Hong Kong · Delayed Price · Currency is HKD NIO Inc. Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw 83,465 EV deliveries and 112.2% revenue growth year-over-year, with gross margin rising to 19% and positive non-GAAP operating profit. Full-year vehicle margin is targeted at 17%-18% amid rising material costs, and cash reserves reached RMB 48.2 billion.
Fiscal Year 2025
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Q4 2025 saw record deliveries and the first-ever quarterly profit, with strong growth across all brands and improved margins. The company targets 40–50% sales growth in 2026, continued R&D and infrastructure investment, and aims for full-year non-GAAP operating profit breakeven.
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Q3 2025 saw 87,071 EV deliveries (up 40.8% YoY), record gross margin, and positive cash flow. Q4 guidance is 120,000-125,000 deliveries, with break-even targeted despite subsidy phase-outs. Full-year 2026 non-GAAP profitability and 20% vehicle margin are targeted.
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Q2 2025 saw 72,056 EV deliveries (up 25.6% YoY), RMB 19B revenue, and narrowing losses. New models L90 and ES8 drove record demand, with Q4 delivery and margin targets set for break-even. R&D and SG&A efficiency improved, supporting long-term competitiveness.
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Q1 2025 saw 42,094 EV deliveries and 21.5% revenue growth year-over-year, but a net loss of RMB 6.8 billion. Q2 guidance is 72,000-75,000 deliveries, with new models and cost controls expected to drive margin and cash flow improvements.
Fiscal Year 2024
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Q4 2024 saw record deliveries and revenue growth, with improved margins but a higher net loss. The company targets breakeven in Q4 2025, doubling sales volume, and continued cost reductions, while expanding its product lineup and power swap network.
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Q3 saw record deliveries and improved margins, with strong growth from new brands and global expansion. Vehicle margin rose to 13.1%, and positive cash flow was achieved. The company targets higher margins, stable CapEx, and aims for breakeven by 2026.
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Q2 2024 saw record deliveries and nearly doubled revenue year-over-year, with vehicle margin rising to 12.2% and net loss narrowing. Strong product launches, technology innovation, and international expansion support a positive outlook, with further margin and volume growth targeted.
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Q1 revenue declined year-over-year and quarter-over-quarter, but gross margin improved and net loss narrowed sequentially. Strong Q2 delivery growth is expected, with new brands ONVO and Firefly expanding market reach and a CNY 1.5B investment boosting NIO Power.