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Niu Technologies Announces Unaudited Second Quarter 2025 Financial Results - ForexTV
-- Second Quarter Revenues of RMB 1,255.7 million, increase 33.5% year over year -- Second Quarter Net Income of RMB 5.9 million, compared to net loss of RMB 24.9 million in the same period of last year BEIJING, Aug. 11, 2025 (GLOBE NEWSWIRE) -- Niu Technologies (“NIU”, or “the Company”) (NASDAQ: NIU), the world’s leading provider of smart urban mobility solutions, today announced its unaudited financial results for the second quarter ended June 30, 2025. Second Quarter 2025 Financial Highlights Revenues were RMB 1,255.7 million, an increase of 33.5% year over yearGross margin was 20.1%, compared with 17.0% in the second quarter of 2024Net income was RMB 5.9 million, compared with net loss of RMB 24.9 million in the second quarter of 2024Adjusted net income (non-GAAP)1 was RMB 13.7 million, compared with adjusted net loss of RMB 19.5 million in the second quarter of 2024 Second Quarter 2025 Operating Highlights The number of e-scooters sold was 350,090, up 36.7% year over yearThe number of e-scooters sold in China was 318,719, up 53.6% year over yearThe number of e-scooters sold in the international markets was 31,371, down 35.5% year over yearThe number of franchised stores in China was 4,304 as of June 30, 2025The number of distributors in our international sales network was 57, covering 53 countries as of June 30, 2025 Dr. Yan Li, Chief Executive Officer of the Company, remarked, "During China’s e-commerce peak season in May and June, our products consistently ranked among the best-selling mid to high-end models in the electric bicycle and electric motorcycle sectors. Featuring enhanced intelligence and functionality, our new models launched in the first half of 2025 demonstrated our commitment to smart technology. In addition, we expanded our domestic retail network to over 4,300 stores in China, reinforcing our growth strategy in the domestic market." Dr. Li continued, "In overseas markets, our electric motorcycles continued their steady recovery throughout the first half, in line with our overseas strategy. Meanwhile, sales in the micromobility segment softened due to ongoing geopolitical and economic uncertainties.” Second Quarter 2025 Financial Results Revenues reached RMB 1,255.7 million, representing a 33.5% increase year-over-year. This growth was mainly driven by a 36.7% increase in sales volume, partially offset by a 2.3% decrease in revenues per e-scooter. The following table shows the revenue breakdown and revenues per e-scooter in the periods presented: Revenues(in RMB million) 2025Q2 2024Q2 % change YoYE-scooter sales from China market 1,056.9 727.1 +45.4%E-scooter sales from international markets 103.1 130.4 -20.9%E-scooter sales, sub-total 1,160.0 857.5 +35.3%Accessories, spare parts and services 95.7 83.0 +15.3%Total 1,255.7 940.5 +33.5% Revenues per e-scooter(in RMB) 2025Q2 2024Q2 % changeYoYE-scooter sales from China market2 3,316 3,503 -5.3%E-scooter sales from international markets2 3,288 2,682 +22.6%E-scooter sales 3,313 3,347 -1.0%Accessories, spare parts and services3 274 324 -15.4%Revenues per e-scooter 3,587 3,671 -2.3% E-scooter sales revenues from China market were RMB 1,056.9 million, an increase of 45.4% year-over-year, and represented 91.1% of total e-scooter revenues. The increase was mainly due to a significant increase in sales volume, partially offset by a slight decrease in revenues per e-scooter in China market.E-scooter sales revenues from international markets were RMB 103.1 million, a decrease of 20.9% year-over-year, and represented 8.9% of total e-scooter revenues. The decrease was mainly due to a decrease in sales volume and revenues per e-scooter of kick-scooters in international markets.Accessories, spare parts sales and services revenues were RMB 95.7 million, an increase of 15.3% year-over-year, and represented 7.6% of total revenues. The increase was mainly due to an increase in accessories and spare parts sales in China market. Revenues per e-scooter was RMB 3,587, a decrease of 2.3% year-over-year, mainly due to decreased revenues per e-scooter in China market, partially offset by increased revenues per e-scooter in international markets. Cost of revenues was RMB 1,003.2 million, an increase of 28.5% year-over-year, in line with the growth trend of revenues. The cost per e-scooter, defined as cost of revenues divided by the number of e-scooters sold in a specific period, was RMB 2,866, a decrease of 6.0% from RMB 3,048 in the second quarter of 2024. This decrease was mainly due to changes in product mix, along with the cost-reduction impact in China market. Gross margin was 20.1%, compared with 17.0% in the same period of 2024. The increase was mainly driven by a higher proportion of e-scooter sales and an improved gross margin in China market, reflecting the positive impact of our cost-reduction initiatives. Operating expenses were RMB 264.9 million, an increase of 38.1% year over year. Operating expenses as a percentage of revenues was 21.1%, compared with 20.4% in the second quarter of 2024. Selling and marketing expenses were RMB 202.2 million (including RMB 1.7 million of share-based compensation), an increase of 68.2% from RMB 120.2 million in the second quarter of 2024, primarily driven by a RMB 69.2 million increase in spending on online shopping festivals and other advertising in China market. Selling and marketing expenses as a percentage of revenues was 16.1%, compared with 12.8% in the second quarter of 2024.Research and development expenses were RMB 43.7 million (including RMB 2.8 million of share-based compensation), an increase of 35.5% from RMB 32.3 million in the second quarter of 2024, mainly due to a RMB 6.1 million increase in staff cost and share-based compensation, as well as a RMB 4.9 million increase in design and testing expenses. Research and development expenses as a percentage of revenues was 3.5%, compared with 3.4% in the second quarter of 2024.General and administrative expenses were RMB 19.1 million (including RMB 3.2 million of share-based compensation), a decrease of 51.6% from RMB 39.3 million in the second quarter of 2024, mainly due to an increase in foreign exchange gain of RMB 24.7 million. General and administrative expenses as a percentage of revenues was 1.5%, compared with 4.2% in the second quarter of 2024. Operating expenses excluding share-based compensation were RMB 257.3 million, an increase of 37.9% year over year, and represented 20.5% of revenues, compared with 19.8% in the second quarter of 2024. Selling and marketing expenses excluding share-based compensation were RMB 200.5 million, an increase of 68.6% year over year, and represented 16.0% of revenues, compared with 12.6% in the second quarter of 2024.Research and development expenses excluding share-based compensation were RMB 40.9 million, an increase of 34.5% year over year, and represented 3.3% of revenues, compared with 3.2% in the second quarter of 2024.General and administrative expenses excluding share-based compensation were RMB 15.9 million, a decrease of 57.4% year over year, and represented 1.3% of revenues, compared with 4.0% in the second quarter of 2024. Share-based compensation was RMB 7.9 million, compared with RMB 5.4 million in the same period of 2024. Income tax benefit was RMB 12.5 million, compared with income tax expense of RMB 1.0 million in the same period of 2024. Net income was RMB 5.9 million, compared with net loss of RMB 24.9 million in the second quarter of 2024. The net income margin was 0.5%, compared with net loss margin of 2.6% in the same period of 2024. Adjusted net income (non-GAAP) was RMB 13.7 million, compared with an adjusted net loss of RMB 19.5 million in the second quarter of 2024. The adjusted net income margin4 was 1.1%, compared with an adjusted net loss margin of 2.1% in the same period of 2024. Basic and diluted net income per ADS were both RMB 0.07 (US$ 0.01). Balance Sheet As of June 30, 2025, the Company had cash and cash equivalents, term deposits and short-term investments of RMB 1,226.6 million in aggregate. The Company had restricted