Pony AI Inc (PONY) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to Pony AI Inc's first-quarter 2025 earnings conference call. (Operator Instructions)

女士們，先生們，感謝大家的支持，歡迎參加小馬智行 2025 年第一季財報電話會議。（操作員指示）

As a reminder, today's conference call is being recorded, and a webcast replay will be available on the company's Investor Relations website at ir.pony.ai.

提醒一下，今天的電話會議正在錄製，網路直播重播將在公司投資者關係網站 ir.pony.ai 上提供。

I will now turn the call over to your host, George Shao, Head of Capital Markets and Investor Relations at Pony AI. Please go ahead, George.

現在我將電話轉給主持人、小馬智行資本市場和投資者關係主管 George Shao。請繼續，喬治。

Thank you operator and hello everyone. We appreciate you joining us today for Pony AI's first-quarter 2025 earnings call. Earlier today, we issued a press release with our financial and operating results, which is available on our Investor Relations website.

謝謝接線員，大家好。感謝您今天參加 Pony AI 2025 年第一季財報電話會議。今天早些時候，我們發布了一份新聞稿，其中包含我們的財務和經營業績，可在投資者關係網站上查閱。

Joining with me today are Dr. James Peng, Chairman of the Board, Co-founder and Chief Executive Officer; Dr. Tiancheng Lou, Director, Co-founder and Chief Technology Officer; and Dr. Leo Wang, Chief Financial Officer. They will provide prepared remarks followed by a Q&A session.

今天與我一起出席的還有董事會主席、聯合創始人兼首席執行官 James Peng 博士；樓天成博士，董事、聯合創始人兼首席技術官；以及首席財務官 Leo Wang 博士。他們將提供準備好的發言，然後進行問答環節。

Before we begin please refer to the Safe Harbor Statement in our earnings release which applies to this call as we will be making forward-looking statements. Please also note that we will discuss non-GAAP measures today, which are more thoroughly explained and reconciled to the most comparable measures reported under GAAP in our earnings release available on our investor relations website and filings with the SEC.

在我們開始之前，請參閱我們收益發布中適用於本次電話會議的安全港聲明，因為我們將做出前瞻性陳述。另請注意，我們今天將討論非公認會計準則 (non-GAAP) 指標，這些指標在我們的投資者關係網站和向美國證券交易委員會 (SEC) 提交的收益報告（可從此處獲取）中進行了更詳細的解釋，並與根據公認會計準則 (GAAP) 報告的最具可比性的指標進行了協調。

I will now turn the call over to our Chairman, Co-Founder, and CEO, Dr. James Peng. Please go ahead.

現在我將把電話轉給我們的董事長、聯合創始人兼執行長 James Peng 博士。請繼續。

Thanks, George. This is James Peng, Founder and CEO. 2025 is a year of scaling up for Pony AI and we embraced it with strong growth momentum. Before we dive into our business development, I would like to highlight four key milestones. Firstly, revenue from our Robotaxi services doubled year-over-year for the first quarter of 2025 with fare charging revenues grew approximately eightfold. This is a landmark validating our commercial deployment readiness.

謝謝，喬治。我是創辦人兼執行長 James Peng。 2025年是小馬智行規模化的一年，我們以強勁的成長動能迎接這一年。在我們深入探討業務發展之前，我想先強調四個關鍵里程碑。首先，2025 年第一季度，我們的 Robotaxi 服務營收年增一倍，車資收入成長約八倍。這是驗證我們商業部署準備就緒的里程碑。

Secondly, we launched our seventh-generation autonomous driving system in the Shanghai Auto Show. The Gen 7 system achieves a 70% reduction in bill of materials, BOM costs, compared with our last generation, the Gen 6. This showcased our technological advancement to effectively drive cost and efficiency.

第二，我們在上海車展上發表了第七代自動駕駛系統。與我們的上一代 Gen 6 相比，Gen 7 系統的物料清單 (BOM) 成本減少了 70%。這展示了我們的技術進步，有效地降低了成本並提高了效率。

Thirdly, we have secured the production capability and all the relevant components to grow our fleet to 1,000 vehicles by year end, which will significantly increase our fleet density across our operational network. Lastly, we reached strategic partnerships with some key partners, such as Tencent and Uber, to forge comprehensive ecosystems, both domestically and worldwide.

第三，我們已確保生產能力和所有相關零件，到年底我們的車隊規模將擴大到 1,000 輛，這將顯著提高我們營運網路的車隊密度。最後，我們與騰訊、Uber等一些重要合作夥伴達成策略夥伴關係，打造國內及全球的綜合生態系統。

Now let me walk you through the details of our business progress. In late April, we showcased the Gen 7 Robotaxi lineup at the Shanghai Auto Show. Gen 7 is a game-changing breakthrough in autonomous driving technology as 100% of the sensors, components, and all the add-ons are automotive-grade, which means that Gen 7 will have an extended product lifecycle, rock-solid reliability, and also next-level safety. Its modular architecture also enables rapid deployment across multiple vehicle platforms, starting with three Robotaxi models we unveiled in the Shanghai Auto Show.

現在讓我向大家詳細介紹一下我們的業務進展。4 月下旬，我們在上海車展上展示了第七代 Robotaxi 系列。Gen 7 是自動駕駛技術的重大突破，因為 100% 的傳感器、組件和所有附加組件都是汽車級的，這意味著 Gen 7 將具有更長的產品生命週期、堅如磐石的可靠性以及更高級別的安全性。其模組化架構也支援跨多個車輛平台的快速部署，首先是我們在上海車展上推出的三款 Robotaxi 車型。

Through our strategic partnership with leading OEMs, including Toyota, BAIC, basically Beijing Auto, and the GAC, the Guangzhou Auto, Gen 7 Robotaxis will enter mass production and deployment, and thereby growing our fleet size to 1,000 vehicles by year end.

透過與豐田、北汽、廣汽、廣州汽車等領先的原始設備製造商建立戰略合作夥伴關係，第七代 Robotaxis 將投入量產和部署，從而到年底我們的車隊規模將擴大到 1,000 輛。

Most importantly, I want to highlight that such technological advancement and large-scale production and deployment capabilities have driven a measurable increase in our efficiency, lowering both the capital expenditure and also operational costs.

