XPENG Reports Fourth Quarter and Fiscal Year 2025 Unaudited Financial Results

GUANGZHOU, China, March 20, 2026 /PRNewswire/ -- XPeng Inc. ("XPENG" or the "Company,"NYSE: XPEV and HKEX: 9868), a leading global AI mobility technology company, today announced its unaudited financial results for the three months and fiscal year ended December 31, 2025.

Operational and Financial Highlights for the Three Months Ended December 31, 2025

2025Q4

2025Q3

2025Q2

2025Q1

2024Q4

2024Q3

Total deliveries

116,249

116,007

103,181

94,008

91,507

46,533

[i] Cash position includes cash and cash equivalents, restricted cash, short-term investments and time deposits. Time deposits include restricted

short-term deposits, short-term deposits, current portion and non-current portion of restricted long-term deposits, current portion and non-current

portion of long-term deposits.

Key Financial Results

(in RMB billions, except for percentage)

For the Three Months Ended

% Change [ii]

December 31,

September 30,

December 31,

2025

2024

YoY

QoQ

Vehicle sales

19.07

18.05

14.67

30.0 %

5.6 %

Vehicle margin

13.0 %

13.1 %

10.0 %

3.0 pts

-0.1pts

Total revenues

22.25

20.38

16.11

38.2 %

9.2 %

Gross profit

4.74

4.10

2.32

104.0 %

15.5 %

Gross margin

21.3 %

20.1 %

14.4 %

6.9 pts

1.2 pts

Net profit (loss)

0.38

(0.38)

(1.33)

128.8 %

200.6 %

Non-GAAP net profit (loss)

0.51

(0.15)

(1.39)

136.3 %

432.6 %

Net profit (loss) attributable to

ordinary shareholders

0.38

(0.38)

(1.33)

128.8 %

200.6 %

Non-GAAP net profit (loss)

attributable to ordinary

shareholders

0.51

(0.15)

(1.39)

136.3 %

432.6 %

Comprehensive profit (loss)

attributable to ordinary

shareholders

0.22

(0.50)

(0.90)

124.2 %

143.1 %

[ii] Except for vehicle margin and gross margin, where absolute changes instead of percentage changes are presented

Management Commentary

"In 2025, XPENG delivered a total of 429,445 vehicles, representing a 125.9% year-over-year increase. We continue to push the boundaries of Physical AI, accelerating the mass production and commercialization of product innovations as we expand our global footprint," said Mr. Xiaopeng He, Chairman and CEO of XPENG. "I believe XPENG is at a historical inflection point for Physical AI applications. Our goal is not only to grow our global market share of AI-defined vehicles and bridge the gap from L2+ assisted driving to L4 autonomous driving, but also to bring our second-generation VLA model to international markets and achieve scale production of advanced humanoid robots."

"In the fourth quarter of 2025, XPENG's gross margin reached 21.3%, reaching a new record high, with net profit hitting RMB0.38 billion. By leveraging a business model driven by technological leadership, we have established a profitability path that sets us apart from traditional automakers," added Dr. Hongdi Brian Gu, Vice Chairman and Co-President of XPENG. "Our cash on hand of RMB47.66 billion at 2025 year-end provides a solid foundation for our unwavering investment in Physical AI R&D."

Recent Developments

Deliveries in January and February 2026

Deployment Progress and Technological breakthroughs of VLA 2.0 Intelligent Driving System

During XPENG's "The Future" VLA Media Experience Day on March 2, 2026, the company unveiled the architecture and deployment plan for its VLA 2.0 intelligent driving system.

Unaudited Financial Results for the Three Months Ended December 31, 2025

Total revenues were RMB22.25 billion (US$3.18 billion) for the fourth quarter of 2025, representing an increase of 38.2% from RMB16.11 billion for the same period of 2024 and an increase of 9.2% from RMB20.38 billion for the third quarter of 2025.

