NIO Inc (0A1K.L) Q4 2024 Earnings Report

Q4 2024 highlights show top-line momentum in the core China EV market but profitability remains structurally challenged. NIO reported revenue of 19.703 billion CNY for QQ4 2024, up 15.2% year-over-year (YoY) and 5.5% quarter-over-quarter (QoQ). Gross profit reached 2.309 billion CNY, yielding a gross margin of 11.72%. Despite revenue growth, the company generated a pre-tax loss of 7.182 billion CNY and a net loss of 7.132 billion CNY, with an EPS of -3.47 CNY. EBITDA stood at -6.9339 billion CNY, and operating income was -6.0329 billion CNY, reflecting ongoing investment in R&D, SG&A, and core growth initiatives. R&D expenditure was 3.636 billion CNY, while SG&A (selling, general and administrative) was 3.590 billion CNY; other expenses totaled 1.117 billion CNY, contributing to total operating expenses of 8.3419 billion CNY. On the balance sheet, cash and cash equivalents plus short-term investments amounted to 33.84 billion CNY, with a net debt of approximately 14.49 billion CNY. The liquidity position remains solid, but leverage is high, with total debt around 33.82 billion CNY and an equity base that shows negative retained earnings of approximately 113.07 billion CNY, underscoring earnings volatility despite a sizable balance sheet footprint. The company trades with valuation multiples indicating momentum in revenue growth but persistent losses (P/E negative, P/B 10.96x, P/S 3.32x; EV/Sales negative to modestly negative). Overall, the QQ4 2024 quarter confirms robust top-line growth in a favorable market, while profitability and cash-flow generation require further work to convert growth into sustained shareholder value.