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Mar 31, 2025
Li Auto Q1 2025 Earnings Report
Li Auto reported stable revenue and net income growth in USD despite a sequential slowdown from Q4.
Key Takeaways
In Q1 2025, Li Auto achieved $3.57 billion in revenue and $89 million in net income. Margins remained healthy, and vehicle deliveries increased year-over-year despite a seasonal dip in operations and free cash flow.
Revenue reached $3.57 billion, with steady YoY growth.
Net income rose to $89.1 million, up 9.4% YoY.
Vehicle deliveries totaled 92,864 units, up 15.5% YoY.
Free cash flow was -$348.7 million, significantly better than the previous year.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For Q2 2025, Li Auto forecasts deliveries between 123,000–128,000 units and revenue between $4.5–$4.7 billion.
Positive Outlook
- Strong demand expected from refreshed L series and MEGA Home.
- Delivery guidance implies continued YoY growth.
- Revenue projection suggests further scale-up despite seasonal headwinds.
- Expanded charging network across China.
- Ongoing investment in intelligent driving and Li Halo OS ecosystem.
Challenges Ahead
- Free cash flow remains negative despite improvement.
- Sequential revenue dropped over 40% from Q4.
- Non-GAAP net income decreased YoY.
- Cash used in operations totaled $234M.
- High R&D expenses may pressure margins in upcoming quarters.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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