--- title: "Nio reports Q1 operating profit, marking its second consecutive quarter of non-GAAP profitability" type: "News" locale: "en" url: "https://longbridge.com/en/news/287197988.md" description: "Nio reported an adjusted operating profit of RMB 66.8 million ($9.7 million) for Q1 2026, marking its second consecutive quarter of non-GAAP profitability. This is a significant turnaround from a loss of RMB 5.9472 billion in Q1 2025. The company delivered 83,465 vehicles, a 98.3% year-on-year increase, exceeding its guidance. Total revenues reached RMB 25.5 billion, up 112.2% from the previous year, while gross profit surged 428.4% to RMB 4.9 billion, with a gross margin of 19.0%." datetime: "2026-05-21T10:06:30.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/287197988.md) - [en](https://longbridge.com/en/news/287197988.md) - [zh-HK](https://longbridge.com/zh-HK/news/287197988.md) --- # Nio reports Q1 operating profit, marking its second consecutive quarter of non-GAAP profitability _This article is being updated, please refresh later for more content._ > Nio reported an adjusted operating profit (non-GAAP) of RMB 66.8 million ($9.7 million) for the first quarter of 2026. (The Nio logo at the company's booth at the Beijing Auto Show in April 2026. Image credit: CnEVPost) Nio reports Q1 operating profit, marking its second consecutive quarter of non-GAAP profitability Join us on Telegram or Google News Nio reported an adjusted operating profit (non-GAAP) of RMB 66.8 million ($9.7 million) for the first quarter of 2026, compared to an adjusted operating loss (non-GAAP) of RMB 5.9472 billion in the first quarter of 2025 and an adjusted operating profit (non-GAAP) of RMB 1.2513 billion in the fourth quarter of 2025. In the first quarter, Nio Inc delivered a total of 83,465 vehicles, marking a robust year-on-year increase of about 98.3%. This delivery figure exceeded the upper end of the company's previous quarterly delivery guidance range of 80,000 to 83,000 vehicles. Nio Inc quarterly deliveries 2024 2025 2026 Nio had previously guided first-quarter revenue to be between 24.48 billion yuan and 25.17 billion yuan, representing a year-on-year increase of about 103.4% to 109.2%. Below is its statement, as the CnEVPost article is being updated. Financial Results for the First Quarter of 2026 Revenues Total revenues in the first quarter of 2026 were RMB25,532.7 million (US$3,701.5 million), representing an increase of 112.2% from the first quarter of 2025 and a decrease of 26.3% from the fourth quarter of 2025. Vehicle sales in the first quarter of 2026 were RMB22,783.7 million (US$3,302.9 million), representing an increase of 129.2% from the first quarter of 2025 and a decrease of 27.9% from the fourth quarter of 2025. The increase in vehicle sales over the first quarter of 2025 was mainly due to an increase in delivery volume and a higher average selling price mainly driven by a favorable product mix. The decrease in vehicle sales over the fourth quarter of 2025 was mainly attributable to a decrease in delivery volume. Other sales in the first quarter of 2026 were RMB2,748.9 million (US$398.5 million), representing an increase of 31.2% from the first quarter of 2025 and a decrease of 9.7% from the fourth quarter of 2025. The increase in other sales over the first quarter of 2025 was mainly due to (i) increase in sales of parts, accessories and after-sales vehicle services, and provision of power solutions, as a result of continued growth in the number of users, and (ii) increase in revenues from auto financing services. The decrease in other sales over the fourth quarter of 2025 was mainly due to decrease in revenues from technical research and development services and used car sales. Cost of Sales and Gross Margin Cost of sales in the first quarter of 2026 was RMB20,673.5 million (US$2,997.0 million), representing an increase of 86.0% from the first quarter of 2025 and a decrease of 27.7% from the fourth quarter of 2025. The increase in cost of sales over the first quarter of 2025 was mainly attributable to an increase in delivery volume. The decrease in cost of sales over the fourth quarter of 2025 was mainly attributable to a decrease in delivery volume. Gross profit in the first quarter of 2026 was RMB4,859.1 million (US$704.4 million), representing an increase of 428.4% from the first quarter of 2025 and a decrease of 20.0% from the fourth quarter of 2025. Gross margin in the first quarter of 2026 was 19.0%, compared with 7.6% in the first quarter of 2025 and 17.5% in the fourth quarter of 2025. The increase in gross margin over the first quarter of 2025 was mainly attributable to the increased vehicle margin. The increase in gross margin over the fourth quarter of 2025 was mainly due to (i) an improvement in the gross loss rate from provision of power solutions, and (ii) increase in sales from parts, accessories and after-sales vehicle services with relatively higher margins. Vehicle margin in the first quarter of 2026 was 18.8%, compared with 10.2% in the first quarter of 2025 and 18.1% in the fourth quarter of 2025. The increase in vehicle margin from the first quarter of 2025 and the fourth quarter of 2025 was mainly attributable to a more favorable product mix. Operating Expenses Research and development expenses in the first quarter of 2026 were RMB1,885.0 million (US$273.3 million), representing a decrease of 40.7% from the first quarter of 2025 and a decrease of 7.0% from the fourth quarter of 2025. Excluding share-based compensation expenses, adjusted research and development expenses (non-GAAP) were RMB1,708.2 million (US$247.6 million) in the first quarter of 2026, representing a decrease of 41.4% from the first quarter of 2025 and a decrease of 2.1% from the fourth quarter of 2025.The decrease in research and development expenses over the first quarter of 2025 was mainly due to decreased personnel costs in research and development functions primarily as a result of organizational optimization, and decreased design and development costs mainly resulting from different stages of development and improved operational efficiency. The decrease in research and development expenses over the fourth quarter of 2025 was mainly due to decreased design and development costs, which resulted from different stages of development and improved operational efficiency. Selling, general and administrative expenses in the first quarter of 2026 were RMB3,497.3 million (US$507.0 million), representing a decrease of 20.5% from the first quarter of 2025 and a decrease of 1.1% from the fourth quarter of 2025. Excluding share-based compensation expenses, adjusted selling, general and administrative expenses (non-GAAP) were RMB3,308.7 million (US$479.7 million) in the first quarter of 2026, representing a decrease of 21.4% from the first quarter of 2025 and a decrease of 2.4% from the fourth quarter of 2025. The decrease in selling, general and administrative expenses over the first quarter of 2025 was mainly attributable to a decrease in personnel and related costs in marketing and other supporting functions as a result of organizational optimization, as well as a decrease in sales and marketing activities. Selling, general and administrative expenses in the first quarter of 2026 remained relatively stable compared with the fourth quarter of 2025. (Loss)/Profit from Operations Loss from operations in the first quarter of 2026 was RMB308.8 million (US$44.8 million), compared with loss from operations of RMB6,418.1 million in the first quarter of 2025 and profit from operations of RMB807.3 million in the fourth quarter of 2025. Excluding share-based compensation expenses, adjusted profit from operations (non-GAAP) was RMB66.8 million (US$9.7 million) in the first quarter of 2026, compared with adjusted loss from operations (non-GAAP) of RMB 5,947.2 million in the first quarter of 2025 and adjusted profit from operations (non-GAAP) of RMB1,251.3 million in the fourth quarter of 2025. Net (Loss)/Profit and Earnings Per Share/ADS Net loss in the first quarter of 2026 was RMB332.1 million (US$48.1 million), compared with net loss of RMB6,750.0 million in the first quarter of 2025 and net profit of RMB282.7million in the fourth quarter of 2025. Excluding share-based compensation expenses, adjusted net profit (non-GAAP) was RMB43.5 million (US$6.3 million) in the first quarter of 2026, compared with adjusted net loss (non-GAAP) of RMB6,279.1 million in the first quarter of 2025 and adjusted net profit of RMB726.8 million in the fourth quarter of 