NIO’s QQ1 2025 results reflect a mixed performance. Revenue rose year-over-year by 21.5% to 12,034.73 million CNY, signaling continued demand for its premium smart EVs. However, quarter-on-quarter revenue declined by 38.9%, highlighting seasonality and ongoing scale-up costs as the company accelerates its model cadence and energy-services initiatives. The quarter produced a substantial net loss of 6,891.06 million CNY and an EBITDA of -6.50 billion CNY, underscoring persistent operating burn as NIO funds R&D, marketing, and network expansion. Gross margin stood at 7.64%, with operating margin at -53.33% and net margin at -57.26%, indicating that scale is not yet translating into profitability.Liquidity remains robust on a raw cash basis, with 19.72 billion CNY of cash and short-term investments, but the balance sheet shows total liabilities of 98.44 billion CNY against assets of 98.16 billion CNY and negative shareholders’ equity of -0.366 billion CNY, implying elevated leverage and a tight capital structure. Going forward, NIO’s ability to improve gross margin, reduce operating costs, and deleverage will be critical to sustaining liquidity and supporting its growth initiatives in a competitive China EV landscape.