Revenues from vehicle sales were RMB19.07 billion (US$2.73 billion) for the fourth quarter of 2025, representing an increase of 30.0% from RMB14.67 billion for the same period of 2024, and an increase of 5.6% from RMB18.05 billion for the third quarter of 2025. The year-over-year and quarter-over-quarter increases were mainly attributable to higher deliveries.

Revenues from services and others were RMB3.18 billion (US$0.45 billion) for the fourth quarter of 2025, representing an increase of 121.9% from RMB1.43 billion for the same period of 2024 and an increase of 36.7% from RMB2.33 billion for the third quarter of 2025. The year-over-year and quarter-over-quarter increases were primarily attributable to the increased revenues from (i) technical research and development services ("technical R&D services") rendered to a car manufacturer (the "Manufacturer") with the successful achievement of certain key milestones in the current quarter, under the agreement entered into with the Manufacturer; (ii) parts and accessories sales in line with higher accumulated vehicle sales; and (iii) carbon credit trading.

Cost of sales was RMB17.51 billion (US$2.50 billion) for the fourth quarter of 2025, representing an increase of 27.1% from RMB13.78 billion for the same period of 2024 and an increase of 7.6% from RMB16.28 billion for the third quarter of 2025. The year-over-year and quarter-over-quarter increases were mainly in line with vehicle deliveries as described above.

Gross margin was 21.3% for the fourth quarter of 2025, compared with 14.4% for the same period of 2024 and 20.1% for the third quarter of 2025.

Vehicle margin was 13.0% for the fourth quarter of 2025, compared with 10.0% for the same period of 2024 and 13.1% for the third quarter of 2025. The year-over-year increase was primarily attributable to the ongoing cost reduction and improvement in product mix of models.

Services and others margin was 70.8% for the fourth quarter of 2025, compared with 59.6% for the same period of 2024 and 74.6% for the third quarter of 2025. The year-over-year increase was primarily attributable to the aforementioned revenue from technical R&D services, parts and accessories sales and carbon credit trading.

Research and development expenses were RMB2.87 billion (US$0.41 billion) for the fourth quarter of 2025, representing an increase of 43.2% from RMB2.01 billion for the same period of 2024 and an increase of 18.3% from RMB2.43 billion for the third quarter of 2025. The year-over-year and quarter-over-quarter increases were mainly due to higher expenses related to the development of new vehicle models and technologies as the Company expanded its product portfolio to support future growth.

Selling, general and administrative expenses were RMB2.79 billion (US$0.40 billion) for the fourth quarter of 2025, representing an increase of 22.7% from RMB2.28 billion for the same period of 2024 and an increase of 12.0% from RMB2.49 billion for the third quarter of 2025. The year-over-year and quarter-over-quarter increases were primarily due to the higher commission to the franchised stores related to sales volume and the launch of new models. The year-over-year increase was further due to higher marketing and advertising expenses.

Other income, net was RMB0.84 billion (US$0.12 billion) for the fourth quarter of 2025, representing an increase of 327.5% from RMB0.20 billion for the same period of 2024 and an increase of 498.6% from RMB0.14 billion for the third quarter of 2025. The year-over-year and quarter-over-quarter increases were primarily due to the increase in receipt of government subsidies.

Fair value gain (loss) on derivative liability relating to the contingent consideration was gain of RMB0.04 billion (US$0.01 billion) for the fourth quarter of 2025, compared with gain of RMB0.20 billion for the same period of 2024 and loss of RMB0.07 billion for the third quarter of 2025. This non-cash gain (loss) resulted from the fair value change of the contingent consideration related to the acquisition of DiDi Global Inc. ("DiDi")'s smart auto business.

Loss from operations was RMB0.04 billion (US$0.01 billion) for the fourth quarter of 2025, compared with RMB1.56 billion for the same period of 2024 and RMB0.75 billion for the third quarter of 2025.

Non-GAAP profit from operations, which excludes share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, was RMB0.08 billion (US$0.01 billion) for the fourth quarter of 2025, compared with a loss of RMB1.62 billion for the same period of 2024 and a loss of RMB0.52 billion for the third quarter of 2025.

