Company Coverage
Pony.ai (PONY US): 2Q26: Revenue Beats On A 691% Robotaxi Surge
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
US$7.98
US$15.00
+88.0%
US$16.00
Analyst
Highlights
Revenue beat expectations at US$36.2m (+68.8% yoy) on a 691.2% yoy surge in robotaxi services.
Net loss attributable widened 12.7% yoy to US$59.8m on a US$25.0m one off impairment provision on the prepayments for long-term investments, and higher-than-expected SG&A.
Gross margin rose 1.4ppt yoy to 17.5%, but 1H26 missed our forecasts. We cut our 2026 gross margin assumption from 18% to 17.5%.
We raise our 2026 revenue forecast by 6.1%, but increase our 2026-27 net loss estimates by 10.9%/7.4% to US$208m/US$132m, and cut 2028 net profit forecast by 35% to US$18m, based on lower gross margin and higher SG&A. • Maintain BUY and cut target price from US$16.00 to US$15.00.
Analysis
2Q26 net loss attributable to shareholders widened 12.7% yoy and 18.7% qoq to US$59.8m, 4.2% narrower than our US$62.5m estimate. A one-off US$25.0m impairment on prepayments for long-term investments was offset by an US$18.6m attributable fair-value gain; non-GAAP net loss attributable was flat yoy at US$44.4m.
Revenue beat at US$36.2m, 16.1% above our US$31.2m estimate, as robotaxi services revenue jumped 691.2% yoy to US$12.1m.
Highlights
Revenue beat expectations at US$36.2m (+68.8% yoy) on a 691.2% yoy surge in robotaxi services.
Net loss attributable widened 12.7% yoy to US$59.8m on a US$25.0m one off impairment provision on the prepayments for long-term investments, and higher-than-expected SG&A.
Gross margin rose 1.4ppt yoy to 17.5%, but 1H26 missed our forecasts. We cut our 2026 gross margin assumption from 18% to 17.5%.
We raise our 2026 revenue forecast by 6.1%, but increase our 2026-27 net loss estimates by 10.9%/7.4% to US$208m/US$132m, and cut 2028 net profit forecast by 35% to US$18m, based on lower gross margin and higher SG&A. • Maintain BUY and cut target price from US$16.00 to US$15.00.
Analysis
2Q26 net loss attributable to shareholders widened 12.7% yoy and 18.7% qoq to US$59.8m, 4.2% narrower than our US$62.5m estimate. A one-off US$25.0m impairment on prepayments for long-term investments was offset by an US$18.6m attributable fair-value gain; non-GAAP net loss attributable was flat yoy at US$44.4m.
Revenue beat at US$36.2m, 16.1% above our US$31.2m estimate, as robotaxi services revenue jumped 691.2% yoy to US$12.1m.
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
US$7.98
US$15.00
+88.0%
US$16.00
Analyst
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