cash of RMB 214.8 million and short-term bank borrowings of RMB 220.0 million. Business Outlook NIU expects revenues of the third quarter 2025 to be in the range of RMB 1,433 million to RMB 1,638 million, representing a year-over-year increase of 40% to 60%. The above outlook is based on information available as of the date of this press release and reflects the Company’s current and preliminary expectation and is subject to change. Conference Call The Company will host an earnings conference call on Monday, August 11, 2025 at 8:00 AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong Time) to discuss its second quarter 2025 financial and business results and provide a corporate update. To join via phone, participants need to register in advance of the conference call using the link provided below. Upon registration, participants will receive dial-in numbers and a personal PIN, which will be used to join the conference call. Event:Niu Technologies Second Quarter 2025 Financial Results Conference CallRegistration Link:https://register-conf.media-server.com/register/BI7cb0e8479a9b40adad9622e7836a0677 A live and archived webcast of the conference call will be available on the investor relations website at https://ir.niu.com/news-and-events/webcasts-and-presentations. About NIU As the world’s leading provider of smart urban mobility solutions, NIU designs, manufactures and sells high-performance electric motorcycles, mopeds, bicycles, as well as kick-scooters and e-bikes. NIU has a diversified product portfolio that caters to the various demands of our users and addresses different urban travel scenarios. Currently, NIU offers two model lineups, comprising a number of different vehicle types. These include (i) the electric motorcycle, moped and bicycle series, including the NQi, MQi, UQi, FQi series and others, and (ii) the micro-mobility series, including the kick-scooter series KQi and the e-bike series BQi. NIU has adopted an omnichannel retail model, integrating the offline and online channels, to sell its products and provide services to users.For more information, please visit www.niu.com. Use of Non-GAAP Financial Measures To supplement NIU’s consolidated financial results presented in accordance with the accounting principles generally accepted in the United States of America (“GAAP”), NIU uses the following non-GAAP financial measures: adjusted net income (loss) and adjusted net income (loss) margin. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. NIU believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding certain items that may not be indicative of its operating results. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to NIU’s historical performance. The Company believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a significant component in the Company’s results of operations. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. Adjusted net income (loss) is defined as net income (loss) excluding share-based compensation expenses. Adjusted net income (loss) margin is defined as adjusted net income (loss) as a percentage of the revenues. For more information on non-GAAP financial measures, please see the tables captioned “Reconciliation of GAAP and Non-GAAP Results”. Exchange Rate This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the readers. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB 7.1636 to US$ 1.00, the exchange rate in effect as of June 30, 2025, as set forth in the H.10 Statistical release of the Board of Governors of the Federal Reserve System. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all. Safe Harbor Statement This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as NIU’s strategic and operational plans, contain forward-looking statements. NIU may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about NIU’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: NIU’s strategies; NIU’s future business development, financial condition and results of operations; NIU’s ability to maintain and enhance its “NIU” brand; its ability to innovate and successfully launch new products and services; its ability to maintain and expand its offline distribution network; its ability to satisfy the mandated safety standards relating to e-scooters; its ability to secure supply of components and raw materials used in e-scooters; its ability to manufacture, launch and sell smart e-scooters meeting customer expectations; its ability to grow collaboration with operation partners; its ability to control costs associated with its operations; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in NIU’s filings with the Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and NIU does not undertake any obligation to update any forward-looking statement, except as required under applicable law. Investor Relations Contact: Niu TechnologiesE-mail: ir@niu.com NIU TECHNOLOGIESUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS As of December 31, June 30, June 30, 2024 2025 2025 RMB RMB US$ASSETS Current assets Cash and cash equivalents630,021,303 1,091,655,358 152,389,212 Term deposits274,351,895 134,915,995 18,833,547 Restricted cash216,395,796 214,758,000 29,979,061 Short-term investments- 52,258 7,295 Accounts receivable, net131,921,419 139,323,331 19,448,787 Inventories649,177,719 718,555,675 100,306,504 Prepayments and other current assets267,938,339 305,238,176 42,609,606 Total current assets2,169,806,471 2,604,498,793 363,574,012 Non-current assets Property, plant and equipment, net320,013,632 345,609,048 48,245,163 Intangible assets, net1,043,801 910,718 127,131 Operating lease right-of-use assets71,223,350 76,863,145 10,729,681 Deferred income tax assets31,752,254 47,105,326 6,575,650 Other non-current assets19,318,659 19,063,041 2,661,098 Total non-current assets443,351,696 489,551,278 68,338,723 Total assets2,613,158,167 3,094,050,071 431,912,735 LIABILITIES Current liabilities Short-term bank borrowings200,000,000 220,000,000 30,710,816 Notes payable294,348,768 280,000,000 39,086,493 Accounts payable869,015,140 1,131,648,176 157,971,994 Income taxes payable1,071,914 22,237 3,104 Advances from customers35,892,860 138,749,942 19,368,745 Deferred revenue-current50,247,103 51,824,384 7,234,405 Accrued expenses and other current liabilities201,356,008 330,572,447 46,146,135 Total current liabilities1,651,931,793 2,152,817,186 300,521,692 Deferred revenue-non-current16,886,859 17,168,966 2,396,695 Deferred income tax liabilities3,269,464 3,067,157 428,159 Operating lease liabilities89,990 5,175,294 722,443 Other non-current liabilities9,697,841 12,181,058 1,700,410 Total non-current liabilities29,944,154 37,592,475 5,247,707 Total liabilities1,681,875,947 2,190,409,661 305,769,399 SHAREHOLDERS’ EQUITY: Class A ordinary shares90,549 90,787 12,673 Class B ordinary shares10,316 10,316 1,440 Additional paid-in capital1,988,638,160 2,004,071,073 279,757,534 Accumulated other comprehensive loss(3,129,362) (13,240,087) (1,848,245)Accumulated deficit(1,054,327,443) (1,087,291,679) (151,780,066)Total shareholders’ equity931,282,220 903,640,410 126,143,336 Total liabilities and shareholders’ equity2,613,158,167 3,094,050,071 431,912,735 NIU TECHNOLOGIESUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended June 30, Six Months Ended June 30, 2024 2025 2024 2025 RMB RMBUS$ RMB RMBUS$Revenues940,485,316 1,255,706,686 175,289,894 1,445,219,891 1,937,695,138 270,491,811 Cost of revenues(a)(780,800,920) (1,003,227,265)(140,045,126) (1,189,985,235) (1,567,134,506)(218,763,542)Gross profit159,684,396 252,479,421 35,244,768 255,234,656 370,560,632 51,728,269 Operating expenses: Selling and marketing expenses(a)(120,227,190) (202,168,443)(28,221,626) (225,560,363) (316,766,358)(44,218,878)Research and development expenses(a)(32,257,721) (43,716,913)(6,102,646) (61,188,696) (73,518,519)(10,262,790)General and administrative expenses(a)(39,345,476) (19,057,766)(2,660,362) (69,958,435) (39,708,380)(5,543,076)Total operating expenses(191,830,387) (264,943,122)(36,984,634) (356,707,494) (429,993,257)(60,024,744)Government grants- - - 3,756 386,890 54,008 Operating loss(32,145,991) (12,463,701)(1,739,866) (101,469,082) (59,045,735)(8,242,467) Interest