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Microvast (MVST) Financials

Microvast logo
$0.60 +0.03 (+4.99%)
Closing price 11/3/2026 04:00 PM Eastern
Extended Trading
$0.61 +0.00 (+0.61%)
As of 11/3/2026 07:45 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Microvast

Annual Income Statements for Microvast

This table shows Microvast's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -100 -81 -225 -158 -106 -195 -29
Consolidated Net Income / (Loss)		 -60 -34 -206 -158 -106 -195 -29
Net Income / (Loss) Continuing Operations		 -60 -34 -206 -158 -106 -195 -29
Total Pre-Tax Income 		-59 -34 -206 -158 -106 -195 -35
Total Revenue		 70 102 153 204 308 380 392
Net Interest Income / (Expense)		 -6.35 -5.17 -4.97 -0.14 0.98 -8.97 -3.95
Total Interest Income		 0.00 0.57 0.45 3.18 3.61 0.74 0.96
Investment Securities Interest Income		 - 0.57 0.45 3.18 3.61 0.74 0.96
Total Interest Expense		 6.35 5.74 5.41 3.32 2.63 9.71 4.90
Long-Term Debt Interest Expense		 6.35 5.74 5.41 3.32 2.63 9.71 4.90
Total Non-Interest Income		 76 108 158 204 307 389 396
Net Realized & Unrealized Capital Gains on Investments		 - - - 0.00 0.00 9.41 1.30
Other Non-Interest Income		 76 108 158 204 307 380 395
Total Non-Interest Expense		 130 136 360 363 413 576 427
Marketing Expense		 42 30 56 66 69 64 56
Other Operating Expenses		 92 109 296 298 346 342 331
Impairment Charge		 - - - 1.80 0.50 93 4.14
Other Special Charges		 -3.24 -3.65 7.39 -2.65 -2.01 77 36
Income Tax Expense		 0.19 0.00 0.00 0.03 0.01 0.00 -5.33
Net Income / (Loss) Attributable to Noncontrolling Interest		 - 16 0.00 0.00 -0.08 0.00 0.00
Basic Earnings per Share		 ($1.17) ($0.82) ($1.26) ($0.52) ($0.34) ($0.61) ($0.09)
Weighted Average Basic Shares Outstanding		 99.03M 99.03M 185.90M 303.28M 310.91M 318.46M 324.69M
Diluted Earnings per Share		 ($1.17) ($0.82) ($1.26) ($0.52) ($0.34) ($0.61) ($0.09)
Weighted Average Diluted Shares Outstanding		 99.03M 99.03M 185.90M 303.28M 310.91M 318.46M 324.69M
Weighted Average Basic & Diluted Shares Outstanding		 99.03M 99.03M 185.90M 309.41M 317.21M 325.21M 332.03M

