Record Revenue Growth Driven by Expanding Global Footprint
WeRide’s third quarter 2025 financial results highlight a period of unprecedented global expansion and robust financial performance. Total revenue reached RMB 171.0 million (US$24.0 million), representing an impressive 144.3% increase from the prior year. This sharp growth was fueled by aggressive scaling of its autonomous vehicle (AV) fleet and increasing service penetration worldwide. Product revenue saw a particularly striking leap, growing 428.0% year-over-year, while service revenue climbed 66.9%. Notably, robotaxi revenue surged 761.0% year-over-year, rising to account for 20.7% of total revenue, up from just 5.8% a year earlier.
| Financial Highlights (Q3 2025) | RMB (million) | US$ (million) | YoY Change |
|---|---|---|---|
| Total Revenue | 171.0 | 24.0 | +144.3% |
| Product Revenue | 79.2 | 11.1 | +428.0% |
| Service Revenue | 91.8 | 12.9 | +66.9% |
| Robotaxi Revenue | 35.3 | 5.0 | +761.0% |
| Gross Profit | 56.3 | 7.9 | +1,123.9% |
| Gross Margin | 32.9% | 6.5% (2024 Q3) | |
Margin Expansion Underscores Operational Efficiency
Alongside record revenue, WeRide delivered a sharp improvement in profitability. Gross profit soared by 1,123.9% to RMB 56.3 million (US$7.9 million), with gross margin expanding to an industry-leading 32.9%, up from just 6.5% the year prior. This improvement reflects a stronger mix of high-margin service projects and absence of costly R&D projects that weighed on margins last year. Operating expenses decreased to RMB 435.8 million (US$61.2 million), sharply lower than the prior year's RMB 895.7 million, demonstrating increased leverage as the business scales. While WeRide remains unprofitable on a net basis (reporting a net loss of RMB 307.3 million for the quarter), its non-IFRS adjusted net loss narrowed to RMB 275.6 million, providing a clearer picture of improving operational performance.
Global Regulatory Wins Strengthen First-Mover Advantage
In Q3 2025, WeRide secured regulatory and operational breakthroughs across eight countries—making it the world’s first robotaxi company publicly traded on both Hong Kong and U.S. exchanges. Highlights include the landmark UAE permit for fully driverless robotaxi commercial operations in Abu Dhabi, public fleet launches in Saudi Arabia and Belgium, and a first-ever Swiss driverless robotaxi permit in Zurich. As of October 31, 2025, WeRide’s AV fleet exceeds 1,600 vehicles globally, with nearly 750 robotaxis deployed and active commercial permits in major international cities. In China, 24-hour commercial services now operate across key districts in Guangzhou and Beijing, while new partnerships are expanding its footprint in Hong Kong and other regions.
Unit Economics Breakeven and Scalable Operations in Key Markets
Notably, WeRide’s permit in Abu Dhabi eliminated the requirement for in-vehicle safety officers, enabling the fleet to reach unit economics breakeven—a significant milestone toward sustained profitability at scale. Trip volumes in core Chinese markets have soared, with Beijing robotaxi rides increasing over eightfold quarter-on-quarter, and individual vehicles in Guangzhou now completing up to 25 trips per day. The rollout of a ride-hailing experience matching traditional services further supports adoption and efficiency gains across WeRide’s networks.
Capital Strength and Dual Listing Broaden Investor Base
WeRide’s cash, time deposits, and financial assets totaled RMB 5.4 billion (US$764.1 million) at quarter end, positioning the company to pursue global growth initiatives. Its successful dual listing on the Hong Kong Stock Exchange raised HKD 2.39 billion and expanded its institutional investor base, further bolstered by inclusion in the Nasdaq Golden Dragon China Index. This broader capital market presence strengthens both the company’s balance sheet and visibility among global investors.
| Key Balance Sheet Metrics (as of Sept 30, 2025) | RMB (million) | US$ (million) |
|---|---|---|
| Cash & Equivalents + Time Deposits | 4,496.0 | 631.6 |
| Investments in Wealth Management Products | 926.1 | 130.1 |
| Short-term Bank Borrowings | 245.1 | 34.4 |
| Total Assets | 7,021.8 | 986.4 |
| Total Equity | 6,216.3 | 873.2 |
Product Innovation and Operational Diversification Fuel Growth
Beyond robotaxis, WeRide continues to diversify its L4 product lines with robobus, robosweeper, and Level 2+ solutions, launching pilot programs and securing new contracts in Guangzhou, Shenzhen, Singapore, Belgium, and the UAE. The rollout of its one-stage end-to-end L2+ solution, developed with Bosch, reflects ongoing commitment to advancing autonomous vehicle technology at both consumer and enterprise scales.
Looking Forward: Global Scale and Profitability on the Horizon
With its leading regulatory track record, technological depth, and a broadening commercial presence, WeRide appears well positioned to capitalize on the transformation of the mobility sector. As operations in markets like Abu Dhabi approach profitability and global partnerships accelerate, investors and industry watchers alike will be looking to future quarters to see if WeRide can maintain this momentum—and ultimately deliver on the promise of scalable, autonomous mobility worldwide.
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