The earnings call highlighted significant year-over-year growth in vehicle deliveries and improved cost management, but also addressed challenges such as a quarter-over-quarter decline in deliveries and ongoing net losses. Strategic shifts to a dealer-based model and development of new vehicle platforms indicate a focus on long-term profitability.

Company Guidance

During VinFast's Q1 2025 earnings call, the company provided comprehensive guidance. VinFast reported significant volume growth, delivering 36,330 electric vehicles, a 296% year-over-year increase, though a 32% decline quarter-over-quarter due to the seasonally slow first quarter. The company also delivered 44,904 two-wheelers, marking a 473% year-over-year increase and a 44% rise quarter-over-quarter. VinFast aims to double its vehicle deliveries in 2025 compared to 2024, driven by expansion in key Asian markets and new CKD facilities in Vietnam, India, and Indonesia. Financially, VinFast reported a Q1 2025 net revenue of USD 657 million, a 150% increase year-over-year, with a gross margin improvement to -35% from -59% last year. Operating cash flow was -USD 607 million, and the company expects a total cash burn of USD 2 to 2.5 billion in 2025, with significant investments in R&D and CKD facilities. The company also plans to transition from a direct-to-consumer model to a dealer-led distribution model in Europe and North America to enhance efficiency.

Significant Increase in Vehicle Deliveries

VinFast delivered 36,330 electric vehicles in Q1 2025, marking a 296% increase year-over-year, despite a 32% decline quarter-over-quarter due to seasonal factors.

Strong Growth in Two-Wheeler Segment

Delivered 44,904 two-wheelers, representing a 473% year-over-year increase and a 44% rise quarter-over-quarter, driven by an expanded dealer network and competitive product offerings.

Improved Gross Margin

Q1 2025 gross margin improved to -35% from -59% in the same period last year, highlighting increased scale and cost optimization efforts.

Expansion in Key International Markets

VinFast is rapidly scaling its operations in Indonesia and the Philippines with strategic partnerships and infrastructure development to support EV adoption.

Strategic Shift to Dealer-Based Model

VinFast has transitioned from direct-to-consumer to a dealer-led distribution model, improving operational efficiency and reducing SG&A expenses.

Development of Next-Generation Vehicle Platforms

VinFast is advancing its vehicle platforms and E/E architecture to enhance cost efficiency, scalability, and product offerings.

VinFast Auto (VFS) Earnings, Revenues Date & History

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VFS Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Sep 19, 2025	2025 (Q2)	-0.26 / -	-0.33	―	―	―
Jun 09, 2025	2025 (Q1)	- / -	-0.26	―	―
Apr 24, 2025	2024 (Q4)	-0.28 / -0.30	-0.26	-15.38% (-0.04)
Nov 26, 2024	2024 (Q3)	-0.27 / -0.23	-0.27	14.81% (+0.04)
Sep 20, 2024	2024 (Q2)	-0.21 / -0.33	-0.23	-43.48% (-0.10)
Apr 17, 2024	2024 (Q1)	-0.23 / -0.26	0.049	-630.61% (-0.31)
Feb 22, 2024	2023 (Q4)	-0.23 / -0.28	0.12	-333.33% (-0.40)	―
Oct 05, 2023	2023 (Q3)	- / -0.27	0.024	-1225.00% (-0.29)
Sep 21, 2023	2023 (Q2)	- / -0.23	0.064	-459.38% (-0.29)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

VFS Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jun 09, 2025	$3.42	$3.57	+4.39%
Apr 24, 2025	$3.23	$3.32	+2.79%
Nov 26, 2024	$3.93	$3.95	+0.51%
Sep 20, 2024	$3.96	$3.66	-7.58%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.