2025. Net loss attributable to NIO’s ordinary shareholders in the first quarter of 2026 was RMB496.0 million (US$71.9 million), compared with net loss attributable to NIO’s ordinary shareholders of RMB6,891.1 million in the first quarter of 2025 and net profit attributable to NIO’s ordinary shareholders of RMB122.4 million in the fourth quarter of 2025. Excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, adjusted net profit attributable to NIO’s ordinary shareholders (non-GAAP) was RMB44.5 million (US$6.5 million) in the first quarter of 2026, compared with adjusted net loss attributable to NIO’s ordinary shareholders (non-GAAP) of RMB6,275.6 million in the first quarter of 2025 and adjusted net profit attributable to NIO’s ordinary shareholders (non-GAAP) of RMB728.1 million in the fourth quarter of 2025. Basic and diluted net loss per ordinary share/ADS in the first quarter of 2026 were both RMB0.20 (US$0.03), compared with basic and diluted net loss per ordinary share/ADS of RMB3.29 in the first quarter of 2025 and basic and diluted net profit per ordinary share/ADS of RMB0.05 in the fourth quarter of 2025. Excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, adjusted basic and diluted net profit per share/ADS (non-GAAP) were both RMB0.02 (US$0.00) in the first quarter of 2026, compared with adjusted basic and diluted net loss per share/ADS (non-GAAP) of RMB3.01 in the first quarter of 2025 and adjusted basic and diluted net profit per ordinary share/ADS (non-GAAP) of RMB0.29 in the fourth quarter of 2025. Balance Sheet Balance of cash and cash equivalents, restricted cash, short-term investment and long-term time deposits was RMB48.2 billion (US$7.0 billion) as of March 31, 2026. Our net current assets turned positive as of March 31, 2026 and we generated positive operating cash flows and adjusted net profit (non-GAAP) in the first quarter of 2026, despite recording a net loss under GAAP in this quarter. Based on our going concern and liquidity assessment, which considers our business plan including revenue growth from the sales of existing and new vehicle models, continuous optimization of operation efficiency to improve operating cash flows, working capital management, the ability to raise funds from banks under available credit quotas and other sources when needed, and evaluates uncertainties as to the successful execution of our business plan, we believe that our financial resources, including our available cash and cash equivalents, restricted cash and short-term investments, cash generated from operating activities and funds from available credit quotas and other sources will be sufficient to support our continuous operations in the ordinary course of business for the next twelve months. Business Outlook For the second quarter of 2026, the Company expects: Deliveries of vehicles to be between 110,000 and 115,000 vehicles, representing an increase of approximately 52.7% to 59.6% from the same quarter of 2025. Total revenues to be between RMB32,777 million (US$4,752 million) and RMB34,436 million (US$4,992 million), representing an increase of approximately 72.4% to 81.2% from the same quarter of 2025. This business outlook reflects the Company’s current and preliminary view on the business situation and market condition, which is subject to change. Nio to launch and deliver ES9 SUV on May 27 Nio will officially launch and begin delivering the ES9 on May 27, slightly ahead of its management's previously mentioned plan to start deliveries on June 1. ### Related Stocks - [09866.HK](https://longbridge.com/en/quote/09866.HK.md) - [NIO.SG](https://longbridge.com/en/quote/NIO.SG.md) - [NIO.US](https://longbridge.com/en/quote/NIO.US.md) ## Related News & Research - [Nio discloses first carbon reduction target and links executive pay to ESG goals](https://longbridge.com/en/news/287041843.md) - [Nio's charging station network surpasses 5,000 in China](https://longbridge.com/en/news/286881136.md) - [Nio to showcase ES9 chassis capabilities via live broadcast ahead of Q1 earnings release](https://longbridge.com/en/news/287022748.md) - [NIO (NYSE:NIO) Shares Gap Up - Still a Buy?](https://longbridge.com/en/news/287251607.md) - [Nio to launch and deliver ES9 SUV on May 27](https://longbridge.com/en/news/285335759.md)