expenses(1,520,883) (1,556,698)(217,307) (2,487,283) (2,968,020)(414,320)Interest income8,762,650 6,671,638 931,325 18,017,361 13,565,110 1,893,616 Investment income1,001,901 681,245 95,098 1,001,901 689,025 96,184 Loss before income taxes(23,902,323) (6,667,516)(930,750) (84,937,103) (47,759,620)(6,666,987)Income tax (expense) benefit(1,016,141) 12,548,000 1,751,633 5,221,026 14,795,384 2,065,356 Net (loss) income(24,918,464) 5,880,484 820,883 (79,716,077) (32,964,236)(4,601,631) Other comprehensive income (loss) Foreign currency translation adjustment, net of nil income taxes2,026,261 (7,115,515)(993,288) 2,532,754 (10,110,725)(1,411,403)Comprehensive loss(22,892,203) (1,235,031)(172,405) (77,183,323) (43,074,961)(6,013,034)Net (loss) income per ordinary share —Basic(0.16) 0.04 0.01 (0.50) (0.21)(0.03)—Diluted(0.16) 0.04 0.00 (0.50) (0.21)(0.03)Net (loss) income per ADS —Basic(0.31) 0.07 0.01 (1.01) (0.41)(0.06)—Diluted(0.31) 0.07 0.01 (1.01) (0.41)(0.06) Weighted average number of ordinary shares and ordinary shares equivalents outstanding used in computing net (loss) income per ordinary share —Basic158,541,994 159,670,250 159,670,250 158,127,845 159,500,699 159,500,699 —Diluted158,541,994 164,767,384 164,767,384 158,127,845 159,500,699 159,500,699 Weighted average number of ADS outstanding used in computing net (loss) income per ADS —Basic79,270,997 79,835,125 79,835,125 79,063,923 79,750,350 79,750,350 —Diluted79,270,997 82,383,692 82,383,692 79,063,923 79,750,350 79,750,350 Note: (a) Includes share-based compensation expenses as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2025 2024 2025 RMB RMBUS$ RMB RMBUS$Cost of revenues138,354 223,656 31,221 441,889 477,164 66,610 Selling and marketing expenses1,328,704 1,656,505 231,239 3,338,816 3,318,582 463,256 Research and development expenses1,831,979 2,785,623 388,858 3,273,257 5,412,153 755,507 General and administrative expenses2,070,589 3,194,639 445,954 4,626,439 6,142,631 857,478 Total share-based compensation expenses5,369,626 7,860,423 1,097,272 11,680,401 15,350,530 2,142,851 NIU TECHNOLOGIESRECONCILIATION OF GAAP AND NON-GAAP RESULTS Three Months Ended June 30, Six Months Ended June 30, 2024 2025 2024 2025 RMB RMBUS$ RMB RMBUS$Net (loss) income(24,918,464) 5,880,484820,883 (79,716,077) (32,964,236)(4,601,631)Add: Share-based compensation expenses5,369,626 7,860,4231,097,272 11,680,401 15,350,530 2,142,851 Adjusted net (loss) income(19,548,838) 13,740,9071,918,155 (68,035,676) (17,613,706)(2,458,780) _______________________________________1 Adjusted net income (loss) (non-GAAP) is defined as net income (loss) excluding share-based compensation expenses 2 Revenues per e-scooter on e-scooter sales from China or international markets is defined as e-scooter sales revenues from China or international markets divided by the number of e-scooters sold in China or international market in a specific period 3 Revenues per e-scooter on accessories, spare parts and services is defined as accessories, spare parts and services revenues divided by the total number of e-scooters sold in a specific period 4 Adjusted net income (loss) margin is defined as adjusted net income (loss) (non-GAAP) as a percentage of the revenues
Caledonia Mining Corporation Plc: Results for the Quarter ended June 30, 2025 - ForexTV
Details of Management Conference Call Strong Performance Driven by Record Q2 Production and Higher Gold Prices ST HELIER, Jersey, Aug. 11, 2025 (GLOBE NEWSWIRE) -- Caledonia Mining Corporation Plc (“Caledonia” or “the Company”) (NYSE AMERICAN: CMCL; AIM: CMCL; VFEX: CMCL) announces its operating and financial results for the quarter ended June 30, 2025 (“Q2 2025” or the “Quarter”). Further information on the financial and operating results for the Quarter can be found in the Management Discussion and Analysis (“MD&A”) and the unaudited condensed consolidated interim financial statements, which are available on the Company’s website and are being filed on SEDAR+. Q2 2025 HIGHLIGHTS Financial Highlights: Gold revenue of $65.0 million (second quarter of 2024 (“Q2 2024”): $50.1 million, +30%)Gross profit of $33.8 million (Q2 2024: $22.9 million, +48%)EBITDA of $39.5 million (including one off profit on sale of solar plant in April 2025 of $8.5m) (Q2 2024: $20.4 million, +94%)Net profit attributable to shareholders of the Company of $20.5 million (Q2 2024: $8.3 million, +147%)Adjusted EPS of 113.9 cents (Q2 2024: 44.6 cents, +155%)Net cash from operating activities of $28.1 million (Q2 2024: $19.1 million, +47%)Net cash position (including fixed term deposits) improved to $26.2 million (Q2 2024: negative $1.4 million)A dividend of 14 cents per share was declared today, August 11, 2025Completion of the solar plant sale (through the sale of the Zimbabwe subsidiary owning the plant) to CrossBoundary Energy Holdings for $22.35 million which was paid in cash Operational Highlights: Production at Blanket Mine of 21,070 ounces (Q2 2024: 20,773 ounces, +1.4%)Production guidance at Blanket Mine for 2025 increased to 75,500 - 79,500 ounces of goldOn-mine cost per ounce of $1,123 (Q2 2024: $1,013, +10.9%)All-in sustaining cost (“AISC”) per ounce of $1,805 (Q2 2024: $1,485, +21.5%)Average realised gold price of $3,188 per ounce (Q2 2024: $2,302, +38.5%)Continued progress on Bilboes feasibility study and Motapa exploration programmeContinued exploration at Blanket to upgrade inferred resources and explore new areas within the mining lease area. Mark Learmonth, Chief Executive Officer, commented: “Caledonia has delivered another strong quarter, highlighted by record second-quarter gold production at Blanket and a substantial increase in profitability, reflecting strong operational performance and a higher gold price environment. I would like to thank the team for their hard work and contribution. “The successful sale of our solar plant in April has strengthened our balance sheet and ensures a reliable, long-term renewable energy supply for Blanket Mine. “Our ongoing drilling campaign at Blanket Mine continues to demonstrate encouraging results, further improving our confidence in the mineral resource and pointing to additional future mineral resource growth. The grades and widths we are seeing from this drilling campaign are as good as and, in some cases, considerably better than results from previous drilling campaigns. “We are encouraged by the progress on the Bilboes feasibility study, and we continue to evaluate opportunities that could materially improve project economics. At the same time, our exploration programme at Motapa is advancing well, with a clear focus on identifying both sulphide and oxide resources that could support near-term production and longer-term growth. “Looking ahead, we remain focused on delivering our increased production guidance at Blanket, and advancing our growth pipeline in a way that maximises long-term value for shareholders. With a strong operational base and a clear strategic roadmap, Caledonia is well positioned to continue building on this positive momentum.” Revenue and Profit Revenue for the Quarter was $65.0 million, a 30% increase from $50.1 million in Q2 2024. This improvement was driven by higher gold prices and slightly higher production. Gross profit increased to $33.8 million (Q2 2024: $22.9 million). Net profit attributable to shareholders of the Company more than doubled to $20.5 million (Q2 2024: $8.3 million), while adjusted EPS rose to 113.9 cents from 44.6 cents in Q2 2024. Costs Consolidated on-mine cost per ounce increased by 10.9% to $1,123 (Q2 2024: $1,013), primarily due to higher labour and consumables costs at Blanket Mine. Labour costs increased due to a higher headcount, inflationary salary increases, bonuses paid for higher production, and overtime worked. Consumable costs per ounce at Blanket increased due to higher repair and maintenance activities at the metallurgical plant and on underground trackless mining machinery in the Quarter. Consolidated AISC rose to $1,805 per ounce (Q2 2024: $1,485); this was as expected due to higher on-mine costs and increased sustaining capital expenditure (as planned). Full year sustaining capital expenditure remains on target. Cash