VinFast Auto Ltd. (VFS) is burning cash like it's going out of style, but at least it has something to show for it. The Vietnamese EV maker reported third-quarter results Friday that sent shares tumbling, with losses deeper than Wall Street expected even as the company racks up impressive delivery numbers and plants its flag in markets around the world.

The Numbers Tell a Mixed Story

VinFast lost 41 cents per share in the quarter, worse than the 29-cent loss analysts had penciled in. Revenue came in at $718.6 million, missing estimates of $823.4 million. Not exactly the kind of surprise shareholders were hoping for.

But here's the thing: revenue actually jumped 47% compared to last year, driven by strong EV demand in Vietnam. The company's affordable VF 3 and VF 5 models accounted for 47% of total deliveries, while its Green series chipped in another 25%. People are buying these cars—the question is whether VinFast can figure out how to make money selling them.

Deliveries Up, Margins Down

VinFast delivered 38,195 electric vehicles in the quarter, a solid 74% increase year over year. The company's also moving serious volume in two-wheelers, with e-scooter and e-bike deliveries hitting 120,052 units—a whopping 535% jump from last year.

The problem? Economics. Gross margin loss in the quarter widened to 56%, compared to a 24% loss a year ago. That's moving in the wrong direction. Operating losses hit $690 million versus $322 million in the prior-year quarter. Over the nine months ended September 30, the company burned through $444 million in operating cash flow.

As of September 30, VinFast had $478 million in cash and cash equivalents, with total available liquidity of $3.7 billion. That liquidity cushion buys time, but the company needs to show a path to profitability before investors start getting really nervous.

Going Global in a Big Way

VinFast is pushing hard into international markets, and 2025 has been busy. In India, the company now operates 20 dealer stores, secured financing deals with major banks, and ranked in the top eight for EV registrations in October. In Indonesia, it's grown to 33 dealers, captured about 5% of the battery electric vehicle market, and sits among the top five BEV brands. The Philippines expansion brought nine showrooms online.

The company also opened its first U.S. dealership in California, entered Europe's commercial vehicle market with new EB 8 and EB 12 electric buses, and strengthened Middle East operations through a regional roadside assistance partnership. That's a lot of irons in a lot of fires.

Winning at Home

Chairwoman Thuy Le highlighted a major milestone: "This quarter, VinFast became the first automobile brand to surpass 100,000 vehicles sold in Vietnam within the first three quarters of a single year, following thirteen consecutive months as the nation's best-selling carmaker."

She added that the company's "sustained market leadership at home, combined with continued progress across Asia, including being ranked among the top 8 for EV registrations in India in October 2025 and among the top 5 BEV brands in Indonesia for the first nine months of 2025, demonstrates the growing strength of our brand and the effectiveness of our regional expansion strategy."

What's Next

VinFast aims to at least double global vehicle deliveries in 2025, banking on steady growth momentum. E-scooter sales are expected to climb higher, helped by Vietnamese government policies encouraging two-wheeler electrification and VinFast's push to support that transition.

Whether expanding into new markets while hemorrhaging cash is brilliant strategy or reckless spending depends entirely on whether VinFast can turn volume into viable margins. For now, investors are skeptical. VFS shares dropped 12.71% to $3.025 on Friday.