Pony.ai (NASDAQ: PONY) posted its first-ever quarterly GAAP-level net profit in Q4 2025, a notable milestone for the autonomous driving company after years of heavy losses. The Q4 result was driven by $128 million in unrealized gains on trading securities, which offset operating losses and pushed the bottom line into the black on a GAAP basis.

On the operational side, the numbers tell a compelling growth story. Robotaxi revenues climbed 159.5% year-over-year to $6.7 million in Q4, with fare-charging revenues surging more than 500% as more rides transitioned to paid service. For the full year 2025, total revenue reached $90 million, up 20% from $75 million in 2024.

Unit Economics Turning Positive

More significant than the quarterly profit is the unit economics progress. Pony.ai achieved consecutive breakeven in Guangzhou in November 2025 and in Shenzhen in February 2026 — within just four months of launching its Gen-7 Robotaxi fleet. On a record peak day in Shenzhen, daily net revenue per vehicle hit RMB394 with 25 orders.

Global Expansion

Fleet size passed 1,400 vehicles as of March 25, 2026, with Toyota partnership securing 1,000 bZ4X units for joint deployment this year. Pony.ai also launched commercial fare-charging services in Doha (Qatar), Singapore, and Zagreb (Croatia) in March, and is targeting 20+ cities globally by year-end.

The full-year 2025 GAAP net loss narrowed dramatically to $76.8 million from $275 million in 2024 — a 72% improvement — reflecting both revenue growth and reduced share-based compensation.