NIO Q1 Earnings Beat, Revenue Outlook

NIO Q1 2026 revenue reached RMB25.53 bn, up 112.2% YoY, roughly matching consensus of RMB25.57 bn.
Adjusted EPS of RMB0.02 posted a profit versus analysts' expected RMB0.34 loss.
Gross margin expanded to 19.0% from 7.6% YoY and 17.5% in Q4 2025, showing cost efficiency.
Deliveries hit 83,465 units (+98.3% YoY, -33.1% QoQ); Q2 guidance targets RMB32.78‑34.44 bn revenue and 110‑115k deliveries (+53‑60% YoY).