NIO's Q1 Loss Wider Than Expected, Revenues Increase Y/Y

Core Insights - NIO Inc. reported a loss of 45 cents per American Depositary Share (ADS) in Q1 2025, which was greater than the expected loss of 22 cents and wider than the loss of 36 cents in the same quarter last year [1][9] - The company's revenue for the quarter was $1.66 billion, missing the consensus estimate of$ 1.71 billion but reflecting a year-over-year increase of 20.85% due to higher delivery volumes [1][9] Delivery and Revenue Details - NIO delivered 42,094 vehicles in Q1 2025, marking a 40.1% increase year-over-year, with 27,313 vehicles from NIO and 14,781 from ONVO [2] - Revenue from vehicle sales was $1.37 billion, an 18% increase year-over-year, primarily driven by the rise in delivery volume [2] - Other sales reached$ 288.8 million, up 36.5% year-over-year [2] Profitability Metrics - Gross profit for the quarter was $126.7 million, an increase of 87.7% compared to the same quarter last year [3] - Vehicle margin improved to 10.2% from 9.2% in Q1 2024, attributed to lower material costs per unit [3] - Gross margin rose to 7.6%, up from 4.9% in the year-ago quarter, driven by increased sales from parts, accessories, and after-sales services [3] Cost Structure and Financial Position - Research and development costs were$ 438.4 million, a 10.5% increase year-over-year [4] - Selling, general, and administrative costs rose to $606.4 million, up 46% year-over-year [4] - As of March 31, 2025, NIO had cash and cash equivalents of$ 3.6 billion and long-term debt of $1.28 billion [4] Future Projections - For Q2 2025, NIO projects deliveries between 72,000 and 75,000 vehicles, indicating a year-over-year increase of 25.5% to 30.7% [4] - Revenue estimates for Q2 are projected to be between$ 2.69 billion and $2.77 billion [4]