Nio Inc.-ADR · Q1 2026 earnings

Briefing

NIO Q1 2026: deliveries double to 83,465 units; revenue up 112% but GAAP net loss of RMB332M as volumes dip sequentially

NIO delivered 83,465 vehicles in Q1 2026, up 98.3% year over year but down 33.1% from Q4 2025, split across NIO (58,543), ONVO (13,339), and FIREFLY (11,583) brands. Total revenues reached RMB25.5 billion (+112% YoY, -26% QoQ) with vehicle sales of RMB22.8 billion; gross margin improved to 19.0% from 7.6% a year ago and vehicle margin rose to 18.8%. GAAP net loss was RMB332.1 million (RMB0.20 per share/ADS), while adjusted net profit (non-GAAP) was RMB43.5 million (RMB0.02 per share). Cash and equivalents plus investments totaled RMB48.2 billion. Management guided Q2 2026 deliveries of 110,000–115,000 units and total revenue of RMB32.8–34.4 billion, citing an intensive new product cycle including ES9 and ONVO L80 launches.

• Vehicle deliveries totaled 83,465 in Q1 (+98% YoY, -33% QoQ) across NIO, ONVO, and FIREFLY brands.
• Total revenue was RMB25.5B (+112% YoY); vehicle margin improved to 18.8% and gross margin to 19.0%.
• GAAP net loss of RMB332M (RMB0.20/share); non-GAAP adjusted net profit of RMB44M with positive adjusted operating profit.
• Cash, restricted cash, and investments totaled RMB48.2B; company generated positive operating cash flow in the quarter.
• Q2 2026 guidance: 110,000–115,000 deliveries (+53–60% YoY) and revenue of RMB32.8–34.4B (+72–81% YoY).

Headline financials

Revenue & EPS history

NIO expects Q2 2026 deliveries of 110,000–115,000 units (+52.7% to 59.6% YoY) and total revenues of RMB32.8–34.4 billion (+72.4% to 81.2% YoY), reflecting an intensive new product launch cycle.