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MVST

Microvast Holdings, Inc.

MVST

Microvast Holdings, Inc. • NASDAQ
$3.52 ▲ 1.73% (+0.06)
Market Cap $1.14 B
52w High $7.12
52w Low $0.79
Dividend Yield 0%
P/E -9.03
Volume 2.23M
Outstanding Shares 323.28M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $123.287M ▲ $33.418M ▲ $-1.489M ▲ -1.208% ▲ $-0.005 ▲ $8.777M ▲
Q2-2025 $91.339M ▼ $15.509M ▼ $-106.058M ▼ -116.115% ▼ $-0.33 ▼ $-96.288M ▼
Q1-2025 $116.491M ▲ $24.084M ▼ $61.79M ▲ 53.043% ▲ $0.19 ▲ $71.155M ▲
Q4-2024 $113.387M ▲ $66.052M ▲ $-105.438M ▼ -92.989% ▼ $-0.26 ▼ $-96.034M ▼
Q3-2024 $101.388M $26.426M $13.247M 13.066% $0.04 $25.261M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $90.748M ▼ $1.014B ▲ $655.495M ▲ $358.112M ▲
Q2-2025 $138.82M ▲ $1.005B ▲ $648.562M ▲ $356.13M ▼
Q1-2025 $90.898M ▲ $982.932M ▲ $528.697M ▼ $454.235M ▲
Q4-2024 $73.007M ▲ $951.867M ▼ $563.972M ▲ $387.895M ▼
Q3-2024 $63.585M $1.021B $511.797M $509.203M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-1.489M ▲ $15.163M ▼ $-10.377M ▼ $-2.745M ▲ $3.807M ▼ $1.179M ▼
Q2-2025 $-106.058M ▼ $37.154M ▲ $-2.746M ▼ $-16.262M ▼ $15.826M ▲ $34.293M ▲
Q1-2025 $61.79M ▲ $7.169M ▲ $-2.332M ▼ $9.463M ▲ $13.393M ▲ $4.823M ▼
Q4-2024 $-105.438M ▼ $6.101M ▲ $-180K ▲ $-9.046M ▼ $-5.366M ▼ $5.746M ▲
Q3-2024 $13.247M $-5.429M $-4.53M $18.147M $10.483M $-19.609M

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past several years, which is a positive sign that demand for Microvast’s technology is building. At the same time, the company is still loss‑making at every level: operating profit, EBITDA, and net income are all negative. Margins have improved from very weak levels to something more respectable, but the business has not yet reached the scale needed to cover its heavy operating and R&D costs. Overall, this looks like an early‑stage growth story where sales are ramping up, but profitability is still a work in progress and recent annual losses remain sizable.

Balance Sheet

Balance Sheet The balance sheet shows a company that has invested heavily and is still financially stretched. Total assets have grown but are no longer rising meaningfully, suggesting a pause after a big build‑out phase. Cash reserves are relatively thin compared to the past, while debt has crept higher over time. Equity remains positive but has been eroded by ongoing losses. In plain terms, Microvast still has a functional capital base, but less margin for error than a few years ago and an increasing reliance on borrowed money.

Cash Flow

Cash Flow Cash flow paints a mixed but slightly improving picture. Historically, the business burned cash from operations, but it has moved much closer to break‑even recently, which hints at better cost control and improving gross margins. Free cash flow is still negative because the company continues to invest in equipment and capacity, though those outlays have started to moderate. This suggests Microvast is transitioning from a heavy investment phase toward more disciplined spending, yet it still depends on outside funding or new capital to support its growth and development plans.

Competitive Edge

Competitive Edge Microvast operates in a very tough arena, up against global giants in batteries. Its edge is focus and specialization rather than scale. By concentrating on commercial vehicles and demanding industrial applications, it has built expertise in long‑life, fast‑charging, and high‑safety battery systems. Vertical integration—from materials to finished packs—gives it more control over quality, customization, and costs, and its large patent portfolio supports a technological moat. However, its smaller size, limited financial resources, and competition from much larger players remain important structural disadvantages, especially if pricing pressure or technology shifts intensify.

Innovation and R&D

Innovation and R&D Innovation is clearly at the heart of Microvast’s strategy. The company is pushing multiple advanced chemistries, including long‑life lithium titanate, high‑energy NMC, and newer silicon‑based cells, all tailored to demanding commercial use cases. Its work on a true all‑solid‑state battery, along with proprietary separators and sophisticated battery management systems, positions it among the more technologically ambitious players in its niche. The downside is that this level of R&D is expensive and takes time to commercialize, so there is meaningful execution risk: success depends on turning promising prototypes and pilot lines into reliable, scalable products that customers adopt in volume.

Summary

Microvast looks like a classic high‑tech, early‑scale industrial story: strong technology and a clear niche, but with finances that still reflect heavy investment and ongoing losses. Revenue growth and improving margins show traction, yet profitability at the full‑year level remains elusive and the balance sheet is under some pressure from lower cash and higher debt. Its competitive strength comes from deep specialization, vertical integration, and a substantial patent base, set against the reality of competing with far larger battery manufacturers. The company’s future will largely hinge on its ability to successfully commercialize its advanced chemistries and all‑solid‑state technology, ramp manufacturing efficiently, and strengthen its financial footing without sacrificing the innovation that differentiates it.

NEWS

November 10, 2025 · 5:00 PM UTC

Microvast Reports Third Quarter 2025 Financial Results

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October 27, 2025 · 8:20 AM UTC

Halper Sadeh LLC Encourages Microvast Holdings, Inc. Shareholders to Contact the Firm to Discuss Their Rights

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September 22, 2025 · 8:09 PM UTC

Microvast at BICES 2025: Electrifying Construction Machinery

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