Quarterly Income Statements for Microvast

This table shows Microvast's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -25 -25 -102 13 -82 62 -106 -1.49 17 48 -12
Consolidated Net Income / (Loss)		 -25 -25 -102 13 -82 62 -106 -1.49 17 48 -12
Net Income / (Loss) Continuing Operations		 -25 -25 -102 13 -82 62 -106 -1.49 17 48 -12
Total Pre-Tax Income 		-25 -25 -102 13 -82 61 -106 -0.75 10 48 -12
Total Revenue		 104 80 82 105 121 119 97 122 64 53 82
Net Interest Income / (Expense)		 -1.06 -1.61 -1.85 -4.10 -1.40 -1.01 -1.05 -1.02 -0.86 -0.85 -0.60
Total Interest Income		 0.13 0.12 0.25 0.19 0.19 0.18 0.20 0.24 0.35 0.38 0.73
Investment Securities Interest Income		 0.13 0.12 0.25 0.19 0.19 0.18 0.20 0.24 0.35 0.38 0.73
Total Interest Expense		 1.19 1.73 2.09 4.29 1.60 1.19 1.25 1.26 1.21 1.23 1.33
Long-Term Debt Interest Expense		 1.19 1.73 2.09 4.29 1.60 1.19 1.25 1.26 1.21 1.23 1.33
Total Non-Interest Income		 105 81 84 109 123 120 99 123 64 54 83
Net Realized & Unrealized Capital Gains on Investments		 - 0.00 0.45 7.71 - 3.67 7.19 0.00 0.51 -6.90 -4.71
Other Non-Interest Income		 105 81 84 101 113 116 91 123 64 61 87
Total Non-Interest Expense		 127 105 184 92 204 58 204 123 54 4.71 95
Marketing Expense		 18 17 15 16 16 15 11 14 16 14 14
Other Operating Expenses		 109 88 80 80 94 88 71 97 87 54 75
Impairment Charge		 - - 88 0.01 - - 1.36 0.04 - - 0.02
Other Special Charges		 -0.21 -0.44 0.68 -3.54 89 -45 121 13 -52 -64 5.82
Nonoperating Income / (Expense), net		 - - - - - - 0.52 - - - 0.87
Income Tax Expense		 0.01 0.00 0.00 0.00 - - 0.22 0.74 -6.28 - 0.00
Basic Earnings per Share		 ($0.08) ($0.08) ($0.32) $0.04 ($0.25) $0.19 ($0.33) $0.00 $0.05 $0.15 ($0.03)
Weighted Average Basic Shares Outstanding		 310.91M 315.37M 315.51M 320.55M 318.46M 323.43M 323.64M 323.76M 324.69M 332.36M 348.95M
Diluted Earnings per Share		 ($0.08) ($0.08) ($0.32) $0.03 ($0.24) $0.05 ($0.33) $0.00 $0.19 ($0.04) ($0.03)
Weighted Average Diluted Shares Outstanding		 310.91M 315.37M 315.51M 367.03M 318.46M 374.43M 323.64M 323.76M 324.69M 385.27M 348.95M
Weighted Average Basic & Diluted Shares Outstanding		 317.21M 317.20M 323.82M 323.82M 325.21M 325.34M 325.35M 328.18M 332.03M 333.16M 384.53M

Annual Cash Flow Statements for Microvast

This table details how cash moves in and out of Microvast's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -44 -0.59 495 -233 -214 21 60
Net Cash From Operating Activities		 13 16 -45 -54 -75 2.81 76
Net Cash From Continuing Operating Activities		 13 16 -45 -54 -75 2.81 76
Net Income / (Loss) Continuing Operations		 -60 -34 -206 -158 -106 -195 -29
Consolidated Net Income / (Loss)		 -60 -34 -206 -158 -106 -195 -29
Provision For Loan Losses		 -0.02 1.10 19 1.64 0.24 3.74 7.99
Depreciation Expense		 15 16 20 20 22 30 32
Amortization Expense		 0.71 0.70 0.74 0.55 0.79 0.78 0.77
Non-Cash Adjustments to Reconcile Net Income		 5.95 4.25 146 113 86 216 94
Changes in Operating Assets and Liabilities, net		 52 27 -24 -30 -78 -53 -30
Net Cash From Investing Activities		 -3.95 -18 -88 -176 -166 -12 -16
Net Cash From Continuing Investing Activities		 -3.95 -18 -88 -176 -166 -12 -16
Purchase of Property, Leasehold Improvements and Equipment		 -20 -19 -88 -151 -187 -28 -20
Purchase of Investment Securities		 -20 -4.64 0.00 -25 -5.97 0.00 0.00
Sale of Property, Leasehold Improvements and Equipment		 0.02 0.01 0.00 0.01 1.65 10 3.79
Sale and/or Maturity of Investments		 37 5.59 0.00 0.00 26 5.56 0.00
Net Cash From Financing Activities		 -52 -0.51 625 4.97 33 38 -2.68
Net Cash From Continuing Financing Activities		 -52 -0.51 625 4.97 33 38 -2.68
Issuance of Debt		 82 36 105 59 48 127 86
Issuance of Common Equity		 - - - - 0.00 0.00 29
Repayment of Debt		 -101 -37 -46 -54 -15 -67 -97
Other Financing Activities, Net		 -33 0.00 566 0.00 0.00 -22 -20
Effect of Exchange Rate Changes		 -0.99 2.04 2.87 -8.59 -6.56 -6.84 2.46
Cash Interest Paid		 2.49 1.97 2.69 5.14 4.37 7.44 6.00
Cash Income Taxes Paid		 0.06 0.00 0.00 0.00 0.00 0.00 1.82

