Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data Pony AI Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2022
FY2024
FY2024
FY2025
Revenue
68.4
71.9
75
90
Cost of revenue
36.3
55
63.6
75.8
Gross profit
32.1
16.9
11.4
14.2
Research and development
154
123
240
217
Selling, general and administrative
49.2
37.4
56.7
57.6
Operating expenses
203
160
297
275
Operating income
-171
-143
-286
-261
Other non-operating income
9.61
6.15
5.81
13.1
Pre-tax income
-148
-125
-275
-76.8
Income tax
-0.07
-0.13
0
Net income to minority interests
-0.23
-0.52
-0.89
57.2
Net income
-148
-125
-274
-134
EBITDA
-153
-128
-276
-254
EPS, basic
-1.73
-1.40
-2.40
-0.35
EPS, diluted
-1.73
-1.40
-2.40
-0.35
Shares, basic (weighted)
85.3
89.1
114
380
Shares, diluted (weighted)
85.3
89.1
114
380
Balance sheet
FY2022
FY2024
FY2024
FY2025
Cash and equivalents
316
426
536
293
Short-term investments
262
164
209
872
Receivables
25.9
31.6
28.6
23.6
Other current assets
29.7
39.5
52.7
48.1
Total current assets
644
666
835
1,251
Property, plant and equipment
26.8
15.4
17.2
60.5
Lease right-of-use assets
8.14
6.42
13.3
14.8
Long-term investments
80.7
51.7
131
455
Other non-current assets
8.91
7.02
1.82
6.69
Total assets
772
747
1,051
1,813
Accounts payable
10
13.8
15.1
17.3
Deferred revenue
4.92
2.41
3.23
1.92
Short-term debt
3.95
Total current liabilities
48.1
48.2
70.9
91.5
Lease liabilities
3.79
2.25
9.84
10.4
Other non-current liabilities
1.71
1.53
1.39
1.99
Total liabilities
53.6
51.9
82.1
104
Paid-in capital
63.2
57.8
2,228
3,079
Retained earnings
-615
-740
-1,288
-1,422
Other comprehensive income
-0.16
4.33
10.1
-4.9
Shareholders' equity
-551
-677
951
1,652
Minority interests
11.9
11.1
17.6
56.7
Total equity
-540
-666
969
1,709
Total liabilities and equity
772
747
1,051
1,813
Cash flow statement
FY2022
FY2024
FY2024
FY2025
Net income
-148
-125
-275
-76.8
Depreciation and amortization
17.6
15.5
9.8
7.1
Stock-based compensation
13.2
3.25
127
30.8
Deferred income tax
-0.48
-0.12
Change in receivables
-26.5
-16.4
2.02
4.01
Cash from operations
-155
-115
-111
-165
Capital expenditures
-12
-5.09
-11.4
-43.9
Purchases of investments
-194
-66.1
-34
-817
Cash from investing
49.3
136
-181
-889
Stock issued
0.05
0
0
2.63
Share buybacks
-0.99
Cash from financing
192
89.8
407
815
Exchange rate effect
-10.6
-3.15
-5.4
-1.18
Net change in cash
75.5
108
110
-240
Free cash flow
-167
-121
-122
-209
Income taxes paid
0.01
0.43
0
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $6.94 on September 28, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
15.7%
Gross profit / revenue.
Operating margin
-289.8%
Operating income / revenue.
EBITDA margin
-281.9%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-85.3%
Pre-tax income / revenue.
Net margin
-148.9%
Net income / revenue.
FCF margin
-232.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-183.3%
Cash from operations / revenue.
Return on equity (ROE)
-10.3%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-9.4%
Net income / average total assets.
Return on invested capital (ROIC)
-23.2%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
241.6%
Research and development expense / revenue.
SG&A / revenue
64.0%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
34.2%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
48.7%
Capital expenditures / revenue.
D&A / revenue
7.9%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
20.0%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
9.6%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y
24.2%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
-23.8%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y
73.7%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
72.5%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
32.9%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
232.3%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
64.5%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
13.7x
Current assets / current liabilities.
Quick ratio
13.0x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
12.7x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
-$0.35
Net income per basic share, as reported (split-adjusted).
Revenue per share
$0.24
Revenue / diluted weighted shares.
FCF per share
-$0.55
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.43
Cash from operations / diluted weighted shares.
Book value per share
$4.35
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
33.4x
Market cap / revenue.
P/B
1.82x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.82x
Market cap / tangible book value, when positive.
EV/Sales
20.5x
Enterprise value / revenue.
FCF yield
-6.9%
Free cash flow / market cap.
Earnings yield
-4.5%
Net income / market cap (the inverse of P/E).
What was Pony AI Inc.'s revenue in fiscal 2025?
Pony AI Inc. reported revenue of $90.0M for fiscal 2025, 20% higher than the year before.
Was Pony AI Inc. profitable in fiscal 2025?
No. It reported a net loss of $134.0M.
How much free cash flow did Pony AI Inc. generate in fiscal 2025?
Cash from operations of $165.0M minus capital expenditures of $43.9M left free cash flow of -$208.8M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.