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WeRide Announces Unaudited Financial Results for Q2 2025
NEW YORK, July 31, 2025 (GLOBE NEWSWIRE) -- WeRide Inc. (“WeRide” or the “Company”) (Nasdaq: WRD), a global leader in autonomous driving technology, today announced its unaudited financial results for the three months ended June 30, 2025.
Recent Highlights
Redefining Autonomous Driving with Leading Technology Breakthroughs
High-Performance Computing (HPC) 3.0 Platform Powered by NVIDIA DRIVE AGX Thor Chips
Partnership with Chery on New-Generation Robotaxi to Revolutionize Urban Mobility
Unparalleled Robotaxi Footprint Validated by Global Operations
Abu Dhabi, UAE
Shanghai, China
Riyadh, Saudi Arabia
Dubai, UAE
Driving Continued Global Expansion Beyond Robotaxis
Robobus
Management Commentary
Tony Han, WeRide’s Founder, Chairman, and Chief Executive Officer, commented, “Our second-quarter performance marks a pivotal moment in WeRide’s global journey. The rapid growth of our robotaxi business demonstrates that our strategic vision – grounded in expansion and strong partnerships both at home and abroad – is delivering real-world results. Our commercial success also reflects the strength of our advanced technology, with the latest NVIDIA DRIVE AGX Thor Chips-powered HPC 3.0 platform deployed on our GXR robotaxi — setting new benchmarks for scalable, high-performance autonomous driving. As we continue to break new ground, including recent regulatory wins in the Middle East, our focus remains on expanding access to safe, autonomous transportation and leading the evolution of mobility worldwide.”
Jennifer Li, WeRide’s Chief Financial Officer and Head of International, added, “This quarter’s strong topline performance reflects the sound execution of our growth strategy and the continued scaling of our operations. A major driver of our momentum is the increasing contribution from our robotaxi business, which now plays a central role in our revenue mix and overall financial strength. As our international footprint grows – particularly in regions like Abu Dhabi – we are seeing clear signs of improved unit economics and growing commercial viability. With the support of our global strategic partners, we are at an inflection point where effectively operating a robotaxi fleet with sustainable unit economics is becoming a reality.”
Unaudited Second Quarter 2025 Financial Results
Revenues
Total revenue grew 60.8% YoY to RMB127.2 million (US$17.8 million) in 2Q2025, compared to RMB79.1 million in the same period of 2024.
Cost of Revenue
Cost of revenue was RMB91.5 million (US$12.8 million) compared to RMB53.7 million in the same period of 2024.
Gross Profit and Gross Margin
Gross profit was comprised of gross profit for products of RMB29.1 million (US$4.1 million) with a gross margin rate of 48.6%, and gross profit for services of RMB6.6 million (US$0.9 million) at a gross margin rate of 9.8%.
Operating Expenses
Operating expenses were RMB487.8 million (US$68.1 million) compared to RMB342.4 million in the same period of 2024. The change was mainly due to an increase of RMB63.6 million in personnel-related expenses (including share-based compensation expenses), an increase of RMB31.5 million in service fees for autonomous driving research and development as well as an increase of RMB28.9 million in audit and legal compliance service compared to the same period in 2024.
Net Loss
Basic and Diluted Net Loss Per ADS2
Balance Sheet
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.1636 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of June 30, 2025.
Use of Non-IFRS Financial Measures
In evaluating its business, the Company considers and uses the non-IFRS financial measure of adjusted net loss as a supplemental measure to review and assess operating performance. The Company believes that adjusted net loss provides useful information to investors and others in understanding and evaluating the Company’s consolidated results of operations in the same manner as it helps the Company’s management. The Company defines adjusted net loss as net loss for the period excluding share-based compensation expenses, fair value changes of financial assets at FVTPL and changes in the carrying amounts of preferred shares and other financial instruments subject to redemption and other preferential rights.
The Company presents the non-IFRS financial measure because it is used by its management to evaluate its operating performance and formulate business plans. Adjusted net loss enables the Company’s management to assess the Company’s operating results without considering the impact of the aforementioned non-cash adjustment items that it does not consider to be indicative of its core operations. Accordingly, the Company believes that the use of this non-IFRS financial measure provides useful information to investors and others in understanding and evaluating its operating results in the same manner as its management and board of directors.