Quarterly Cash Flow Statements for Microvast

This table details how cash moves in and out of Microvast's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 -1.02 -1.49 18 10 -5.37 13 16 3.81 27 4.76 -31
Net Cash From Operating Activities		 -4.95 2.03 0.11 -5.43 6.10 7.17 37 15 16 -23 -11
Net Cash From Continuing Operating Activities		 -4.95 2.03 0.11 -5.43 6.10 7.17 37 15 16 -23 -11
Net Income / (Loss) Continuing Operations		 -25 -25 -102 -9.87 -82 62 -106 -1.49 17 48 -12
Consolidated Net Income / (Loss)		 -25 -25 -102 -9.87 -82 62 -106 -1.49 17 48 -12
Provision For Loan Losses		 1.27 0.58 0.18 -0.99 3.98 1.36 0.83 4.38 1.42 -0.80 -0.07
Depreciation Expense		 7.50 7.47 7.44 7.53 7.62 7.99 8.11 8.08 8.19 8.08 8.08
Non-Cash Adjustments to Reconcile Net Income		 21 16 108 35 81 -37 128 19 -16 -58 11
Changes in Operating Assets and Liabilities, net		 -11 2.89 -14 -37 -4.29 -27 6.37 -15 6.18 -20 -17
Net Cash From Investing Activities		 -12 -4.53 -2.92 -4.53 -0.18 -2.33 -2.75 -10 -0.59 -2.80 -0.50
Net Cash From Continuing Investing Activities		 -12 -4.53 -2.92 -4.53 -0.18 -2.33 -2.75 -10 -0.59 -2.80 -0.50
Purchase of Property, Leasehold Improvements and Equipment		 -33 -10 -2.95 -14 -0.36 -2.35 -2.86 -14 -0.64 -2.86 -11
Net Cash From Financing Activities		 21 6.26 22 18 -9.05 9.46 -16 -2.75 6.86 29 -21
Net Cash From Continuing Financing Activities		 21 6.26 22 18 -9.05 9.46 -16 -2.75 6.86 29 -21
Issuance of Debt		 29 19 34 43 31 28 31 10 16 52 18
Repayment of Debt		 -8.53 -13 -11 -8.38 -34 -14 -43 -9.78 -30 -21 -40
Other Financing Activities, Net		 - 0.00 - - -5.77 -4.29 -4.52 -3.44 -7.44 -1.59 -0.11
Effect of Exchange Rate Changes		 -4.47 -5.25 -1.64 2.30 -2.24 -0.91 -2.32 1.77 3.92 1.03 1.25

Annual Balance Sheets for Microvast

This table presents Microvast's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 0.10 280 405 995 985 1,097 952 1,005
Cash and Due from Banks		 0.02 0.14 21 481 231 45 73 105
Restricted Cash		 - - 20 55 71 44 37 64
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 - - 212 267 348 633 490 520
Intangible Assets		 - - 2.28 1.88 1.64 3.14 2.61 2.18
Other Assets		 0.00 0.26 149 190 333 373 350 314
Total Liabilities & Shareholders' Equity		 0.10 280 405 995 985 1,097 952 1,005
Total Liabilities		 0.08 0.70 389 309 372 533 564 595
Short-Term Debt		 - 0.00 121 115 131 254 231 359
Accrued Interest Payable		 - - - 59 67 149 99 123
Other Short-Term Payables		 0.00 0.27 63 1.53 54 0.00 0.01 5.61
Long-Term Debt		 0.08 0.00 73 73 73 87 189 55
Other Long-Term Liabilities		 - 0.43 132 60 47 42 45 52
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 0.03 5.00 -385 687 613 564 388 411
Total Preferred & Common Equity		 0.03 5.00 -385 687 613 564 388 411
Preferred Stock		 0.00 0.00 - - - - 0.00 0.00
Total Common Equity		 0.03 5.00 -385 687 613 564 388 411
Common Stock		 0.03 1.61 0.01 1,306 1,416 1,481 1,513 1,544
Retained Earnings		 -0.00 3.39 -398 -632 -791 -898 -1,093 -1,122
Accumulated Other Comprehensive Income / (Loss)		 - - 7.36 6.70 -18 -26 -38 -17
Other Equity Adjustments		 - - 6.03 6.03 6.03 6.03 6.03 6.03

