NIO (NIO) Q3 2025 earnings summary

Executive summary

• Q3 2025 deliveries reached 87,071 smart EVs, up 40.8% year-over-year and 20.8% sequentially, with strong demand for new models and all three brands—NIO, ONVO, and FIREFLY—driving growth.

• Two new large three-row battery electric SUVs launched, with ONVO L90 and NIO All-New ES8 receiving strong user recognition and robust sales.

• October deliveries hit 40,397 units, up 92.6% year-over-year, marking three consecutive record months; Q4 guidance is 120,000-125,000 units, a 60.1%-72% year-over-year increase.

• Vehicle gross margin improved to 14.7%, overall gross margin reached 13.9%, the highest in nearly three years, reflecting cost optimization and product profitability.

• Operating cash flow and free cash flow turned positive in Q3, with non-GAAP operating loss narrowed by 30% quarter-over-quarter.

Financial highlights

• Total Q3 revenue was RMB 21.8 billion ($3,061.4 million), up 16.7% year-over-year and 14.7% quarter-over-quarter.

• Vehicle sales reached RMB 19.2 billion ($2,697.3 million), up 15% year-over-year and 19% quarter-over-quarter, driven by higher deliveries.

• Other sales were RMB 6.2 billion, up 31.2% year-over-year, but down 9.8% quarter-over-quarter.

• Net loss was RMB 3.5 billion ($488.9 million), down 31.2% year-over-year and 30.3% quarter-over-quarter; adjusted net loss was RMB 2.7 billion ($384.2 million), down 38% year-over-year.

• Ended Q3 with RMB 36.7 billion ($5.1 billion) in cash, cash equivalents, and investments, bolstered by a $1.16 billion equity offering.

Outlook and guidance

• Q4 deliveries expected at 120,000-125,000 units, up 60.1%-72% year-over-year, setting a new quarterly high.

• Q4 2025 total revenues projected between RMB32,758 million ($4,602 million) and RMB34,039 million ($4,781 million), up 66.3% to 72.8% year-over-year.

• Vehicle gross margin in Q4 projected around 18%, with high-margin ES8 expected to exceed 20%.

• Confident in achieving quarterly break-even in Q4 despite subsidy phase-outs and market headwinds.

• Full-year 2026 non-GAAP profitability targeted, with vehicle gross margin expected to reach 20%.