Ather Energy, one of India’s leading electric vehicle (EV) manufacturers, recently reported its financial results for Q4 FY25, showcasing a mix of positive revenue growth and persistent losses. While the Bengaluru-based EV company reported a net loss of INR 234.4 Cr, the figure marked a 17% year-on-year (YoY) improvement from the INR 283.3 Cr loss in the same quarter last year.
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ToggleDespite the YoY improvement, Ather’s losses grew 19% quarter-on-quarter (QoQ) from INR 197.8 Cr in Q3 FY25, reflecting ongoing challenges in achieving profitability. The increase in losses on a sequential basis is primarily attributed to rising operating and production costs, coupled with a high burn rate amid expansion.
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On the brighter side, Ather Energy’s topline showed robust growth, reflecting increasing demand for its electric scooters and expanding market footprint. The company clocked INR 676.1 Cr in operating revenue for Q4 FY25, a 29% YoY jump from INR 523.4 Cr in Q4 FY24 and a 7% QoQ increase from INR 634.9 Cr in Q3 FY25.
Including other income of INR 11.7 Cr, total income for the quarter stood at INR 687.8 Cr, highlighting continued revenue traction from both core operations and ancillary streams.
Ather’s total expenditure surged to INR 922.2 Cr in Q4 FY25, marking a 9% QoQ and 13% YoY increase. This rise in spending reflects the company’s aggressive expansion plans, ongoing investments in R&D, infrastructure development, and customer acquisition initiatives.
The high expenditure continues to weigh on the company’s bottom line but is also indicative of Ather’s long-term vision to strengthen its competitive edge in India’s fast-growing EV market.
As a recently listed company, Ather Energy remains under investor scrutiny for its path to profitability. The narrowing YoY loss in Q4 FY25 is a positive indicator that the company is taking steps toward better cost management while scaling operations.
The rising revenue base demonstrates growing consumer confidence in Ather’s EV offerings, particularly in the premium scooter segment. However, the consistent increase in operational costs and the widening QoQ losses underline the need for enhanced financial discipline in the upcoming quarters.
Looking forward, Ather Energy is expected to focus on:
The company’s performance in FY26 will likely depend on its ability to control costs while maintaining revenue growth momentum in a highly competitive market.
Ather Energy’s Q4 FY25 results reveal a company in transition—balancing rapid growth with financial pressures. While losses persist, the YoY improvement in net loss and consistent revenue growth point to underlying business strength. As the Indian EV space matures, Ather’s continued focus on innovation, scale, and strategic spending could pave the way for long-term success.