最重要的是，我想強調的是，這種技術進步和大規模生產和部署能力推動了我們效率的顯著提高，降低了資本支出和營運成本。

The two key underlying drivers are, first, on the vehicle economics. Our Gen 7 Robotaxi total cost per vehicle, this includes actually both the vehicle platform and also the ADK, the Autonomous Driving Kit's BOM costs, both have all been reduced, especially with the ADK's BOM costs coming down by 70%. The cost down is driven by multiple design optimizations, including an 80% reduction in autonomous driving computation and also 68% reduction in the LiDAR costs. These efficiencies demonstrate the power of our system integration as well as scalable production approach, positioning us competitively against the industry benchmarks.

兩個關鍵的潛在驅動因素是：首先，車輛經濟性。我們的第七代 Robotaxi 每輛車的總成本，實際上包括車輛平台和 ADK，自動駕駛套件的 BOM 成本，都已降低，尤其是 ADK 的 BOM 成本下降了 70%。成本的下降得益於多項設計優化，包括自動駕駛計算量減少 80% 以及雷射雷達成本降低 68%。這些效率證明了我們系統整合的強大功能以及可擴展的生產方法，使我們在行業基準中具有競爭力。

Second, on operational costs. In this front, we have reached a remote assistant to [vehicle] (corrected by company after the call) ratio of up to 20. This means that one remote assistant can effectively monitor 20 vehicles. In addition, we largely reduced our insurance cost as our commercial insurance premiums stand at approximately half of the typical cost for traditional human-operated taxis. The aforementioned operational cost reductions are the result of our proven safety track record and also years of Robotaxi operational experience.

第二，關於營運成本。在這方面，我們已經達到了遠端助理與[車輛]（公司在通話後更正）的比例高達 20。這意味著遠端助理可以有效監控 20 輛汽車。此外，我們的商業保險費約為傳統人力計程車典型費用的一半，從而大幅降低了保險成本。上述營運成本的降低是我們經過驗證的安全記錄以及多年 Robotaxi 營運經驗的結果。

Now moving to the operational expansion. This is another cornerstone that will empower our quick growth. With strong foundation in place for the future scaling, our total commercialized operational domains across Beijing, Guangzhou, Shenzhen, and Shanghai now span over 2,000 square kilometers. This is nearly 20 times larger than the city area of San Francisco.

現在轉向營運擴展。這是我們快速成長的另一個基石。目前，我們在北京、廣州、深圳、上海四地的商業化營運範圍已超過2,000平方公里，為未來的規模化發展奠定了堅實的基礎。這幾乎是舊金山市區面積的20倍。

Our vast coverage includes some high-value transportation hubs such as central business districts, airports, and high-speed train stations. Notably, we secured China's first fully driverless commercial Robotaxi license in Shenzhen's Nanshan District in late March this year, unlocking operations in the city's core economic and transportation hubs.

我們的覆蓋範圍廣泛，包括一些高價值的交通樞紐，如中央商務區、機場和高鐵站。值得一提的是，我們於今年3月底在深圳市南山區獲得了中國首張全無人駕駛商用Robotaxi牌照，開啟了在深圳市核心經濟和交通樞紐的運營。

Regarding the market adoption of our Robotaxi service, the number of registered users on our mobile app, basically the Pony Pilot App, increased by more than 20% quarter-over-quarter in the first quarter of this year. We continue to enhance the user experience through innovative operational models, product features, and in-car infotainment systems. Our user growth trajectory will be further amplified by our new strategic partnership with Tencent, which enables us to integrate our Robotaxi services into Tencent's Weixin Mobility Services and also Tencent Maps.

關於我們 Robotaxi 服務的市場應用情況，今年第一季度，我們行動應用程式（主要是 Pony Pilot App）的註冊用戶數量環比增長了 20% 以上。我們透過創新的營運模式、產品功能和車載資訊娛樂系統不斷提升使用者體驗。我們與騰訊的新策略合作夥伴關係將進一步擴大我們的用戶成長軌跡，這使我們能夠將我們的 Robotaxi 服務整合到騰訊的微信行動服務和騰訊地圖中。

As a result, we can tap into China's billions of user base. As we launch Gen 7 Robotaxi later this year, we will expand our capability to meet the fast-growing user demand. It sets a solid foundation to drive our future fare charging revenues through optimized fleet utilization and enhanced customer experience with faster pickup time, superior safety, and premium comfort.

因此，我們可以挖掘中國數十億的用戶群。隨著我們在今年稍後推出第七代 Robotaxi，我們將擴展我們的能力以滿足快速成長的用戶需求。它透過優化車隊利用率、透過更快的接送時間、卓越的安全性和一流的舒適度來增強客戶體驗，為我們未來的票價收費收入奠定了堅實的基礎。

Now let me share with you our global expansion progress. At Pony AI, our mission has always been, since the day we were founded, has always been autonomous mobility everywhere. Our global footprint now spans across Europe, the Middle East, South Korea, Southeast Asia, and beyond. Recently, we have achieved multiple breakthroughs in these areas.

現在我來和大家分享我們全球擴張的進展。在 Pony AI，自成立之日起，我們的使命就一直是讓自動駕駛出行無所不在。我們的全球業務現已遍布歐洲、中東、韓國、東南亞及其他地區。近期我們在這些領域又取得了多項突破。

First, we have forged strategic alliance with key industry players. We recently partnered with Uber, which will enable users to access our Robotaxi service directly through Uber's platform. The partnership is expected to first launch in a key market in the Middle East later this year with the goal of scaling deployments to additional international markets in the future.

首先，我們與主要產業參與者建立了策略聯盟。我們最近與 Uber 合作，這將使用戶能夠直接透過 Uber 平台存取我們的 Robotaxi 服務。預計該合作將於今年稍後首先在中東的關鍵市場啟動，目標是未來將部署範圍擴大到更多國際市場。

We are also collaborating with ComfortDelGro on a joint Robotaxi pilot program. ComfortDelGro is one of the largest land transport companies headquartered in Singapore and operates in 13 markets covering Europe, China, Australia, and others.

我們也與康福德高 (ComfortDelGro) 合作進行 Robotaxi 聯合試點計畫。康福德高是最大的陸上運輸公司之一，總部位於新加坡，業務遍及歐洲、中國、澳洲等 13 個市場。

Second, we are pleased to see the ongoing favorable regulatory and testing progress globally. During the first quarter, we have secured an L4 Robotaxi testing permit from Luxembourg's Ministry of Mobility. And we also started road testing in Seoul's Gangnam district of South Korea. All these developments collectively demonstrate our platform's adaptability to complex global conditions while positioning Pony AI for future commercial scaling.

