XPeng Inc. (NYSE: XPEV) reported forecast-beating revenues and a narrower-than-expected loss for the first-quarter FY21 on Thursday. The company also guided to a strong increase in second-quarter deliveries. Key XPeng Q1 Metrics: XPeng’s first-quarter revenues came in at 2.95 trillion yuan ($450.4 million), representing a 655% year-over-year jump and a 3.5% quarter-over-quarter increase. Analysts, on average, estimated revenues of $440.38 million. Vehicle sales accounted for 95.2% of the total revenues. The gross margin of 11.2% improved from a negative 4.85% margin in the year-ago period and 7.4% in the previous quarter. The vehicle margin expanded to 10.1%. XPeng’s non-GAAP net loss was at 696.3 million yuan or $106.3 million. It compares to a net loss of 644.8 million in the year-ago quarter and 712.6 million in the fourth quarter of 2020. On a per-share basis, the first-quarter non-GAAP net loss came in at 13 cents. The consensus had called for a loss of 17 cents per share. “Our strong momentum in the quarter was propelled by our industry-leading full-stack autonomous driving technology, solid differentiated product strategy and our vision to lead Smart EV development and transformation,” said XPeng Chairman and CEO He Xiaopeng. XPeng held cash, cash equivalents, restricted cash, short-term deposits, short-term investments, and long-term deposits of $5.53 billion as of March 31. Related Link: XPeng Unveils The P5, A LiDAR-Equipped New Sedan Model With Advanced Features And Tech View more earnings on XPEV XPeng’s Q1 Propelled By Record Deliveries: Despite the seasonal softness and chip shortage, XPeng delivered record deliveries of 13,340 vehicles in Q1. The company followed up with another strong performance in April, with a 258% year-over-year increase in deliveries to 5,147 units. In April, the company had launched its third production model – XPeng P5 smart sedan -, which comes equipped with LiDAR technology. XPeng Adds Recurring Revenues: The Chinese EV maker said it has begun recognizing revenues from its proprietary XPILOT software following the release of OTA updates for XPILOT 3.0 in late January. “As we continue to grow with rapid technology iterations powered by our full-stack in-house R&D capabilities and strong closed-loop data capabilities, I believe that XPILOT’s software monetization will become recurring revenues as part of the revenues from our vehicle sales,” Xiaopeng said. XPeng Outlook: XPeng guides for 15,500-16,000 vehicle deliveries in the second quarter, representing about 400% year-over-year growth. The company expects revenues for the quarter to be between 3.4 billion yuan and 3.5 billion yuan ($526.8 million – $542.2 million), versus a $554.9 million consensus estimate. The company has recently inked a deal with the Wuhan local government to build an EV manufacturing base in the city, with an estimated annual production capacity of 100,000 units. Price Action: In the premarket trading Thursday, XPEV is trading higher by 2.71% at $25.43. Related Link: XPeng Holds Critical Support Going Into Earnings: A Technical Look See more from BenzingaClick here for options trades from BenzingaXpeng, Li Auto Report Strong April Deliveries As Chinese EV Makers Weather The Chip Crisis© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.