VinFast Auto Ltd. reported its third‑quarter 2025 financial results, posting revenue of $718.63 million, a 47 % year‑over‑year increase, but a net loss of $953 million and earnings per share of –$0.41, missing consensus estimates of –$0.25. Gross margin contracted to a negative 56.2 %, down from a negative 24 % in the same quarter a year earlier.
Revenue growth was driven by a 74 % jump in electric‑vehicle deliveries to 38,195 units, led by the VF 3 and VF 5 models, and a 535 % surge in e‑scooter and e‑bike sales. The Green Series continued to perform strongly, contributing a significant share of the total revenue, while legacy product sales remained flat.
The sharp decline in gross margin reflects higher warranty provisions, increased deferred revenue costs, and a rise in cost of goods sold as the company ramps up production. The negative margin indicates that the cost base is outpacing revenue growth, a trend that has intensified compared to the prior year.
Chairwoman Thuy Le highlighted the milestone of surpassing 100,000 vehicles sold in Vietnam within the first three quarters of the year, underscoring domestic market strength. Chief Financial Officer Lan Anh Nguyen emphasized that the company remains on a growth trajectory, citing solid revenue momentum, a robust order backlog, and confidence in continued expansion despite the current profitability challenges.
Investors reacted negatively to the earnings release, citing the wider‑than‑expected loss per share, lower revenue than consensus, and the steep deterioration in gross margin. The market also expressed concern over the company’s ongoing cash burn and strategic focus on global expansion, which have added uncertainty to the outlook.
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