第二，我們很高興看到全球範圍內監管和測試正在取得積極進展。第一季度，我們獲得了盧森堡交通部頒發的 L4 Robotaxi 測試許可證。我們也在韓國首爾江南區開始道路測試。所有這些發展共同證明了我們平台對複雜的全球條件的適應性，同時也為 Pony AI 未來的商業擴展奠定了基礎。

In summary, I think the mass production and large-scale deployment of our Gen 7 Robotaxis remain a top priority for us. Through continuous technical innovations, we are seeing accelerating production coupled with significant cost reduction. Given the structural efficiency advantages of the Gen 7 Robotaxis, we have a clear line of sight to break even and long-term profitability.

總而言之，我認為第七代 Robotaxis 的量產和大規模部署仍然是我們的首要任務。透過不斷的技術創新，我們看到生產速度不斷加快，成本也大幅降低。鑑於第七代自動駕駛計程車的結構效率優勢，我們擁有實現收支平衡和長期獲利的明確目標。

With that, I will now pass it over to our CTO, Dr. Tiancheng Lou.

現在，我將把發言權交給我們的技術長樓天成博士。

Thanks, James. Hello, everyone. This is Tiancheng. So it's a great pleasure to share with you the latest advancement and progress in our technology. So when we showcased our Gen 7 autonomous driving system during the Shanghai Auto Show in late April, I also shared the progress of our PonyWorld and hardware system. PonyWorld, as an industry-leading AI-powered world foundation model, has built a high-fidelity training environment and evaluation system, breaking through the limitation of imitation learning.

謝謝，詹姆斯。大家好。這裡是天成。因此，我們非常高興與您分享我們技術的最新進展和進步。因此，當我們在 4 月底的上海車展上展示我們的第七代自動駕駛系統時，我也分享了我們的 PonyWorld 和硬體系統的進展。PonyWorld作為業界領先的AI世界基礎模型，建構了高逼真度的訓練環境和評估體系，突破了模仿學習的限制。

Each week, PonyWorld generates test data exceeding 10 billion kilometers. The breadth and complexity of the data accumulated have far surpassed the data that a human driver can ever collect. This generative PonyWorld trains our proprietary virtual driver, a full-stack system featuring integrated software and hardware, where the virtual driver in turn provides valuable human feedback. It fosters the virtuous cycle of continuous enhancement, accelerating the improvement in safety and reliability of our autonomous driving technology.

每週，PonyWorld 都會產生超過 100 億公里的測試資料。所累積的數據的廣度和複雜性已經遠遠超過了人類駕駛員所能收集的數據。這個生成的 PonyWorld 訓練了我們專有的虛擬駕駛員，這是一個具有整合軟體和硬體的全端系統，其中虛擬駕駛員反過來提供有價值的人類回饋。它促進了持續改進的良性循環，加速了我們的自動駕駛技術的安全性和可靠性的提高。

The virtual driver has demonstrated our proven L4 autonomous driving capability in the real world, successfully navigating complex urban environments across all Tier-1 cities in China, operating through rush-hour traffic and the inclement weather. By the end of the first quarter, we have accumulated over [7 million] kilometers (corrected by company after the call) of driverless operation, a clear validation of our technology's maturity and its readiness for large-scale deployment.

虛擬駕駛員已經在現實世界中展示了我們成熟的 L4 自動駕駛能力，成功穿越中國所有一線城市的複雜城市環境，克服了交通高峰和惡劣天氣。截至第一季末，我們的無人駕駛行駛里程已超過700萬公里（公司在電話會議後進行了更正），這充分證明了我們技術的成熟度以及大規模部署的準備情況。

Next, let me elaborate how this advancement drives operational cost optimization across the board. From a mass production perspective, hardware cost reduction remains a fundamental challenge that no automaker can avoid. With respect to our Gen 7 Robotaxis, our in-house developed auto driving domain controller is world's first to achieve full-scenario Level 4 autonomous driving built on auto grade chips, featuring extended product lifecycle and a mileage lifespan of 600,000 kilometers.

接下來，讓我詳細說明這項進展如何推動全面營運成本優化。從量產角度來看，降低硬體成本仍然是任何汽車製造商都無法迴避的根本挑戰。我們的第七代Robotaxis，自主研發的自動駕駛域控制器，全球首個基於車規級晶片實現全場景L4級自動駕駛，產品生命週期更長，續航里程可達60萬公里。

Regarding computing platform, we are the first player in the L4 industry to adopt automotive-grade SoC. This advancement has successfully reduced the domain controller's size, weight, power consumption, and cost, each by 50% to 80%.

在運算平台方面，我們是L4產業第一家採用汽車級SoC的公司。這項進步成功地將網域控制器的尺寸、重量、功耗和成本分別降低了 50% 到 80%。

Our proprietary where PonyWorld has also effectively improved computing efficiency by three times through AI inference optimization, model distillation, and other technological innovations, significantly outperforming the broader L4 industry. As a result, we are able to adopt more cost-efficient computing power with a total capacity of 1016 TOPS. This cost-efficient approach enables us to meaningfully reduce overall costs and reach break-even as we scale up our fleet in the future.

其中，PonyWorld也透過AI推理優化、模型蒸餾等技術創新，有效提升了3倍計算效率，顯著跑贏L4產業。因此，我們能夠採用更具成本效益的運算能力，總容量為 1016 TOPS。這種成本效益的方法使我們能夠大幅降低整體成本，並在未來擴大船隊規模時實現收支平衡。

In terms of LiDARs, we have also made significant improvements to software algorithms to adapt to cost-efficient LiDARs. For Gen 7 autonomous driving kits, we opt for highly cost-efficient semi-solid-state LiDARs. While this choice may involve many trade-offs in individual sensor performance, we have compensated through advanced software algorithms that reduce the noise point by up to 30 times, ultimately resulting in enhanced overall system performance and a 68% cost reduction compared with the previous generation.

