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Nio Reports Wider Q4 Loss Despite Revenues Topping $1B

Nio Inc – ADR (NYSE: NIO) reported mixed quarterly results, with in-line fourth-quarter revenues but a wider-than-expected loss. The revenue guidance for the first quarter was above consensus estimates. The EV maker also announced a month-over-month decline in deliveries for February.

Key Nio Q4 Metrics: The Chinese EV startup said its fourth-quarter revenues climbed 133.16% year-over-year and increased 46.7% quarter-over-quarter to 6.64 billion yuan or $1.018 billion. Excluding items, the non-GAAP loss per share was 0.93 yuan, or 14 cents.

Analysts, on average, had estimated a loss of 7 cents per share on revenues of $1.01 billion.

In the same period last year, the company reported a loss of 39 cents per share and revenues of $406.99 million, and in the preceding third quarter, revenues were at $666.6 million and the non-GAAP loss per share was 12 cents.

Nio had earlier guided to fourth-quarter revenues of $921.8 million to $947.9 million.

Vehicle sales came in at $946.2 million, up 130% from a year ago and 44.7% higher than in the previous quarter.

Fourth-quarter vehicle margin was at 17.2% compared to a negative 6% in the year-ago quarter and a positive 14.5% in the previous quarter.

Cash and cash equivalents, restricted cash and short-term investment was at $6.5 billion at the end of 2020.

“With steadily increasing deliveries, stable average selling price, improving material cost and manufacturing efficiency, our vehicle margin reached 17.2% in the fourth quarter. Moreover, we achieved positive cash flow from operating activities for the fourth quarter and the full fiscal year of 2020,” said CFO Wei Feng.

View more earnings on NIO

Related Link: Nio To Begin Exporting EVs To Europe In Second Half Of 2021: Report

Nio’s Deliveries Momentum Falters In February: Nio confirmed in early January it delivered 17,353 vehicles in the fourth quarter, a 111% year-over-year growth. The deliveries momentum accelerated further at the start of 2021, with January deliveries climbing over 350% to 7,225 vehicles.

In the earnings release, the company disclosed February numbers, which came in at 5,578, comprising, 1,327 ES8s, 2,216 ES6s and 2,035 EC6s.

Nio’s Q1 Outlook: Nio said it expects to deliver 20,000 to 20,500 vehicles for the quarter.

The company guided to first-quarter revenues of $1.13 billion to $1.158 billion, representing over 400% year-over-year growth, while analysts estimate revenues of $718.49 million.

Nio Stock: After Nio’s 1,110% advance in 2020, the stock began the new year on solid footing. The stock raced to an all-time high of $66.99 immediately after its Jan. 9 Nio Day. Since then, the stock has seeing extreme volatility.

The broader market weakness has exerted further pressure on the stock, dragging it down to a new low of $41.66 earlier last week. The stock has regained some of the lost ground and has added 2.09% for the year-to-date period.

Nio shares trade at a price/sales ratio of around 28.5 compared to bigger rival Tesla Inc’s (NASDAQ: TSLA) 23.3.

In after-hours trading, the stock was down 3.82% at $47.86.

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