Pony AI Inc. (NASDAQ:PONY) reported first-quarter results Tuesday, posting triple-digit revenue growth driven by its robotaxi business, while losses widened as the company accelerated global expansion and commercialization efforts.
Revenue Growth Fueled By Robotaxi Expansion
The autonomous-driving company reported first-quarter revenue of $34.25 million, up 145% year over year, boosted by growth in robotaxi services and intelligent solutions revenue. Analysts had expected quarterly revenue of $51.09 million.
Robotaxi services revenue surged 395.4% to $8.6 million during the quarter, while fare-charging revenue jumped more than 456.5%, primarily due to the launch of the company’s Gen-7 fleet.
Robotruck services revenue increased 31% year over year to $10.2 million.
Margins Narrow As Losses Widen
Gross profit rose to $5.6 million from $2.3 million a year earlier. Gross margin narrowed slightly to 16.2% from 16.6%.
Net loss widened to $50.41 million from $42.99 million a year earlier, mainly due to lower investment income. Adjusted net loss increased to $40.86 million from $29.45 million.
Adjusted loss …