Pony AI NASDAQ: PONY reported second-quarter 2026 revenue of $36.2 million, up 69% from $21.5 million a year earlier, as growth in its robotaxi business accelerated and its fleet expanded to approximately 2,000 vehicles.
Chairman and CEO James Peng said robotaxi revenue rose 691% year over year to a record $12.1 million, while fare-charging revenue increased 849%. Robotruck revenue grew 40% to $13.3 million, and revenue from intelligent solutions rose 4% to $10.8 million, with the lower growth rate attributed to fluctuations in domain-controller deliveries.
“Our robotaxi fleet expanded to 2,000 vehicles, putting us on track to deliver 3,500 vehicles by year-end,” Peng said. The company said it aims to operate in more than 20 cities by the end of 2026 and expects to exceed its prior outlook of robotaxi revenue reaching more than 3.5 times the 2025 level.
China Operations and Fleet Expansion
Pony.ai said it has surpassed 1.5 million registered users in China and has expanded service coverage in Guangzhou and Shenzhen. In Guangzhou, the company added more than 300 square kilometers of operational coverage since the beginning of the year, spanning Haizhu, Tianhe, Huangpu and Panyu districts and serving an area with a population of more than 7 million.
Peng said the company’s driverless fleet in Shenzhen has navigated high-demand holiday periods, rush-hour traffic and heavy rainstorms. Its network there now includes Bao’an International Airport, Shenzhen Bay Port and the Shekou Cruise Port.
The company operates three Gen-7 robotaxi models in daily service: the GAC Aion V, BAIC Arcfox Alpha T5 and Toyota bZ4X. Peng said Pony.ai intends to continue adding vehicles in China’s Tier 1 cities while entering additional domestic markets, including Changsha, Hangzhou and other cities in the Greater Bay Area.
Peng said larger fleets in Guangzhou and Shenzhen have reduced rider wait times and supported retention, which in turn has increased daily revenue per vehicle. He added that greater scale has helped the company spread operating costs across more vehicles and improve unit economics.
International Partnerships and Joint Deployment
Pony.ai said it has secured commitments for more than 4,000 vehicles from Uber and other overseas partners. Those commitments include more than 2,000 robotaxis across five European cities with Uber, according to management.
The company also cited ongoing deployments with Bolt and Stellantis in Luxembourg and said its robotaxi service in Singapore is available to the public through ComfortDelGro’s Zig ride-hailing app. In Croatia, Pony.ai’s commercial service in Zagreb has served as a reference point for overseas partnership discussions, management said.
Peng described the company’s joint-deployment model as an asset-light approach in which partners finance fleets and contribute local operating capabilities. Pony.ai provides its Gen-7 vehicles and autonomous-driving technology, while mobility platforms contribute rider demand and local operators manage fleet maintenance.
Chief Financial Officer Leo Wang said the model may produce revenue-sharing income or technology-licensing fees over a robotaxi’s operating life. The company currently recognizes upfront vehicle-delivery revenue under the model, he said, and expects recurring revenue-sharing income to grow as operating fleets scale.
In response to a question about Uber’s selection of Pony.ai for European expansion, Peng said Uber sought autonomous-driving partners with reliable technology at scale and attractive cost structures. He said Pony.ai’s operating experience in China’s Tier 1 cities and in Zagreb demonstrated its ability to operate in complex urban environments.
Technology and Operating Efficiency
Chief Technology Officer Tiancheng Lou said PonyWorld 2.0, the company’s AI-powered world-model and development framework, is intended to reduce the engineering effort needed to launch in new cities. The system is designed to identify local driving behaviors, generate targeted solutions and validate models for deployment, reducing reliance on engineers manually reviewing driving scenarios.
Lou said the technology helped Pony.ai adapt to driving behavior in Zagreb, where drivers tend not to slow down near blind spots when they have the right of way. He said the company can now enter multiple cities with distinct driving conditions concurrently using fewer engineering resources.
On operations, Lou said the company’s robotaxis can autonomously navigate depots, locate charging spaces and self-park. He said Pony.ai needs roughly three people for every 100 robotaxis to support daily operations, compared with the one-driver-per-vehicle structure of traditional taxis.
The company also said it is advancing a new L4 autonomous light-truck initiative. Peng said the trucks share technology and operational infrastructure with Pony.ai’s robotaxi operations and customer relationships with its robotruck business. The company has partnered with CATL on vehicle development and said it has secured partnerships with SF Express and China Post Technology.
Losses Narrow as Revenue Outpaces Expenses
GAAP operating expenses totaled $72.1 million in the second quarter, while non-GAAP operating expenses were $63 million, up 9.6% year over year. Wang said the expense increase was substantially below the company’s revenue growth rate.
- GAAP loss from operations was $65.7 million, up 7.3% from a year earlier.
- Non-GAAP loss from operations was $56.7 million, increasing by less than 5% year over year.
- Net loss narrowed 14.9% to $45.4 million.
- Operating margin improved to negative 181.5%, from negative 285.6% in the prior-year quarter.
- Net loss margin improved to negative 125.2%, from negative 248.3% a year earlier.
As of June 30, Pony.ai held $1.39 billion in cash and cash equivalents, short-term investments, restricted cash and long-term wealth-management instruments, compared with $1.44 billion at the end of March. Net cash used in operating activities was $44 million in the quarter, while capital expenditures were $32.2 million, primarily for fleet vehicles, autonomous-driving kits and data-center capacity.
Wang said the company expects partner co-investment under its joint-deployment model to support fleet expansion while maintaining capital discipline.
About Pony AI (NASDAQ:PONY)
Pony AI Inc develops and commercializes autonomous driving technologies for passenger mobility, freight transportation and other applications. Its proprietary Virtual Driver platform integrates software, hardware and services, while its PonyWorld world model supports the development and deployment of its autonomous driving systems. The company operates three primary business lines: Robotaxi services, Robotruck services and Intelligent Solutions, which include autonomous driving domain controllers and other technology products and services for automakers and industry customers.
Founded in late 2016 in Fremont, California, by Jun “James” Peng and Tiancheng Lou, Pony.ai is headquartered in Guangzhou, China.
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