- Nio reported a net loss of RMB 6.75 billion in the first quarter, an increase of 30.19 percent year-on-year, though by 5.08 percent compared to the fourth quarter of 2024.
- Nio experienced an operating cash outflow in the first quarter, with current liabilities exceeding current assets.
Nio (NYSE: NIO) Inc saw a year-on-year increase in net loss last quarter, driven by higher R&D and marketing expenses.
The company reported a net loss of RMB 6.75 billion (about $930 million) in the first quarter, a year-on-year increase of 30.19 percent, though down 5.08 percent from the fourth quarter of 2024, according to its unaudited financial report released today.
The adjusted net loss for the first quarter was RMB 6.28 billion, up 28.1 percent year-on-year and down 5.2 percent quarter-over-quarter.
Nio's revenue in the first quarter was RMB 12.03 billion, below the RMB 12.35 billion expected by analysts in a Bloomberg survey and also below the lower end of the guidance range of RMB 12.37 billion to RMB 12.86 billion.
Revenue for the quarter increased by 21.46 percent compared to the first quarter of 2024, but decreased by 38.92 percent compared to the fourth quarter of 2024.
Vehicle sales for the first quarter were RMB 9.94 billion, up 18.6 percent from the first quarter of 2024, but down 43.1 percent from the fourth quarter of 2024.
The year-on-year increase in automotive revenue was primarily due to higher delivery volumes, but this growth was partially offset by a decline in average selling prices resulting from changes in product mix. The decrease compared to the fourth quarter of 2024 was primarily due to lower delivery volumes, which were impacted by seasonal factors, according to Nio.
Nio Inc delivered 42,094 vehicles in the first quarter, within the guidance range of 41,000 to 43,000 vehicles, according to previously disclosed data.
Deliveries for the quarter increased by 40.07 percent from 30,053 vehicles in the same period last year, but decreased by 42.09 percent from 72,689 vehicles in the fourth quarter of 2024.
The Nio main brand delivered 27,313 vehicles in the first quarter, a decrease of 9.12 percent from the 30,053 units delivered in the same period last year, and a decrease of 48.23 percent from the fourth quarter.
Onvo delivered 14,781 vehicles in the first quarter, a decrease of 25.83 percent from the 19,929 units delivered in the fourth quarter.
Sales costs for the first quarter were RMB 11.1 billion, an increase of 18.0 percent compared to the first quarter of 2024 and a decrease of 36.1 percent compared to the fourth quarter of 2024.
The increase in sales costs compared to the first quarter of 2024 was primarily due to an increase in delivery volume, but was partially offset by a decrease in material costs per vehicle. The decrease in sales costs compared to the fourth quarter of 2024 was primarily due to a decrease in delivery volume.
First-quarter gross profit was RMB 920 million, up 88.5 percent from the first quarter of 2024 and down 60.2 percent from the fourth quarter of 2024.
First-quarter gross margin was 7.6 percent, compared to 4.9 percent in the first quarter of 2024 and 11.7 percent in the fourth quarter of 2024.
Vehicle margin for the first quarter was 10.2 percent, compared to 9.2 percent in the first quarter of 2024 and 13.1 percent in the fourth quarter of 2024.
Research and development expenses for the first quarter were RMB 3.18 billion, representing an increase of 11.1 percent compared to the first quarter of 2024 and a decrease of 12.5 percent compared to the fourth quarter of 2024.
Excluding stock-based compensation expenses, non-GAAP R&D expenses were RMB 2.91 billion, up 9.6 percent from the first quarter of 2024 and down 11.5 percent from the fourth quarter of 2024.
The increase in R&D expenses compared to the first quarter of 2024 was primarily due to higher costs associated with the design and development of new products and technologies, as well as increased personnel costs within the R&D department.
First-quarter selling, general, and administrative expenses (SG&A) totaled RMB 4.4 billion, up 46.8 percent from the first quarter of 2024 and down 9.8 percent from the fourth quarter of 2024.
Excluding stock-based compensation expenses, SG&A totaled RMB 4.2 billion, up 43.7 percent from the first quarter of 2024 and down 10.3 percent from the fourth quarter of 2024.
As of March 31, 2025, the company's cash and cash equivalents, restricted cash, short-term investments, and long-term time deposits totaled RMB 26 billion.
"We incurred operating cash outflow for the first quarter ended March 31, 2025 and our current liabilities exceeded current assets and we had negative shareholders' equity as of March 31, 2025," Nio said.
Nio guided second-quarter deliveries to be between 72,000 and 75,000 units, representing an increase of about 25.5 percent to 30.7 percent compared to the same period in 2024. This guidance implies it is expecting June deliveries to range between 24,869 and 27,869 units.
It projects second-quarter revenue to range between RMB 19.5 billion and RMB 20.07 billion, representing an increase of about 11.8 percent to 15.0 percent compared to the same period in 2024.
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