VinFast Auto Ltd. (NASDAQ:VFS) reported second-quarter 2026 revenue of $1.2 billion, exceeding analysts’ expectations, while its adjusted loss per share was wider than forecast as the Vietnamese electric vehicle manufacturer continued expanding production and international operations.
The company recorded an adjusted loss of $0.53 per share for the quarter ended 30 June 2026, compared with the analyst consensus estimate of a $0.27 loss per share.
Revenue increased 85.5% year on year to $1.2 billion, exceeding the $1.06 billion consensus forecast and rising from $654 million in the corresponding period of 2025.
VinFast shares declined approximately 1.6% in premarket trading following the announcement.
VinFast delivered 70,085 electric vehicles during the second quarter, representing a 96% increase compared with the same period last year.
International markets accounted for approximately 11% of total vehicle deliveries, with the majority continuing to come from Vietnam.
The increase in deliveries contributed to the company’s year-on-year revenue growth.
VinFast has been expanding its vehicle distribution and manufacturing operations as part of its strategy to develop markets outside Vietnam.
The company reported that it had maintained its position as the largest automotive brand in Vietnam by market share for 22 consecutive months.
As of 30 June 2026, VinFast estimated its share of the Vietnamese automotive market at approximately 38%.
The figures indicate that domestic demand remained a significant contributor to the company’s overall vehicle sales.
Despite higher revenue and deliveries, VinFast reported a gross margin of negative 62.8% for the second quarter, compared with negative 21.8% in the corresponding period of 2025.
A negative gross margin indicates that the cost of revenue exceeded the revenue recognised during the reporting period.
The company attributed the deterioration primarily to expenses associated with an extended free charging programme introduced in February 2026 and the deferral of revenue from certain vehicle sales.
The charging programme increased costs associated with supporting vehicle owners, while revenue deferrals affected the timing of sales recognition.
These factors contributed to a larger gap between reported revenue and the costs associated with generating it.
The company did not provide a detailed breakdown of the individual financial effects of the charging programme and deferred revenue in the supplied results.
VinFast reported an operating loss of $1.16 billion during the quarter, compared with $388 million in the same period of 2025.
The increase reflected higher operating expenditure alongside the deterioration in gross margin.
Research and development expenses reached $153.7 million, while selling, general and administrative expenses totalled $208.7 million.
Research and development expenditure includes costs associated with vehicle engineering, technology development and related activities.
Selling, general and administrative expenses cover corporate operations, marketing, distribution and other business functions.
The increase in operating losses indicates that the company’s expansion continued to require substantial expenditure despite higher vehicle deliveries and revenue.
The adjusted loss per share of $0.53 was also wider than analysts had anticipated.
VinFast Chief Executive Officer and Chairman Pham Nhat Quan Anh commented on the company’s operating performance and international development.
“VinFast entered the second half of 2026 with strong momentum across our core markets and continued progress in expanding our global platform,” he said.
The company continues to develop its international distribution network while maintaining its position in Vietnam’s domestic automotive market.
International deliveries accounted for approximately 11% of total second-quarter volume, indicating that the Vietnamese market remained the principal source of vehicle demand.
VinFast’s future revenue composition will depend partly on the development of overseas sales and the performance of its existing domestic operations.
During the third quarter of 2026, VinFast completed the acquisition of Ngoc Hoi Real Estate Investment Joint Stock Company for approximately $1.2 billion.
The transaction was funded through existing financial arrangements and a capital contribution of $793.5 million from company founder Pham Nhat Vuong.
The acquisition occurred after the end of the second-quarter reporting period and therefore represents a subsequent corporate development.
The company did not provide detailed information in the supplied announcement about the acquired business’s assets, expected earnings contribution or strategic role within VinFast’s operations.
The transaction adds to the company’s investment activities during a period of continued expansion.
VinFast reported cash and cash equivalents of $281 million as of 30 June 2026.
The company stated that total available liquidity was approximately $2.3 billion when including undrawn credit facilities and remaining grants.
Available liquidity represents financial resources that may be accessible to the company, although undrawn facilities and grants are distinct from cash already held.
The difference between the reported cash balance and total available liquidity is relevant given VinFast’s operating losses and ongoing investment requirements.
The company did not provide updated cash flow guidance or a detailed cash runway estimate in the information supplied.
Its future financing requirements will depend on operating expenditure, investment commitments, vehicle sales and access to available funding arrangements.
VinFast reaffirmed its financial and operating guidance for the full year 2026 despite continued semiconductor supply constraints affecting the automotive industry.
The company did not disclose revised guidance figures in the supplied announcement.
Semiconductor availability remains relevant to electric vehicle manufacturing because vehicles require electronic components for battery management, power systems, safety features and other functions.
Supply constraints can affect production schedules, component procurement and manufacturing costs.
VinFast’s decision to maintain its guidance indicates that management has not changed its previously announced full-year expectations in response to the second-quarter results.
However, the company did not provide additional details about how semiconductor supply conditions may affect production during the remainder of the year.
VinFast’s second-quarter results showed an 85.5% increase in revenue and a 96% rise in electric vehicle deliveries, with both measures reflecting higher business activity compared with the previous year.
Revenue of $1.2 billion exceeded analysts’ expectations, while the adjusted loss of $0.53 per share was wider than the forecast loss of $0.27.
The company also reported a negative gross margin of 62.8% and an operating loss of $1.16 billion.
Investors will be monitoring whether higher vehicle volumes can translate into improvements in gross margin and operating performance in subsequent quarters.
Other areas of attention include international market expansion, the company’s available liquidity and the financial implications of its recent acquisition.
VinFast has maintained its full-year 2026 guidance, with future results expected to provide further information about its progress towards improving profitability.
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