VinFast Auto (VFS) Q1 2026 earnings summary

Executive summary

• Q1 2026 deliveries reached 58,577 units, up 61% year-over-year, with international deliveries at 8% and non-related parties at 87%.

• Electric two-wheeler deliveries surged 219% year-over-year to 143,136 units, with Evo and Feliz models comprising 81%.

• VinFast achieved a record daily sales high of 3,520 EVs in Vietnam and a record month for E2W orders in March.

• Strategic partnership with GSM and the spin-off of Vietnam manufacturing assets aim to enhance financing flexibility and support a capital-light model.

• VinFast maintained its position as Vietnam's number one OEM for every month since September 2024 and expanded in Southeast Asia and India.

Financial highlights

• Q1 2026 revenue grew 41.7% year-over-year to VND23,111.1 billion (US$920.7 million), despite seasonality.

• Gross margin was -73.6%, down from -46.4% in Q4 2025 and -35.2% in Q1 2025, mainly due to a $192 million revenue deduction for extended free charging programs.

• Adjusted gross margin, excluding one-time items, improved to -22.5% from -47.2% in Q4 2025 and -28.1% in Q1 2025.

• Adjusted EBITDA was -$783 million, a 29.9% sequential decrease; adjusted EBITDA margin would have been -32% excluding one-time items.

• Net loss was VND28,108.0 billion (US$1,119.8 million), margin was -121.6%; excluding one-time items, it improved to -62.2%. EPS was -$0.48, a 25% improvement sequentially.

Outlook and guidance

• CapEx for Q1 2026 was $198 million, mainly for manufacturing expansion.

• Post-spinoff, CapEx is expected to reduce by $400 million for Vietnam factories, with total CapEx and R&D projected at $300–$400 million per quarter in 2026.

• The company aims to break even in Vietnam by 2027, driven by increased sales and reduced production costs.

• Reiterates global EV delivery target of at least 300,000 units for 2026, with two-wheeler deliveries expected to be at least 2.5 times 2025 levels.

• Expansion to continue in Vietnam, Indonesia, India, the Philippines, Middle East, North America, and Europe.