Quarterly Balance Sheets for Microvast

This table presents Microvast's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 1,004 998 1,017 1,041 961 998 983 1,005 1,014 987 952
Cash and Due from Banks		 200 143 67 39 68 64 91 100 91 126 128
Restricted Cash		 60 28 22 45 35 40 32 39 52 48 15
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 456 510 561 628 508 516 497 533 535 522 538
Intangible Assets		 3.69 3.34 3.21 2.99 2.85 2.79 2.50 2.39 2.28 2.08 1.97
Other Assets		 284 314 363 325 348 375 361 330 333 290 269
Total Liabilities & Shareholders' Equity		 1,004 998 1,017 1,041 961 998 983 1,005 1,014 987 952
Total Liabilities		 398 418 449 495 506 512 529 649 655 521 409
Short-Term Debt		 131 123 159 187 188 188 191 423 395 335 229
Accrued Interest Payable		 94 117 122 138 143 105 105 102 129 109 115
Other Short-Term Payables		 53 53 54 41 41 43 44 0.00 5.68 0.02 0.18
Long-Term Debt		 73 75 75 86 91 121 144 76 76 28 14
Other Long-Term Liabilities		 47 50 38 42 43 55 45 48 49 50 51
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 606 580 567 546 455 486 454 356 358 466 543
Total Preferred & Common Equity		 604 578 565 546 455 486 454 356 358 466 543
Preferred Stock		 - - - - - - - - - 0.00 0.00
Total Common Equity		 604 578 565 546 455 486 454 356 358 466 543
Common Stock		 1,434 1,452 1,468 1,493 1,506 1,512 1,514 1,515 1,515 1,545 1,627
Retained Earnings		 -821 -847 -873 -922 -1,024 -1,011 -1,031 -1,137 -1,139 -1,074 -1,086
Accumulated Other Comprehensive Income / (Loss)		 -16 -34 -36 -31 -33 -22 -34 -27 -25 -11 -4.22
Other Equity Adjustments		 6.03 6.03 6.03 6.03 6.03 6.03 6.03 6.03 6.03 6.03 6.03

