Key Highlights
- First quarter revenue reached $3.8 billion, surpassing Wall Street’s $3.7 billion projection
- Adjusted loss per share of 3 cents significantly outperformed the anticipated 9-cent loss
- Vehicle deliveries for the quarter totaled 83,465 units, marking a 98% increase from the prior year
- Gross profit margin improved dramatically to 19.0% compared to 7.6% in the year-ago period
- Second quarter delivery outlook of 110,000–115,000 vehicles exceeds market consensus
Shares of NIO advanced more than 5% during Thursday’s U.S. premarket session following the Chinese electric vehicle manufacturer’s robust first-quarter performance and upbeat second-quarter projections that exceeded Wall Street’s forecasts.
Premarket trading saw the stock changing hands at $5.77, representing approximately 3.2% gains at the most recent check. Prior to Thursday’s session, shares had already appreciated 10% since the start of the year and climbed 42% during the trailing twelve-month period.
First-quarter revenue totaled RMB 25.53 billion (approximately $3.8 billion), representing a 112.2% year-over-year increase. This figure essentially matched the analyst consensus projection of RMB 25.57 billion.
Regarding profitability metrics, the adjusted earnings per share registered at RMB 0.02—a modest profit—substantially better than the anticipated RMB 0.34 loss forecasted by analysts. During the comparable quarter last year, NIO recorded a 42-cent per-share loss alongside revenue of merely $1.7 billion.
The standout metric centered on delivery volumes. The company distributed 83,465 vehicles throughout Q1, representing a 98.3% surge compared to the same period last year.
These deliveries encompassed all three of NIO’s automotive brands. The primary NIO brand represented 58,543 units, while ONVO contributed 13,339 vehicles, and the recently introduced Firefly brand added 11,583 deliveries.
Profitability Metrics Show Substantial Gains
Gross profit margin reached 19.0% during the first quarter, climbing from 7.6% in the prior-year period and 17.5% during the fourth quarter of 2025. NIO attributed this improvement to enhanced operational efficiency and an optimized product portfolio.
This margin enhancement represents a significant development for an organization that has historically confronted ongoing profitability challenges.
Second Quarter Projections Surpass Analyst Expectations
Looking ahead to Q2, the company projected revenue between RMB 32.78–34.44 billion, exceeding the analyst consensus estimate of RMB 31.83 billion.
Vehicle deliveries are anticipated to range from 110,000 to 115,000 units, suggesting year-over-year expansion of approximately 53–60%.
This forecast indicates monthly delivery volumes exceeding 40,000 units throughout May and June. The company delivered 29,356 vehicles during April.
Fresh product launches are driving the acceleration. The company unveiled its new ES9 SUV along with ONVO’s five-seat L80 SUV during April, initiating what CEO William Bin Li characterized as “an intensive new product launch and delivery cycle.”
According to Li, the NIO All-New ES8 has captured the top position in China’s large SUV category based on sales performance.
These results emerge against a challenging market environment. Overall Chinese new vehicle sales declined approximately 7% year-over-year, according to Citi analyst Jeff Chung.
NIO’s delivery expansion—nearly doubling annually—demonstrates remarkable performance within this difficult context.
The Firefly brand, positioned to compete in lower-priced market segments, continues contributing meaningful volume to aggregate delivery figures.
The company’s proprietary smart driving chip, NIO WorldModel, along with its comprehensive vehicle operating system, will drive extensive enhancements across ONVO’s upcoming model lineup throughout this year, management stated.
NIO distributed 83,465 smart electric vehicles during Q1 2026, climbing 98.3% year-over-year across its complete three-brand portfolio.
