PONY-W (02026) surged over 3% again, trading at HK$104 by the latest update, with a turnover of HK$16.44 million. The company recently disclosed its Q3 2025 financial results. Bank of America Securities noted that PONY-W's Q3 revenue grew 72% year-over-year (YoY) to $25.4 million, driven by an 89% YoY increase in Robotaxi services. Gross margin reached 18.4%, up 9.1 and 2.2 percentage points YoY and quarter-over-quarter (QoQ), respectively, due to improved revenue structure and higher Robotaxi contributions.

R&D expenses rose 80% YoY to $60 million, primarily allocated to the development of seventh-generation vehicles and team expansion. Non-GAAP net losses widened to $55 million, compared to $41 million in the same period last year and $46 million in the previous quarter.

As of November 23, PONY-W's Robotaxi fleet totaled 961 vehicles, with management confident of surpassing the 1,000-vehicle target by year-end and projecting over 3,000 vehicles by the end of 2026. Higher vehicle density is expected to reduce wait times, enhance user experience, and improve pricing and utilization rates. Management anticipates further acceleration in Robotaxi revenue growth in 2026, supported by strong order demand and operational efficiency gains.