P 
Pony AI Inc. American Depositary Shares PONY · USD
Information Technology · US listing · 🇺🇸 United States
4.85
+2.11%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$90.2m
FY2021FY2025
Net income
−$134.3m
FY2021FY2025
Free cash flow
−$208.8m
FY2021FY2025
Shareholders' equity
$1.65bn
FY2021FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $90.2m | $75.0m | $71.9m | $68.4m | $8.1m |
| Research and development | $218.0m | $240.2m | $122.7m | $153.6m | $170.6m |
| Operating income | −$261.5m | −$285.5m | −$143.2m | −$170.7m | −$215.3m |
| Net income | −$134.3m | −$274.1m | −$124.8m | −$148.0m | −$224.7m |
| Diluted earnings per share | -0.32 | -0.78 | -1.39 | -1.74 | -0.64 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Total assets | $1.81bn | $1.05bn | $747.1m | $771.5m | $708.9m |
| Cash and short-term investments | $1.17bn | $745.0m | $589.6m | $577.9m | $418.8m |
| Total liabilities | $103.8m | $82.1m | $51.9m | $1.31bn | $1.11bn |
| Debt | $18.5m | $2.9m | $10.2m | $9.2m | — |
| Shareholders' equity | $1.65bn | $951.1m | $684.0m | −$551.5m | −$402.1m |
| Shares outstanding | 422m | 350m | 90m | 85m | 349m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash from operations | −$165.0m | −$110.8m | −$115.3m | −$154.6m | −$146.3m |
| Capital spending | −$43.9m | −$11.4m | −$5.1m | −$12.0m | −$25.4m |
| Free cash flow | −$208.8m | −$122.2m | −$120.4m | −$166.6m | −$171.8m |
| Dividends paid | −$6.4m | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $36.2m | $34.3m | $29.3m | $25.4m | $21.5m | $14.0m | $35.5m | $25.2m |
| Operating income | −$65.7m | −$58.3m | −$74.2m | −$69.7m | −$61.3m | −$56.0m | −$173.1m | −$106.9m |
| Net income | −$59.8m | −$50.4m | $23.5m | −$61.3m | −$53.1m | −$43.0m | −$180.9m | −$111.4m |
| Diluted earnings per share | -0.14 | -0.12 | 0.06 | -0.15 | -0.13 | -0.10 | -0.52 | -0.32 |
| Cash from operations | −$44.0m | −$74.0m | −$28.0m | −$56.0m | −$25.0m | −$54.0m | −$30.0m | −$25.0m |
| Capital spending | −$32.0m | −$12.0m | — | −$56.0m | −$14.0m | −$11.0m | — | −$4.0m |
| Free cash flow | −$76.0m | −$86.0m | — | −$112.0m | −$39.0m | −$65.0m | — | −$29.0m |
| Total assets | $1.74bn | $1.76bn | $1.81bn | $900.7m | $991.0m | $972.3m | $1.05bn | $1.05bn |
| Cash and short-term investments | $1.11bn | $1.07bn | $1.17bn | $444.7m | $608.0m | $629.9m | — | $745.0m |
| Debt | $5.5m | $5.0m | $4.8m | $4.9m | $4.8m | $3.6m | — | $4.0m |
| Shareholders' equity | $1.58bn | $1.61bn | $1.65bn | $801.2m | $853.4m | $899.9m | $951.1m | $951.1m |
Financial ratios
Data as of 22 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Operating margin | -85.3% | -366.6% | -174.5% | -216.9% | -2761.6% |
| Net margin | -148.9% | -365.4% | -173.6% | -216.4% | -2768.3% |
| Return on equity | -8.1% | -28.8% | -18.2% | -21.0% | -33.3% |
| Return on assets | -7.4% | -26.1% | -16.7% | -19.2% | -31.7% |
| Free cash flow yield | -5.7% | -5.6% | -24.3% | -33.3% | — |
| Revenue growth | 20.3% | 4.3% | 5.1% | 742.5% | — |
| Earnings growth | -51.0% | 119.6% | -15.7% | -34.1% | — |
| Current ratio | 13.67x | 11.77x | 13.83x | 13.38x | 14.69x |
| Debt to equity | 0.01x | 0.00x | 0.01x | 0.01x | — |
| Equity ratio | 91.1% | 90.5% | 91.6% | 91.5% | 95.0% |
| R&D as a share of sales | 241.6% | 320.1% | 170.7% | 224.6% | 2101.7% |
| Buybacks as a share of market value | -20.5% | -289.0% | -5.9% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 9.7% | — | — |
| Operating income | 15.3% | — | — |
| Net income | -3.2% | — | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | |
|---|---|---|
| Price to earnings | -45.6 | -18.3 |
| Price to sales | 67.8 | 67.0 |
Market value over time
29 Nov 2024 to 21 Oct 2026, in USD
$4.54bn$2.19bn
Share price return
Finished calendar years
| 2025 | 2024 | |
|---|---|---|
| Return | 12% | 6% |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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