Pony AI Inc. Financials
Pony AI Inc. (PONY) reported $90.0M in revenue for fiscal year 2025, up 20.0% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Pony AI’s R&D-funded scaling still relies heavily on fresh capital, because customer revenue is not yet carrying the cost base.
The stronger FY2025 balance sheet is financing-led, not operating-led: equity reached$1.65B , yet cash still fell to$293.5M . New capital did not create self-funding; financing brought in$814.8M , and that was more than absorbed by$889.2M of investing outflow before covering ongoing operating use.
FY2025 still carries a development-stage cost structure: R&D was
Earnings quality and cash use diverged in FY2025: net loss narrowed from
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Pony AI Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Pony AI Inc. scores 19.27, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($3.5B) relative to total liabilities ($103.8M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Pony AI Inc. passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
Pony AI Inc. reported a net loss of $134.0M while operations used $165.0M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Pony AI Inc. generated $90.0M in revenue in fiscal year 2025. This represents an increase of 20.0% from the prior year.
Pony AI Inc.'s EBITDA was -$253.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 8.0% from the prior year.
Pony AI Inc. reported -$134.0M in net income in fiscal year 2025. This represents an increase of 51.1% from the prior year.
Cash & Balance Sheet
Pony AI Inc. recorded an outflow of $208.8M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 71.0% from the prior year.
Pony AI Inc. held $293.5M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Pony AI Inc.'s gross margin was 15.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.5 percentage points from the prior year.
Pony AI Inc.'s ROE was -8.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 20.7 percentage points from the prior year.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Pony AI Inc. invested $217.4M in research and development in fiscal year 2025. This represents a decrease of 9.5% from the prior year.
Pony AI Inc. invested $43.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 285.0% from the prior year.
Not reported for fiscal year 2025.
PONY Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|
| Revenue | $90.0M+20.0% | $75.0M+4.3% | $71.9M+5.1% | $68.4M |
| Cost of Revenue | $75.8M+19.2% | $63.6M+15.6% | $55.0M+51.5% | $36.3M |
| Gross Profit | $14.2M+24.2% | $11.4M-32.5% | $16.9M-47.3% | $32.1M |
| R&D Expenses | $217.4M-9.5% | $240.2M+95.7% | $122.7M-20.1% | $153.6M |
| SG&A Expenses | $57.6M+1.5% | $56.7M+51.7% | $37.4M-23.9% | $49.2M |
| Operating Income | -$260.9M+8.6% | -$285.5M-99.3% | -$143.2M+16.1% | -$170.7M |
| Income Tax | N/A | $1K+100.8% | -$126K-70.3% | -$74K |
| Net Income | -$134.0M+51.1% | -$274.1M-119.6% | -$124.8M+15.7% | -$148.0M |
| EPS (Diluted) | -$0.35 | -$2.40-71.4% | -$1.40+19.1% | -$1.73 |
Not reported in any period shown, so not listed: Interest Expense.
PONY Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|
| Total Assets | $1.8B+72.5% | $1.1B+40.7% | $747.1M-3.2% | $771.5M |
| Current Assets | $1.3B+49.8% | $834.6M+25.3% | $666.3M+3.5% | $643.6M |
| Cash & Equivalents | $293.5M-45.2% | $536.0M+25.8% | $426.0M+34.7% | $316.3M |
| Accounts Receivable | $23.6M-17.2% | $28.6M-9.6% | $31.6M+21.9% | $25.9M |
| Total Liabilities | $103.8M+26.5% | $82.1M-94.2% | $1.4B+7.7% | $1.3B |
| Current Liabilities | $91.5M+29.0% | $70.9M+47.2% | $48.2M+0.1% | $48.1M |
| Total Equity | $1.7B+73.7% | $951.1M+240.4% | -$677.3M-22.8% | -$551.5M |
| Retained Earnings | -$1.4B-10.4% | -$1.3B-74.1% | -$739.5M-20.3% | -$614.7M |
Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt.