Generation During the half year ended 30 June 2025, Caledonia generated operating cash inflows of $41.3 million (Q2 2025: $28.1 million), driven by higher production at Blanket and a favourable gold price environment. An additional $22.35 million (pre-tax) was received in the Quarter from the sale of the solar plant, further strengthening the group’s cash position. This strong cash generation supported continued investment in strategic growth. The group invested $17.7 million during the half year (Q2 2025: $10.5 million) in property, plant, and equipment on key infrastructure at Blanket. A further $3.1 million during the half year (Q2 2025: $1.8 million) was allocated to exploration and evaluation activities, primarily at Bilboes and Motapa. To optimise short-term returns and strengthen the balance sheet, $18.0 million was placed into fixed-term deposits during the Quarter. Financing activities had a net outflow of $6.0 million during the half year (Q2 2025: $6.9 million), with three key drivers being net proceeds from loans and bond issuance for supporting capital projects making a positive contribution of $3.2 million (Q2 2025: $0.8 million) and an outflow of $9.0 million (Q2 2025: $7.6 million) returned to Caledonia and Blanket minority shareholders through dividends. Additionally, $0.1 million (Q2 2025: $0.1 million) paid lease liabilities in the period. As a result of all the key movements above, cash and cash equivalents increased by $16.9 million during the half year (Q2 2025: $12.8 million) to $8.2 million. This reflects Caledonia’s prudent treasury management and balanced approach to deploying capital for both growth and shareholder returns. OPERATIONAL REVIEW Blanket Mine Blanket Mine produced 21,070 ounces of gold in Q2 2025, a 1.4% increase from 20,773 ounces in Q2 2024. The increase was due to higher grades and better plant recoveries. As announced on July 16, 2025, Blanket's annual production guidance for 2025 was increased to 75,500 - 79,500 ounces, reflecting a strong operational performance. The plant recovery rate in the Quarter was 94.4%, which represents a new record. The improved recovery was due to the introduction of an additional tank in the carbon-in-leach circuit, closer attention to dosage levels of reagents and improved process controls. The improved recovery rate in the Quarter compared to the average recovery of 93.6% in 2024 resulted in approximately 175 ounces of additional gold production in the Quarter. In the absence of unforeseen changes to the ore feed grade or mineralogy, it is anticipated that the recovery rate achieved in the Quarter can be sustained. The metallurgical team at Blanket continues to evaluate opportunities to achieve further improvements in recovery. Exploration at Blanket is ongoing with encouraging high grade results. The programme is aimed at evaluating the continuity of the mineralised zones on the Blanket, Eroica and Lima orebodies (which comprise three of the main orebodies at Blanket Mine). The objectives of the programme are to increase the confidence levels of the existing mineral resource and to grow the mineral resource estimate below the 34 level (1,110 metres) of the mine. Results from 6,976 metres of underground drilling from January 2024 to the end of April 2025 indicate that the existing Blanket and Eroica orebodies have grades and widths which are generally better than expected, while the Lima orebody is shown to continue below 22 level (750 metres). A new potential orebody has been intersected in the Blanket orebody area of the mine, with impressive grades and widths. Solar Plant Sale Summary On 11 April, 2025, Caledonia sold its Zimbabwe subsidiary, Caledonia Mining Services (Private) Limited (“CMS”), to CrossBoundary Energy Holdings for $22.35 million in cash. CMS owns the 12.2MWac solar plant powering Blanket Mine, which will continue supplying energy under an exclusive agreement. Bilboes Project The feasibility study for the Bilboes sulphide project is progressing well and we continue to evaluate new opportunities which may enhance the economics of the project and the potential for near-term, low capital revenue opportunities elsewhere in Caledonia's asset portfolio to contribute to funding the Bilboes project. In the Quarter, 372 ounces of gold were produced from the Bilboes oxide mine. Motapa Exploration After the encouraging results from the 2024 exploration programme, a $2.8 million exploration programme is underway at Motapa for 2025, targeting sulphide and oxide resources across the Motapa property. With Motapa's location adjacent to Bilboes, significant synergies could be obtained should a viable resource be identified through the planned exploration programme. To the end of June 2025, a total of 1,788 meters of diamond drilling and 9,638 meters of reverse circulation drilling has been completed. A full overview of activities and results are expected to be provided during the second half of 2025. LEADERSHIP CHANGES Mr. Johan Holtzhausen retired from the Board and as chair of the Audit Committee in May 2025. Ms. Tariro Gadzikwa was appointed as chair of the Audit Committee. REPORTING CHANGES Caledonia will no longer publish financial statements and management’s discussion and analysis (MD&A) reports on a quarterly basis in accordance with Canadian securities regulations. This decision aligns with applicable exemptions under Canadian securities regulations, including National Instrument 71-102 – Continuous Disclosure and Other Exemptions Relating to Foreign Issuers, and reflects our status as an SEC foreign issuer with equivalent disclosure obligations outside Canada. We remain fully committed to transparent and timely disclosure of material information through the publication of our annual and half-yearly financial statements and via recognised regulatory channels, and, going forwards, we anticipate publishing revenue, costs and production results for the quarters for which we do not release detailed financial results (namely, the first and third quarters). This change does not affect our obligation to disclose any significant developments or risks that may materially impact the group’s financial position or performance. We will continue to provide comprehensive MD&A commentary as part of our annual and semiannual reporting cycle. OUTLOOK AND GUIDANCE Blanket is on track to achieve production within its updated guidance range of 75,500 to 79,500 ounces1 for 2025, while continuing to modernise operations and improve mining and operational cost efficiencies. Further exploration is being undertaken at Blanket, aiming to upgrade existing inferred mineral resources to measured and indicated categories, with the goal of extending the mine’s life. In addition, exploration is ongoing in target areas outside the current mine footprint within the Blanket mining lease area. Work continues on the feasibility study for the Bilboes sulphide project, including the assessment of new factors that may enhance the project’s economics. At Motapa, exploration efforts are progressing through a $2.8 million programme focused on both oxide and sulphide resources. INVESTOR CONFERENCE CALL Details of Investor and Analyst Presentation Conference Call Details A presentation for investors and analysts will be held as follows: When: August 13, 2025 at 2:00pm London time Topic: Q2 2025 Results Call for Investors Register in advance for this webinar: https://brrmedia.news/CMCL_Q225 ________________________ 1 Refer to the technical report entitled "NI 43-101 Technical Report on the Blanket Gold Mine, Zimbabwe" with effective date December 31, 2023 prepared by Caledonia Mining Corporation Plc and filed by the Company on SEDAR+ (https://www.sedarplus.ca) on May 15, 2024. Craig James Harvey, MGSSA, MAIG, Caledonia Vice President, Technical Services, has reviewed and approved the scientific and technical information contained in this news release. Craig James Harvey is a "Qualified Person" as defined by each of (i) the Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects and (ii) sub-part 1300 of Regulation S-K of the U.S. Securities Act. Enquiries: Caledonia Mining Corporation Plc Mark LearmonthTel: +44 1534 679 800Camilla