Net profit was RMB0.38 billion (US$0.05 billion) for the fourth quarter of 2025, compared with a loss of RMB1.33 billion for the same period of 2024 and a loss of RMB0.38 billion for the third quarter of 2025.

Non-GAAP net profit, which excludes share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, was RMB0.51 billion (US$0.07 billion) for the fourth quarter of 2025, compared with a loss of RMB1.39 billion for the same period of 2024 and a loss of RMB0.15 billion for the third quarter of 2025.

Net profit attributable to ordinary shareholders of XPENG was RMB0.38 billion (US$0.05 billion) for the fourth quarter of 2025, compared with a loss of RMB1.33 billion for the same period of 2024 and a loss of RMB0.38 billion for the third quarter of 2025.

Non-GAAP net profit attributable to ordinary shareholders of XPENG, which excludes share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, was RMB0.51 billion (US$0.07 billion) for the fourth quarter of 2025, compared with a loss of RMB1.39 billion for the same period of 2024 and a loss of RMB0.15 billion for the third quarter of 2025.

Basic and diluted net profit per ADS were both RMB0.40 (US$0.06) for the fourth quarter of 2025, compared with RMB1.40 basic and diluted net loss per ADS for the fourth quarter of 2024 and RMB0.40 basic and diluted net loss per ADS for the third quarter of 2025.

Non-GAAP basic and diluted net profit per ADS were RMB0.53 (US$0.08) and RMB0.52 (US$0.07) for the fourth quarter of 2025, respectively, compared with RMB1.47 non-GAAP basic and diluted net loss per ADS for the fourth quarter of 2024 and RMB0.16 non-GAAP basic and diluted net loss per ADS for the third quarter of 2025.

Balance Sheets

As of December 31, 2025, the Company had cash position of RMB47.66 billion (US$6.81 billion), compared with RMB41.96 billion as of December 31, 2024 and RMB48.33 billion as of September 30, 2025.

Unaudited Financial Results for the Fiscal Year Ended December 31, 2025

Total revenues were RMB76.72 billion (US$10.97 billion) for fiscal year of 2025, representing an increase of 87.7% from RMB40.87 billion for the prior year.

Revenues from vehicle sales were RMB68.38 billion (US$9.78 billion) for fiscal year of 2025, representing an increase of 90.8% from RMB35.83 billion for the prior year. The year-over-year increase was mainly attributable to higher deliveries.

Revenues from services and others were RMB8.34 billion (US$1.19 billion) for fiscal year of 2025, representing an increase of 65.6% from RMB5.04 billion for the prior year. The year-over-year increase was primarily attributable to the increased revenues from (i) technical R&D services rendered to the Manufacturer with the successful achievement of certain key milestones in the current period, under the agreement entered into with the Manufacturer; (ii) parts and accessories sales in line with higher accumulated vehicle sales; and (iii) carbon credit trading.

Cost of sales was RMB62.25 billion (US$8.9 billion) for fiscal year of 2025, representing an increase of 77.7% from RMB35.02 billion for the prior year. The year-over-year increase was mainly in line with vehicle deliveries as described above.

Gross margin was 18.9% for fiscal year of 2025, compared with 14.3% for the prior year.

Vehicle margin was 12.8% for fiscal year of 2025, compared with 8.3% for the prior year. The year-over-year increase was primarily attributable to the ongoing cost reduction and improvement in product mix of models.

Services and others margin was 68.2% for fiscal year of 2025, compared with 57.2% for the prior year. The year-over-year increase was primarily attributable to the aforementioned revenue from technical R&D services, parts and accessories sales and carbon credit trading.

Research and development expenses were RMB9.49 billion (US$1.36 billion) for fiscal year of 2025, representing an increase of 47.0% from RMB6.46 billion for the prior year. The year-over-year increase was mainly due to higher expenses related to the development of new vehicle models and technologies as the Company expanded its product portfolio to support future growth.