PONY Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|
| Operating Cash Flow | -$165.0M-48.9% | -$110.8M+4.0% | -$115.4M+25.4% | -$154.8M |
| Capital Expenditures | $43.9M+285.0% | $11.4M+123.9% | $5.1M-57.7% | $12.0M |
| Free Cash Flow | -$208.8M-71.0% | -$122.2M-1.4% | -$120.5M+27.8% | -$166.8M |
| Investing Cash Flow | -$889.2M-390.5% | -$181.3M-232.8% | $136.5M+176.7% | $49.3M |
| Financing Cash Flow | $814.8M+100.0% | $407.4M+353.8% | $89.8M-53.1% | $191.6M |
| Share Buybacks | N/A | N/A | $994K | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
PONY Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|
| Gross Margin | 15.7%+0.5pp | 15.2%-8.3pp | 23.5%-23.4pp | 46.9% |
| Operating Margin | -289.8% | -380.6% | -199.2% | -249.6% |
| Net Margin | -148.8% | -365.4% | -173.6% | -216.4% |
| Return on Equity | -8.1%+20.7pp | -28.8% | N/A | N/A |
| Return on Assets | -7.4%+18.7pp | -26.1%-9.4pp | -16.7%+2.5pp | -19.2% |
| Current Ratio | 13.67+1.9x | 11.77-2.1x | 13.83+0.5x | 13.38 |
| Debt-to-Equity | 0.060.0x | 0.09 | N/A | N/A |
| FCF Margin | -232.0% | -162.8% | -167.6% | -243.9% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Pony AI Inc. Ranks
Frequently Asked Questions
What is Pony AI Inc.'s annual revenue?
Pony AI Inc. (PONY) reported $90.0M in total revenue for fiscal year 2025. This represents a 20.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Pony AI Inc.'s revenue growing?
Pony AI Inc. (PONY) revenue grew by 20.0% year-over-year, from $75.0M to $90.0M in fiscal year 2025.
Is Pony AI Inc. profitable?
No, Pony AI Inc. (PONY) reported a net income of -$134.0M in fiscal year 2025.
What is Pony AI Inc.'s EBITDA?
Pony AI Inc. (PONY) had EBITDA of -$253.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Pony AI Inc.'s gross margin?
Pony AI Inc. (PONY) had a gross margin of 15.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Pony AI Inc.'s return on equity (ROE)?
Pony AI Inc. (PONY) has a return on equity of -8.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Pony AI Inc.'s free cash flow?
Pony AI Inc. (PONY) recorded an outflow of $208.8M in free cash flow during fiscal year 2025. This represents a -71.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Pony AI Inc.'s operating cash flow?
Pony AI Inc. (PONY) recorded an outflow of $165.0M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Pony AI Inc.'s total assets?
Pony AI Inc. (PONY) had $1.8B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Pony AI Inc.'s capital expenditures?
Pony AI Inc. (PONY) invested $43.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Pony AI Inc. spend on research and development?
Pony AI Inc. (PONY) invested $217.4M in research and development during fiscal year 2025.
What is Pony AI Inc.'s current ratio?
Pony AI Inc. (PONY) had a current ratio of 13.67 as of fiscal year 2025, which is generally considered healthy.
What is Pony AI Inc.'s debt-to-equity ratio?
Pony AI Inc. (PONY) had a debt-to-equity ratio of 0.06 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Pony AI Inc.'s return on assets (ROA)?
Pony AI Inc. (PONY) had a return on assets of -7.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Pony AI Inc.'s cash runway?
Based on fiscal year 2025 data, Pony AI Inc. (PONY) had $293.5M in cash against an annual operating cash burn of $165.0M. This gives an estimated cash runway of approximately 21 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Pony AI Inc.'s Altman Z-Score?
Pony AI Inc. (PONY) has an Altman Z-Score of 19.27, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Pony AI Inc.'s Piotroski F-Score?
Pony AI Inc. (PONY) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Pony AI Inc.'s earnings high quality?
Pony AI Inc. (PONY) reported a net loss of $134.0M while operations used $165.0M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Pony AI Inc.?
Pony AI Inc. (PONY) scores 59 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.