This non-IFRS financial measure is not defined under IFRS and is not presented in accordance with IFRS. The non-IFRS financial measure has limitations as an analytical tool. One of the key limitations of using the adjusted net loss is that it does not reflect all items of expenses that affect the Company’s operations. Further, this non-IFRS measure may differ from the non-IFRS information used by other companies, including peer companies, and therefore its comparability may be limited.
The non-IFRS financial measure should not be considered in isolation or construed as an alternative to loss for the period or any other measure of performance information prepared and presented in accordance with IFRS or as an indicator of the Company’s operating performance. Investors are encouraged to review the Company’s historical non-IFRS financial measure in light of the most directly comparable IFRS measure, as shown below. The non-IFRS financial measure presented here may not be comparable to similarly titled measure presented by other companies. Other companies may calculate similarly titled measures differently, limiting the usefulness of such measures when analyzing the Company’s data comparatively. It is encouraged that you review the Company’s financial information in its entirety and not rely on a single financial measure.
Conference Call Information
The Company’s management team will host an earnings conference call at 8:00 AM U.S. Eastern Time on Thursday, July 31, 2025 (or at 8:00 PM Beijing Time on Thursday, July 31, 2025). Details for the conference call are as follows:
Event Title: WeRide Inc. Second Quarter 2025 Earnings Call
Registration Link: https://register-conf.media-server.com/register/BI47b984221bb74f7db1dcbd3748e8a875
All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers and a unique access PIN, which can be used to join the conference call.
A live and archived webcast of the conference call will be available at the Company's investor relations website at ir.weride.ai.
About WeRide
WeRide is a global leader and a first mover in the autonomous driving industry, as well as the first publicly traded robotaxi company. Our autonomous vehicles have been tested or operated in over 30 cities across 10 countries. We are also the first and only technology company whose products have received autonomous driving permits in six markets: China, France, Saudi Arabia, Singapore, the UAE, and the US. Empowered by the smart, versatile, cost-effective, and highly adaptable WeRide One platform, WeRide provides autonomous driving products and services from L2 to L4, addressing transportation needs in the mobility, logistics, and sanitation industries. WeRide was named in Fortune Magazine's 2024 “The Future 50” list. For more information, please visit https://www.weride.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 WeRide’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 WeRide’s filings with the SEC. All information provided in this press release is as of the date of this press release, and WeRide does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Contacts
Investor inquiries: [email protected]
Press inquiries: [email protected]
WeRide Inc. Unaudited Condensed Consolidated Statements of Financial Position | |||||
As of | |||||
June 30, | June 30, | December 31, | |||
2025 | 2025 | 2024 | |||
RMB’000 | USD’000 | RMB’000 | |||
ASSETS | |||||
Non-current assets | |||||
Property and equipment | 281,968 | 39,361 | 178,179 | ||
Right-of-use assets | 72,951 | 10,184 | 73,564 | ||
Intangible assets | 19,544 | 2,728 | 21,664 | ||
Goodwill | 44,758 | 6,248 | 44,758 | ||
Restricted cash – non-current | 12,142 | 1,695 | 9,669 | ||
