0.12 | −$0.99 | — | — | — | — | — |
| Gross margin | 17.5% | 16.2% | 12.7% | 18.4% | 16.1% | 16.6% | 21.0% | 17.5% | −6.7% | 21.0% | 27.9% | 27.9% |
| Operating margin | −181.5% | −170.3% | −253.6% | −273.9% | −285.6% | −400.9% | −487.4% | −425.0% | −290.1% | −277.2% | −110.3% | −110.3% |
| Net margin | −165.2% | −147.2% | 80.5% | −241.0% | −247.5% | −307.5% | −509.4% | −442.9% | −207.6% | −164.5% | −93.0% | −93.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in PONY's financial statements (latest annual report filed April 22, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
PONY financial results
In fiscal year 2025 (ended December 31, 2025), Pony AI Inc. reported revenue of $90.2 million, up 20.3% from the year before. It had a net loss of $134.3 million, a net profit margin of −148.9%. Diluted earnings per share came to −$0.53.
See the PONY stock overview for the latest quote and news, or the PONY chart for price history and technical indicators.
PONY income statement FAQ
What is Pony AI Inc.'s annual revenue?
Pony AI Inc. reported total revenue of $90.2 million for fiscal year 2025, which ended on December 31, 2025. That was up 20.3% from $75.0 million the previous year.
Is Pony AI Inc. profitable?
No. Pony AI Inc. reported a net loss of $134.3 million in fiscal 2025, a net profit margin of −148.9%; its operating margin was −289.8%.
What is Pony AI Inc.'s gross margin?
Pony AI Inc.'s gross margin was 15.7% in fiscal 2025: for every $100 of revenue, Pony AI Inc. kept $16 after the direct cost of its products and services.
How much does Pony AI Inc. spend on research and development?
Pony AI Inc. spent $218.0 million on research and development in fiscal 2025, 241.6% of revenue.
What are Pony AI Inc.'s earnings per share?
Pony AI Inc. earned $-0.53 per diluted share in fiscal 2025, compared with $-0.99 a year earlier.
When will Pony AI Inc. report its next earnings?
Pony AI Inc. is expected to report results for the quarter ending September 30, 2026 on November 24, 2026.
When does Pony AI Inc.'s fiscal year end?
Pony AI Inc.'s fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 22, 2026.