NIO · Q1 FY2025
NIO Inc. Q1 FY2025 earnings analysis
By SageNoodle ResearchBearish
| Metric | Actual | Estimate | Result |
|---|---|---|---|
| Revenue | $31.04B | $27.35B (yr ago) | Beat |
| EPS | -$5.56 | -$5.07 (yr ago) | Miss |
| Free Cash Flow | -$10.93B | -$10.03B (yr ago) | Miss |
| Gross Margin | 9.1% | 8.0% (yr ago) | Beat |
| Operating Margin | -36.5% | -38.8% (yr ago) | Beat |
What changed
Revenue increased 13.5% year over year, while gross margin expanded 1.1 percentage points and operating margin improved 2.3 points. Those gains did not reach the bottom line or cash flow: EPS deteriorated to -$5.56 and free cash outflow widened to $10.93B. No current earnings release or periodic report was supplied, so Q1 FY2025 is the latest quarter that can be assessed from the provided primary financial table.
Impact on the investment thesis
There is no prior SageNoodle fair value to revise. We establish a provisional $4.62 base-case fair value, but the quarter does not support a stronger valuation because modest margin improvement was accompanied by deeper cash burn.