Pony Group Inc. reported a significant decline in its financial performance for the fiscal year ending December 31, 2024, with revenues totaling $97,394, down from $177,570 in the previous year. This decrease of approximately 45% was attributed primarily to the cessation of technology development services, which had previously contributed $95,082 to the 2023 revenue. The company's cost of revenue also decreased to $55,473 from $96,107, reflecting the drop in service provision. Consequently, gross profit fell to $41,921, resulting in a gross profit margin of 43%, slightly lower than the 45.9% margin reported in 2023.
Operating expenses for Pony Group decreased by 10.6% to $204,957, down from $229,301 in 2023, primarily due to reduced service fees for consulting services. However, the company still reported a net loss of $164,074 for 2024, compared to a loss of $148,521 in the prior year. The accumulated deficit as of December 31, 2024, reached $888,494, raising substantial doubt about the company's ability to continue as a going concern. The company had a cash balance of $10,952 and a working capital deficit of $675,376 at year-end.
In terms of operational developments, Pony Group continues to focus on its core business of providing car services, including carpooling and airport transfers, primarily between Guangdong Province and Hong Kong. The company has not reported any significant changes in customer counts or user statistics, but it has indicated plans for geographic expansion and the introduction of new service offerings through its "Let's Go" application. The company currently operates with a small workforce of four employees and has not established any new subsidiaries or made significant acquisitions during the reporting period.
Looking ahead, Pony Group's management is actively seeking additional capital to fund operations and support growth initiatives. The company plans to explore various funding sources, including equity sales and loans, but acknowledges the uncertainty surrounding its ability to secure necessary financing. The management's outlook remains cautious, emphasizing the need for improved cash flows and profitability to ensure the company's sustainability in the competitive travel service market.
About Pony Group Inc.
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