VinFast Auto Ltd. (NASDAQ:VFS) reported first-quarter results on Monday that came in below Wall Street forecasts, with the electric vehicle manufacturer posting a loss of -$0.48 per share, compared with analyst expectations of a -$0.28 per-share loss.
Despite the earnings miss, the company’s shares rose 0.98% in premarket trading following the release of the results.
Quarterly revenue totaled $920.7 million, falling short of the $1 billion consensus estimate. However, sales increased 41.7% from the same period a year earlier, reflecting continued growth in vehicle deliveries and market expansion efforts.
During the quarter, VinFast delivered 58,577 electric vehicles, representing a 61% increase year-over-year. Deliveries were nevertheless 32% lower than in the fourth quarter of 2025. The company said the sequential decline was largely due to seasonal factors and the impact of the Lunar New Year holiday in Vietnam.
Profitability metrics weakened significantly during the period. Gross margin deteriorated to negative 73.6%, compared with negative 35.2% in the first quarter of 2025. VinFast said the decline was mainly driven by costs associated with its extended free-charging programme introduced in February 2026, as well as higher inventory write-down charges.
“VinFast has entered a new phase focused on disciplined execution, long-term sustainability, and scalable growth,” said Chairman Pham Nhat Quan Anh. “We remain committed to strengthening our operational foundation, enhancing capital efficiency, and advancing our transition toward a more asset-light and resilient business model in Vietnam.”
Net loss widened substantially to $1.12 billion from $700.4 million in the corresponding period last year. Operating loss also increased sharply, rising 89.6% year-over-year to $910.7 million.
As of March 31, 2026, VinFast held cash and cash equivalents of $219.3 million. The company said total available liquidity stood at $2.6 billion, including access to credit facilities and committed financial support from related parties.
Looking ahead, VinFast reaffirmed its full-year 2026 target of delivering at least 300,000 electric vehicles. The company expects demand across key Asian markets, including Vietnam, Indonesia, India and the Philippines, to support progress toward that goal.