WeRide (WRD) Q4 2025 earnings summary

Executive summary

• Achieved record full-year 2025 revenue of RMB 685 million (US$97.9 million), up 90% year-over-year, driven by Robotaxi and Robobus growth, with robotaxi revenue surging 210% to RMB 148 million.

• Global fleet reached 1,125 vehicles, with operations expanded to 12 countries and over 40 cities, and major international milestones including first city-level fully driverless robotaxi permits in the Middle East and Europe.

• Net loss narrowed by 34% to RMB 1.65 billion (US$236.6 million) for 2025, reflecting improved operational efficiency and cost controls.

• Maintained leadership in autonomous driving technology, winning three consecutive China Urban Intelligent Driving Competitions.

Financial highlights

• Q4 2025 revenue was RMB 314 million, up 123% year-over-year; full-year product revenue surged 310% to RMB 360 million, service revenue RMB 325 million (+19%).

• Gross profit for 2025 was RMB 207 million (US$29.6 million), with a gross margin of 30% for the year.

• Net loss narrowed to RMB 1.65 billion, and cash reserves at year-end were RMB 7.13 billion.

• Overseas markets contributed 29% of total revenue in 2025.

• Administrative expenses decreased 48% to RMB 596 million in 2025.

Outlook and guidance

• Targeting 2,600 global Robotaxis by end of 2026, with long-term vision of tens of thousands by 2030.

• Middle East fleet to expand by 1,000 vehicles with Uber by 2027.

• Projected annual recurring ride-hailing service revenue of US$1 billion, with a blended margin of 30%.

• Overseas revenue expected to continue strong growth, with stable gross margins and modest increase in operating cash flow.

• Continued international expansion expected, with new launches in Slovakia and further penetration in Europe, Middle East, and Asia-Pacific.