在光達方面，我們也對軟體演算法做了很大的改進，以適應成本高效的光達。對於第七代自動駕駛套件，我們選擇了成本效益高的半固態雷射雷達。雖然這種選擇可能涉及單一感測器性能的諸多權衡，但我們透過先進的軟體演算法進行了補償，將噪音點降低了多達 30 倍，最終提高了整體系統性能，並且與上一代相比成本降低了 68%。

For sensors, more broadly, we have achieved significant performance improvements through upgrading not just the hardware but also the algorithms.

更廣泛地說，對於感測器，我們不僅透過升級硬件，還透過升級演算法實現了顯著的性能提升。

A key component of our cost is related to remote assistant. Unlike remote control, overall system features request-based remote assistance providing suggestions to autonomous driving vehicles rather than direct or indirectly controlled. Over virtual technology allows us to achieve industry-leading remote assistance-to-vehicle ratio of 1 to 20, compared with 1 to 3 for the same period of last year. We expect this trend to continue and improve as our technology advances.

我們成本的一個關鍵部分與遠端助手有關。與遠端控制不同，整個系統的特點是基於請求的遠端協助，為自動駕駛汽車提供建議，而不是直接或間接控制。透過虛擬技術，我們實現了業界領先的遠端協助與車輛比例，即1比20，而去年同期為1比3。我們預計，隨著技術的進步，這種趨勢將會持續並改善。

Over-virtual driving enables smarter navigation and advanced monitoring capability. For instance, in scenarios like traffic police gesture recognition, no additional human support is required. Similarly, during passenger pick-up and drop-off, there is no need to manually confirm passenger status and inspect the vehicle's cabin. This allows us to operate Robotaxi services with a high-efficiency remote assistant to vehicle ratio, significantly reducing operational costs. This metric also shows how far we have advanced beyond industry standards.

超虛擬駕駛可實現更智慧的導航和先進的監控能力。例如，在交通警察手勢辨識等場景中，不需要額外的人工支援。同樣，在乘客上下車時，也無需手動確認乘客狀態和檢查車廂。這使我們能夠以高效的遠端助理與車輛比例營運 Robotaxi 服務，從而顯著降低營運成本。這項指標也顯示了我們超越業界標準的程度。

Moreover, our technical innovations have significantly enhanced the safety of our Robotaxi fleet, leading to a more favorable insurance economics. As James mentioned, over-commercial insurance premiums are approximately 50% of typical costs of traditional human-operated taxis. This reduction is the result of thorough actuarial assessment by insurance providers who have verified our exceptionally low incident and claim rate. This continued decrease in insurance costs is a direct outcome of our safety performance and a testament to the reliability of our over-autonomous driving system.

此外，我們的技術創新顯著提高了我們的 Robotaxi 車隊的安全性，從而帶來了更有利的保險經濟效益。正如詹姆斯所提到的，超額商業保險費約為傳統人力計程車典型成本的 50%。此次減少是保險公司經過全面精算評估的結果，他們證實我們的事故率和索賠率極低。保險成本的持續下降是我們安全性能的直接結果，也是我們超自動駕駛系統可靠性的證明。

Moving forward, we still have significant room to further solidify and expand our technological leadership and thereby scale up for future commercialization deployment. Before I conclude, I want to recap the tremendous effort we have made over the past few years to prepare for mass production, both on software and hardware fronts. Our Pony World platform leads the industry in areas such as methodology and model training.

展望未來，我們仍有很大空間來進一步鞏固和擴大我們的技術領先地位，從而擴大未來的商業化部署。最後，我想回顧一下過去幾年我們在軟體和硬體方面為大規模生產所做的巨大準備。我們的Pony World平台在方法論、模型訓練等領域處於行業領先地位。

On the hardware side, we have optimized the key components required for Robotaxi operations, including sensors, LiDARs, and domain controllers. Not only through traditional cost reduction measures, but also through parallel software driven enhancement that significantly boost our overall system performance. This concludes my prepared remarks.

硬體方面，我們優化了Robotaxi運作所需的關鍵元件，包括感測器、雷射雷達、網域控制器等。不僅透過傳統的成本削減措施，還透過平行軟體驅動的增強功能顯著提升了我們的整體系統效能。我的準備好的發言到此結束。

I will now pass the call over to our CFO, Dr. Leo Wang, for a closer look at our financial results. Leo, please go ahead.

現在我將把電話轉給我們的財務長 Leo Wang 博士，以便更仔細地了解我們的財務表現。利奧，請繼續。

Thank you, Tiancheng. Hello, everyone. This is Leo. Before reviewing our first quarter financial results, I would like to reiterate that as we enter this pivotal year for scaling up the Gen 7 Robotaxi fleet, we remain fully committed to disciplined investment in mass production and deployment. We will ensure strong operational momentum while maintaining solid financial resilience, all to create long-term value to our shareholders.

謝謝你，天成。大家好。這是利奧。在回顧我們第一季的財務表現之前，我想重申，隨著我們進入擴大第七代 Robotaxi 車隊的關鍵一年，我們仍然全力致力於對大規模生產和部署進行嚴格的投資。我們將確保強勁的營運勢頭，同時保持穩健的財務韌性，所有這些都是為了為股東創造長期價值。

Moving to our financial performance for the first quarter of 2025, we started this year with a strong note, demonstrating solid execution of our go-to-market strategy. Revenues totaled at USD14 million, up 11.6% year-over-year, mainly driven by rapid growth in Robotaxi services. The quarter-over-quarter volatility was primarily due to the variation in revenue recognition of project-based engineering solution services and product sales, a trend consistent with historical pattern.

談到 2025 年第一季的財務業績，我們今年開局表現強勁，顯示我們穩健地執行了行銷策略。營收總計1,400萬美元，較去年成長11.6%，主要得益於Robotaxi服務的快速成長。季度環比波動主要是由於基於專案的工程解決方案服務和產品銷售的收入確認的變化，這一趨勢與歷史模式一致。

In the first quarter, Robotaxi's service revenue were USD1.7 million, growing significantly at 200.3% year over year. This growth was driven by both fare charging and the project-based engineering solution services, with fare charging revenues achieving faster growth rate, increasing by roughly 800% year over year.

第一季度，Robotaxi服務營收為170萬美元，年增200.3%，增幅顯著。這一成長主要由收費業務和基於專案的工程解決方案服務推動，其中收費業務收入成長率更快，年增約800%。

The strong growth rate was attributed to the expansion of our public-facing fare charging Robotaxi operations in Tier 1 cities in China, as well as our optimizing operations for diverse user groups. Robotruck services revenue grew by 4.2% year over year, to USD7.8 million for the first quarter, primarily driven by contributions from new clients.