Selling, general and administrative expenses were RMB9.40 billion (US$1.34 billion) for fiscal year of 2025, representing an increase of 36.8% from RMB6.87 billion for the prior year. The year-over-year increase was primarily due to the higher commission to the franchised stores driven by higher sales volume, higher marketing and advertising expenses and higher employee compensation as a result of the growth in number of employees.

Other income, net was RMB1.76 billion (US$0.25 billion) for fiscal year of 2025, representing an increase of 198.9% from RMB0.59 billion for the prior year. The year-over-year increase was primarily due to the increase in receipt of government subsidies.

Fair value gain (loss) on derivative liability relating to the contingent consideration was loss of RMB0.12 billion (US$0.02 billion) for fiscal year of 2025, compared with gain of RMB0.23 billion for the prior year. This non-cash gain (loss) resulted from the fair value change of the contingent consideration related to the acquisition of DiDi Global Inc. ("DiDi")'s smart auto business.

Loss from operations was RMB2.77 billion (US$0.40 billion) for fiscal year of 2025, compared with RMB6.66 billion for the prior year.

Non-GAAP loss from operations, which excludes share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, was RMB2.09 billion (US$0.30 billion) for fiscal year of 2025, compared with RMB6.42 billion for the prior year.

Net loss was RMB1.14 billion (US$0.16 billion) for fiscal year of 2025, compared with RMB5.79 billion for the prior year.

Non-GAAP net loss, which excludes share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, was RMB0.46 billion (US$0.07 billion) for fiscal year of 2025, compared with RMB5.55 billion for the prior year.

Net loss attributable to ordinary shareholders of XPENG was RMB1.14 billion (US$0.16 billion) for fiscal year of 2025, compared with RMB5.79 billion for the prior year.

Non-GAAP net loss attributable to ordinary shareholders of XPENG, which excludes share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, was RMB0.46 billion (US$0.07 billion) for fiscal year of 2025, compared with RMB5.55 billion for the prior year.

Basic and diluted net loss per ADS were both RMB1.20 (US$0.17) for fiscal year of 2025, compared with RMB6.12 for the prior year.

Non-GAAP basic and diluted net loss per ADS were both RMB0.48 (US$0.07) for fiscal year of 2025, compared with RMB5.87 for the prior year.

Business Outlook

For the first quarter of 2026, the Company expects:

The above outlook is based on the current market conditions and reflects the Company's preliminary estimates of market and operating conditions, and customer demand, which are all subject to change.

Conference Call

The Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on March 20, 2026 (8:00 PM Beijing/Hong Kong Time on March 20, 2026).

For participants who wish to join the call by phone, please access the link provided below to complete the pre-registration process and dial in 5 minutes prior to the scheduled call start time. Upon registration, each participant will receive dial-in details to join the conference call.

Event Title: XPENG Fourth Quarter and Fiscal Year 2025 Earnings Conference Call

Pre-registration link: https://s1.c-conf.com/diamondpass/10052981-bng765.html

Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.xiaopeng.com.

A replay of the conference call will be accessible approximately an hour after the conclusion of the call until March 27, 2026, by dialing the following telephone numbers:

United States:

+1-855-883-1031

International:

+61-7-3107-6325

Hong Kong, China:

800-930-639

Mainland China:

400-120-9216

Replay Access Code:

10052981

About XPENG

XPENG is a leading Chinese Smart EV company that designs, develops, manufactures, and markets Smart EVs that appeal to the large and growing base of technology-savvy middle-class consumers. Its mission is to become a smart technology company trusted and loved by users worldwide. In order to optimize its customers' mobility experience, XPENG develops in-house its full-stack advanced driver-assistance system technology and in-car intelligent operating system, as well as core vehicle systems including powertrain and the electrical/electronic architecture. XPENG is headquartered in Guangzhou, China, with main offices in Beijing, Shanghai, Shenzhen, Silicon Valley and San Diego. The Company's Smart EVs are mainly manufactured at its plants in Zhaoqing and Guangzhou, Guangdong province. For more information, please visit https://www.xpeng.com/.

