Nio swings to black with Q4 profit of $22.5m on record deliveries

SINGAPORE - Chinese electric vehicle (EV) maker Nio posted a net profit of 122.4 million yuan (S$22.5 million) in the fourth quarter ended Dec 31, 2025.

This marked a significant turnaround from the net loss of 7.1 billion yuan in the year-ago period and the 3.7 billion yuan net loss recorded in the third quarter.

The company delivered a record 124,807 vehicles in the fourth quarter across its Nio, Onvo and Firefly brands, it said on March 10.

Nio is listed in the US, Hong Kong and Singapore.

The results brought its net loss for the 2025 financial year to 15.6 billion yuan, narrowing from the 22.7 billion yuan loss in FY2024.

Its basic and diluted net profit per share for the fourth quarter of FY2025 was 0.05 yuan, compared with a net loss of 3.45 yuan in the same period the year before.

The quarterly performance was supported by a 75.9 per cent year-on-year jump in total revenues to 34.7 billion yuan in the fourth quarter.

Full-year revenue also rose, by 33.1 per cent to 87.5 billion yuan.

Vehicle sales in the fourth quarter expanded 80.9 per cent year on year to 31.6 billion yuan, increasing full-year sales by 32 per cent to 76.9 billion yuan.

The EV maker attributed the higher vehicle sales in the fourth quarter mainly to an increase in delivery volume, as well as a higher average selling price driven by a favourable product mix.

However, the growth in delivery volume contributed to a 64.3 per cent year-on-year rise in the cost of sales to 28.6 billion yuan in the fourth quarter.

Meanwhile, research and development (R&D) expenses fell 44.3 per cent on the year to 2 billion yuan.

Nio said this was because of decreased personnel costs in R&D functions in the fourth quarter, due primarily to organisational optimisation, as well as decreased design and development costs resulting from different stages of development for new products and technologies.

For the full year, R&D expenses stood at 10.6 billion yuan, 18.7 per cent lower than the figure recorded the year before.

The company's selling, general and administrative expenses for the fourth quarter fell 27.5 per cent year on year to 3.5 billion yuan, though full-year costs inched up 2.2 per cent to 16.1 billion yuan.

Sufficient financial resources
Nio said that although it posted a profit from operations in the fourth quarter of FY2025, it incurred a net loss for the full year. Based on its going concern and liquidity assessment, it said its financial resources will be sufficient to support its operations in the ordinary course of business for the next 12 months.

This assessment considered its business plan, including revenue growth, working capital management and the ability to raise funds from banks under available credit quotas and other sources when needed.

The company delivered 326,028 vehicles in FY2025 and 47,979 vehicles in the year to Feb 28, 2026, with cumulative deliveries reaching 1,045,571 units.

"In 2026, we will continue to enhance operational efficiency and optimise cost, and deliver stronger, more sustainable performance for our users, partners and shareholders," said Nio's chief financial officer Stanley Qu.

Shares of Nio on the Singapore Exchange closed at US$4.98 on March 10, up 2.3 per cent or US$0.11, before the results were announced.