Key Highlights
- First quarter revenue reached $3.8 billion, surpassing Wall Street’s $3.7 billion projection
- Adjusted earnings per share posted a 3-cent loss versus analyst predictions of a 9-cent loss
- Vehicle deliveries totaled 83,465 units in Q1, representing a 98% increase from the prior year
- Profit margins improved dramatically to 19.0% compared to 7.6% in the year-ago period
- Second quarter delivery guidance of 110,000–115,000 vehicles exceeded market expectations
Shares of NIO experienced a surge exceeding 5% during Thursday’s U.S. premarket session following the Chinese electric vehicle manufacturer’s impressive first-quarter performance and optimistic second-quarter projections that surpassed Wall Street forecasts.
Premarket trading saw the stock hovering around $5.77, representing approximately 3.2% gains at the most recent check. Prior to Thursday’s session, NIO shares had already climbed 10% since the beginning of the year and showed a remarkable 42% appreciation over the trailing twelve months.
First-quarter revenue registered at RMB 25.53 billion (approximately $3.8 billion), marking a year-over-year increase of 112.2%. This figure closely aligned with analyst consensus projections of RMB 25.57 billion.
Regarding profitability, the company reported adjusted earnings per share of RMB 0.02 — representing a modest profit — which significantly outperformed analyst forecasts of a RMB 0.34 loss. In comparison, NIO recorded a 42-cent per share loss on revenue of merely $1.7 billion during the same quarter last year.
Vehicle delivery figures captured the most attention. The company delivered 83,465 vehicles throughout Q1, marking a 98.3% year-over-year surge.
These delivery numbers reflected contributions across all three of NIO’s vehicle brands. The primary NIO brand represented 58,543 units, ONVO added 13,339 vehicles, and the recently introduced Firefly brand contributed 11,583 deliveries.
Profitability Metrics Show Substantial Enhancement
Gross profit margin climbed to 19.0% during the first quarter, up considerably from 7.6% in the prior-year period and 17.5% in the fourth quarter of 2025. NIO attributed this improvement to enhanced operational efficiency and a more favorable product composition.
This margin expansion represents a significant development for a manufacturer that has historically confronted ongoing profitability challenges.
Second Quarter Projections Surpass Analyst Forecasts
Looking ahead to Q2, NIO provided revenue guidance of RMB 32.78–34.44 billion, exceeding the analyst consensus estimate of RMB 31.83 billion.
The company anticipates vehicle deliveries will range between 110,000 and 115,000 units, suggesting year-over-year growth of approximately 53–60%.
This outlook indicates monthly delivery volumes exceeding 40,000 units during May and June. For context, NIO delivered 29,356 vehicles in April alone.
Fresh product introductions are driving the expansion. NIO unveiled the new ES9 SUV along with ONVO’s five-seat L80 SUV during April, initiating what CEO William Bin Li described as “an intensive new product launch and delivery cycle.”
According to Li, the NIO All-New ES8 has achieved the top sales position within China’s large SUV category.
These results emerged despite challenging market conditions. Overall Chinese new vehicle sales decreased approximately 7% year-over-year, based on data from Citi analyst Jeff Chung.
NIO’s delivery expansion — essentially doubling compared to last year — represents a notable achievement within this challenging environment.
The Firefly brand, positioned to compete in more affordable market segments, is contributing additional volume to the company’s overall performance.
According to the company, NIO’s proprietary smart driving chip, NIO WorldModel, along with its comprehensive vehicle operating system, will drive extensive enhancements across ONVO’s updated models throughout this year.
NIO’s first-quarter delivery total of 83,465 smart electric vehicles represented a 98.3% year-over-year increase spanning all three of its vehicle brands.
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