Pony AI (PONY) Research & Development (2023 - 2025)

Pony AI has disclosed Research & Development across 3 years of filings, most recently posting -$60.5 million for Q4 2025.

• Research & Development for Q4 2025 came in at -$60.5 million, up 59.06% year-over-year; the trailing twelve-month figure through Dec 2025 was -$217.4 million (up 9.48% YoY), and the FY2025 annual result was $217.4 million, down 9.48% from the prior year.
• Research & Development came in at -$60.5 million for Q4 2025 at Pony AI, roughly flat from -$60.4 million in the prior quarter.
• In the past five years, Research & Development ranged from a high of -$29.0 million in Q2 2024 to a low of -$147.8 million in Q4 2024.
• The 3-year median for Research & Development is -$47.5 million (2025), against an average of -$54.3 million.
• Across the five-year window, Research & Development tumbled 375.68% in 2024 and surged 59.06% in 2025, its largest moves.
• Pony AI's Research & Development stood at -$31.1 million in 2023, then sank by 375.68% to -$147.8 million in 2024, then soared by 59.06% to -$60.5 million in 2025.
• The last three Research & Development figures came in at -$60.5 million (Q4 2025), -$60.4 million (Q3 2025), and -$49.0 million (Q2 2025), per Business Quant data.