強勁的成長率歸功於我們面向大眾的收費Robotaxi業務在中國一線城市的擴張，以及我們針對不同使用者群體的最佳化營運。第一季度，Robotruck 服務營收年增 4.2%，達到 780 萬美元，主要得益於新客戶的貢獻。

Licensing and application revenues were flattish year-over-year at USD4.5 million. We saw increasing orders and delivery for Autonomous Domain Controller, ADC sales primarily driven by new robot delivery clients. The total cost of revenue was USD11.7 million, up 17.9% year over year, in line with revenue trends.

授權和應用收入與去年同期持平，為 450 萬美元。我們看到自主域控制器的訂單和交付量不斷增加，ADC 的銷售主要由新的機器人交付客戶推動。總收入成本為 1,170 萬美元，年增 17.9%，與收入趨勢一致。

Our gross profit reached USD2.3 million, resulting a gross margin of 16.6%, down from 21% in the same period last year. This decrease was mainly due to the change in revenue mix on increased ADC sales for new robot-delivery clients in the first quarter. That being said, we are actively working on initiatives to reduce gross margin variability for the coming quarters.

我們的毛利達到230萬美元，毛利率為16.6%，低於去年同期的21%。這一下降主要是由於第一季新機器人送貨客戶的 ADC 銷售額增加導致收入結構發生變化。話雖如此，我們正在積極採取措施，降低未來幾季的毛利率波動。

Total operating expenses were USD58.4 million, an increase of 56.3% year-over-year. Excluding share-based compensation expenses, non-GAAP operating expenses were USD49.3 million, up 35% year-over-year. The increase was primarily due to investment in the mass production for Gen 7 and one-time expenses associated with share awards settled upon the completion of IPO.

總營業費用為5,840萬美元，年增56.3%。不包括股權激勵費用，非美國通用會計準則營業費用為4,930萬美元，較去年同期成長35%。增加的主要原因是第 7 代量產的投資以及 IPO 完成後結算的股票獎勵相關的一次性費用。

Additionally, we increased employee expenses in the first quarter to strengthen our R&D capacity for concurrently developing three Gen 7 vehicle models. Reflecting the investment preparing for our upcoming production of Gen 7, net loss was [USD37.4 million] (corrected by company after the call), compared to USD20.8 million in the first quarter of 2024. Non-GAAP net loss was USD28.4 million, compared to USD25.7 million in the first quarter of 2024.

此外，我們在第一季增加了員工費用，以增強我們的研發能力，以便同時開發三款第七代車型。考慮到我們即將生產第 7 代產品所進行的投資準備，淨虧損為 [3740 萬美元]（公司在電話會議後進行了更正），而 2024 年第一季為 2080 萬美元。非公認會計準則淨虧損為 2,840 萬美元，而 2024 年第一季為 2,570 萬美元。

Turning to our balance sheet, our combined cash and cash equivalents, restricted cash, short-term investments, and long-term debt instruments for wealth management was USD738.5 million as of March 31, 2025, compared to [USD825.1 million] (corrected by company after the call) at the end of 2024. The cash outflow was primarily driven by our Gen 7 R&D effort and supply chain preparation, in which the procurement of some key components kicked off ahead of the mass production.

回顧我們的資產負債表，截至 2025 年 3 月 31 日，我們的現金及現金等價物、受限現金、短期投資和用於財富管理的長期債務工具總額為 7.385 億美元，而 2024 年底為 [8.251 億美元]（公司在電話會議後進行了更正）。現金流出主要源自於我們的第 7 代研發工作和供應鏈準備，其中一些關鍵零件的採購在量產之前就已經啟動。

With the imminent scaling up and commercial deployment, we believe our current cash reserve is sufficient for our future growth and will continue to explore more opportunities to ensure sustained support.

隨著即將到來的擴大規模和商業部署，我們相信目前的現金儲備足以滿足我們未來的成長，並將繼續探索更多機會以確保持續的支援。

Looking ahead, we are thrilled to embark on a chapter in our journey towards mass production and deployment, aiming at scalable commercialization. With our core technological advancements as the foundation, we will continue making disciplined investments to strengthen mass production capability and drive long-term cost and operational efficiencies. Our robust go-to-market strategy will also allow us to gradually reduce financial volatility and build a more predictable path to growth.

展望未來，我們很高興開啟大規模生產和部署之旅的新篇章，旨在實現可擴展的商業化。以核心技術進步為基礎，我們將繼續進行有紀律的投資，以加強大規模生產能力並提高長期成本和營運效率。我們強大的市場進入策略也將使我們能夠逐步降低金融波動性並建立更可預測的成長道路。

I will now turn the call over to the operator to begin our Q&A session. Thank you.

我現在將把電話轉給接線員，開始我們的問答環節。謝謝。

Thank you. (Operator Instructions) Ming Hsun Lee, BofA.

謝謝。（操作員指示）美國銀行李明勳。

Thank you, James, Tiancheng, and Leo. Congrats for the first quarter results and also your launch of Gen 7 Robotaxi product. So I have one question. As you mentioned, 2025 is a year of scaling up. How should we understand your progress throughout this year, is there any color or pipeline for 2026?

謝謝 James、Tiancheng 和 Leo。恭喜第一季的業績以及第七代 Robotaxi 產品的推出。我有一個問題。正如您所說，2025 年是擴大規模的一年。我們應該如何理解您今年的進展，2026 年有什麼顏色或管道嗎？

I'll take this question. This is James. We actually have a very clear pipeline for the Gen 7 Robotaxi mass production. This will, as I mentioned, this remains to be our main focus for this year. We expect Gen 7 will enter mass production for the second quarter and thereby bring in the total number of our fleet size up to 1,000 vehicles by year end. In addition, the large-scale deployment will ramp up gradually throughout the second half of the year.

我來回答這個問題。這是詹姆斯。實際上，我們對於第七代 Robotaxi 的量產有著非常清晰的規劃。正如我所提到的，這仍將是我們今年的重點。我們預計第 7 代汽車將在第二季投入量產，使我們的車隊總數在年底前達到 1,000 輛。此外，大規模部署將在下半年逐步推展。

We are especially working on the following three areas to ensure a quick ramp up. First, we are closely -- working very closely with the OEM partners such as Toyota, GAC, and BAIC for the mass production across the component sourcing pre-installment and the final assembly, thereby ensuring that each Robotaxi meets the highest industrial standards of quality and safety.

