WeRide Inc. (NASDAQ: WRD) reported fourth‑quarter and full‑year 2025 results that saw revenue jump 123% to RMB 314 million ($44.9 million) in Q4 and 90% to RMB 684.6 million ($97.9 million) for the year. Gross profit rose to RMB 89.5 million ($12.8 million), giving a gross margin of 28.5%—down from 36.5% in Q4 2024. Operating expenses increased to RMB 654.8 million ($93.6 million), and the company posted a net loss of RMB 556.13 million in Q4 and RMB 1.65 billion for the full year.
The revenue surge was driven by a 308.9% jump in product sales to RMB 211.4 million and a 15.2% rise in service revenue to RMB 102.6 million. Robotaxi revenue, the company’s flagship segment, grew 66.4% to RMB 50.6 million in Q4 and 209.6% to RMB 148 million for the year, reflecting expanding domestic and international deployments, including a city‑wide driverless service in Abu Dhabi.
Gross margin compression to 28.5% was largely due to a lower contribution from higher‑margin ADAS R&D services compared with the same period in 2024, offsetting the strong product mix. Operating expenses rose as R&D—accounting for 63‑67% of total operating costs—continued to expand in support of the shared autonomous‑driving platform.
Management highlighted the results. Tony Han said, “Our robotaxi business achieved significant milestones during the reporting period, reflecting the growing adoption of autonomous mobility. In China, our registered users have grown quarter over quarter significantly throughout 2025, demonstrating increasing public acceptance of our services.” He added, “Internationally, we are rolling out a citywide fully driverless robotaxi service in Abu Dhabi, marking a major step toward integrating autonomous transportation into everyday urban mobility. With a pipeline of AV deployments across 12 countries, we are building a leading global platform for autonomous mobility.” Jennifer Li noted, “the adoption of the share repurchase program reflects our confidence in our business fundamentals, financial health, and long‑term outlook, and underscores our commitment to delivering value to shareholders. Supported by a solid technology foundation and robust commercial capabilities, we are well‑positioned to invest in growth while also returning capital to our shareholders. This program demonstrates our conviction that WeRide’s stock represents a compelling investment opportunity.” She also said, “In 2025, we delivered record revenue of US$97.9 million, up 90% year over year, reflecting strong commercial momentum as AV fleets expanded in both domestic and international markets. Gross margin remained healthy at 30.2%, benefiting from our focus on higher‑value mobility markets and a disciplined deployment strategy that improves operational efficiency. Operating loss narrowed by 15.5% year over year, reflecting continued efficiency gains from our shared autonomous driving platform.”
The company reiterated its 2026 guidance, maintaining a focus on scaling its fleet to achieve unit‑economic breakeven and continuing investment in its autonomous platform. It also confirmed a share repurchase program authorized for up to $100 million over the next 12 months, signaling management’s confidence in the business’s long‑term prospects.
On March 24, 2026, WeRide’s stock gained 8.98% on unusually high trading volume, adding roughly $205 million to the company’s market cap. The rally was driven by record revenue growth, the explosive expansion of the robotaxi segment, and the narrowing of net losses, while the share‑repurchase authorization reinforced investor confidence.
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