Use of Non-GAAP Financial Measures

The Company uses non-GAAP measures, such as non-GAAP (loss) profit from operations, non-GAAP net (loss) profit, non-GAAP net (loss) profit attributable to ordinary shareholders, non-GAAP basic (loss) profit per weighted average number of ordinary shares and non-GAAP basic (loss) profit per ADS, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company's past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making. The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company's operating performance, investors should not consider them in isolation, or as a substitute for net (loss) profit or other consolidated statements of comprehensive (loss) profit data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company's performance.

For more information on the non-GAAP financial measures, please see the table captioned "Unaudited Reconciliations of GAAP and non-GAAP Results" set forth in this announcement.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB6.9931 to US$1.00, the exchange rate on December 31, 2025, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Statements that are not historical facts, including statements about XPENG's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: XPENG's goal and strategies; XPENG's expansion plans; XPENG's future business development, financial condition and results of operations; the trends in, and size of, China's EV market; XPENG's expectations regarding demand for, and market acceptance of, its products and services; XPENG's expectations regarding its relationships with customers, suppliers, third-party service providers, strategic partners and other stakeholders; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in XPENG's filings with the United States Securities and Exchange Commission. All information provided in this announcement is as of the date of this announcement, and XPENG does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For Investor Enquiries

IR Department

XPeng Inc.

E-mail: [email protected]

Jenny Cai

Piacente Financial Communications

Tel: +1-212-481-2050 or +86-10-6508-0677

E-mail: [email protected]

For Media Enquiries

PR Department

XPeng Inc.

E-mail: [email protected]

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

As of December 31

2024

RMB

2025

RMB

2025

US$

ASSETS

Current assets

Cash and cash equivalents

18,586,274

17,329,612

2,478,102

Restricted cash

3,153,390

6,071,491

868,212

Short-term deposits

12,931,757

11,388,834

1,628,582

Restricted short-term deposits

110,699

296,277

42,367

Short-term investments

751,290

3,217,293

460,067

Long-term deposits, current portion

452,326

3,020,317

431,900

Restricted long-term deposits, current portion

—

600,472

85,866

Accounts and notes receivable, net

2,449,629

1,996,917

285,555

Installment payment receivables, net,

current portion

2,558,756

3,553,054

508,080

Inventory

5,562,922

10,380,668

1,484,416

Amounts due from related parties

43,714

102,219

14,617

Prepayments and other current assets

3,135,312

5,296,673

757,415

Total current assets

49,736,069

63,253,827

9,045,179

Non-current assets

Long-term deposits

4,489,036

4,263,542

609,678

Restricted long-term deposits

1,487,688

1,468,708

210,022

Property, plant and equipment, net

11,521,863

13,527,237

1,934,369

Right-of-use assets, net

1,261,663

3,730,921

533,515

Intangible assets, net

4,610,469

4,253,168

608,195

Land use rights, net

2,744,424

3,216,526

459,957

Installment payment receivables, net

4,448,416

6,496,020

928,919

Long-term investments

1,963,194

2,523,037

360,789

Other non-current assets

443,283

429,644

61,438

Total non-current assets

32,970,036

39,908,803

5,706,882

Total assets

82,706,105

103,162,630

14,752,061

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(CONTINUED)