Deferred tax assets | 498 | 70 | 997 | ||
Financial assets at FVTPL – non-current | 58,151 | 8,118 | 56,919 | ||
Other non-current assets | 20,684 | 2,885 | 20,025 | ||
Total non-current assets | 510,696 | 71,289 | 405,775 | ||
Current assets | |||||
Inventories | 289,929 | 40,473 | 204,705 | ||
Contract assets | 35,336 | 4,933 | 28,005 | ||
Trade receivables | 241,372 | 33,694 | 252,607 | ||
Prepayments and other receivables | 191,127 | 26,680 | 197,652 | ||
Prepayments to and amounts due from related parties | 50,917 | 7,108 | 26,618 | ||
Financial assets at FVTPL - current | 1,735,333 | 242,243 | 1,685,146 | ||
Time deposits | 251,733 | 35,141 | 620,148 | ||
Cash and cash equivalents | 3,836,137 | 535,504 | 4,268,300 | ||
Restricted cash – current | 3,273 | 457 | 4,814 | ||
Total current assets | 6,635,157 | 926,233 | 7,287,995 | ||
Total assets | 7,145,853 | 997,522 | 7,693,770 | ||
EQUITY | |||||
Total equity | 6,463,756 | 902,305 | 7,066,019 | ||
WeRide Inc. Unaudited Condensed Consolidated Statements of Financial Position | |||||
As of | |||||
June 30, | June 30, | December 31, | |||
2025 | 2025 | 2024 | |||
RMB’000 | USD’000 | RMB’000 | |||
LIABILITIES | |||||
Non-current liabilities | |||||
Lease liabilities – non-current | 21,198 | 2,959 | 26,059 | ||
Long-term bank loan | 47,534 | 6,635 | 50,040 | ||
Deferred tax liabilities | 3,988 | 557 | 4,486 | ||
Other non-current liabilities | 8,097 | 1,130 | 4,677 | ||
Total non-current liabilities | 80,817 | 11,281 | 85,262 | ||
Current liabilities | |||||
Short-term bank loan | 102,275 | 14,277 | 30,019 | ||
Trade payables | 47,117 | 6,577 | 20,713 | ||
Other payables, deposits received and accrued expenses | 330,848 | 46,185 | 397,755 | ||
Contract liabilities | 30,574 | 4,268 | 4,476 | ||
Lease liabilities – current | 34,386 | 4,800 | 36,900 | ||
Amounts due to related parties | 14,656 | 2,046 | 9,450 | ||
Put option liabilities – current | 41,424 | 5,783 | 41,099 | ||
Income taxes payable | - | - | 2,077 | ||
Total current liabilities | 601,280 | 83,936 | 542,489 | ||
Total liabilities | 682,097 | 95,217 | 627,751 | ||
Total equity and liabilities | 7,145,853 | 997,522 | 7,693,770 | ||
WeRide Inc. Unaudited Condensed Consolidated Statements of Profit or Loss | ||||||||||||||||||||
Six Months Ended June 30, | Three Months Ended June 30, | |||||||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||||||
RMB’000 | USD’000 | RMB’000 | RMB’000 | USD’000 | RMB’000 | |||||||||||||||
Revenue | ||||||||||||||||||||
Product revenue | 69,281 | 9,671 | 21,045 | 59,781 | 8,345 | 14,567 | ||||||||||||||
Service revenue | 130,334 | 18,194 | 129,253 | 67,397 | 9,408 | 64,556 | ||||||||||||||
199,615 | 27,865 | 150,298 | 127,178 | 17,753 | 79,123 | |||||||||||||||
Cost of revenue(a) | ||||||||||||||||||||
Cost of goods sold | (35,461 | ) | (4,950 | ) | (17,157 | ) | (30,699 | ) | (4,285 | ) | (10,989 | ) | ||||||||
Cost of services | (103,095 | ) | (14,392 | ) | (78,352 | ) | (60,775 | ) | (8,484 | ) | (42,711 | ) | ||||||||
(138,556 | ) | (19,342 | ) | (95,509 | ) | (91,474 | ) | (12,769 | ) | (53,700 | ) | |||||||||
Gross profit | 61,059 | 8,523 | 54,789 | 35,704 | 4,984 | 25,423 | ||||||||||||||
Research and development expenses(a) | (644,635 | ) | (89,988 | ) | (517,210 | ) | (318,918 | ) | (44,519 | ) | (239,579 | ) | ||||||||
Selling expenses(a) | (27,780 | ) | (3,878 | ) | (22,784 | ) | (13,849 | ) | (1,933 | ) | (12,263 | ) | ||||||||
Administrative expenses(a) | (278,942 | ) | (38,939 | ) | (208,293 | ) | (155,061 | ) | (21,646 | ) | (90,510 | ) | ||||||||
Other net income | 3,021 | 422 | 7,939 | 337 | 47 | 1,973 | ||||||||||||||
