NIO (NIO) Stock: First Quarter 2026 Results Show 112% Revenue Growth Amid EV Delivery Surge

Key Highlights

Table of Contents

First-quarter revenue skyrockets 112% year-over-year to $3.7 billion as vehicle shipments climb 98%.
Vehicle profitability margin expands to 18.8%, driving overall gross margin to 19%.
Quarterly net loss contracts to $48 million with adjusted earnings reaching $6.3 million.
April shipments total 29,356 vehicles, bringing year-to-date deliveries to 112,821 units.
Second-quarter forecast projects 110K-115K vehicle deliveries and $4.8B-$5.0B revenue.

NIO Inc. (NIO) announced its first-quarter 2026 financial performance, showcasing impressive revenue expansion and substantial growth in electric vehicle shipments. The company generated RMB25,532.7 million in total revenue, representing a 112.2% increase compared to the same period in 2025, though experiencing a 26.3% sequential decline from the fourth quarter of 2025. Vehicle shipments climbed 98.3% year-over-year to 83,465 units, demonstrating robust annual momentum despite a quarterly decrease from the 124,807 vehicles delivered in Q4 2025.

NIO Inc., NIO

Delivery Metrics and Multi-Brand Strategy

During the first quarter of 2026, NIO shipped 58,543 vehicles through its flagship NIO brand, representing the largest portion of total deliveries. The ONVO brand contributed 13,339 units to the quarterly total, while the FIREFLY brand added 11,583 units. Sequential deliveries declined 33.1% quarter-over-quarter, primarily attributed to seasonal manufacturing patterns and logistical adjustments typical of the first quarter.

In April 2026 alone, the electric vehicle manufacturer delivered 29,356 units, pushing total 2026 deliveries to 112,821 vehicles. Since commencing operations, the company has now surpassed 1.1 million cumulative vehicle deliveries. The premium ES9 flagship model entered pre-sales during April, with mass deliveries scheduled to begin May 27, 2026.

The ONVO L80 SUV model launched customer deliveries in mid-May, strengthening the company’s presence in the large five-seat SUV category. These new model introductions capitalize on cutting-edge technology platforms, innovative interior spatial configurations, and advanced safety systems. Meanwhile, the FIREFLY brand continues rolling out limited special editions to sustain customer enthusiasm and community engagement.

Revenue Performance and Profitability Trends

Vehicle revenue totaled RMB22,783.7 million during the quarter, marking a 129.2% year-over-year surge, despite a 27.9% sequential decrease from Q4 2025. The vehicle profitability margin expanded significantly to 18.8%, up from 10.2% in the year-ago period and 18.1% in the preceding quarter. Gross profit soared 428.4% to RMB4,859.1 million, pushing the gross margin to 19.0%.

Operating losses narrowed dramatically to RMB308.8 million versus a RMB6,418.1 million loss in Q1 2025. On an adjusted non-GAAP basis, the company achieved an operating profit of RMB66.8 million, though this represented a decline from RMB1,251.3 million in the previous quarter. The net loss compressed to RMB332.1 million, while adjusted non-GAAP net profit stood at RMB43.5 million.

Research and development spending decreased 40.7% year-over-year to RMB1,885.0 million. Selling, general, and administrative expenses dropped 20.5% to RMB3,497.3 million. Enhanced cost discipline and improved operational leverage enabled the company to maintain positive operating cash flows throughout the period.

Forward Guidance and Growth Strategy

For the second quarter of 2026, NIO projects vehicle deliveries between 110,000 and 115,000 units, representing annual growth of 52.7% to 59.6%. Total revenue is anticipated to reach RMB32,777 million to RMB34,436 million, reflecting year-over-year expansion of 72.4% to 81.2%. The rollout of new models, including the ES9 flagship and L80 SUV, will drive market share gains and reinforce the company’s position in premium electric vehicle segments.

As of March 31, 2026, the company held RMB48.2 billion in cash, cash equivalents, and short-term investments, providing substantial financial flexibility for operational requirements and strategic investments. Management expects vehicle margins and service-related profitability to remain robust in coming quarters. The company continues advancing its autonomous driving capabilities and proprietary vehicle operating system across all three brand portfolios.

With its emphasis on breakthrough product launches and operational excellence, the electric vehicle manufacturer is well-positioned for continued expansion in the competitive global EV marketplace.

✨ Limited Time Offer