VinFast Auto will release its Q3 FY2025 results on November 21, 2025 in pre market trading; investors will watch revenue growth durability, margin trajectory, and loss-narrowing progress amid ongoing scale-up.
Market Forecast
For the current quarter, forecasts indicate total revenue of $823.43 million, up an estimated 72.54% year over year, with an EBIT loss estimated at $480.98 million and forecast EPS of -$0.288, implying modest year-over-year improvement in per-share losses. Consensus points to continued negative margins; if delivered volumes scale as planned, gross margin and net margin could sequentially improve from deeply negative levels, though still in the red on a year-over-year basis. The company’s core vehicle sales business remains the primary revenue driver, and outlook commentary is expected to focus on deliveries ramp, export mix, and pricing versus incentives. The most promising segment is vehicle sales, which generated $14.98 billion last quarter and is expected to lead year-over-year expansion on the back of new market entries and fleet channels.
Last Quarter Review
Last quarter, VinFast Auto reported revenue of $662.99 million, a gross profit margin of -41.09%, a GAAP net loss attributable to the parent of -$20,316.09 million, and a net profit margin of -122.32%, with adjusted EPS of -$0.35 and year-over-year decline of 6.06%. Net loss narrowed quarter on quarter by 14.96%, reflecting early benefits from operating leverage and cost actions. Main business highlights: vehicle sales contributed $14.98 billion revenue while parts, leasing, and services added smaller shares, supporting the scale-up narrative with higher unit deliveries and market expansion.
Current Quarter Outlook
Core automotive operations
VinFast Auto’s core business is the sale of vehicles, which is the main determinant of revenue and margin outcomes this quarter. The company’s top-line is guided by deliveries in Vietnam, North America, and selective expansion markets. Pricing, incentives, and product mix between entry models and higher-trim variants will determine gross profit progression; reducing logistics and manufacturing costs alongside improving localization rates remains critical for margin recovery. Execution on production stability and supply chain normalization will influence unit economics and EBIT loss trajectory.
Most promising growth engine
Vehicle sales remains the largest growth opportunity as the company expands distribution and seeks fleet and corporate channels to augment retail demand. Market entry momentum and broader trim availability can lift ASPs modestly while scaling fixed-cost absorption, which is required to counteract negative gross margins. The commercialization of new models and export channel ramp are likely to be emphasized as catalysts for sequential revenue growth and a narrowing of per-unit losses, though the path depends on demand elasticity against incentives and broader EV adoption trends.
Key stock price drivers this quarter
Three forces are likely to shape the share reaction around the print. Delivery volumes and order backlog conversion are central, as they directly map to the revenue estimate of $823.43 million and the potential for a beat or miss. Margin signals matter nearly as much: commentary on factory utilization, battery cost per kWh, logistics savings, and warranty provisions will frame the pace of gross margin normalization from the prior quarter’s -41.09%. Liquidity and cash burn indicators—implied by the EBIT estimate of -$480.98 million and EPS of -$0.288—will be parsed for the duration of funding runway and any updates to capex intensity, especially for plant tooling and market expansion.
Analyst Opinions
Recent previews skew cautious, with a larger share of commentators flagging execution risk and the need for clear margin milestones relative to the accelerated revenue ramp; the balance of views is more bearish than bullish. Analysts expect revenue growth to remain strong year over year, but consensus emphasizes losses and negative free cash flow as key constraints until scale materially improves. In this view, evidence of sequential improvement in unit economics and disciplined incentive strategy would be required to shift sentiment; absent that, the base case remains substantial EBIT losses around the -$481 million forecast and a path of gradual, not abrupt, margin repair.