HorsfallTel: +44 7817 841 793 Cavendish Capital Markets Limited (Nomad and Joint Broker) Adrian HaddenTel: +44 207 397 1965Pearl KellieTel: +44 131 220 9775 Panmure Liberum (Joint Broker) Scott MathiesonTel: +44 20 3100 2000 Camarco, Financial PR/ IR (UK) Gordon PooleTel: +44 20 3757 4980Elfie Kent Fergus Young 3PPB (Financial PR, North America) Patrick ChidleyTel: +1 917 991 7701Paul DurhamTel: +1 203 940 2538 Curate Public Relations (Zimbabwe) Debra TatendaTel: +263 77802131 IH Securities (Private) Limited (VFEX Sponsor - Zimbabwe) Lloyd MlotshwaTel: +263 (242) 745 119/33/39 This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation (EU) No. 596/2014 (“MAR”) as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 and is disclosed in accordance with the Company's obligations under Article 17 of MAR. Cautionary Note Concerning Forward-Looking Information Information and statements contained in this news release that are not historical facts are "forward-looking information" within the meaning of applicable securities legislation that involve risks and uncertainties relating, but not limited to Caledonia's current expectations, intentions, plans, and beliefs. Forward-looking information can often be identified by forward-looking words such as "anticipate", "believe", "expect", "goal", "plan", "target", "intend", "estimate", "could", "should", "may" and "will" or the negative of these terms or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Examples of forward-looking information in this news release include: production guidance, expected recovery rates, our plans and timing regarding further exploration and drilling and development, future costs, the development of Bilboes and Motapa, the amount and funding of capital costs and the publication of the Bilboes feasibility study. This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information. Such factors and assumptions include, but are not limited to: failure to establish estimated resources and reserves, the grade and recovery of ore which is mined varying from estimates, success of future exploration and drilling programs, reliability of drilling, sampling and assay data, assumptions regarding the representativeness of mineralization being inaccurate, success of planned metallurgical test-work, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and other factors. Security holders, potential security holders and other prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. Such factors include, but are not limited to: risks relating to estimates of mineral reserves and mineral resources proving to be inaccurate, fluctuations in gold price, risks and hazards associated with the business of mineral exploration, development and mining, risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards, employee relations; relationships with and claims by local communities and indigenous populations; political risk; risks related to natural disasters, terrorism, civil unrest, public health concerns (including health epidemics or outbreaks of communicable diseases such as the coronavirus (COVID-19)); availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining or maintaining necessary licenses and permits, diminishing quantities or grades of mineral reserves as mining occurs; global financial condition, the actual results of current exploration activities, changes to conclusions of economic evaluations, and changes in project parameters to deal with unanticipated economic or other factors, risks of increased capital and operating costs, environmental, safety or regulatory risks, expropriation, the Company's title to properties including ownership thereof, increased competition in the mining industry for properties, equipment, qualified personnel and their costs, risks relating to the uncertainty of timing of events including targeted production rate increase and currency fluctuations, risks related to potentially being unable to remedy the deficiency in control over accounting for deferred tax liabilities and risks related to potentially being unable to prevent financial statements misstatements in the future. Security holders, potential security holders and other prospective investors are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Caledonia undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law. This news release is not an offer of the shares of Caledonia for sale in the United States or elsewhere. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the shares of Caledonia, in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such province, state or jurisdiction. Consolidated statements of profit or loss and other comprehensive income(in thousands of United States Dollars, unless indicated otherwise)For the Six months ended June 30Six months endedJune 30Unaudited 2025 2024 2025 2024 Restated* Restated* Revenue 65,309 50,107 121,487 88,635 Royalty (3,507)(2,475)(6,278)(4,409)Production costs (23,954)(20,460)(46,576)(39,420)Depreciation (4,042)(4,239)(7,901)(8,058)Gross profit 33,806 22,933 60,732 36,748 Net foreign exchange loss (1,026)(2,182)(2,278)(7,064)Administrative expenses (4,363)(3,664)(8,961)(6,275)Fair value loss on derivative financial instrument - (174)(1,592)(476)Equity-settled share-based expense (226)(305)(82)(506)Cash-settled share-based (expense) / credit (285)(4)(443)(57)Other expenses (1,103)(664)(1,946)(1,264)Other income 75 185 141 349 Profit on the sale of non-current assets held for sale 8,540 - 8,540 - Operating profit 35,418 16,125 54,111 21,455 Finance income 121 3 127 9 Finance cost (602)(797)(1,502)(1,529)Profit before tax 34,937 15,331 52,736 19,935 Tax expense (11,341)(5,151)(17,977)(7,681)Profit for the period 23,596 10,180 34,759 12,254 Other comprehensive income Items that are or may be reclassified to profit or loss Exchange differences on translation of foreign operations 239 178 446 34 Total comprehensive income for the period 23,835 10,358 35,205 12,288 Profit attributable to: Owners of the Company 20,487 8,283 29,402 9,769 Non-controlling interests 3,109 1,897 5,357 2,485 Profit for the period 23,596 10,180 34,759 12,254 Total comprehensive income attributable to: Owners of the Company 20,726 8,461 29,848 9,803 Non-controlling interests 3,109 1,897 5,357 2,485 Total comprehensive income for the period 23,835 10,358 35,205 12,288 Earnings per share Basic earnings per share (cents) 105.7 41.6 150.3 48.9 Diluted earnings per share (cents) 105.7 41.6 150.3 48.9 Adjusted earnings per share Basic earnings per share (cents) 113.9 44.6 172.4 54.2 Dividends per share (cents) 14.0 14.0 28.0 28.0 * Refer to note 27. Summarised Consolidated Statements of Financial Position (in thousands of United States Dollars, unless indicated otherwise)UnauditedJun 30 Dec 31 Dec 31 As at2025 2024 2023 *Restated Total non-current assets300,646 287,046 274,074 Income tax receivable106 355 1,120 Inventories29,528 23,768 20,304 Derivative financial assets- - 88 Trade and other receivables9,364 12,675 9,952 Prepayments11,663 6,748 2,538 Fixed term deposit18,000 - - Cash and cash equivalents19,860 4,260 6,708 Assets held for sale- 13,512 13,519 Total assets389,167 348,364 328,303 Total non-current liabilities73,741 68,505 63,970 Cash-settled share-based payment751 634 920 Income tax payable9,122 2,958 10 Lease liabilities278 95 167 Loans and borrowings1,741 1,174 - Loan note instruments1,093 855 665 Trade and other payables29,137 26,647 20,503 Overdrafts11,649 12,928 17,740 Liabilities associated with assets held for sale- 104 128 Total liabilities127,512 113,900 104,103 Total equity261,655 234,464 224,200 Total equity and liabilities389,167 348,364 328,303 Consolidated statements of cash flows(in thousands of United States Dollars, unless indicated otherwise)Unaudited Three months ended June 30,Six months ended June 30, 2025 2024 2025 2024 Cash inflow from operations 34,111 20,988 52,668 27,523 Interest received 11 3 17 9 Finance costs paid (623)(710)(1,166)(1,283)Tax paid (5,415)(1,195)(10,246)(2,276)Net cash inflow from operating activities 28,084 19,086 41,273 23,973 Cash flows used in investing activities Acquisition of property, plant and equipment (10,511)(6,897)(17,761)(10,638)Expenditure on exploration and evaluation assets (1,831)(733)(3,060)(1,163)Proceeds from sale of non-current asset held for sale (net of selling costs) 21,966 - 21,966 - Proceeds from the sale of property plant and equipment 17 - 17 - Acquisition of put options - (168)(1,592)(408)Investment in fixed term deposits (18,000)- (18,000)- Net cash used in investing activities (8,359)(7,798)(18,430)(12,209) Cash flows from financing activities Dividends paid (7,606)(2,912)(8,993)(5,632)Payment of lease liabilities (104)(38)(133)(75)Proceeds from loans and borrowings 1,259 2,032 1,259 2,032 Repayments of loans and borrowings (472)- (472)- Bonds - solar bond issue receipts (net of transaction cost) - 1,939 2,387 1,939 Net cash (used in) / from financing activities (6,923)1,021 (5,952)(1,736) Net increase in cash and cash equivalents 12,802 12,309 16,891 10,028 Effect of exchange rate fluctuations on cash and cash equivalents (19)485 (12)(362)Net cash and cash equivalents at the beginning of the period (4,572)(14,160)(8,668)(11,032)Net cash and cash equivalents at the end of the period 8,211 (1,366)8,211 (1,366)
