VinFast published its Q4 2025 earnings report, reporting Q4 revenue of USD 1.57 billion, up 139% year over year. Q4 net loss was USD 1.4 billion and EPS was USD 0.6 per share. For FY 2025, revenue was USD 3.6 billion, up 105% year over year, while net loss widened to USD 3.87 billion. VinFast ended 2025 with USD 3.1 billion of total liquidity and USD 293 million of cash and cash equivalents. Management said the Q4 gross margin improvement reflected higher volumes that helped absorb fixed manufacturing overhead, and that SG&A fell to 25% of revenue from 40% a year earlier, driven by scale and a transition to a dealership model.
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