VinFast Auto Ltd.

Q1 2026 revenue increased 41.7% year over year. Deliveries were 58,577 units, up 61% year over year, and electric 2-wheeler deliveries were approximately 143,000 units, up 219% year over year. Gross margin was negative 73.6% versus negative 46.4% in Q4 2025 and negative 35.2% in the same period last year. Adjusted EBITDA was negative USD 783 million, net loss margin was negative 121.6%, and EPS was negative USD 0.48 versus negative USD 0.64 in Q4 2025. CapEx was USD 198 million. For liquidity, VinFast said it had up to USD 2.6 billion, including USD 219.3 million cash and cash equivalents, USD 607.3 million of undrawn credit from Vingroup, USD 677.2 million of remaining grants from Mr. Pham Nhat Vuong, USD 969 million under a standby equity subscription agreement, and USD 125.4 million expected from the share transfer after retiring P-notes. Management said the free-charging program created a USD 192 million revenue deduction, and excluding that plus revenue deferrals and NRV, adjusted gross margin would have been negative 22.5% and adjusted EPS would have been negative USD 0.30. Management also said the remainder of the year should see a significantly less material impact from the charging program. No full-year revenue or EPS guidance was given; for 2026, management said post-spin-off CapEx and R&D are expected at USD 300 million to USD 400 million per quarter.

The CEO/Chairman framed VinFast’s strategy as building a broader green mobility ecosystem rather than a standalone EV business, with GSM, V-Green, and software/autonomy capabilities as core advantages. He stressed product localization, dealership and charging-network expansion, and continued investment in smart services and autonomous driving. His tone was constructive and long-term, repeatedly describing EV adoption as a structural shift in Asia rather than a short-lived trend.

The CFO highlighted top-line growth and improving underlying economics, but the reported margin profile was hurt by accounting effects tied to the extended free-charging program, revenue deferrals, and NRV adjustments. She cited Q1 gross margin of negative 73.6%, adjusted EBITDA of negative USD 783 million, EPS of negative USD 0.48, and CapEx of USD 198 million. She also pointed to USD 2.6 billion of available liquidity and said the Vietnam manufacturing spin-off is intended to reduce capital needs, improve free cash flow, and support financial resilience; post-spin-off, 2026 CapEx and R&D are expected at USD 300 million to USD 400 million per quarter.

Analysts pressed management on the North Carolina factory litigation, but the company declined to comment on specifics because it is active litigation, while reiterating commitment to the U.S. market. Questions also focused on the free-charging deduction and its effect on future gross margin; management said the impact is concentrated in Q1 2026 and should be significantly less material for the rest of the year. On GSM, management said GSM sales will be a larger share initially, could reduce ASP by about 10% to 15% in the earlier years, and then normalize as GSM’s mix becomes smaller. Analysts also asked about autonomy timing and the Vietnam manufacturing spin-off; management said Level 2+ and Level 2++ pilot capabilities are targeted for late 2026 and early 2027, with L4/robotaxi still a phased, longer-term roadmap, and that the spin-off should close by Q3 2026.