Nio Stock Earnings Reports

NIO reported very strong operational growth in Q1 2026 with total deliveries of 83,465 vehicles, up 98.3% year-over-year, and April deliveries continuing momentum. The three-brand strategy (NIO, ONVO, FIREFLY) is driving market share gains across segments: NIO’s ES8 broke delivery records, ONVO’s L90/L80 are leading large-SUV segments, and FIREFLY is #1 in high-end small cars. Financially, revenue was RMB 25.5 billion (up 112% YoY). Vehicle gross margin improved to 18.8% and overall gross margin to 19%; other sales margin reached 20.6% — a four-year high. NIO achieved positive non-GAAP operating profit and positive operating cash flow, ending the quarter with RMB 48.2 billion cash and equivalents. Management expects Q2 deliveries between 110,000–115,000 (note: transcript shows range phrased as 11,000–11,500 units but context indicates Q2 growth guidance of ~52.7%–59.6% YoY), and reiterated a full-year vehicle margin target of ~17%–18% despite material and memory-chip cost headwinds (estimated >RMB 10,000 impact per vehicle). R&D and SG&A have been optimized: non-GAAP R&D targeted ~RMB 2.0–2.5 billion per quarter; SG&A aimed around 10% of revenue over time. Product and ADAS investments continue: in-house 5nm driving chip already in mass production with plan to equip >80% of cars H2; major smart-driving software upgrades deployed. Swap-station and charging network expansion continues (target >1,000 swap stations in 2026) while power-swap remains a strategic, capacity-building investment. Management remains focused on premium positioning, margin stability, and sustainable growth.