NIO reported second-quarter 2026 operating profit of 210 million yuan, or about $31.3 million, its third consecutive quarter of operating profitability, as total revenue rose 69.1% year over year to 32.14 billion yuan, or about $4.74 billion, slightly below the $4.78 billion analyst consensus. Adjusted net income attributable to ordinary shareholders reached 24.81 million yuan, or 0.01 yuan per American depositary share, reversing a year-earlier adjusted loss, while the GAAP net loss narrowed to 722 million yuan. Overall gross margin expanded to 18.4% from 10.0% a year earlier but eased from 19% in the first quarter, vehicle gross margin rose to 18.5% from 10.3%, and deliveries reached 107,658 units, up 49.4% yet short of the company’s 110,000-to-115,000-unit target. NIO guided third-quarter deliveries of 108,000 to 111,000 units and revenue of 33.29 billion to 34.05 billion yuan, a range below the $5.07 billion consensus, while cash reserves stood at 56.7 billion yuan, or about $8.4 billion. Shares fell 1.91% to $4.15 in Tuesday premarket trading as investors weighed the consensus misses against improving margins and delivery momentum across the NIO, ONVO, and FIREFLY brands.