Impairment loss on receivables and contract assets | (2,800 | ) | (391 | ) | (13,424 | ) | (2,077 | ) | (290 | ) | (7,757 | ) | ||||||||
Operating loss | (890,077 | ) | (124,251 | ) | (698,983 | ) | (453,864 | ) | (63,357 | ) | (322,713 | ) | ||||||||
Net foreign exchange gain | 5,629 | 786 | 4,659 | 1,557 | 217 | 937 | ||||||||||||||
Interest income | 74,946 | 10,462 | 89,294 | 35,200 | 4,914 | 40,347 | ||||||||||||||
Fair value changes of financial assets at FVTPL | 23,154 | 3,232 | 4,503 | 13,971 | 1,950 | 1,094 | ||||||||||||||
Other finance costs | (3,292 | ) | (460 | ) | (1,356 | ) | (1,873 | ) | (261 | ) | (648 | ) | ||||||||
Changes in the carrying amounts of preferred shares and other financial instruments subject to redemption and other preferential rights | - | - | (278,226 | ) | - | - | (131,842 | ) | ||||||||||||
Loss before taxation | (789,640 | ) | (110,231 | ) | (880,109 | ) | (405,009 | ) | (56,537 | ) | (412,825 | ) | ||||||||
Income tax | (1,877 | ) | (262 | ) | (1,591 | ) | (1,436 | ) | (200 | ) | (793 | ) | ||||||||
Loss for the period | (791,517 | ) | (110,493 | ) | (881,700 | ) | (406,445 | ) | (56,737 | ) | (413,618 | ) | ||||||||
Loss attributable to ordinary shareholders of the Company | (791,517 | ) | (110,493 | ) | (881,700 | ) | (406,445 | ) | (56,737 | ) | (413,618 | ) | ||||||||
Loss per ordinary share | ||||||||||||||||||||
Basic and diluted loss per Class A and Class B ordinary share | (0.87 | ) | (0.12 | ) | (7.38 | ) | (0.45 | ) | (0.06 | ) | (3.37 | ) | ||||||||
Loss per ADS | ||||||||||||||||||||
Basic and diluted loss per ADS | (2.61 | ) | (0.36 | ) | (22.14 | ) | (1.35 | ) | (0.18 | ) | (10.11 | ) |
Notes:
(a) Includes share-based compensation expenses as follows:
Six Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||||
RMB’000 | USD’000 | RMB’000 | RMB’000 | USD’000 | RMB’000 | ||||||||||||
Cost of revenue | - | - | (3,021 | ) | - | - | (1,591 | ) | |||||||||
Research and development expenses | (86,386 | ) | (12,059 | ) | (150,368 | ) | (38,663 | ) | (5,397 | ) | (53,293 | ) | |||||
Administrative expenses | (129,414 | ) | (18,065 | ) | (133,328 | ) | (79,421 | ) | (11,087 | ) | (51,474 | ) | |||||
Selling expenses | (3,722 | ) | (520 | ) | (5,183 | ) | (1,774 | ) | (248 | ) | (1,916 | ) | |||||
Total share-based compensation expenses | (219,522 | ) | (30,644 | ) | (291,900 | ) | (119,858 | ) | (16,732 | ) | (108,274 | ) |
WeRide Inc. Reconciliation of IFRS and Non-IFRS results | |||||||||||||||||||
Six Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||||||
RMB’000 | USD’000 | RMB’000 | RMB’000 | USD’000 | RMB’000 | ||||||||||||||
Loss for the period | (791,517 | ) | (110,493 | ) | (881,700 | ) | (406,445 | ) | (56,737 | ) | (413,618 | ) | |||||||
Add: | |||||||||||||||||||
Share-based compensation expenses | 219,522 | 30,644 | 291,900 | 119,858 | 16,732 | 108,274 | |||||||||||||
Fair value changes of financial assets at FVTPL | (23,154 | ) | (3,232 | ) | (4,503 | ) | (13,971 | ) | (1,950 | ) | (1,094 | ) | |||||||
Changes in the carrying amounts of preferred shares and other financial instruments subject to redemption and other preferential rights | - | - | 278,226 | - | - | 131,842 | |||||||||||||
Adjusted net loss | (595,149 | ) | (83,081 | ) | (316,077 | ) | (300,558 | ) | (41,955 | ) | (174,596 | ) |
____________________________
1 Adjusted net loss is defined as net loss for the period excluding share-based compensation expenses, fair value changes of financial assets at FVTPL and changes in the carrying amounts of preferred shares and other financial instruments subject to redemption and other preferential rights.
2 ADS-to-Class A ordinary share ratio is 1:3.
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