ZEEKR Intelligent Technology Holding (NYSE:ZK) reported fiscal first-quarter results on Thursday. The company reported quarterly revenue of 22.02 billion Chinese yuan, representing an increase of 1.1% year-on-year.
In U.S. dollars, revenue of $3.03 billion missed the analyst consensus estimate of $3.90 billion.
The Zeekr brand delivered 41,403 vehicles, an increase of 25.2%. Meanwhile, the Lynk & Co brand delivered 72,608 vehicles, recording a growth of 18.9%, with 52.4% of deliveries coming from NEV models.
The premium electric vehicle company’s adjusted net loss per ADS was 2.33 Chinese yuan. In U.S. dollar terms, the company reported adjusted net loss per ADS of 32 cents.
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Vehicle sales were 19.1 billion Chinese yuan ($2.63 billion) for the quarter, representing an increase of 16.1% Y/Y driven by the increase in new model delivery volume, partially offset by the lower average selling price due to changes in product mix and pricing strategy.
The vehicle margin was 16.5%, up from 13.1% in the prior year quarter, driven by sustained cost-saving initiatives.
Revenues from other sales and services declined 45.2% Y/Y to $403 million for the quarter, mainly due to the decreased sales volume and unit price of battery packs and electric drives.
The gross margin expanded to 19.1% for the quarter from 16.3% a year ago. Adjusted net loss was $88 million for the quarter, down by 66.5%.
As of March 31, 2025, cash and cash equivalents and restricted cash stood at 9.9 billion Chinese yuan ($1.36 billion).
Jing Yuan, CFO, said, “In the first quarter of 2025, enhanced platform synergies and disciplined supply chain management drove record profitability, with our overall vehicle margin reaching 16.5% and the Zeekr brand’s margin rising to an unprecedented 21.2%.”
Price Action: ZK shares are trading lower 1.04% to $28.48 at the last check Thursday.
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