Vinfast Auto Ltd. · NASDAQ:VFS
Vinfast Auto — Q1 2024 Earnings Presentation
18 slides from Vinfast Auto's earnings presentation, Apr 17, 2024
Slide 1: 1Q2024 Earnings Release
1Q2024 Earnings Release April 2024
Slide 2: Disclaimer
1Q2024 Earnings Release 2 Disclaimer Non-GAAP and Other Financial and Operating Metrics This presentation includes certain financial measures not prepared in accordance with generally accepted accounting principles in the U.S. (“U.S. GAAP”), including EBITDA and free cash flow (together, the “Non-GA
Slide 3: Table of Contents
1Q2024 Earnings Release 3 Table of Contents 1Q and Recent Highlights 04 Operational Summary 05 Outlook 07 Financial Summary 08 Appendix 09 Financial Statements 13
Slide 4: 1Q and Recent Highlights
1Q2024 Earnings Release 4 1Q and Recent Highlights Deliveries • Delivered 9,689 electric cars and 6,632 e-scooters in 1Q Financials $303mn Q1 revenue • Commenced deliveries of VF 7 to initial customers in Vietnam in late March 2024 + 269.7 %YoY Steady $123mn Cash1 • U.S.: Signed additional agreement
Slide 5: Operational Summary
1Q2024 Earnings Release 5 Operational Summary 2024 Q1 2023 Q4 QoQ 2023 Q1 YoY EVs1 9,689 13,513 (28%) 1,780 +444% • Vietnam remained the key market in 1Q while U.S. saw noticeable improvements in sales thanks to creative programs E-scooters 6,632 24,309 (73%) 9,757 (32%) • Best-selling model was VF
Slide 6: Progressing Aggressively With Increasing Agreements Signed Globally
1Q2024 Earnings Release 6 Progressing Aggressively With Increasing Agreements Signed Globally and Capitalizing on the Local Distribution and Dealership Partners to Accelerate Delivery to Customers # of Showrooms Distribution strategy Dealership (and hybrid) Showrooms owned by VinFast and dealers in
Slide 7: Outlook – New Products & Markets Launch, Growing Distribution Network to Support Growth
1Q2024 Earnings Release 7 Outlook – New Products & Markets Launch, Growing Distribution Network to Support Growth We aim to… Roll-out our full portfolio Add more VinFast Expand distribution network vehicles on the road With the global roll-out of 2 new models (VF 3 and VF 7), VinFast offers its full
Slide 8: Financial Summary
1Q2024 Earnings Release 8 Financial Summary $mn, except per share data 2024 Q1 2023 Q4 2023 Q1 QoQ YoY Total Revenue 303 438 82 (31%) +270% • Total revenues are primarily comprised of revenue from EV sales. Gross Profit/(Loss) (151) (189) (142) (20%) +7% • Revenue growth compared to 1Q2023 was drive
Slide 9: Appendix
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Slide 10: Financial Performance
1Q2024 Earnings Release 10 Financial Performance 2,000 Revenue Gross profit/ (loss) and gross margin EBITDA (non-GAAP)(1) 1,800 USD mn USD mn USD mn Gross profit margin 1,600 (47.1%) (172.9%) (43.0%) (49.8%) 2023 1Q23 4Q23 1Q24 2023 1Q23 4Q23 1Q24 1,400 - (200) 1,200 (400) 1,000 (358) (426) (142) (1
Slide 11: Financial Performance
1Q2024 Earnings Release 11 Financial Performance SG&A Expenses(1) R&D Expenses Capital expenditures Net profit (loss) USD mn USD mn USD mn USD mn 2023 1Q23 4Q23 1Q24 600 500 (598) (618) 400 (705) 300 1,026 475 200 640 100 136 139 215 259 104 221 200 131 109 0 (2,509) 2023 1Q23 4Q23 1Q24 2023 1Q23 4Q
Slide 12: Financial Performance
8,000 1Q2024 Earnings Release 12 7,000 Financial Performance 6,000 Cash & cash equivalents Short and long-term debt(1) Net increase / (decrease) in cash USD mn USD mn USD mn 5,000 CFO CFI CFF Short-term debt Long-term debt 3 4,000 54 3,095 3,064 1,300 2,882 3,000 690 646 1,257 1,032 1,718 (404) 2,00
Slide 13: Financial Statements
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Slide 14: Condensed Consolidated Statement of Operations
1Q2024 Earnings Release 14 Condensed Consolidated Statement of Operations For the Three Months Ended March 31, $mn, except per share data 2024 2023 Revenue 303 82 COGS (453) (223) Gross profit/ (loss) (151) (142) % Gross margin (50%) (173%) SG&A expense (139) (104) R&D expense (109) (215) Net other
Slide 15: Condensed Consolidated Balance Sheet
1Q2024 Earnings Release 15 Condensed Consolidated Balance Sheet $mn March 31, 2024 December 31, 2023 $mn March 31, 2024 December 31, 2023 ASSETS LIABILITIES Cash & Cash Equivalents 123 171 Short-term and current portion of long-term interest- 2,032 1,838 bearing loans and borrowings, debenture note
Slide 16: Condensed Consolidated Statement of Cash Flows
1Q2024 Earnings Release 16 Condensed Consolidated Statement of Cash Flows For the Three Months Ended March 31, $mn, except per share data 2024 2023 Net cash flows used in operating activities (517) (610) Net cash flows used in investing activities (179) (687) Net cash flows from financing activities
Slide 17: Reconciliation of GAAP to Non-GAAP Financial Measures
1Q2024 Earnings Release 17 Reconciliation of GAAP to Non-GAAP Financial Measures $mn, except per share data 2024 Q1 2023 Q4 2023 Q1 Net loss attributable to controlling interest (GAAP) (617) (704) (596) Interest expense (173) (160) (119) Tax income/ (expense) 1 (4) 0 Depreciation and amortization (8
Slide 18: Contact Information
18 Contact Information VinFast Auto Ltd. 61 Robinson Road, #06-01, Singapore 068893 Website: https://ir.vinfastauto.us E-mail: ir@vinfastauto.com