Recently, EVE Energy, Sunwoda, and Tesla have successively disclosed their first-quarter financial reports for 2026, revealing a significant divergence in the performance of the three enterprises. EVE Energy achieved dual growth in both revenue and net profit, with its energy storage shipments surging by over 60%; Sunwoda experienced revenue growth, but its profit margins faced severe pressure; Tesla's energy storage business, on the other hand, exhibited a trend of "declining volume but increasing profit," with its gross margin substantially rising to 39.5%.
EVE Energy
On the evening of April 24, EVE Energy disclosed its first-quarter report for 2026. During the first quarter, the company achieved a total operating revenue of 20.68 billion yuan, representing a year-on-year increase of 61.61%; net profit attributable to shareholders of the listed company stood at 1.446 billion yuan, up 31.35% year-on-year; and net profit after deducting non-recurring gains and losses was 1.115 billion yuan, marking a year-on-year growth of 36.32%.
In terms of shipment volume, during the first quarter of 2026, EVE Energy's power battery shipments reached 14.34 GWh, an increase of 40.93% year-on-year, while energy storage battery shipments totaled 20.38 GWh, surging by 60.82% year-on-year.
EVE Energy stated that in order to effectively cope with the significantly rising pressures of supply chain costs, the company proactively implemented upfront management. Through a diversified supply chain layout, strategic sales business planning, and the prudent use of financial instruments, it effectively cushioned the volatility of rising material costs, thereby ensuring the stability of its main business's profitability.
Sunwoda
On the evening of April 23, Sunwoda released its Q1 2026 operational report. During the reporting period, the company realized an operating revenue of 16.116 billion yuan, a year-on-year increase of 31.14%, primarily driven by the revenue growth in electric vehicle batteries.
However, the net profit attributable to shareholders of the listed company was 114 million yuan, plunging by 70.49% year-on-year. The net profit after deducting non-recurring gains and losses recorded a loss of 13 million yuan, a year-on-year drop of 100.49%, indicating that the profit end is under severe pressure.
On the same day, Sunwoda also released its 2025 annual report. During that reporting period, the company achieved a total operating revenue of 63.246 billion yuan, growing by 12.9% year-on-year. Net profit attributable to shareholders of the listed company was 1.057 billion yuan, falling 27.99% year-on-year; net profit after deducting non-recurring gains and losses was 533 million yuan, representing a year-on-year decline of 66.82%.
Breaking down the business segments, the energy storage system business generated a revenue of 2.313 billion yuan in 2025, up 22.42% year-on-year, and accounted for 3.66% of the total operating revenue. The gross margin stood at 23.34%, a year-on-year increase of 2.95 percentage points, outperforming the gross margins of both the consumer battery and electric vehicle battery segments. The total installed capacity of energy storage systems for the full year of 2025 reached 25.6 GWh, a staggering year-on-year growth of 188%.
Tesla
On April 23, Tesla released its first-quarter financial report for 2026. During the reporting period, the company achieved a total revenue of 22.387 billion USD (approximately 153.044 billion RMB), reflecting a year-on-year growth of 15.78%; net profit attributable to the parent company was 477 million USD (approximately 3.261 billion RMB), an increase of 16.63% year-on-year.
As Tesla's strategically positioned second growth curve, the energy generation and storage business exhibited a "declining volume but increasing profit" trend in the first quarter. During the reporting period, this segment generated a revenue of 2.408 billion USD, a year-on-year decrease of 12%, primarily due to a reduction in the deployments of Megapack and Powerwall. Energy storage product deployments stood at 8.8 GWh, down 15.38% year-on-year. However, benefiting from lower material costs, a one-time benefit related to electricity prices, and a decline in average unit costs, the cost of revenue for energy generation and storage fell by 25% year-on-year, driving the gross margin to jump significantly from 28.8% in the same period last year to 39.5%.
Tesla stated that despite the short-term decline in deployment volume, it remains optimistic about the demand for grid stability and energy shifting driven by AI infrastructure. Consequently, the full-year energy storage installation volume for 2026 is still expected to be higher than that of 2025.
Source：EnergyTrend
