Inside Ather’s Financials: $262M in Revenue, $94M in Red Ink

Behind Ather’s $262M revenue and $94M loss: a look at the company’s financial health, IPO performance, and whether its premium EV strategy can scale.

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Contents

• Introduction

• Financial Performance (FY2024–2025)

• Chart: Revenue vs Net Result (FY 2020 - FY 2025)

• P&L Snapshot

• Cost Structure Breakdown

• Chart: Expense Analysis

• IPO Performance

• Chart: YTD Stock Performance

• Cash Position & Balance Sheet

• Balance Sheet Snapshot

• 2025 Outlook

• Strengths and Challenges

• Conclusion

Introduction

Ather Energy was founded in 2013 by IIT-Chennai graduates Tarun Mehta and Swapnil Jain to address the lack of high-quality electric vehicles in India. Starting from a clean-sheet design, they developed the country's first smart electric scooter and launched the Ather 450 in 2018, featuring a connected dashboard and over-the-air updates. With early backing from the founders of Flipkart and Hero MotoCorp, Ather focused on building a vertically integrated EV platform that now includes its own charging network (Ather Grid) and retail experience (Ather Space).

Today, Ather positions itself at the premium end of India's two-wheeler EV market with its flagship product line, the Ather 450X, and the country's largest fast-charging infrastructure. In August 2024, the company transitioned to a public limited structure in preparation for its initial public offering. The IPO in May 2025 raised $305.3 million (₹26,260 million). During the same period, Ather acquired 100 acres of land in Maharashtra for $11.5 million (₹955 million) to scale manufacturing capacity and converted all outstanding preference shares into equity, marking a new phase in its public-market journey.

Also, check out our recent webinar with McKinsey on the electric two-wheeler market.

Financial Performance (FY2024–2025)

Ather’s revenue surged 28.6% YoY to $262m, outpacing expense growth of 16.6%. Total expenses reached $349.4m (FY2024: $308.9m), reflecting disciplined cost management amid aggressive expansion. However, net losses deepened to $136m (FY2024: $128.6m), as material costs ($212.3m) and debt-driven finance costs ($12.9m) offset revenue gains. Ather Energy demonstrated robust revenue growth but continued to face profitability challenges: