Microvast Holdings, Inc. (MVST) Financial Statements
Industry: Miscellaneous Electrical Machinery, Equipment & Supplies
In fiscal 2025, Microvast reported revenue of $427.5M, up 12.6% from $379.8M the year before. Net income was -$29.2M (a -6.8% net margin), or -$0.09 per diluted share. Gross margin was 28.6% and operating margin was 1.6%. Operating activities generated $75.9M of cash, leaving $56.1M of free cash flow. At fiscal year end, Microvast held $1.01B in total assets against $594.9M in total liabilities, including $105.0M of cash and equivalents.
Open the full interactive Microvast financials → Quarterly statements, key ratios, valuation history and price charts.
Microvast Key Stats
| Share Price | $0.56 |
|---|---|
| Market Cap | $193.7M |
| Revenue YoY Growth | +12.6% |
| 52-Week Range | $0.55 – $6.40 |
| Shares Outstanding | 348.9 million (basic, 2026 Q2) |
Microvast Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $0 | $152.0M | $204.5M | $306.6M | $379.8M | $427.5M |
| Cost of Goods Sold | $0 | — | — | — | — | — |
| Gross Profit | $0 | -$42.7M | $9.1M | $57.2M | $119.6M | $122.1M |
| Operating Income | -$921,665 | -$194.1M | -$159.9M | -$106.7M | -$116.1M | $7.0M |
| Pre-Tax Income | $1.7M | -$206.5M | -$158.2M | -$106.4M | -$195.5M | -$34.5M |
| Income Tax | $366,764 | — | $33,000 | $10,000 | $0 | -$5.3M |
| Net Income | $1.4M | -$206.5M | -$158.2M | -$106.3M | -$195.5M | -$29.2M |
| Diluted EPS | -$0.08 | -$1.26 | -$0.52 | -$0.34 | -$0.61 | -$0.09 |
Microvast Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $123.3M | $96.4M | $60.6M | $87.3M |
| Net Income | -$1.5M | $16.5M | $48.2M | -$12.0M |
| Diluted EPS | — | $0.05 | -$0.04 | -$0.03 |
Microvast Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $135,961 | $480.9M | $231.4M | $44.5M | $73.0M | $105.0M |
| Current Assets | $158,460 | $706.6M | $545.1M | $425.6M | $428.0M | $448.7M |
| Total Assets | $282.4M | $995.3M | $985.0M | $1.10B | $951.9M | $1.01B |
| Current Liabilities | $645,704 | $175.6M | $252.4M | $403.4M | $330.2M | $488.3M |
| Total Long-Term Debt | — | $119.7M | $29.0M | $43.8M | $111.7M | $106.3M |
| Total Liabilities | $867,172 | $308.6M | $372.0M | $532.5M | $564.0M | $594.9M |
| Shareholders' Equity | $5.0M | $686.7M | $613.0M | $564.2M | $387.9M | $410.5M |
Microvast Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | -$705,994 | -$45.0M | -$53.9M | -$75.3M | $2.8M | $75.9M |
| Cash From Investing | $512,157 | -$87.9M | -$175.9M | -$165.6M | -$12.2M | -$16.0M |
| Cash From Financing | $189,495 | $624.9M | $5.0M | $33.0M | $37.6M | -$2.7M |
| Free Cash Flow | — | -$132.9M | -$204.8M | -$262.1M | -$24.9M | $56.1M |
Figures from Microvast's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Microvast financials page for every line item.
Microvast Company Profile
| Ticker | MVST |
|---|---|
| Exchange | Nasdaq |
| Industry | Miscellaneous Electrical Machinery, Equipment & Supplies |
| Headquarters | Stafford, Texas |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Accelerated filer |
| SEC CIK | 0001760689 |
Frequently Asked Questions
What was Microvast's revenue in fiscal 2025?
Microvast (MVST) reported revenue of $427.5M for fiscal 2025.
What is Microvast's annual revenue history?
Microvast's annual revenue by fiscal year: 2020: $0; 2021: $152.0M; 2022: $204.5M; 2023: $306.6M; 2024: $379.8M; 2025: $427.5M.
What was Microvast's net income in fiscal 2025?
Microvast reported net income of -$29.2M for fiscal 2025.
What was Microvast's earnings per share (EPS) in fiscal 2025?
Microvast's diluted EPS was -$0.09 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Microvast generate in fiscal 2025?
Microvast generated $56.1M of free cash flow in fiscal 2025.
What was Microvast's revenue last quarter?
In its most recent reported quarter (2026 Q2), Microvast reported revenue of $87.3M.
How much debt does Microvast have?
Microvast reported $106.3M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Microvast are outstanding?
Microvast reported a weighted average of 348.9 million basic shares outstanding in 2026 Q2.
What is Microvast's market cap?
Based on its latest closing price, Microvast (MVST) has a market capitalization of about $193.7M.
When does Microvast's fiscal year end?
Microvast's fiscal year end, as registered with the SEC, is December 31.
Where is Microvast headquartered?
Microvast lists its business address in Stafford, Texas in its SEC filings.
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