YoY smoke, QoQ fire. Yes, total revenue +76% YoY and Robotaxi +158% YoY. But the paid Robotaxi line fell sequentially: -13% QoQ. That’s the line investors are paying a premium for. Scaling Gen-7” ≠ monetization. Production numbers, without deployment that's just inventory. Also these numbers are not Q2 numbers but * till Aug 11 numbers. Why dit management not disclose rides, utilization, or net fare to explain why paid Robotaxi declined despite more cars? It's China footprint is still narrow. "All 4 tier-1 cities” sounds nice, but it masks the geo-fenced and time-limit slivers. That doesn’t seem justify a broad-based revenue ramp just yet. Overseas “expansion” won’t fund 2025. Dubai (MoU was signed on July 6) has a plan to begin supervised pilots trials later in 2025 (commercial roll out possibly somewhere in 2026?). The other 2 (Luxembourg, Seoul) are rehashed "Q2" pilot announcements (already announced in $PONY Q1 earnings call).