PONY AI Inc. Accelerates Gen-7 Robotaxi Production with over 200 Newly Produced, On Track to Scale Up 1,000-Vehicle Fleet by Year End - ForexTV
Leading National Presence — Launched fully-driverless commercial operations in Shanghai; the ONLY Company commercially operating fully-driverless Robotaxi services across all four tier-one cities in China.Strong Revenues Momentum — Total revenues up 76% year-over-year, with Robotaxi fare-charging revenues surging by over 300%. NEW YORK, Aug. 12, 2025 (GLOBE NEWSWIRE) -- Pony AI Inc. (“Pony.ai” or the “Company”) (Nasdaq: PONY), a global leader in achieving large-scale commercialization of autonomous mobility, today announced its unaudited financial results for the second quarter ended June 30, 2025. Dr. James Peng, Chairman and Chief Executive Officer of Pony.ai, commented, “This quarter marked a significant milestone in our journey toward large-scale production and deployment, further solidifying our leadership in the Robotaxi industry. Since mass production started two months ago, over 2001 Gen-7 Robotaxi vehicles have rolled off the production line, putting us firmly on track to hit the year-end 1,000-vehicle target. Our robust Robotaxi revenues more than doubled, with fare-charging revenues surging by over 300% year-over-year. The path toward positive unit economics is also clear, as we made substantial improvements in key cost items such as remote assistance and vehicle insurance. These achievements are underpinned by our rapid scaling and operational breakthroughs in all four tier-one cities in China, coupled with expanded presence in Dubai, South Korea and Luxembourg. As we enter the second half of this pivotal year of mass production, we are driving strongly toward positive unit economics and accelerating our multi-year growth trajectory.” Dr. Tiancheng Lou, Chief Technology Officer of Pony.ai, commented, “Our leading position in the Robotaxi industry is built on two key pillars, fully-driverless and scale, both of which we have already achieved. With extensive real-world testing and operations across diverse conditions, we have demonstrated our commitment to rigorous engineering practices, the reliability of the autonomous driving stack and the strong generalization capabilities powered by our proprietary PonyWorld. With mass production underway, we are not just on track to reach 1,000 vehicles but building the foundation for sustained future growth.” Dr. Leo Wang, Chief Financial Officer of Pony.ai, commented, “We delivered strong results in the second quarter, with total revenues growing 76% year-over-year, reflecting the effectiveness of our go-to-market execution. Our robust Robotaxi fare-charging revenues growth once again underscores our progress in building a scalable and recurring monetization model and enhancing long-term business visibility. As Gen-7 mass production gains momentum and we maintain disciplined investment, we are well positioned to accelerate the large-scale commercialization.” Kicking off Robotaxi Scaling-up, a Strong Validation of our Scalable Fully-Driverless Advantage Mass production and operations of multiple Gen-7 Robotaxi models. 1) We kicked off mass production of the Guangzhou Automobile Group (“GAC”) and Beijing Automotive Industry Corporation (“BAIC”) Gen-7 Robotaxi models in June and July, respectively. With over 200 already produced, we’re accelerating toward our 1,000-vehicle target by the end of 2025. 2) We initiated operations in all four tier-one cities, collectively accumulating over 2 million kilometers of on-road autonomous driving mileage. This showcases the safety and stability of our entire autonomous driving stack in complex real-world scenarios. 3) We have made significant progress in cost efficiency, driven by an improving remote assistant-to-vehicle ratio and lower vehicle insurance. We are confident of achieving a 1:30 ratio by the end of 2025, enabling one remote assistant to monitor 30 vehicles.Two key pillars for technological advancement: fully-driverless and scale. 1) By achieving fully-driverless operations on a large scale, we have already established ourselves as one of the leading Robotaxi companies worldwide. 2) Among all participants in the World Artificial Intelligence Conference (“WAIC”) 2025 in Shanghai, we were the only provider offering fully-driverless and on-demand ride-hailing services to the public. In addition, we were the only one to remain fully-operational during extreme weather conditions, including typhoons and heavy rainstorms. Accelerating Commercial Deployment with Extending Service and User Coverage Accelerating commercial deployment and expanding ecosystem at scale. 1) Growing user adoption, increasing fleet of deployed Robotaxi vehicles and optimizing operational strategy collectively propelled our fare-charging revenues growth, establishing a sustainable monetization model. 2) We entered into a strategic partnership with Shenzhen Xihu Corporation Limited (“Xihu Group”), Shenzhen’s largest taxi operator, to jointly deploy a fleet of over 1,000 Gen-7 Robotaxis in Shenzhen over the coming years.Scaling up service availability to a wider user group. 1) Registered users on our platform surged by 136% year-over-year in the second quarter. 2) We secured testing permits for Gen-7 Robotaxis in all four tier-one cities, laying out a solid foundation for public-facing commercial deployment. 3) In July, we started fully-driverless commercial Robotaxi services to the public in Shanghai’s Pudong New Area, the heart of Shanghai’s financial district and luxury retails. 4) We extended Robotaxi services from 15 hours per day to full 24/7 coverage in certain areas of Guangzhou and Shenzhen to better fulfill rising user demand. Expanding Global Presence by Entering New Markets and Deepening Our Existing Footprint Strategic collaboration with local partners. We have reached a strategic collaboration with Dubai’s Roads and Transport Authority (“RTA”) to integrate our autonomous driving technology into the city’s future transportation ecosystem. The collaboration will deploy our autonomous driving technology through a multi-phase roll-out, starting with supervised Robotaxi trials in late 2025.Advancing operations to cover diverse environments. We have advanced our presence in South Korea by securing nationwide permits, enabling Robotaxi operations across the country. In Gangnam district, Seoul, we are navigating complex urban traffic and challenging conditions, including winter snowfall. In the second quarter, we further launched nighttime and early-morning operations.Ongoing positive regulatory and testing progress. Following the testing permit granted earlier this year in Luxembourg, we launched road testing in the city of Lenningen in the second quarter in partnership with Emile Weber, Luxembourg’s leading mobility and fleet service provider. 