PONY AI INC A (PYAIF) Financials
Newest figures come from the 20-F for FY2025, filed Apr 22, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the PYAIF SEC filings page.
PONY AI INC A (PYAIF) 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 remains a research-led development business, where expanding operations have not yet translated into durable economics or cash generation.
The earnings recovery in FY2025 was incomplete: net margin improved to-148.9% from-365.4% in FY2024. Yet operating cash flow moved from-$110.8M to-$165.0M , exposing a cash-conversion gap behind the narrower reported loss.
R&D expense was
Gross margin fell from
Financial Health Signals
PONY AI INC A does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
PONY AI INC A scores 33.69, well above the 2.99 safe threshold. The largest contribution to the score comes from a market capitalization of $6.0B against total liabilities of $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 A 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 operating efficiency signals passes.
PONY AI INC A 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 A generated $90.0M in revenue in fiscal year 2025. This represents an increase of 20.0% from the prior year.
PONY AI INC A's EBITDA was -$253.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. The change from the prior year is not meaningful, because that figure was zero or negative.
PONY AI INC A reported a net loss of $134.0M in fiscal year 2025. The change from the prior year is not meaningful, because that figure was zero or negative.
Cash & Balance Sheet
PONY AI INC A recorded an outflow of $208.8M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. The change from the prior year is not meaningful, because that figure was zero or negative.
PONY AI INC A held $293.5M in cash as of fiscal year 2025; no long-term debt figure is on record for that period.
Not reported for fiscal year 2025.
Margins & Returns
PONY AI INC A'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 A'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 A 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 A 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.
PYAIF Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F |
|---|---|---|---|---|
| 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 | -$260.9Mn/m | -$285.5Mn/m | -$143.2Mn/m | -$170.7M |
| EBITDA | -$253.8Mn/m | -$275.7Mn/m | -$127.7Mn/m | -$153.1M |
| Income Tax | N/A | $1Kn/m | -$126Kn/m | -$74K |
| Net Income | -$134.0Mn/m | -$274.1Mn/m | -$124.8Mn/m | -$148.0M |
| EPS (Basic) | -$0.35 | -$2.40n/m | -$1.40n/m | -$1.73 |
| EPS (Diluted) | -$0.35 | -$2.40n/m | -$1.40n/m | -$1.73 |
| Diluted Shares (Avg) | 380M | 114M+28.3% | 89M+4.4% | 85M |
Not reported in any period shown, so not listed: Interest Expense.
PYAIF Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F |
|---|---|---|---|---|
| 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 |
| Short-Term Investments | $872.2M+317.2% | $209.0M+27.8% | $163.6M-37.5% | $261.6M |
| Accounts Receivable | $23.6M-17.2% | $28.6M-9.6% | $31.6M+21.9% | $25.9M |
| Long-Term Investments | $454.9M+247.8% | $130.8M+152.9% | $51.7M-35.9% | $80.7M |
| 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 |
| Non-Current Liabilities | $12.4M+10.1% | $11.2M-99.2% | $1.4B+7.9% | $1.3B |
| Total Equity | $1.7B+73.7% | $951.1Mn/m | -$677.3Mn/m | -$551.5M |
| Retained Earnings | -$1.4Bn/m | -$1.3Bn/m | -$739.5Mn/m | -$614.7M |
Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt.
PYAIF Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F |
|---|---|---|---|---|
| Operating Cash Flow | -$165.0Mn/m | -$110.8Mn/m | -$115.4Mn/m | -$154.8M |
| Depreciation & Amortization | $7.1M-27.6% | $9.8M-36.8% | $15.5M-11.9% | $17.6M |
| Stock-Based Compensation | $30.8M-75.8% | $127.0M+3803.0% | $3.3M-75.3% | $13.2M |
| Capital Expenditures | $43.9M+285.0% | $11.4M+123.9% | $5.1M-57.7% | $12.0M |
| Free Cash Flow | -$208.8Mn/m | -$122.2Mn/m | -$120.5Mn/m | -$166.8M |
| Investing Cash Flow | -$889.2Mn/m | -$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.
PYAIF Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F |
|---|---|---|---|---|
| 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 |
| Liabilities-to-Equity | 0.060.0x | 0.09 | N/A | N/A |
| Asset Turnover | 0.050.0x | 0.070.0x | 0.100.0x | 0.09 |
| FCF Margin | -232.0% | -162.8% | -167.6% | -243.9% |
Not reported in any period shown, so not listed: Debt-to-Equity.
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.
Where PONY AI INC A Ranks
Frequently Asked Questions
What is PONY AI INC A's annual revenue?
PONY AI INC A (PYAIF) 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 A's revenue growing?
PONY AI INC A (PYAIF) revenue grew by 20.0% year-over-year, from $75.0M to $90.0M in fiscal year 2025.
Is PONY AI INC A profitable?
No, PONY AI INC A (PYAIF) reported a net loss of $134.0M in fiscal year 2025.
What is PONY AI INC A's EBITDA?
PONY AI INC A (PYAIF) had EBITDA of -$253.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is PONY AI INC A's gross margin?
PONY AI INC A (PYAIF) 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 A's return on equity (ROE)?
PONY AI INC A (PYAIF) 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 A's free cash flow?
PONY AI INC A (PYAIF) recorded an outflow of $208.8M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. 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 A's operating cash flow?
PONY AI INC A (PYAIF) 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 A's total assets?
PONY AI INC A (PYAIF) had $1.8B in total assets as of fiscal year 2025, including both current and long-term assets.
What are PONY AI INC A's capital expenditures?
PONY AI INC A (PYAIF) invested $43.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does PONY AI INC A spend on research and development?
PONY AI INC A (PYAIF) invested $217.4M in research and development during fiscal year 2025.
What is PONY AI INC A's current ratio?
PONY AI INC A (PYAIF) had a current ratio of 13.67 as of fiscal year 2025, which is generally considered healthy.
What is PONY AI INC A's liabilities-to-equity ratio?
PONY AI INC A (PYAIF) had a liabilities-to-equity ratio of 0.06 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
What is PONY AI INC A's return on assets (ROA)?
PONY AI INC A (PYAIF) 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 A's Altman Z-Score?
PONY AI INC A (PYAIF) has an Altman Z-Score of 33.69, 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 A's Piotroski F-Score?
PONY AI INC A (PYAIF) 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 A's earnings high quality?
PONY AI INC A (PYAIF) 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.