Pony AI: 1Q26 strong: accelerating robotaxi business; reiterate Buy

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Pony AI: 1Q26 strong: accelerating robotaxi business; reiterate Buy

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Pony AI

1Q26 strong: accelerating robotaxi

business; reiterate Buy

Reiterate Rating: BUY | PO: 19.00 USD | Price: 8.92 USD

Robust robotaxi sales on strong fare-charging growth 27 May 2026

Pony AI reported 1Q26 results and hosted a conference call on 26 May. 1Q26 revenue Equity

was up 145% YoY/up 18% QoQ at USD34.3mn, including Robotaxi services +395% YoY

(revenue from fare-charging grew 457% YoY), Robotruck +31% YoY, and intelligent Ming Hsun Lee, CFA >>

solution +247% YoY. Gross profit margin came in at 16.2% in 1Q26, down 0.3ppt YoY/up Research Analyst

Merrill Lynch (Hong Kong)

3.5ppt QoQ, behind our estimate due to higher contribution from ADC business (mainly minghsun.lee@bofa.com

in intelligent solution business). Pony's R&D expenses came in at USD48mn in 1Q26, up Joey Yang, CFA >>

1% YoY. In 1Q26, SBC expenses were USD4.6mn. The non-GAAP net loss came in at Research Analyst

USD41mn in 1Q26, vs. USD29mn in 1Q25 and USD49mn in 4Q25.

Fiona Liang >>

Research Analyst

Merrill Lynch (Hong Kong)Management raised 2026 robotaxi fleet size & revenue target

Pony’s robotaxi fleet grew beyond 1,700 vehicles by May 2026, and it expanded its

footprint in core urban areas of Guangzhou. In the overseas market, Pony has established

presence in 9 countries and started services to the public in 4 countries, including Stock Data

Croatia, Qatar, Singapore, and South Korea. Pony’s joint deployment model with partners

such as OnTime Mobility and Verne has started generating revenues in 1Q26. Reflecting Price (ADR / Common) 8.92 USD / 72.45 HKD

the strong business momentum, Pony raised its robotaxi fleet size target from 3k to 3.5k Price Objective 19.00 USD / 148.00 HKD