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Investing.com - Pony AI (NASDAQ:PONY) has reported an uptick in revenue in its first full quarterly report as a publicly traded company, as the autonomous driving group was boosted by rapid growth in its robotaxi services.
The China-based firm’s stock, which has risen since listing on the Nasdaq for $13 per share in November, surged by more than 8% in premarket U.S. trading on Tuesday.
Group-wide revenues increased by 11.6% during the three months ended on March 31 to $13.98 million, underpinned by a sharp growth in fare-charging at its robotaxi unit.
But the group posted a wider net loss of $37.4 million, compared with $20.8 million in the first quarter of 2024. The company has yet to make a profit.
Pony AI is one of an expanding cadre of businesses in China and the U.S. racing to secure their position in the nascent autonomous driving market. According to Bloomberg News, the company has confidentially filed for a Hong Kong listing as part of a bid to raise more capital and expand its operations.
Since it raised $260 million from its November debut, Toyota-backed Pony AI has already been exploring bringing its offerings to countries like South Korea and Luxembourg.
Pony AI is looking to accelerate production and drive cost efficiencies through technological advancement and focusing on the seventh generation of its autonomous driving system, CEO James Peng said in a statement.
Peng has previously flagged that pressures from U.S. President Donald Trump’s aggressive tariff agenda could impact the firm’s plan for international expansion, although he did not foresee a direct impact on its finances.
Pony AI’s robotaxi service licenses are currently in Beijing, Shanghai, Guangzhou and Shenzhen, with the company aiming to launch in Hong Kong.
It came under scrutiny earlier this month after one of its cars caught fire while its was being handled by service staff following a system malfunction. No passengers were in the car.