Nio’s stock is mired in its longest losing streak in almost two years as the company’s earnings report draws near — and brings the electric-vehicle maker closer to a self-imposed profit deadline.

Nio’s stock fell 1.6% on Tuesday, notching its ninth straight session of declines, having lost 18% over that span. The stock also sealed its longest stretch of consecutive declines since January 2024, when it fell for 12 consecutive sessions, according to Dow Jones Market Data.

The selloff comes with Nio due to report third-quarter earnings next Tuesday. Analysts are looking for 21% year-over-year revenue growth, to $3.1 billion, on the heels of the 87,071 vehicles Nio said it delivered in the September quarter. That was up 41% relative to a year before.

The automaker will also show how much closer its getting to profitability.

Back in June, the company set a target of delivering its first quarterly profit by the December quarter. In September, a company executive said on Nio’s earnings call that the target is based on non-GAAP accounting, without offering more specifics around which adjusted metric is the basis for the goal. Nio did not immediately return a request for comment.

The FactSet consensus calls for an adjusted operating loss of $498 million in the September quarter, narrower than the $634 million loss posted in the same period of 2024. Analysts also expect an adjusted net loss of $482 million for the quarter, compared to a $608 million loss reported a year earlier. Both figures are based on three estimates.

The average December-quarter projection for adjusted operating loss is $118 million, based on four estimates. Meanwhile, the three analysts whose estimates are listed for adjusted net income project $22 million on average.

Nio has taken several measures to reach profitability, including by slashing research-and-development spending and introducing lower-priced brands to boost sales. One of those brands, Onvo, has outsold the core Nio brand for the past three months, partially thanks to a new electric SUV that starts at roughly $25,300 with a battery subscription.

The company, like other Chinese EV makers, has also expanded its global footprint, which is deemed a key growth driver. Nio in June said it plans to begin selling vehicles in seven new European markets by the end of next year. Its Firefly compact EV brand plans to expand to the United Kingdom, according to Reuters.