VinFast (VFS) Q2 2026 Earnings Call: Deliveries Surge as Losses and Liquidity Stay in Focus
Source Tradingkey
Key Takeaways
- VinFast delivered 70,085 electric four-wheelers in Q2 2026, up 20% sequentially and 96% year over year. Electric two-wheeler deliveries reached 286,000, rising 100% quarter over quarter and 311% year over year.
- Revenue increased 85.5% year over year and 32.9% sequentially to $1.2 billion. Excluding an $88 million deduction related to the extended free-charging program, revenue would have been $1.3 billion.
- Reported gross margin deteriorated to negative 62.8% from negative 21.8% a year earlier. Management calculated an underlying gross margin of negative 28.7% after excluding the free-charging program, revenue deferrals and net realizable value adjustments.
- Adjusted EBITDA was negative $1.1 billion, compared with negative $728 million in Q1 2026 and negative $362 million in Q2 2025. Net loss from continuing operations was approximately $1.2 billion.
- Management maintained its 2026 target of 300,000 EV deliveries. Vietnam is expected to contribute more than 75% of that total, with new models and second-half seasonality supporting the planned ramp.
- Liquidity totaled $2.3 billion at June 30, 2026, but analysts focused on the near-term expiry of available funding arrangements. Management said it is exploring additional opportunities with international banks, lenders and investors.
Key Financial Data
| Metric | Q2 2026 | Change or context |
|---|---|---|
| Revenue | $1.2 billion | Up 32.9% QoQ and 85.5% YoY |
| Revenue excluding free-charging deduction | $1.3 billion | Excludes an approximately $88 million revenue deduction |
| Gross margin | -62.8% | Versus -21.8% in Q2 2025 |
| Underlying gross margin | -28.7% | Excludes free charging, revenue deferrals and NRV adjustments |
| R&D expense | $154 million | Up 52.8% QoQ and 65.9% YoY; 12.8% of revenue |
| SG&A expense | $209 million | Up 116.9% QoQ and 59.4% YoY; 17.3% of revenue |
| Capital expenditure | $233 million | Up 18.2% QoQ and 11% YoY |
| Adjusted EBITDA | -$1.1 billion | Versus -$728 million in Q1 2026 and -$362 million in Q2 2025 |
| Adjusted EBITDA excluding specified items | -$678 million | Adjusted margin of -53.2% |
| Net loss from continuing operations | Approximately $1.2 billion | Net loss margin of 102.8% |
| Net income from discontinued operations | Approximately $1.2 billion | Included a $1.5 billion after-tax disposal gain, partly offset by $285 million of pre-disposal losses |
| Total net loss | $56 million | Reflects the discontinued-operations disposal gain |
| Total liquidity | $2.3 billion | As of June 30, 2026, including funding commitments and available facilities |
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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