NIO reported Q1 FY26 revenue of $3.70B and 83,465 vehicle deliveries, up 98.3% year over year. Gross margin rose to 19% from 7.6% year over year, and vehicle margin reached 18.8% for a fourth consecutive sequential improvement. Management guided Q2 deliveries of 110,000 to 115,000 vehicles and revenue of $4.75B to $4.99B, supported by the NIO ES9 SUV and the ONVO L80. The company showed cost improvements, including a 40.7% year-over-year decline in R&D and a 20.5% year-over-year decline in SG&A. Despite improving margins, GAAP losses continued, and the outlook depends on Q2 execution and sustained pricing power from the ES9 launch.
"NIO (NIO) reported Q1 FY26 revenue of $3.70B with 83,465 vehicle deliveries up 98.3% year over year, gross margin of 19% up from 7.6%, and guidance for Q2 deliveries of 110,000-115,000 units backed by the new ES9 SUV and ONVO L80. NIO's margin inflection and triple-digit delivery growth guidance offset ongoing GAAP losses, with the bull case hinging on whether Q2 execution confirms the 110,000-plus vehicle ramp and the ES9 launch sustains pricing power."
"NIO has had a wild ride. Shares are up 42.13% over the past year and 9.8% year to date, yet the stock is down 12.91% over the past month and sits 16% below its 52-week high of $8.02. Q1 FY26 results, reported May 21, 2026, showed revenue of $3.70 billion, EPS of -$0.03, and deliveries of 83,465 units, up 98.3% year over year. Vehicle margin hit 18.8%, the fourth consecutive sequential improvement."
"Management guided Q2 deliveries to 110,000 to 115,000 vehicles with revenue of $4.75 billion to $4.99 billion, supported by the NIO ES9 SUV (deliveries beginning May 27, 2026) and the ONVO L80. Why Bulls See a Breakout Ahead The bull case rests on a real margin inflection. Gross margin expanded to 19% from 7.6% YoY, R&D fell 40.7% YoY, and SG&A dropped 20.5% YoY."
Read at 247wallst.com
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