ZEEKR Intelligent Technology (ZK) Q3 2025 earnings summary

Executive summary

• Total vehicle deliveries reached 140,195 in Q3 2025, up 12.5% year-over-year and 7.1% quarter-over-quarter, with Zeekr and Lynk & Co brands contributing significantly.

• October 2025 deliveries surged to 61,636 units, a 20.5% increase from the previous month.

Financial highlights

• Total revenues were RMB31,562 million ($4,434 million), up 9.1% year-over-year and 15.1% quarter-over-quarter.

• Vehicle sales revenue was RMB26,527 million ($3,726 million), up 7.3% year-over-year and 15.8% quarter-over-quarter.

• Gross profit reached RMB6,046 million ($850 million), a 37.1% year-over-year increase.

• Gross margin improved to 19.2% from 15.2% a year ago, but declined from 20.6% in Q2 2025.

• Net loss was RMB307 million ($43 million), down 84.9% year-over-year but up 7.0% quarter-over-quarter.

• Adjusted net loss (non-GAAP) was RMB265 million ($37 million), down 86.6% year-over-year.

• Cash and cash equivalents and restricted cash stood at RMB8,763 million ($1,231 million) as of September 30, 2025.

Outlook and guidance

• Management highlighted ongoing cost-saving initiatives and new model launches as key drivers for future growth.

• Forward-looking statements caution about inherent risks and uncertainties impacting future results.