What is Pony AI Inc.'s earnings per share (EPS)?

Pony AI Inc. (PONY) reported diluted earnings per share of $-0.35 for fiscal year 2025. This represents a 85.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Pony AI Inc. Financials

PONY

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Pony AI Inc. (PONY) financial statements, including the 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).

Rhea AI PONY FY2024 2026-04-22

FY2024 reset the balance sheet from deficit-funded to cash-heavy, but commercial scale still trails the company’s spending base.

From FY2022 to FY2024, operating cash burn stayed in a relatively narrow band, moving from -$155M to -$111M, even as net loss widened sharply. That gap matters because FY2024 also brought a financing-driven reset: cash reached $536M while total liabilities fell to $82M, turning a previously negative-equity structure into a funded development posture.

Revenue changed only modestly across the period, but gross margin compressed from 46.9% to 15.2%, so limited top-line progress did not produce better unit economics. The pattern points to a business whose reported revenue mix and delivery cost are still unstable, rather than one already benefiting from repeatable scale.

R&D spending in FY2024 was $240M against just $75M of revenue, showing that capability building still dominates current commercialization. The offset is unusually strong liquidity, with a current ratio of 11.8x, so near-term obligations look manageable even though return on assets remained -26.1%.

Financial Health Signals

Financial Profile 42/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). 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.

Profitability

Pony AI Inc. has an operating margin of -289.8%, meaning the company retains $-290 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -380.6% the prior year.

Growth

Pony AI Inc.'s revenue surged 20.0% year-over-year to $90.0M, reflecting rapid business expansion. This strong growth earns a score of 53/100.

Leverage

100

Pony AI Inc. carries a low D/E ratio of 0.06, meaning only $0.06 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 13.67, Pony AI Inc. holds $13.67 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

While Pony AI Inc. generated -$165.0M in operating cash flow, capex of $43.9M consumed most of it, leaving -$208.8M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Pony AI Inc. generates a -8.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -28.8% the prior year.

Piotroski F-Score Weak

3/9

Pony AI Inc. passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

1.23x

For every $1 of reported earnings, Pony AI Inc. generates $1.23 in operating cash flow (-$165.0M OCF vs -$134.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$90.0M

YoY+20.0%

Pony AI Inc. generated $90.0M in revenue in fiscal year 2025. This represents an increase of 20.0% from the prior year.

EBITDA

-$253.8M

YoY+8.0%

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.

Net Income

-$134.0M

YoY+51.1%

Pony AI Inc. reported -$134.0M in net income in fiscal year 2025. This represents an increase of 51.1% from the prior year.

EPS (Diluted)

$-0.35

YoY+85.4%

Pony AI Inc. earned $-0.35 per diluted share (EPS) in fiscal year 2025. This represents an increase of 85.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$208.8M

YoY-71.0%

Pony AI Inc. generated -$208.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 71.0% from the prior year.

Cash & Debt

$293.5M

YoY-45.2%

Pony AI Inc. held $293.5M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

434M

YoY+23.8%

Pony AI Inc. had 434M shares outstanding in fiscal year 2025. This represents an increase of 23.8% from the prior year.

Margins & Returns

Gross Margin

15.7%

YoY+0.5pp

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.

Operating Margin

-289.8%

YoY+90.7pp

Pony AI Inc.'s operating margin was -289.8% in fiscal year 2025, reflecting core business profitability. This is up 90.7 percentage points from the prior year.

Net Margin

-148.8%

YoY+216.5pp

Pony AI Inc.'s net profit margin was -148.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 216.5 percentage points from the prior year.

Return on Equity

-8.1%

YoY+20.7pp

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.

Capital Allocation

R&D Spending

$217.4M

YoY-9.5%

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.

Share Buybacks

$994K

Pony AI Inc. spent $994K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$43.9M

YoY+285.0%

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.

PONY Income Statement

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
Interest Expense	N/A	N/A	N/A	N/A
Income Tax	-$126K-12700.0%	$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+85.4%	$-2.40-71.4%	$-1.40+19.1%	$-1.73

Metric	Q4'25	Q4'24	Q4'23	Q4'22
Revenue	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A

PONY Balance Sheet

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
Inventory	N/A	N/A	N/A	N/A
Accounts Receivable	$23.6M-17.2%	$28.6M-9.6%	$31.6M+21.9%	$25.9M
Goodwill	N/A	N/A	N/A	N/A
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
Long-Term Debt	N/A	N/A	N/A	N/A
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

Metric	Q4'25	Q4'24	Q4'23	Q4'22
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
Inventory	N/A	N/A	N/A	N/A
Accounts Receivable	$23.6M-17.2%	$28.6M-9.6%	$31.6M+21.9%	$25.9M
Goodwill	N/A	N/A	N/A	N/A
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
Long-Term Debt	N/A	N/A	N/A	N/A
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

PONY Cash Flow Statement

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
Dividends Paid	N/A	N/A	N/A	N/A
Share Buybacks	$994K	N/A	$994K	N/A

Metric	Q4'25	Q4'24	Q4'23	Q4'22
Operating Cash Flow	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A

PONY Financial Ratios

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%+90.7pp	-380.6%-181.3pp	-199.2%+50.4pp	-249.6%
Net Margin	-148.8%+216.5pp	-365.4%-191.8pp	-173.6%+42.9pp	-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+1.9	11.77-2.1	13.83+0.5	13.38
Debt-to-Equity	0.06-0.0	0.09+2.2	-2.10+0.3	-2.40
FCF Margin	-232.0%-69.2pp	-162.8%+4.8pp	-167.6%+76.3pp	-243.9%

Metric	Q4'25	Q4'24	Q4'23	Q4'22
Gross Margin	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A
Current Ratio	13.67+1.9	11.77-2.1	13.83+0.5	13.38
Debt-to-Equity	0.06-0.0	0.09+2.2	-2.10+0.3	-2.40
FCF Margin	N/A	N/A	N/A	N/A

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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% 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, with a net profit margin of -148.8%.

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 operating margin?

Pony AI Inc. (PONY) had an operating margin of -289.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Pony AI Inc.'s net profit margin?

Pony AI Inc. (PONY) had a net profit margin of -148.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

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) generated -$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) generated -$165.0M in operating cash flow during fiscal year 2025, representing cash generated from 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.

Does Pony AI Inc. buy back shares?

Yes, Pony AI Inc. (PONY) spent $994K on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Pony AI Inc. have outstanding?

Pony AI Inc. (PONY) had 434M shares outstanding as of 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 Piotroski F-Score?

Pony AI Inc. (PONY) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. 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) has an earnings quality ratio of 1.23x, considered low quality (accrual-driven). 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 42 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.