1 As of August 11, 2025, 213 Gen-7 Robotaxi vehicles had been produced. Unaudited Second Quarter 2025 Financial Results (in USD thousands) Three Months Ended Six Months Ended June 30, 2024 June 30, 2025 June 30, 2024 June 30, 2025 Revenues: Robotaxi services 592 1,526 1,168 3,256Robotruck services 10,568 9,520 18,035 17,300Licensing and applications 1,039 10,409 5,517 14,878Total revenues 12,199 21,455 24,720 35,434 Total revenues were US$21.5 million (RMB153.7 million) in the second quarter of 2025, representing an increase of 75.9% from US$12.2 million in the second quarter of 2024. The increase was mainly driven by robust growth in both Robotaxi services and Licensing and Applications revenues.Robotaxi services revenues were US$1.5 million (RMB10.9 million) in the second quarter of 2025, representing an increase of 157.8% from US$0.6 million in the second quarter of 2024. Revenues from both fare-charging and project-based engineering solution services demonstrated rapid growth, with fare-charging revenues surging by over 300% year-over-year. The strong growth was primarily driven by expanding user adoption, growing demand in tier-one cities and an increased fleet of deployed Robotaxi vehicles. We also continued to optimize our pricing and operation strategies across diverse user bases, leading to improved user engagement and service efficiency.Robotruck services revenues were US$9.5 million (RMB68.2 million) in the second quarter of 2025, representing a decrease of 9.9% from US$10.6 million in the second quarter of 2024. The decrease primarily reflected our proactive operation optimization to focus on high-margin revenues.Licensing and applications revenues were US$10.4 million (RMB74.6 million) in the second quarter of 2025, representing a significant increase of 901.8% from US$1.0 million in the second quarter of 2024. The growth was mainly driven by increased orders and deliveries of autonomous domain controller (“ADC”) products, supported by rising demand from both new and existing clients in the robot-delivery segment. Cost of Revenues Total cost of revenues was US$18.0 million (RMB128.9 million) in the second quarter of 2025, representing an increase of 47.0% from US$12.2 million in the second quarter of 2024. Gross Profit (Loss) and Gross Margin Gross profit was US$3.5 million (RMB24.8 million) in the second quarter of 2025, compared to gross loss of US$41 thousand in the second quarter of 2024.Gross margin was 16.1% in the second quarter of 2025, compared to negative 0.3% in the second quarter of 2024. The significant gross margin improvement was mainly driven by our focused strategy on prioritizing high-margin revenues sources within Robotaxi and Robotruck services to reduce gross margin variability. We also made solid progress in optimizing Robotaxi unit economics, particularly key cost items such as remote assistance and vehicle insurance. Operating Expenses Operating expenses were US$64.7 million (RMB463.7 million) in the second quarter of 2025, representing an increase of 75.1% from US$37.0 million in the second quarter of 2024. The increase in share-based compensation expenses reflected the normalization of expense recognition following our IPO in November 2024, as vesting is no longer contingent on IPO completion. Non-GAAP2 operating expenses were US$57.5 million (RMB412.1 million) in the second quarter of 2025, representing an increase of 58.5% from US$36.3 million in the second quarter of 2024. The increase in operating expenses was primarily driven by increased investments in mass production, alongside employee expenses aimed at strengthening R&D capacity for Gen-7 Robotaxi vehicles. Research and development expenses were US$49.0 million (RMB351.2 million) in the second quarter of 2025, representing an increase of 69.0% from US$29.0 million in the second quarter of 2024. Non-GAAP research and development expenses were US$44.1 million (RMB315.6 million), representing an increase of 53.3% from US$28.7 million in the second quarter of 2024. The increase was mainly due to i) investments in mass production for the Gen-7 vehicles and ii) increased employee compensation and benefits to strengthen technological capabilities.Selling, general and administrative expenses were US$15.7 million (RMB112.5 million) in the second quarter of 2025, representing an increase of 97.3% from US$8.0 million in the second quarter of 2024. Non-GAAP selling, general and administrative expenses were US$13.5 million (RMB96.5 million), representing an increase of 78.2% from US$7.6 million in the second quarter of 2024. The increase was primarily due to i) increased personnel expenses in preparation for large-scale commercial deployment and ii) increased professional service fees. Loss from Operations Loss from operations was US$61.3 million (RMB438.9 million) in the second quarter of 2025, compared to US$37.0 million in the second quarter of 2024. Non-GAAP loss from operations was US$54.1 million (RMB387.3 million), compared to US$36.3 million in the second quarter of 2024. Net Loss Net loss was US$53.3 million (RMB381.6 million) in the second quarter of 2025, compared to US$30.9 million in the second quarter of 2024. Non-GAAP net loss was US$46.1 million (RMB329.9 million) in the second quarter of 2025, compared to US$30.3 million in the second quarter of 2024. Basic and Diluted Net Loss per Ordinary Share Basic and diluted net loss per ordinary share was both US$0.14 (RMB1.00) in the second quarter of 2025, compared to US$0.92 in the second quarter of 2024. Non-GAAP basic and diluted net loss per ordinary share was both US$0.13 (RMB0.93) in the second quarter of 2025, compared to US$0.91 in the second quarter of 2024. Each American depositary shares (“ADS”) represents one Class A ordinary share. Balance Sheet and Cash Flow Cash and cash equivalents, short-term investments, restricted cash and long-term debt instruments for wealth management were US$747.7 million (RMB5,356.1 million) as of June 30, 2025. In the second quarter of 2025, financing activities provided cash of US$33.1 million, showing an increase compared to the second quarter of 2024. This was mainly due to employee share sales following the expiration of the lock-up period, resulting in funds collected on behalf of employees for future distribution. 2 Non-GAAP financial measures exclude share-based compensation expenses and changes in fair value of warrants liability, and such adjustment has no impact on income tax. For further details, see the “Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results” set forth at the end of this earnings release. Conference Call Pony.ai will hold a conference call at 8:00 AM U.S. Eastern Time on Tuesday, August 12, 2025 (8:00 PM Beijing/Hong Kong Time on the same day) to discuss financial results and answer questions from investors and analysts. For participants who wish to join the call, please complete online registration using the link provided below prior to the scheduled call start time. Upon registration, participants will receive a confirmation email containing dial-in numbers, passcode, and a unique access PIN. Participant Online Registration: https://dpregister.com/sreg/10201767/ffa814a510 A replay of the conference call will be accessible through August 19, 2025, by dialing the following numbers: United States:1-877-344-7529International:1-412-317-0088Replay Access Code:3152089 Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.pony.ai. Exchange Rate This press release contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.1636 to US$1.00, the noon buying rate in effect on June 30, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release. Non-GAAP Financial Measures The Company uses non-GAAP financial measures, such as non-GAAP research and development expenses, non-GAAP selling, general and administrative expenses, non-GAAP operating expenses, non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss attributable to Pony AI Inc., non-GAAP basic and diluted net loss per ordinary share, and non-GAAP free cash flows, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses and changes in fair value of warrants liability, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making. The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for financial information prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance. For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results” set forth at the end of this