NASDAQ · Financial Statements

Microvast Holdings, Inc. (MVST) Financial Statements

$0.50 NASDAQ: MVST Market Cap $166.11M

Microvast Holdings, Inc. most recently reported annual revenue of $428.0M, a net loss of $29.0M. Revenue grew at an average annual rate of 31.7% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Microvast Holdings, Inc.: Revenue rose from $174.0M in 2018 to $428.0M in 2025, a change of +146.0% over 7 years; net profit was positive in 0 of 8 reported years; operating margin moved from -33.3% to 9.5%, a shift of +42.8 percentage points; the most recent year shows a net loss of $29.0M.

Income Statement — 8 Years (USD millions)

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	$174.0M	$76.0M	$108.0M	$152.0M	$204.0M	$307.0M	$380.0M	$428.0M
Operating Expenses	$232.0M	$130.0M	$137.0M	$346.0M	$364.0M	$413.0M	$496.0M	$387.0M
Operating Profit	$-58.0M	$-54.0M	$-29.0M	$-194.0M	$-160.0M	$-107.0M	$-116.0M	$40.0M
Operating Margin	-33.3%	-70.5%	-27.1%	-127.7%	-78.2%	-34.8%	-30.6%	9.5%
Other Income	$4.0M	$-6.0M	$-5.0M	$-12.0M	$2.0M	$0	$-79.0M	$-75.0M
Interest	$0	$6.0M	$6.0M	$5.0M	$3.0M	$3.0M	$10.0M	$5.0M
Depreciation	$13.0M	$15.0M	$17.0M	$21.0M	$20.0M	$23.0M	$31.0M	$33.0M
Profit Before Tax	$-54.0M	$-59.0M	$-34.0M	$-206.0M	$-158.0M	$-106.0M	$-195.0M	$-35.0M
Tax	$-11.8M	$-320,000	$0	$0	$-20,000	$-10,000	$0	$15.4M
Net Profit	$-100.0M	$-73.0M	$-50.0M	$-216.0M	$-158.0M	$-106.0M	$-195.0M	$-29.0M
EPS	$0.00	$0.10	$-0.82	$-1.26	$-0.52	$-0.34	$-0.61	$-0.09
Dividend Payout	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

Metric	Sep '23	Dec '23	Mar '24	Jun '24	Sep '24	Dec '24	Mar '25	Jun '25	Sep '25	Dec '25	Mar '26	Jun '26
Revenue	$80.0M	$105.0M	$81.0M	$84.0M	$101.0M	$113.0M	$116.0M	$91.0M	$123.0M	$96.0M	$61.0M	$87.0M
Operating Expenses	$106.0M	$128.0M	$104.0M	$182.0M	$94.0M	$138.0M	$98.0M	$75.0M	$110.0M	$135.0M	$69.0M	$89.0M
Operating Profit	$-26.0M	$-23.0M	$-23.0M	$-99.0M	$7.0M	$-25.0M	$19.0M	$16.0M	$13.0M	$-38.0M	$-8.0M	$-2.0M
Operating Margin	-32.9%	-22.0%	-28.4%	-118.0%	7.1%	-21.6%	16.3%	17.8%	10.5%	-39.9%	-13.1%	-2.0%
Interest	$0	$1.0M	$2.0M	$2.0M	$4.0M	$2.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M
Profit Before Tax	$-26.0M	$-25.0M	$-25.0M	$-102.0M	$13.0M	$-105.0M	$62.0M	$-106.0M	$-1.0M	$10.0M	$48.0M	$-12.0M
Tax	$0	$-40,000	$0	$0	$0	$0	$0	$-210,000	$-98.5M	$-61.3M	$0	$0
Net Profit	$-26.0M	$-25.0M	$-25.0M	$-102.0M	$13.0M	$-105.0M	$62.0M	$-106.0M	$-1.0M	$17.0M	$48.0M	$-12.0M
EPS	$-0.08	$-0.08	$-0.08	$-0.32	$0.04	$-0.33	$0.17	$-0.33	$0.00	$0.05	$-0.04	$-0.03

Over the 8 years reported for Microvast Holdings, Inc., cash stood at $105.0M in the latest year, shareholders' equity was $0, current assets covered current liabilities 0.92 times.

Balance Sheet — 8 Years (USD millions)

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Total Assets	$0	$280.0M	$405.0M	$995.0M	$985.0M	$1.1B	$952.0M	$1.0B
Current Assets	$0	$0	$189.0M	$707.0M	$545.0M	$426.0M	$428.0M	$449.0M
Cash	$0	$28.0M	$21.0M	$481.0M	$231.0M	$82.0M	$73.0M	$105.0M
Inventory	$0	$59.0M	$45.0M	$53.0M	$84.0M	$156.0M	$143.0M	$89.0M
Receivables	$0	$68.0M	$100.0M	$104.0M	$124.0M	$177.0M	$146.0M	$170.0M
Fixed Assets	$0	$191.0M	$198.0M	$253.0M	$352.0M	$640.0M	$496.0M	$525.0M
Capital Work in Progress	$0	$0	$0	$0	$0	$0	$0	$0
Investments	$0	$282.0M	$0	$0	$26.0M	$12.0M	$0	$3.0M
Other Assets	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$0	$356.0M	$698.0M	$309.0M	$372.0M	$533.0M	$564.0M	$595.0M
Current Liabilities	$0	$196.0M	$184.0M	$176.0M	$252.0M	$403.0M	$330.0M	$488.0M
Borrowings	$0	$150.0M	$151.0M	$147.0M	$175.0M	$205.0M	$329.0M	$384.0M
Other Liabilities	$0	$206.0M	$547.0M	$161.0M	$197.0M	$327.0M	$235.0M	$210.0M
Equity	$0	$0	$0	$0	$0	$0	$0	$0
Reserves	$0	$-21.0M	$-385.0M	$687.0M	$613.0M	$564.0M	$388.0M	$411.0M

For Microvast Holdings, Inc., operating cash flow was positive in 4 of 8 reported years; free cash flow in the latest year was $56.0M; free cash flow was positive in 1 of 8 years; financing activities used $20.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 8 Years (USD millions)

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Operating Cash Flow	$0	$13.0M	$16.0M	$-45.0M	$-54.0M	$-75.0M	$3.0M	$76.0M
Investing Cash Flow	$126.0M	$-24.0M	$-36.0M	$-176.0M	$-327.0M	$-352.0M	$-40.0M	$-36.0M
Financing Cash Flow	$0	$-33.0M	$0	$566.0M	$0	$0	$-23.0M	$-20.0M
Net Cash Flow	$143.0M	$-44.0M	$-1.0M	$495.0M	$-233.0M	$-214.0M	$21.0M	$60.0M
Free Cash Flow	$-30.0M	$-7.0M	$-3.0M	$-133.0M	$-205.0M	$-262.0M	$-25.0M	$56.0M

Valuation & Return Ratios

Metric	Value
PEG Ratio	0.02
EV / EBITDA	3.43
FCF Yield	-11.17%
Quick Ratio	0.82
Interest Coverage	-6.99
Return 1Y	-75.84%
Return 3Y	-62.77%
Return 5Y	-91.79%

Microvast Holdings, Inc. (MVST) financials — frequently asked questions

What is Microvast Holdings, Inc.'s annual revenue?

Microvast Holdings, Inc. (MVST) reported annual revenue of $428.0M in its most recent fiscal year.

What is Microvast Holdings, Inc.'s net profit?

Microvast Holdings, Inc. (MVST) reported a net loss of $29.0M in its most recent fiscal year.

What is MVST EV/EBITDA?

Microvast Holdings, Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is 3.43.

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