NIO (NIO) Q1 2026 earnings summary

Executive summary

• Q1 2026 deliveries reached 83,465 smart EVs, up 98.3% year-over-year, with strong performance across NIO, ONVO, and Firefly brands, but down 33.1% sequentially from Q4 2025.

• Total revenues were RMB 25.5 billion, up 112.2% year-over-year, but down 26.3% quarter-over-quarter.

• Gross margin improved to 19%, with vehicle margin at 18.8%, both rising year-over-year and quarter-over-quarter.

• Net loss narrowed significantly to RMB 0.3 billion, compared to RMB 6.8 billion loss in Q1 last year and RMB 0.3 billion profit last quarter; adjusted net profit was RMB 43.5 million.

• Cash and equivalents stood at RMB 48.2 billion as of March 31, 2026.

Financial highlights

• Vehicle sales reached RMB 22.8 billion, up 129.2% year-over-year, down 27.9% quarter-over-quarter.

• Other sales were RMB 2.7 billion, up 31.2% year-over-year, down 9.7% quarter-over-quarter.

• R&D expenses were RMB 1.9 billion, down 40.7% year-over-year and 7% quarter-over-quarter.

• SG&A expenses were RMB 3.5 billion, down 20.5% year-over-year and 1.1% quarter-over-quarter.

• Adjusted profit from operations (non-GAAP) was RMB 66.8 million, versus a loss of RMB 5,947.2 million a year ago.

Outlook and guidance

• Q2 2026 vehicle deliveries expected between 110,000 and 115,000, up 52.7%-59.6% year-over-year.

• Q2 2026 total revenues projected between RMB 32,777 million and RMB 34,436 million, up 72.4%-81.2% year-over-year.

• Full-year vehicle margin target set at 17%-18%, with actions to optimize product mix and supply chain efficiency.

• R&D spending to be maintained at RMB 2-2.5 billion per quarter to support technology and product launches.

• SG&A ratio targeted around 10% of revenue, with fluctuations expected due to product launch cycles.