MVSTNasdaqMiscellaneous Electrical Machinery, Equipment & SuppliesUS GAAP · USD

Microvast Holdings, Inc.

Microvast Holdings, Inc. designs, develops, and manufactures advanced lithium-ion battery components and systems for electric commercial vehicles and utility-scale energy storage. The company is headquartered in Stafford, Texas, but its manufacturing footprint and sales base are global, with production centered in China and a growing push into the U.S. and Europe.

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Revenue428m USD
+12.6 %y/y
Operating profit (EBIT)7.0m USD
+106.0 %y/y
EBIT margin1.6%
+32.2 ppy/y
Net income-29.2m USD
+85.1 %y/y
Free cash flow56.1m USD
+325.1 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-2000200400600m USD2020: 108 m USD2020: EBIT -29 m USD20202021: 152 m USD2021: EBIT -194 m USD20212022: 204 m USD2022: EBIT -160 m USD20222023: 307 m USD2023: EBIT -107 m USD20232024: 380 m USD2024: EBIT -116 m USD20242025: 428 m USD2025: EBIT 7.0 m USD20254287.0
RevenueOperating profit (EBIT)
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Business

Share of revenue
Commercial EV battery systems70 %

Battery packs and power systems used in electric commercial vehicles such as buses and trucks.

Utility-scale energy storage systems20 %

Battery systems sold for grid and stationary storage applications.

Battery components and cells10 %

Core battery cells and related components used in integrated power systems.

Customers

Microvast sells primarily to commercial vehicle OEMs, fleet operators, and energy storage customers that need purpose-built battery systems rather than commodity cells. Its revenue is concentrated in a limited number of large customers, and demand is tied to electrification programs, fleet replacement cycles, and utility storage deployments.

Commercial vehicle OEMs

Buy battery packs and systems for electric buses, trucks, and other commercial platforms where duty cycle and reliability matter.

Fleet operators

Buy battery systems indirectly or through OEM programs to electrify fleets and reduce operating emissions and fuel costs.

Utility-scale ESS customers

Buy stationary battery systems for grid balancing, renewable integration, and storage projects.

Large strategic accounts

A small number of customers can drive a disproportionate share of revenue in any given quarter.

Strategy

Microvast is focused on expanding battery production capacity, improving liquidity, and broadening its international customer base. Management is also prioritizing U.S. domestic battery production, while using refinancing, cost actions, and selective capital spending to stabilize the balance sheet and support growth.

Expand manufacturing capacityMedium term

Additional capacity is needed to support next-generation cells and customer demand growth.

Strengthen liquidity and refinance debtShort term

The company has relied on short-term borrowings and needs funding flexibility to continue operations.

Grow U.S. domestic productionMedium term

Local production can reduce reliance on overseas supply chains and improve strategic positioning.

Geography

Q1/2026

Revenue is currently concentrated in Europe and Asia-Pacific, with China remaining a major market and the U.S. still a smaller but growing contributor. The company also manufactures in China, which creates cost advantages but increases exposure to trade policy, tariffs, and U.S.-China regulatory friction.

Europe36 %
Italy26 %
Asia Pacific14 %
China13 %
France9.9 %
United States0.2 %

Share of the revenue the company reports by geography.

Risks

Microvast remains exposed to customer concentration, trade policy, and manufacturing/geopolitical risk because its revenue base is still narrow and its production center is in China. The company also has a history of liquidity pressure and refinancing dependence, so execution on cash generation and financing remains critical to avoid renewed going-concern concerns.

Sorted by severity
Liquidity and refinancing riskCritical

The company has relied on short-term bank borrowings and ongoing refinancing to fund operations.

Exposure: Debt maturity profile and going-concern assessment

Customer concentrationHigh

A small number of customers can account for a large share of revenue in a quarter, making results volatile.

Exposure: Quarterly revenue and gross margin

Trade policy and geopolitical frictionHigh

Manufacturing in China and sales across regions expose the company to tariffs, import/export controls, and sanctions risk.

ExposureSupply chainPricingCross-border sales
Demand execution risk in EV and ESS marketsMedium

Orders depend on customer adoption, project timing, and capital spending cycles in electrification and storage.

Exposure: Revenue growth and factory utilization

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Accounting

Judgemental items
Revenue recognition timing

Battery system sales can be recognized at shipment or acceptance depending on contract terms, affecting quarterly comparability.

Impact: Quarterly revenue and gross margin

Going-concern and liquidity assumptions

Management's conclusion depends on refinancing success, operating cash flow, and available funding sources.

Impact: Balance sheet presentation and risk disclosure

Capitalized manufacturing and R&D assets

Facility expansion and equipment purchases increase fixed assets and future depreciation, while underutilization can raise impairment risk.

Impact: Depreciation expense and asset carrying values

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Last updated: 24/09/2026

Microvast Holdings, Inc. (MVST) Revenue, Earnings & Financials 2025 – Clarifo