On Tuesday before the US stock market opened, Nio released its Q2 financial report, specifically:
<blockquote>
Q2 2025 revenue was 19.01 billion yuan, compared to 17.45 billion yuan in the same period last year, a year-on-year increase of 9%, with analysts' average expectation at 19.97 billion yuan.
Adjusted net profit was 4.13 billion yuan, while there was a loss of 4.54 billion yuan in the same period last year. Gross margin was 10%, up from 9.7% in the same period last year, with analysts' average expectation at 11.1%.
The adjusted loss per American Depositary Share was 1.85 yuan, an improvement from a loss of 2.21 yuan in the same period last year, with analysts' average expectation for a loss of 2.17 yuan.
Delivery volume was 72,056 vehicles, a year-on-year increase of 26%, while analysts' average expectation was 73,023 vehicles.
</blockquote>
In terms of performance guidance:
<blockquote>
Q3 revenue is expected to be between 21.81 billion and 22.88 billion yuan, with the expectation at 24.13 billion yuan;
Q3 delivery volume is expected to be between 87,000 and 91,000 vehicles, with market expectation at 91,091 vehicles.
</blockquote>
After the financial report was released, Nio's US stock pre-market fell over 18%.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/d781fb57-d930-4cc2-ac9c-eb07a5442e38.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/d781fb57-d930-4cc2-ac9c-eb07a5442e38.png"/>
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- NIO Inc. reported its Q2 2025 earnings, with revenue of 19.01 billion yuan, a 9% increase from 17.45 billion yuan year-over-year, but below analyst expectations of 19.97 billion yuan.  
- The adjusted net profit was 4.13 billion yuan, a significant improvement from a loss of 4.54 billion yuan last year, while the gross margin rose to 10%.  
- Following the earnings release, NIO's U.S. stock fell over 18%, with Q3 revenue guidance projected between 21.81 billion and 22.88 billion yuan, also below market expectations.

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NIO's Q2 revenue increased by 9% year-on-year, and delivery volume increased by 26% year-on-year. Q3 delivery guidance is basically in line with expectations | Earnings Report Insights