Aug. 12 at 11:09 AM
$WRD
For WRD shareholders, the Q2 release looks materially stronger than Q1 and confirms that the revenue mix is beginning to change. The strongest signals are the acceleration of L4 revenue, the first meaningful scaling of L2++/L3, higher overseas contribution, and improving Robotaxi utilization. The main counterpoint is that R&D spending remains high, so revenue growth has not yet translated into meaningful reduction of adjusted losses.
The revenue result is particularly strong. Q1 revenue was RMB114.1M, so WeRide essentially doubled revenue sequentially. Q2 alone generated roughly two-thirds of total H1 revenue.
The quality of that growth also looks better. Gross margin reached 37.5%, versus 34.7% in Q1 and 28.1% a year ago. Management explicitly attributes this to higher-margin L2/L3 and overseas L4 revenue. That matters more than the headline +82% revenue growth because it suggests the mix is shifting toward the businesses that could eventually support much better economics.