我們特別致力於以下三個領域，以確保快速提升。首先，我們與豐田、廣汽、北汽等OEM合作夥伴密切合作，從零件採購、預裝到最終組裝，進行量產，確保每輛Robotaxi都符合最高的行業品質和安全標準。

Second thing we're working on is our agile and flexible approach to sourcing the key components allows us to rapidly adapt to the changing demand, ensuring our stable supply chains and supporting the efficient execution of our mass production plans.

我們正在努力的第二件事是，我們採購關鍵部件的敏捷和靈活方法使我們能夠快速適應不斷變化的需求，確保我們穩定的供應鏈並支援高效執行我們的大規模生產計劃。

Lastly, our years of collaborations with the central and local governments have established a proven track record of our superior safety level and operational capability. This enhances our credibility and positions us to secure the required licenses. Paving the way for commercial deployment of our Gen 7 Robotaxis.

最後，我們多年來與中央和地方政府的合作已證明我們擁有卓越的安全水準和營運能力。這增強了我們的信譽並使我們能夠獲得所需的許可證。為我們的第七代 Robotaxis 的商業部署鋪平道路。

With the aforementioned three things that we are working on, we will focus on reinforcing these critical foundations to realize robust growth momentum of our fleet size, ensuring a scalable and sustainable expansion. As for year 2026, I think our scale up will be even more accelerated. We will produce more autonomous driving vehicles and then deploy them in China and also the international markets. With this, back to the operator.

圍繞著上述三項工作，我們將著力夯實這些關鍵基礎，實現船隊規模的強勁成長勢頭，確保規模化、永續擴張。至於2026年，我認為我們的規模將會進一步擴大。我們將生產更多的自動駕駛汽車，然後將其部署在中國和國際市場。說完這些，回到操作員那裡。

[Ting Hong], Goldman Sachs

高盛集團（Goldman Sachs）的Ting Hong

Thank you. Congratulations on the results. I have two questions. And the first one is, while you emphasize China first strategy last quarter, we have now seen some progress on global markets this time. So could you elaborate more on your evolving global strategy and to what extent does the China market remain a core focus at this stage? Thank you.

謝謝。恭喜你取得這樣的成績。我有兩個問題。首先，雖然您在上個季度強調了中國優先策略，但這次我們已經看到全球市場取得了一些進展。那麼，您能否進一步闡述您不斷發展的全球策略，以及中國市場在多大程度上仍然是現階段的核心關注點？謝謝。

Sure. This is James again. I think I'll take this one. As I mentioned in my prepared remarks, Pony AI's mission has always been Autonomous Mobility everywhere. While we currently prioritize the China market, giving its relatively mature regulatory environment, we believe our established ecosystem, technological advancement, and the scaled operation in China have empowered us to enter new markets with proven capabilities, experiences, and proven business models.

當然。這又是詹姆斯。我想我會選擇這個。正如我在準備好的演講中提到的，Pony AI 的使命始終是讓自動駕駛無所不在。雖然我們目前優先考慮中國市場，因為其監管環境相對成熟，但我們相信，我們在中國建立的生態系統、技術進步和規模化運作使我們能夠憑藉成熟的能力、經驗和成熟的商業模式進入新市場。

At this stage, we are aiming for markets with strong mobility demand, advanced infrastructure, and welcoming regulations. While the commercialization of these international markets is still at the early stage, we relentlessly work hand-in-hand with our global partners to showcase the technology readiness, move forward local commercial driverless regulations, build momentum for public acceptance, and generate revenues along the course.

現階段，我們瞄準的是流動性需求強勁、基礎建設先進、法規寬鬆的市場。雖然這些國際市場的商業化仍處於早期階段，但我們堅持不懈地與全球合作夥伴攜手合作，展示技術準備情況，推動當地商業無人駕駛法規，為公眾接受創造動力，並在此過程中創造收入。

This approach actually mirrors our achievements that we have already established in the Tier One cities in China over the recent years, which we believe our successful track record in China will also help foster greater confidence for these new markets.

這種方法實際上反映了我們近年來在中國一線城市已經取得的成就，我們相信我們在中國的成功記錄也將有助於增強對這些新市場的信心。

Recently, we have formed strategic partnerships with key global players one of them is Uber, with plans to launch our Robotaxi service on their platform, starting in a key market in the Middle East this year and expanding to other international markets. Another partner is ComfortDelGro, one of Singapore's largest transport companies operating across 13 countries, including Europe, China, and Australia.

最近，我們與 Uber 等全球主要參與者建立了策略合作夥伴關係，並計劃在其平台上推出我們的 Robotaxi 服務，今年從中東的一個主要市場開始，並擴展到其他國際市場。另一個合作夥伴是康福德高，它是新加坡最大的運輸公司之一，業務遍及歐洲、中國和澳洲等 13 個國家。

We also continue to make regulatory and testing progress globally, having secured an L4 Robotaxi testing permit from Luxembourg, and also initiated road testing in Seoul's Gangnam district in South Korea. These successes have provided us with valuable experience as we explore future opportunities beyond the China market. With this, back to the operator.

我們還在全球範圍內繼續推進監管和測試工作，已獲得盧森堡的 L4 Robotaxi 測試許可證，並在韓國首爾江南區啟動道路測試。這些成功為我們探索中國市場以外的未來機會提供了寶貴的經驗。說完這些，回到操作員那裡。

(multiple speakers)

（多位發言者）

My second question is, you delivered very impressive revenue growth in Robotaxi. What factors are driving behind this quarter, and do you believe this is sustainable in the upcoming quarters? Thank you.

我的第二個問題是，你們在 Robotaxi 方面實現了非常令人印象深刻的營收成長。哪些因素推動了本季的成長？您認為這種趨勢在未來幾季能夠持續嗎？謝謝。

Yes, this is Leo, and I'll take this question. So the revenue growth in Robotaxi segment was driven by both fare charging and project-based engineering solution services. With fare charging revenues achieving at a much faster growth rate, increasing by roughly 800% year over year. The strong growth rate was attributed to the expansion of our public-facing fare charging Robotaxi operations in Tier 1 cities in China. We also optimized our operations to cater to diverse user groups, such as interactive reward features.

