Pony AI’s Robotaxi services revenue surged 691.2% year over year to $12.1 million in Q2 2026, while total operating expenses increased just 11.4% to $72.1 million, creating a significant divergence between commercialization growth and operating-cost expansion as the autonomous-driving company scales its fleet.
Total company revenue increased 68.8% to $36.2 million from $21.5 million. Robotruck services revenue rose to $13.3 million from $9.5 million, while intelligent-solutions revenue increased modestly to $10.8 million from $10.4 million. Robotaxi therefore accounted for most of the company’s incremental quarterly revenue.
Within Robotaxi, fare-charging revenue increased 849.3% year over year, reflecting the rollout of Pony AI’s seventh-generation fleet and expansion of commercial operations. Revenue from the company’s joint deployment model also increased sequentially, giving Pony AI another path to expanding service coverage without relying exclusively on vehicles financed and operated directly by the company.
The changing revenue mix is beginning to affect gross economics. Q2 gross profit increased 83.4% to $6.4 million from $3.5 million, while gross margin improved to 17.5% from 16.1%. Pony AI attributed the margin improvement partly to a larger contribution from Robotaxi services, including relatively higher-margin joint deployment revenue.
The company remains substantially loss-making as it continues investing in autonomous-driving technology. Operating loss increased to $65.7 million from $61.3 million, but operating-loss margin narrowed to 181.5% from 285.6% because revenue grew significantly faster than expenses. Non-GAAP operating-loss margin improved to 156.5% from 252%.
Net loss attributable to Pony AI was $59.8 million, compared with $53.1 million a year earlier. The difference between total net loss and the loss attributable to Pony AI reflected $14.5 million of net income allocated to non-controlling interests.
Fleet expansion remains a central part of the growth strategy. Pony AI’s global Robotaxi fleet reached 1,975 vehicles at June 30, with management targeting more than 3,500 by year-end. All Gen-7 Robotaxi models from BAIC, GAC and Toyota were in daily service, while PonyPilot registered users in China surpassed 1.5 million.
International commercialization is also expanding. Pony AI has a contracted deployment with Uber covering more than 2,000 Robotaxis in Europe, while the number of vehicles covered by agreements being negotiated across international markets exceeds 4,000. It is also working with Bolt and Stellantis in Luxembourg, and its Robotaxi service became available to the public in Singapore through ComfortDelGro’s Zig app.
That expansion requires substantial investment. Q2 capital expenditures increased to $32.2 million from $9.6 million, primarily for Gen-7 Robotaxi mass production and deployment as well as data centers and servers. Pony AI ended June with approximately $1.39 billion of cash, short-term investments, restricted cash and long-term debt instruments used for wealth management.
The combination of 691% Robotaxi revenue growth, higher gross margin and operating expenses growing at a much slower pace than revenue suggests that Pony AI is beginning to demonstrate operating leverage at the unit and revenue level, although the absolute operating loss remains large as the company funds a rapid fleet and geographic expansion.
KEY QUOTE:
“Our second-quarter financial performance reflects our continued progress in commercialization and operating efficiency. Robotaxi revenues increased by 691.2% year-over-year to US$12.1 million, led by an 849.3% increase in fare-charging revenues. In addition, revenue contribution from the joint deployment model increased quarter-over-quarter, highlighting the model’s potential to support scalable growth with improved capital efficiency. Operating expenses increased at a much slower pace than revenues, reflecting improving operating leverage and a disciplined approach to capital allocation, with a continued focus on capital efficiency and returns. We remain focused on converting our technology and operating strengths into sustainable, high-quality financial growth.”
Dr. Leo Wang, Chief Financial Officer of Pony AI