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

As of December 31

2024

2025

RMB

US$

LIABILITIES

Current liabilities

Short-term borrowings

4,609,123

4,282,000

612,318

Accounts payable

15,181,585

18,001,675

2,574,205

Notes payable

7,898,896

19,161,724

2,740,090

Amounts due to related parties

9,364

1,064

152

Income taxes payable

14,514

44,682

6,389

Derivative liability

—

281,009

40,184

Operating lease liabilities, current portion

324,496

445,901

63,763

Finance lease liabilities, current portion

41,940

55,581

7,948

Deferred revenue, current portion

1,275,716

1,463,065

209,216

Long-term borrowings, current portion

1,858,613

1,837,950

262,823

Accruals and other liabilities

8,650,636

12,538,698

1,793,010

Total current liabilities

39,864,883

58,113,349

8,310,098

Non-current liabilities

Long-term borrowings

5,664,518

6,588,865

942,195

Operating lease liabilities

1,345,852

4,246,599

607,256

Finance lease liabilities

777,697

740,576

105,901

Deferred revenue

822,719

1,206,014

172,458

Derivative liability

167,940

—

Deferred tax liabilities

341,932

330,353

47,240

Other non-current liabilities

2,445,776

1,568,284

224,262

Total non-current liabilities

11,566,434

14,680,691

2,099,312

Total liabilities

51,431,317

72,794,040

10,409,410

SHAREHOLDERS' EQUITY

Class A Ordinary shares

104

105

Class B Ordinary shares

Additional paid-in capital

70,671,685

71,236,011

10,186,614

Statutory and other reserves

95,019

137,720

19,694

Accumulated deficit

(41,585,549)

(42,767,710)

(6,115,701)

Accumulated other comprehensive income

2,093,508

1,762,443

252,026

Total shareholders' equity

31,274,788

30,368,590

4,342,651

Total liabilities and shareholders' equity

82,706,105

103,162,630

14,752,061

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF

COMPREHENSIVE PROFIT/(LOSS)

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

Three Months Ended

December 31,

September 30,

December 31,

2024

2025

RMB

US$

Revenues

Vehicle sales

14,671,128

18,053,752

19,072,174

2,727,285

Services and others

1,433,968

2,327,198

3,181,585

454,961

Total revenues

16,105,096

20,380,950

22,253,759

3,182,246

Cost of sales

Vehicle sales

(13,200,594)

(15,686,646)

(16,583,754)

(2,371,445)

Services and others

(579,725)

(590,051)

(928,199)

(132,731)

Total cost of sales

(13,780,319)

(16,276,697)

(17,511,953)

(2,504,176)

Gross profit

2,324,777

4,104,253

4,741,806

678,070

Operating expenses

Research and development expenses

(2,006,463)

(2,428,863)

(2,874,248)

(411,012)

Selling, general and administrative

expenses

(2,275,400)

(2,492,897)

(2,792,254)

(399,287)

Other income, net

196,436

140,283

839,694

120,075

Fair value gain (loss) on derivative

liability relating to the contingent

consideration

204,637

(73,824)

40,744

5,826

Total operating expenses, net

(3,880,790)

(4,855,301)

(4,786,064)

(684,398)

Loss from operations

(1,556,013)

(751,048)

(44,258)

(6,328)

Interest income

301,177

300,840

262,919

37,597

Interest expense

(94,001)

(99,350)

(76,485)

(10,937)

Investment gain on long-term investments

10,069

131,115

265,364

37,947

Exchange (loss) gain from foreign

currency transactions

(104,994)

25,860

(12,994)

(1,858)

Other non-operating income (expenses),

net

94,093

(1,113)

22,173

3,171

(Loss) profit before income tax benefit

(expenses) and share of results of

equity method investees

(1,349,669)

(393,696)

416,719

59,592

Income tax benefit (expenses)

44,092

7,113

(22,128)

(3,164)

Share of results of equity method

investees

(24,396)

5,715

(11,383)

(1,628)

Net (loss) profit

(1,329,973)

(380,868)

383,208

54,800

Net (loss) profit attributable to

ordinary shareholders of XPeng Inc.

(1,329,973)

(380,868)

383,208

54,800

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF

COMPREHENSIVE PROFIT/(LOSS) (CONTINUED)

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

Three Months Ended

December 31,

September 30,

December 31,

2024

2025

RMB

US$

Net (loss) profit

(1,329,973)

(380,868)

383,208

54,800

Other comprehensive profit (loss)

Foreign currency translation adjustment,

net of tax

433,820

(122,747)

(166,194)

(23,765)

Total comprehensive (loss) profit

attributable to XPeng Inc.

(896,153)

(503,615)

217,014

31,035

Comprehensive (loss) profit

attributable to ordinary

shareholders of XPeng Inc.

