TLDR
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VinFast stock rose 4.64% to $3.57 following a strong Q1 2025 revenue beat.
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Revenue reached $656.5 million, surpassing estimates of $520 million.
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Loss per share widened to $0.30 versus the $0.28 expected.
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EV deliveries jumped 296% YoY but fell 32% from Q4 2024.
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VinFast maintained its target to double global deliveries in 2025.
VinFast Auto Ltd. (NASDAQ: VFS) stock traded 4.64% higher at $3.57 after the company reported its first-quarter 2025 earnings on Monday.
Shares surged as investors responded positively to a revenue beat, despite the company posting a slightly wider-than-expected quarterly loss.
The Vietnamese electric vehicle (EV) maker posted revenue of VND16.31 trillion ($656.5 million), exceeding analyst estimates of $520.01 million. However, the company’s loss per share stood at $0.30, slightly below expectations of a $0.28 loss.
VinFast, $VFS, Q1-25. Results:
🟢 +5% Pre-Market📊 Adj. EPS: -$0.30 🔴
💰 Revenue: $657M 🟢
📈 Net Loss: $(712M)
🔎 Over 36K EVs delivered and strong two-wheeler growth, maintaining #1 position in Vietnam while expanding across SEA & India pic.twitter.com/lncMWnA7fn— EarningsTime (@Earnings_Time) June 9, 2025
EV and E-Scooter Delivery Performance
VinFast delivered 36,330 EVs during the first quarter, representing a 296% year-over-year increase. However, this marked a 32% drop compared to the fourth quarter of 2024, when deliveries hit 53,139 units.
E-scooter deliveries totaled 44,904 units in Q1 2025, surging 473% year-over-year. This contrasts with the 31,170 e-scooters delivered in Q4 2024, highlighting seasonal shifts and expanding demand in this segment.
“Despite Q1 typically being our slowest quarter, deliveries for the first quarter of 2025 exceeded our total deliveries for the first half of last year—an encouraging start to 2025 amid ongoing global uncertainties,” said Madam Thuy Le, Chairwoman of VinFast.
Improving Margins and Cash Position
VinFast’s gross margin improved to negative 35.2% from negative 58.7% in the year-ago quarter. Despite the improvement, margins remained in negative territory as the company continues scaling production and sales.
The company ended the quarter with $96.6 million in cash and cash equivalents. Total cash as of March 31, 2025, including recent funding from its parent, Vingroup, and founder Pham Nhat Vuong, reached $180.98 million.
Operating losses increased to $485.6 million, a 20.3% rise from the prior year. Operating cash burn also grew 21.39% to $607.38 million.
Expansion and Strategic Moves Globally
VinFast maintained its guidance to double global deliveries in 2025 compared to 2024 levels. It is optimizing its retail strategy in Europe and North America by closing direct-to-customer showrooms and transitioning to dealership models in France and Germany.
The company is strengthening its Asian footprint by launching the VF 6 in Indonesia in Q2 2025 and expanding its service network in the Philippines with 70 new workshops. Its assembly plant in Tamil Nadu, India, is on track to start operations by July 2025.
To fuel this growth, Vingroup has disbursed over $1.2 billion in loans while Pham Nhat Vuong has provided $825.4 million in grants as of May 31, 2025.
Outlook Remains Positive Amid Losses
Despite a net loss of $3.18 billion for full-year 2024 and negative margins, VinFast’s commitment to scale operations globally and its strong backing from Vingroup position the company for potential recovery and expansion in the evolving EV market.
