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IT services · Technology · Fiscal year ends Dec 31
Pony AI reported revenue of $90M in the fiscal year ended Dec 2025, up 20.0% from the year before. Operating income was −$261M, an operating margin of −289.8%, and net income was −$134M. Operating cash flow of −$165M less capital expenditure of $44M left free cash flow of −$209M.
Ranks among the 36 it services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue | 68.4 | 71.9 | 75.0 | 90.0 |
| Cost of revenue | 36.3 | 55.0 | 63.6 | 75.8 |
| Gross profit | 32.1 | 16.9 | 11.4 | 14.2 |
| Research & development | 154 | 123 | 240 | 217 |
| Selling, general & admin | 49.2 | 37.4 | 56.7 | 57.6 |
| Operating income | −171 | −143 | −286 | −261 |
| Pre-tax income | −148 | −125 | −275 | −76.8 |
| Income tax | −0.1 | −0.1 | 0.0 | – |
| Net income | −148 | −125 | −274 | −134 |
| Diluted EPS | −1.73 | −1.40 | −2.40 | −0.35 |
| Diluted shares | 85.3 | 89.1 | 114 | 380 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Cash & equivalents | 316 | 426 | 536 | 293 |
| Receivables | 25.9 | 31.6 | 28.6 | 23.6 |
| Current assets | 644 | 666 | 835 | 1,251 |
| Net PP&E | 26.8 | 15.4 | 17.2 | 60.5 |
| Total assets | 772 | 747 | 1,051 | 1,813 |
| Payables | 10.0 | 13.8 | 15.1 | 17.3 |
| Deferred revenue | 4.9 | 2.4 | 3.2 | 1.9 |
| Current liabilities | 48.1 | 48.2 | 70.9 | 91.5 |
| Short-term debt | 3.9 | – | – | – |
| Total liabilities | 53.6 | 51.9 | 82.1 | 104 |
| Shareholders' equity | −551 | −677 | 951 | 1,652 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Operating cash flow | −155 | −115 | −111 | −165 |
| Capital expenditure | 12.0 | 5.1 | 11.4 | 43.9 |
| Free cash flow | −167 | −121 | −122 | −209 |
| Depreciation & amortisation | 17.6 | 15.5 | 9.8 | 7.1 |
| Stock-based compensation | 13.2 | 3.3 | 127 | 30.8 |
| Share buybacks | – | 1.0 | – | – |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue growth (YoY) | – | 5.1% | 4.3% | 20.0% |
| Gross margin | 46.9% | 23.5% | 15.2% | 15.7% |
| Operating margin | −249.6% | −199.2% | −380.6% | −289.8% |
| Net margin | −216.4% | −173.6% | −365.4% | −148.9% |
| Return on equityBlank when equity is negative | – | – | −28.8% | −8.1% |
| ROCEEBIT ÷ (assets − current liabilities) | −23.6% | −20.5% | −29.1% | −15.2% |
| Free cash flow margin | −243.9% | −167.6% | −162.8% | −232.0% |
| Cash conversion (CFO ÷ net income) | 1.05x | 0.92x | 0.40x | 1.23x |
| Receivable days | 138 | 160 | 139 | 96 |
| Payable days | 101 | 91 | 87 | 83 |
| Current ratio | 13.4x | 13.8x | 11.8x | 13.7x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.