earnings release. About Pony AI Inc. Pony AI Inc. is a global leader in achieving large-scale commercialization of autonomous mobility. Leveraging its vehicle-agnostic Virtual Driver technology, a full-stack autonomous driving technology that seamlessly integrates Pony.ai’s proprietary software, hardware, and services, Pony.ai is developing a commercially viable and sustainable business model that enables the mass production and deployment of vehicles across transportation use cases. Founded in 2016, Pony.ai has expanded its presence across China, Europe, East Asia, the Middle East and other regions, ensuring widespread accessibility to its advanced technology. For more information, please visit: https://ir.pony.ai. Safe Harbor Statement This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Statements that are not historical facts, including statements about Pony.ai’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in Pony.ai’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Pony.ai does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: Pony.ai Investor Relations Email: ir@pony.ai Christensen Advisory Email: pony@christensencomms.com Pony AI Inc. Unaudited Condensed Consolidated Balance Sheets (All amounts in USD thousands) As of As ofDecember 31, 2024 June 30, 2025 Assets Current assets: Cash and cash equivalents 535,976 318,533Restricted cash, current 21 20Short-term investments 209,035 289,493Accounts receivable, net 28,555 27,084Amounts due from related parties, current 8,322 7,443Prepaid expenses and other current assets 52,713 59,228Total current assets 834,622 701,801Non-current assets: Restricted cash, non-current 175 188Property, equipment and software, net 17,241 29,443Operating lease right-of-use assets 13,342 16,338Long-term investments 130,799 214,142Prepayment for long-term investments 52,823 25,000Other non-current assets 1,819 4,134Total non-current assets 216,199 289,245Total assets 1,050,821 991,046Liabilities and Shareholders’ Equity Current liabilities: Accounts payable and other current liabilities 66,548 107,804Operating lease liabilities, current 3,438 4,825Amounts due to related parties, current 900 744Total current liabilities 70,886 113,373Operating lease liabilities, non-current 9,835 11,928Other non-current liabilities 1,389 1,480Total liabilities 82,110 126,781Total Pony AI Inc. shareholders’ equity 951,122 853,363Non-controlling interests 17,589 10,902Total shareholders’ equity 968,711 864,265Total liabilities and shareholders’ equity 1,050,821 991,046 Pony AI Inc. Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss (All amounts in USD thousands, except for share and per share data) Three Months Ended Six Months Ended June 30, 2024 June 30, 2025 June 30, 2024 June 30, 2025 Revenues 12,199 21,455 24,720 35,434 Cost of revenues (12,240) (17,992) (22,134) (29,655)Gross (loss) profit (41) 3,463 2,586 5,779 Operating expenses: Research and development expenses (29,011) (49,030) (58,725) (96,516)Selling, general and administrative expenses (7,956) (15,701) (15,579) (26,574)Total operating expenses (36,967) (64,731) (74,304) (123,090)Loss from operations (37,008) (61,268) (71,718) (117,311)Investment income 5,173 6,513 11,350 28,687 Changes in fair value of warrants liability - - 5,617 - Other income (expenses), net 891 1,493 2,978 (2,015)Loss before income tax (30,944) (53,262) (51,773) (90,639)Income tax expenses (2) (1) (2) (1)Net loss (30,946) (53,263) (51,775) (90,640)Net (loss) income attributable to non-controlling interests (227) (165) (458) 5,446 Net loss attributable to Pony AI Inc. (30,719) (53,098) (51,317) (96,086)Foreign currency translation adjustments (741) 10 (1,046) 114 Unrealized gain (loss) on available-for-sale investments 5,185 (47) 5,236 (13,771)Total other comprehensive income (loss) 4,444 (37) 4,190 (13,657)Total comprehensive loss (26,502) (53,300) (47,585) (104,297)Less: Comprehensive loss attributable to non-controlling interests (268) (134) (529) (252)Total comprehensive loss attributable to Pony AI Inc. (26,234) (53,166) (47,056) (104,045)Weighted average number of ordinary shares outstanding used in computing net loss per ordinary share, basic and diluted 91,777,215 366,831,015 91,557,008 359,375,886 Net loss per ordinary share, basic and diluted (0.92) (0.14) (1.14) (0.27) Pony AI Inc. Unaudited Condensed Consolidated Statements of Cash Flows (All amounts in USD thousands) Three Months Ended Six Months Ended June 30, 2024 June 30, 2025 June 30, 2024 June 30, 2025 Net cash used in operating activities (18,046) (25,411) (59,122) (79,570)Net cash used in investing activities (83,013) (67,145) (28,669) (160,416)Net cash (used in)/provided by financing activities (357) 33,086 (710) 23,600 Effect of exchange rate changes on cash, cash equivalents and restricted cash2,268 (1,167) (2,704) (1,045)Net change in cash, cash equivalents and restricted cash (99,148) (60,637) (91,205) (217,431)Cash, cash equivalents and restricted cash at beginning of period 434,148 379,378 426,205 536,172 Cash, cash equivalents and restricted cash at end of period 335,000 318,741 335,000 318,741 Pony AI Inc. Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results (All amounts in USD thousands, except for share and per share data) Three Months Ended Six Months Ended June 30, 2024 June 30, 2025 June 30, 2024 June 30, 2025 Research and development expenses (29,011) (49,030) (58,725) (96,516)Share-based compensation expenses 273 4,970 605 11,874 Non-GAAP research and development expenses (28,738) (44,060) (58,120) (84,642) Selling, general and administrative expenses (7,956) (15,701) (15,579) (26,574)Share-based compensation expenses 398 2,235 855 4,343 Non-GAAP selling, general and administrative expenses (7,558) (13,466) (14,724) (22,231) Operating expenses (36,967) (64,731) (74,304) (123,090)Share-based compensation expenses 671 7,205 1,460 16,217 Non-GAAP operating expenses (36,296) (57,526) (72,844) (106,873) Loss from operations (37,008) (61,268) (71,718) (117,311)Share-based compensation expenses 671 7,205 1,460 16,217 Non-GAAP loss from operations3 (36,337) (54,063) (70,258) (101,094) Net loss (30,946) (53,263) (51,775) (90,640)Share-based compensation expenses 671 7,205 1,460 16,217 Changes in fair value of warrants liability - - (5,617) - Non-GAAP net loss (30,275) (46,058) (55,932) (74,423) Net loss attributable to Pony AI Inc. (30,719) (53,098) (51,317) (96,086)Share-based compensation expenses 671 7,205 1,460 16,217 Changes in fair value of warrants liability - - (5,617) - Non-GAAP net loss attributable to Pony AI Inc. (30,048) (45,893) (55,474) (79,869) Weighted average number of ordinary shares outstanding used in computing net loss per ordinary share, basic and diluted 91,777,215 366,831,015 91,557,008 359,375,886 Non-GAAP net loss per ordinary share, basic and diluted (0.91) (0.13) (1.19) (0.22) 3 Such adjustments have no impact on income tax for the three-month and six-month periods ended June 30, 2024 and 2025 due to i) the conditions on tax deduction for share-based compensation have not been met, and valuation allowance was provided for all deferred tax assets; and ii) warrants are issued by the Group’s Cayman entity, and its applicable income tax rate is nil. Pony AI Inc. Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results (All amounts in USD thousands, except for share and per share data) Three Months Ended Six Months Ended June 30, 2024 June 30, 2025 June 30, 2024 June 30, 2025 Net cash used in operating activities (18,046) (25,411) (59,122) (79,570)Capital expenditures (1,736) (9,576) (1,906) (14,464)Free cash flows4(Non-GAAP) (19,782) (34,987) (61,028) (94,034) 4 Free Cash Flows are a non-GAAP measure, commonly defined as cash flows from operating activities as presented in the statement of cash flows, less capital expenditures. However, in the context of the Company, operating cash flows are a cash out (i.e., a cash outflow). Free Cash Flows represent the total of operating cash outflows plus capital expenditures. This metric reflects the Company's important cash outflows, as it combines the funds required to maintain operations and invest in growth.
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