(896,153)

(503,615)

217,014

31,035

Weighted average number of

ordinary shares used in computing

net (loss) profit per ordinary share

Basic

1,898,086,802

1,905,381,418

1,908,651,262

Diluted

1,898,086,802

1,905,381,418

1,934,719,272

Net (loss) profit per ordinary share

attributable to ordinary

shareholders

Basic

(0.70)

(0.20)

0.20

0.03

Diluted

(0.70)

(0.20)

0.20

0.03

Weighted average number of ADS

used in computing net (loss) profit

per share

Basic

949,043,401

952,690,709

954,325,631

Diluted

949,043,401

952,690,709

967,359,636

Net (loss) profit per ADS attributable

to ordinary shareholders

Basic

(1.40)

(0.40)

0.40

0.06

Diluted

(1.40)

(0.40)

0.40

0.06

XPENG INC.

UNAUDITED RECONCILIATIONS OF GAAP AND

NON-GAAP RESULTS

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

Three Months Ended

December 31,

September 30,

December 31,

2024

2025

RMB

US$

Loss from operations

(1,556,013)

(751,048)

(44,258)

(6,328)

Fair value (gain) loss on derivative

liability relating to the contingent

consideration

(204,637)

73,824

(40,744)

(5,826)

Share-based compensation expenses

143,675

155,195

162,629

23,256

Non-GAAP (loss) profit from

operations

(1,616,975)

(522,029)

77,627

11,102

Net (loss) profit

(1,329,973)

(380,868)

383,208

54,800

Fair value (gain) loss on derivative

liability relating to the contingent

consideration

(204,637)

73,824

(40,744)

(5,826)

Share-based compensation expenses

143,675

155,195

162,629

23,256

Non-GAAP net (loss) profit

(1,390,935)

(151,849)

505,093

72,230

Net (loss) profit attributable to

ordinary shareholders

(1,329,973)

(380,868)

383,208

54,800

Fair value (gain) loss on derivative

liability relating to the contingent

consideration

(204,637)

73,824

(40,744)

(5,826)

Share-based compensation expenses

143,675

155,195

162,629

23,256

Non-GAAP net (loss) profit

attributable to ordinary

shareholders of XPeng Inc.

(1,390,935)

(151,849)

505,093

72,230

XPENG INC.

UNAUDITED RECONCILIATIONS OF GAAP AND

NON-GAAP RESULTS (CONTINUED)

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

Three Months Ended

December 31,

September 30,

December 31,

2024

2025

RMB

US$

Weighted average number of

ordinary shares used in

calculating Non-GAAP net (loss)

profit per share

Basic

1,898,086,802

1,905,381,418

1,908,651,262

Diluted

1,898,086,802

1,905,381,418

1,934,719,272

Non-GAAP net (loss) profit per

ordinary share

Basic

(0.73)

(0.08)

0.26

0.04

Diluted

(0.73)

(0.08)

0.26

0.04

Weighted average number of ADS

used in calculating Non-GAAP

net (loss) profit per share

Basic

949,043,401

952,690,709

954,325,631

Diluted

949,043,401

952,690,709

967,359,636

Non-GAAP net (loss) profit per ADS

Basic

(1.47)

(0.16)

0.53

0.08

Diluted

(1.47)

(0.16)

0.52

0.07

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF

COMPREHENSIVE LOSS

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

For the Year Ended December 31

2024

2025

RMB

US$

Revenues

Vehicle sales

35,829,402

68,378,920

9,778,056

Services and others

5,036,907

8,340,822

1,192,722

Total revenues

40,866,309

76,719,742

10,970,778

Cost of sales

Vehicle sales

(32,866,163)

(59,598,391)

(8,522,457)

Services and others

(2,154,378)

(2,648,432)

(378,721)

Total cost of sales

(35,020,541)

(62,246,823)

(8,901,178)

Gross profit

5,845,768

14,472,919

2,069,600

Operating expenses

Research and development expenses

(6,456,734)