是的，我是 Leo，我來​​回答這個問題。因此，Robotaxi 部門的收入成長是由票價收費和基於專案的工程解決方案服務共同推動的。票價收入實現了更快的成長，年增約800％。強勁的成長率歸功於我們面向大眾的收費 Robotaxi 業務在中國一線城市的擴張。我們還優化了營運以滿足不同的用戶群體，例如互動獎勵功能。

I would also like to take this opportunity to explain our Robotaxi revenue structure. Our revenue are currently generated from two main streams. The first stream consists of engineering solution services, which are recognized upon the achievement of project milestones. Hence, this is project-based and could fluctuate among quarters.

我也想藉此機會解釋一下我們的 Robotaxi 收入結構。我們的收入目前主要來自兩個方面。第一流包括工程解決方案服務，在專案里程碑實現後得到認可。因此，這是基於項目的，並且可能在各個季度之間波動。

The second stream is recurring revenue, primarily from our virtual driver operations, such as our Robotaxi fare charging services. While the project-based revenues currently make up a larger portion in our total Robotaxi revenue, we believe the non-recurring revenues we are generating from partners, such as ride-hailing platforms, OEMs, and other parties are very critical to enhance and advance our recurring revenue stream. These collaborations also further pave the way for a robust long-term monetization model.

第二個收入來源是經常性收入，主要來自我們的虛擬駕駛者業務，例如我們的 Robotaxi 收費服務。雖然基於專案的收入目前在我們的 Robotaxi 總收入中佔較大份額，但我們認為從合作夥伴（例如叫車平台、原始設備製造商和其他方）獲得的非經常性收入對於增強和推進我們的經常性收入流至關重要。這些合作也為強勁的長期貨幣化模式進一步鋪平了道路。

As a result, we anticipate some natural volatility in revenues from-quarter-to-quarter in this segment. That being said, we will gradually reduce financial fluctuations and are very confident to deliver a strong growth trajectory in the long term. I'll get back to the operator.

因此，我們預計該部門的收入每季都會出現一些自然波動。話雖如此，我們將逐步減少財務波動，並非常有信心在長期內實現強勁的成長軌跡。我會回覆接線生。

Bin Wang, Deutsche Bank.

德意志銀行王斌。

Thank you for taking my question. Mine more from a technology perspective, you mentioned that in the ADK pricing was declined dramatic. Did you need to upgrade your software to fulfill this ADK cost reduction, in particular, what's the improvements you're doing for computing power, you also mentioned that you actually would decline 48% of the cost per computing power? Thank you.

感謝您回答我的問題。我更多地從技術角度來考慮，您提到 ADK 定價大幅下降。您是否需要升級軟體來實現ADK成本的降低，特別是您對運算能力做了哪些改進，您還提到實際上會降低48％的運算能力成本？謝謝。

Thank you. I will take this question. So this is Tiancheng. Before I answer your question, I would like to say that we believe in the field of autonomous driving technology. Pony AI is poised to represent China's leading companies in embracing the DeepSeek moment.

謝謝。我將回答這個問題。這就是天成。在回答你的問題之前，我想說，我們相信自動駕駛技術領域。Pony AI 準備代表中國領先企業迎接 DeepSeek 時代。

So by optimizing our PonyWorld AI models and enhancing engineering capabilities, we have designed a cost-effective hardware and software system. This enables us to significantly improve inference performance while reducing associated cost, even with auto grade SoC and the lower-precision radar sensors.

因此，透過優化我們的 PonyWorld AI 模型並增強工程能力，我們設計了具有成本效益的硬體和軟體系統。即使使用汽車級 SoC 和低精度雷達感測器，這也使我們能夠顯著提高推理性能，同時降低相關成本。

So for instance, our PonyWorld had effectively improved computing power efficiency by three times through AI inference optimization, auto-distillation, and other innovations. Significantly outperformed the broader L4 industry. As a result, we're able to adopt more cost-efficient computing power with a total capacity of 1,016 TOPs, compared with industry peers typically range from 2,000 to 5,000 TOPs.

例如我們的PonyWorld透過AI推理優化、自動提煉等創新，有效提升了三倍的算力效率。明顯優於更廣泛的 L4 產業。因此，我們能夠採用更具成本效益的運算能力，總容量為 1,016 TOP，而業界同業通常為 2,000 至 5,000 TOP。

In terms of the inference computing, we have implemented numerous optimizations, such as optimizing operators in the AI model, increasing computational parallelism, and improving model memory efficiency to enhance inference performance. So all these efforts help us to improve cost efficiency without giving up performance, proving that we're able to realize the cost-effective and the scale of L4 driverless autonomous driving. Thank you. I will give back to the operator.

在推理計算方面，我們實現了許多優化，例如優化AI模型中的算子，增加計算並行度，提高模型記憶體效率等，以增強推理性能。所以這些努力幫助我們在不犧牲性能的前提下提升了成本效率，證明了我們能夠實現L4無人駕駛的成本效益和規模化。謝謝。我會回報運營商。

Qiu Yiming, Huatai Securities.

邱一鳴，華泰證券。

Thank you for taking my question. So congrats on your expansion in Robotaxi services. So we noticed that the Ministry of Industry and Information Technology of China has recently issued some regulatory requirements regarding driver assist. So I just wonder that could this potentially have an impact on Pony AI? Thank you.

感謝您回答我的問題。恭喜您在 Robotaxi 服務領域的拓展。所以我們注意到中國工業和資訊化部最近發布了一些關於駕駛輔助的監管要求。所以我只是想知道這是否會對 Pony AI 產生影響？謝謝。

Yeah, this is Tiancheng. I will take this one. So I think a lot of people mistakenly equate L2 driver assist with L4 autonomous driving. Recently, the Ministry of Industry and Information Technology, MIIT, issued a notice clearly states that L2 is not equal to L4.

是啊，這裡是天成。我要這個。所以我認為很多人錯誤地將 L2 駕駛輔助與 L4 自動駕駛等同起來。近日，國家工業和資訊化部發布通知，明確指出L2不等於L4。

The key requirement from MIIT includes, first, the manufacturers or solution providers must avoid using misleading terms, such as autonomous driving, intelligent driving, when promoting L2 driver assist system. Second, manufacturer solution providers are required to clearly define the capabilities and safety measures of driver assist system. Terms like zero takeover or hands-off must not be used. And the responsibility of the driver for continuous monitoring must be emphasized.

