This article first appeared on GuruFocus .

Pony AI ( NASDAQ:PONY ), the Chinese autonomous driving company, rose 3.01% premarket after reporting second-quarter revenue of $36.2 million, up 68.8%, with robotaxi services revenue reaching $12.1 million, up 691.2% from $1.5 million a year earlier. Fare-charging revenue rose more than 800%.

Total net loss narrowed 14.9% to $45.4 million, helped by a $33.4 million fair value gain on trading securities and held back by a $25.0 million impairment on prepayments for long-term investments. Net loss attributable to Pony.ai went the other way, widening to $59.8 million from $53.1 million, after $14.5 million of income was allocated to non-controlling interests. Loss per ordinary share was $0.14, unchanged from a year ago, or $0.10 on a non-GAAP basis.

Free cash outflow reached $76.2 million against $35.0 million a year earlier, with capital expenditure at $32.2 million versus $9.6 million. The fleet stood at 1,975 vehicles at June 30, and Pony has contracted with Uber ( NYSE:UBER ) to deploy more than 2,000 robotaxis in Europe. The company plans to scale to more than 3,500 vehicles by year end.