0001104659-26-052266
SEC filingVinFast Auto reported sharply higher revenue in FY2025, but losses deepened across all income statement metrics and operating cash flow deteriorated further — reflecting continued heavy investment in global manufacturing scale-up and structural margin pressures despite cost discipline efforts.
Revenue more than doubled to $90,178.6B in FY2025, up 104.9% from $44,019.0B in FY2024. This growth followed the inauguration of our CKD manufacturing facility in Subang, West Java, Indonesia in December 2025 — a strategic step to expand regional production capacity and reduce supply-chain risk. We also continued increasing localization of components and suppliers across our manufacturing footprint, aligning with broader efforts to strengthen operational resilience.
Gross profit declined to -$40,910.5B (a 61.8% deterioration year-over-year), resulting in a gross margin of -45.4%. This reflects the ongoing challenge of absorbing high fixed costs at current production volumes, compounded by inflationary pressures on commodities, freight, and raw materials experienced in prior years. While we are scaling operations and increasing sales volumes, margin improvement remains constrained by the early-stage nature of our manufacturing ramp and pricing strategy.
Operating income was -$74,094.2B, down 33.7% versus FY2024. The decline was driven primarily by an increase in labor costs tied to administrative expansion across subsidiaries and an impairment charge on our battery production line due to changes in business plan. These outlays partially offset reductions in labor and marketing expenses — actions explicitly undertaken to improve cost efficiency. The net result is a widening operating loss despite targeted cost discipline.
Net income was -$99,384.7B, a 28.6% decrease from FY2024, with diluted EPS at -$42,488.00. The deterioration reflects not only negative operating performance but also rising financing costs: interest expense increased due to higher interest-bearing loans and borrowings from banks and related parties, alongside elevated interest rates. This underscores how capital structure decisions amplify underlying operational challenges.
Net cash used in operating activities totaled -$44,461.2B, a significant increase from -$30,468.5B in FY2024. This signals intensifying working capital demands as we scale globally. Consistent with our stated approach, we hold and maintain cash and cash equivalents based on current business plans and expected monthly cash flows — though the magnitude of operating outflows highlights the liquidity pressure inherent in this phase of growth.