工信部提出的重點要求包括：第一，製造商或解決方案提供者在推廣L2級駕駛輔助系統時，應避免使用自動駕駛、智慧駕駛等誤導性術語。其次，要求製造商解決方案提供者明確定義駕駛輔助系統的功能和安全措施。不得使用零接管或不干涉等詞語。並且必須強調駕駛員持續監控的責任。

So we believe this is a clear beneficial for Pony AI as it helps foster a comprehensive and clear understanding of distinctions between L2 and L4 for the public. That's also the reason why we consistently emphasize that L2 and L4 are fundamentally different in value add to the customer. Being more specifically, only L4 can truly fulfill user's need in the situation where they are looking for relaxation or even wish to take a nap while autonomous driving system is on.

因此，我們相信這對 Pony AI 來說顯然是有益的，因為它有助於公眾全面、清晰地理解 L2 和 L4 之間的區別。這也是我們不斷強調 L2 和 L4 在為客戶增加的價值方面有著根本差異的原因。具體來說，只有L4等級才能真正滿足使用者在自動駕駛開啟的情況下，想要放鬆一下，甚至想小憩一會兒的需求。

So I would like to go into more detail about the technological difference between L2 and L4 systems. So L2 system widely uses imitation learning. The AI drivers learn by copying human behavior from real-world driving data. The limitation of imitation learning is that AI driver cannot understand the reasoning behind the driving behavior. So as a result, it is not safe enough to handle ever-changing traffic scenarios. For L4 system, we use the reinforcement learning and over generative PonyWorld.

所以我想更詳細地介紹一下 L2 和 L4 系統之間的技術差異。因此L2系統廣泛採用模仿學習。人工智慧駕駛員透過從現實世界的駕駛數據中複製人類行為來學習。模仿學習的限制在於人工智慧駕駛者無法理解駕駛行為背後的原因。因此，它不夠安全，無法應對不斷變化的交通狀況。對於 L4 系統，我們使用強化學習和過度生成的 PonyWorld。

So under PonyWorld, our virtual driver teach itself through a large amount of generative data. This allows our virtual driver to understand why by analyzing the outcome of every action, teaching them to make smarter decisions in different scenarios and eventually surpass the safety of human drivers.

因此，在 PonyWorld 下，我們的虛擬駕駛員可以透過大量產生數據進行自我學習。這使得我們的虛擬駕駛員能夠透過分析每個動作的結果來理解原因，教導他們在不同情況下做出更明智的決策，最終超越人類駕駛員的安全性。

So over time, our virtual driver trained under PonyWorld developed advanced skills needed for complex tasks such as multi-navigating urban areas, handling unpredictable traffic scenarios, or safely operating for 500,000 hours without any human intervention.

因此，隨著時間的推移，在 PonyWorld 的訓練下，我們的虛擬駕駛員掌握了執行複雜任務所需的高級技能，例如在多導航城市區域、處理不可預測的交通情況或在沒有任​​何人工幹預的情況下安全運行 500,000 小時。

More importantly, the key competitive edge differs significantly between the two approaches. For imitation learning requires large amount of data, while reinforcement learning relies on heavily on AI motor type abilities. These underlying distinction creates a considerable barrier, making it challenging to transit from one to another. It basically requires companies to start over and build a whole new team of expertise which means it cannot be simply acceleration through prior experience. Yeah, thank you. I will go back to the operator.

更重要的是，兩種方法的關鍵競爭優勢有顯著差異。因為模仿學習需要大量的數據，而強化學習很大程度上依賴人工智慧的運動類型能力。這些潛在的差異造成了相當大的障礙，使得從一個轉變到另一個轉變變得具有挑戰性。它基本上要求公司重新開始並建立一支全新的專業團隊，這意味著它不能簡單地透過以前的經驗來加速。是的，謝謝。我會回去找接線生。

[Tsa Lei], Jeffries.

[Tsa Lei]，傑弗里斯。

Hi. Thanks for taking my question. My question is regarding the US-China tariff issue, which appears to be easing at the moment. But I'm still wondering, well, it has to have any potential negative impact on the operations, how many materials are you sourced from the overseas market?

你好。感謝您回答我的問題。我的問題是關於中美關稅問題，目前看來這個問題正在緩和。但我仍然想知道，嗯，它一定會對營運產生任何潛在的負面影響，您從海外市場採購了多少材料？

Thank you and this is Leo. I'll take this question. We believe the potential impact from the tariffs issue will be very minimal to our operation. First, the majority of our supply chain is domestically sourced. Second, over the past few quarters, we have enhanced our supply chain resilience in response to the evolving geopolitical landscape. This includes diversifying suppliers and also increasing inventories where necessary.

謝謝，我是 Leo。我來回答這個問題。我們相信關稅問題對我們的營運的潛在影響將非常小。首先，我們的供應鏈大部分來自國內。第二，過去幾個季度，我們增強了供應鏈的彈性，以應對不斷變化的地緣政治格局。這包括多樣化供應商以及在必要時增加庫存。

As a result, we are well prepared to manage this risk. In addition, I would like to highlight that our Gen 7 mass production plant has also been reflected with these assumptions and also uncertainties. Therefore, we are confident that our full-year target of deploying 1,000 unit fleet size is on track and will not be affected by the changing trade environment. I will now get back to the operator.

因此，我們已做好充分準備來管理這種風險。此外，我想強調的是，我們的第 7 代量產工廠也反映了這些假設和不確定性。因此，我們有信心實現全年部署1,000艘船隊規模的目標，並且不會受到貿易環境變化的影響。我現在要回覆接線生。

Thank you. This concludes our question-and-answer session. I'd like to turn the conference back over to management for closing remarks.

謝謝。我們的問答環節到此結束。我想將會議交還給管理階層，請他們發表結束語。

Thank you once again for joining us today. If you have any further questions, please feel free to contact our IR team. We look forward to speaking with you in the next quarter.

再次感謝您今天加入我們。如果您有任何其他問題，請隨時聯絡我們的 IR 團隊。我們期待下個季度與您交談。

Thank you. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.

謝謝。今天的電話會議到此結束。感謝大家參加今天的演講。現在您可以斷開線路並享受美好的一天。