(9,489,979)

(1,357,049)

Selling, general and administrative expenses

(6,870,644)

(9,398,456)

(1,343,961)

Other income, net

589,227

1,761,419

251,880

Fair value gain (loss) on derivative liability

relating to the contingent consideration

234,245

(117,305)

(16,774)

Total operating expenses, net

(12,503,906)

(17,244,321)

(2,465,904)

Loss from operations

(6,658,138)

(2,771,402)

(396,304)

Interest income

1,374,525

1,163,210

166,337

Interest expense

(343,982)

(379,931)

(54,329)

Investment (loss) gain on long-term investments

(261,991)

500,533

71,575

Exchange (loss) gain from foreign currency

transactions

(49,543)

285,998

40,897

Other non-operating income, net

108,154

44,789

6,405

Loss before income tax benefit (expenses) and

share of results of equity method investees

(5,830,975)

(1,156,803)

(165,419)

Income tax benefit (expenses)

69,780

(13,585)

(1,943)

Share of results of equity method investees

(29,069)

30,928

4,423

Net loss

(5,790,264)

(1,139,460)

(162,939)

Net loss attributable to ordinary shareholders

of XPeng Inc.

(5,790,264)

(1,139,460)

(162,939)

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF

COMPREHENSIVE LOSS (CONTINUED)

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

For the Year Ended December 31

2024

2025

RMB

US$

Net loss

(5,790,264)

(1,139,460)

(162,939)

Other comprehensive income

Foreign currency translation adjustment,

net of tax

262,870

(331,065)

(47,342)

Total comprehensive loss attributable

to XPeng Inc.

(5,527,394)

(1,470,525)

(210,281)

Comprehensive loss attributable to

ordinary shareholders of XPeng Inc.

(5,527,394)

(1,470,525)

(210,281)

Weighted average number of ordinary

shares used in computing net loss per

ordinary share

Basic and diluted

1,891,357,212

1,903,989,310

Net loss per ordinary share

attributable to ordinary shareholders

Basic and diluted

(3.06)

(0.60)

(0.09)

Weighted average number of ADS used

in computing net loss per share

Basic and diluted

945,678,606

951,994,655

Net loss per ADS attributable to

ordinary shareholders

Basic and diluted

(6.12)

(1.20)

(0.17)

XPENG INC.

UNAUDITED RECONCILIATIONS OF GAAP AND

NON-GAAP RESULTS

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

For the Year Ended December 31

2024

2025

RMB

US$

Loss from operations

(6,658,138)

(2,771,402)

(396,304)

Fair value (gain) loss on derivative liability

relating to the contingent consideration

(234,245)

117,305

16,774

Share-based compensation expenses

473,655

564,327

80,698

Non-GAAP loss from operations

(6,418,728)

(2,089,770)

(298,832)

Net loss

(5,790,264)

(1,139,460)

(162,939)

Fair value (gain) loss on derivative liability

relating to the contingent consideration

(234,245)

117,305

16,774

Share-based compensation expenses

473,655

564,327

80,698

Non-GAAP net loss

(5,550,854)

(457,828)

(65,467)

Net loss attributable to ordinary shareholders

(5,790,264)

(1,139,460)

(162,939)

Fair value (gain) loss on derivative liability

relating to the contingent consideration

(234,245)

117,305

16,774

Share-based compensation expenses

473,655

564,327

80,698

Non-GAAP net loss attributable to

ordinary shareholders of XPeng Inc.

(5,550,854)

(457,828)

(65,467)

Weighted average number of ordinary

shares used in calculating Non-GAAP

net loss per share

Basic and diluted

1,891,357,212

1,903,989,310

Non-GAAP net loss per ordinary share

Basic and diluted

(2.93)

(0.24)

(0.03)

Weighted average number of ADS used

in calculating Non-GAAP net loss per

Basic and diluted

945,678,606

951,994,655

Non-GAAP net loss per ADS

Basic and diluted

(5.87)

(0.48)

(0.07)

SOURCE XPeng Inc.