Editor’s Note: Total cash reserve figure is updated in paragraph 9

WeRide Inc. (NASDAQ:WRD) shares are trading higher in the premarket session on Wednesday following its first-quarter financial results.

The company recorded $10 million in total revenue in the first quarter of 2025, representing a 1.8% increase on a year-over-year basis.

Jennifer Li, WeRide’s CFO, said this quarter’s revenue growth reflects improving commercial traction, supported by multiple expansions and new deployments in international territories in the Middle East and Europe.

Product revenue increased to $1.3 million, thanks to the increase in the sales of robotaxis and robosweepers in the first quarter.

Also Read: WeRide Stock Climbs On Tencent Cloud Deal To Speed Global Robotaxi Push

WeRide’s robotaxi business reached $2.2 million in the first quarter, 22.3% of total revenue, up from 11.9% in the year-ago period.

The gross profit margin was 35% in the quarter under review, relatively stable compared to the fourth quarter of 2024.

Tony Han, WeRide’s Founder, Chairman, and CEO, commented, “With over 1,200 autonomous driving vehicles running on the road and fully driverless commercial operations in motion, we’re making autonomous driving ever more accessible and affordable to riders around the world.”

“In addition, we are advancing our end-to-end mass-market ADAS solutions that bring real value to OEMs today. These efforts position WeRide as a global leader in shaping the future of autonomous mobility,” he added.

WeRide reported a quarterly diluted net loss per ADS of 18 cents. As of March 31, the company had $610.3 million in cash and equivalents, $240.80 million in financial assets and $2 million in restricted cash, totaling $853.10 million in cash reserve.

In a separate release, the company has authorized a share repurchase program, under which it may repurchase up to $100 million of its Class A ordinary shares over the next 12 months.

“The adoption of the share repurchase program reflects our confidence in our business fundamentals, financial health, and long-term outlook,” Li added.

The company expects to fund the repurchases out of its existing cash balance.

WeRide said it increased its total fleet size to over 1,200 units in the first quarter of 2025. It accumulated more than 2,000 days in public operations with zero regulatory discipline for autonomous driving system failure.

WeRide and Uber Technologies, Inc. (NYSE:UBER) have recently formed a significant partnership to expand commercial robotaxi services. This collaboration aims to introduce services to 15 new cities, building on their successful deployment in Abu Dhabi and upcoming launch in Dubai. Uber has committed an additional $100 million equity investment in WeRide, supplementing its previous investments, the company said.