Annual Metrics And Ratios for Microvast

This table displays calculated financial ratios and metrics derived from Microvast's official financial filings.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - - - - - 328,182,834.00
DEI Adjusted Shares Outstanding		 - - - - - - 328,182,834.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - -0.09
Growth Metrics		 - - - - - - -
Revenue Growth		 0.00% 46.04% 49.62% 33.44% 50.52% 23.62% 3.19%
EBITDA Growth		 0.00% 62.45% -1,003.30% 25.29% 40.35% -99.10% 98.99%
EBIT Growth		 0.00% 44.16% -513.91% 22.92% 33.58% -85.08% 82.20%
NOPAT Growth		 0.00% 44.16% -514.09% 23.40% 32.73% -83.70% 82.33%
Net Income Growth		 0.00% 43.64% -514.08% 23.38% 32.74% -83.68% 85.05%
EPS Growth		 0.00% 29.91% -53.66% 58.73% 34.62% -79.41% 85.25%
Operating Cash Flow Growth		 0.00% 16.34% -389.53% -19.74% -39.64% 103.74% 2,597.51%
Free Cash Flow Firm Growth		 0.00% 0.00% -1,815.58% 93.47% -208.86% 76.12% -19.86%
Invested Capital Growth		 0.00% -25.29% 318.33% -6.61% 10.88% -10.80% 2.79%
Revenue Q/Q Growth		 0.00% 0.00% 6.20% -6.38% 13.39% 4.93% -11.24%
EBITDA Q/Q Growth		 0.00% 0.00% -12.58% 7.49% 13.94% -96.13% 98.25%
EBIT Q/Q Growth		 0.00% 0.00% -11.74% 7.16% 9.04% -70.50% 72.67%
NOPAT Q/Q Growth		 0.00% 0.00% -11.72% 7.76% 7.87% -70.56% 72.83%
Net Income Q/Q Growth		 0.00% 0.00% -11.62% 7.56% 7.88% -70.54% 77.19%
EPS Q/Q Growth		 0.00% 0.00% 29.21% -4.00% 5.56% -60.53% 82.69%
Operating Cash Flow Q/Q Growth		 0.00% -23.32% -202.36% 31.72% -14.65% 134.15% 15.74%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% -9.37% -28.83% -139.63% 47.19% 61.96%
Invested Capital Q/Q Growth		 0.00% -25.84% -2.09% 0.31% 12.98% 1.59% 0.15%
Profitability Metrics		 - - - - - - -
EBITDA Margin		 -63.96% -16.45% -121.27% -67.90% -26.91% -43.34% -0.42%
EBIT Margin		 -85.92% -32.85% -134.79% -77.86% -34.36% -51.44% -8.87%
Profit (Net Income) Margin		 -85.13% -32.85% -134.83% -77.42% -34.59% -51.40% -7.45%
Tax Burden Percent		 100.32% 100.00% 100.00% 100.02% 100.01% 100.00% 84.58%
Interest Burden Percent		 98.77% 100.00% 100.03% 99.41% 100.67% 99.92% 99.30%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -15.06% -9.63% -26.68% -13.09% -8.65% -15.97% -2.95%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -20.05% -59.15% -37.35% -20.36% -31.38% -4.15%
Return on Net Nonoperating Assets (RNNOA)		 0.00% -13.16% -32.14% -11.25% -9.43% -25.09% -4.37%
Return on Equity (ROE)		 0.00% -22.79% -58.82% -24.34% -18.08% -41.06% -7.32%
Cash Return on Invested Capital (CROIC)		 0.00% 19.32% -149.51% -6.26% -18.97% -4.55% -5.71%
Operating Return on Assets (OROA)		 -42.92% -9.82% -29.49% -16.07% -10.15% -19.10% -3.55%
Return on Assets (ROA)		 -42.53% -9.82% -29.50% -15.98% -10.22% -19.08% -2.99%
Return on Common Equity (ROCE)		 0.00% 29.31% -25.31% -24.34% -18.08% -41.06% -7.32%
Return on Equity Simple (ROE_SIMPLE)		 -1,193.26% 8.74% -30.07% -25.81% -18.86% -50.39% -7.12%
Net Operating Profit after Tax (NOPAT)		 -42 -24 -145 -111 -74 -137 -24
NOPAT Margin		 -60.14% -23.00% -94.38% -54.18% -24.21% -35.98% -6.16%
Net Nonoperating Expense Percent (NNEP)		 0.00% 10.42% 32.47% 24.26% 11.72% 15.41% 1.20%
SG&A Expenses to Revenue		 59.51% 29.70% 36.45% 32.36% 22.31% 16.74% 14.35%
Operating Expenses to Revenue		 185.92% 132.85% 234.79% 177.86% 134.36% 151.44% 108.87%
Earnings before Interest and Taxes (EBIT)		 -60 -34 -206 -159 -106 -196 -35
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -45 -17 -186 -139 -83 -165 -1.66
Valuation Ratios		 - - - - - - -
Price to Book Value (P/BV)		 70.69 0.00 2.48 0.77 0.79 1.73 2.24
Price to Tangible Book Value (P/TBV)		 70.69 0.00 2.48 0.77 0.79 1.74 2.25
Price to Revenue (P/Rev)		 5.04 5.93 11.11 2.32 1.44 1.76 2.34
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 2.24 5.55 1.55 0.46 0.77 1.21 1.41
Enterprise Value to Revenue (EV/Rev)		 8.96 11.33 8.83 1.83 2.26 2.58 2.98
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 46.98 74.52 0.00 0.00 0.00 348.46 15.41
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 24.55 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - -
Debt to Equity		 0.00 12.62 0.27 0.33 0.61 1.08 1.02
Long-Term Debt to Equity		 0.00 4.77 0.11 0.12 0.15 0.49 0.13
Financial Leverage		 0.00 0.66 0.54 0.30 0.46 0.80 1.05
Leverage Ratio		 1.00 2.32 1.99 1.52 1.77 2.15 2.45
Compound Leverage Factor		 0.99 2.32 1.99 1.51 1.78 2.15 2.43
Debt to Total Capital		 0.00% 92.66% 21.48% 24.94% 37.70% 51.98% 50.56%
Short-Term Debt to Total Capital		 0.00% 57.67% 13.11% 16.02% 28.10% 28.60% 43.95%
Long-Term Debt to Total Capital		 0.00% 34.99% 8.36% 8.92% 9.60% 23.38% 6.61%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 98.21% 191.32% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 1.79% -183.98% 78.52% 75.06% 62.30% 48.02% 49.44%
Debt to EBITDA		 0.00 -11.51 -1.01 -1.47 -4.13 -2.55 -253.52
Net Debt to EBITDA		 0.00 -9.06 1.88 0.71 -3.06 -1.88 -151.32
Long-Term Debt to EBITDA		 0.00 -4.35 -0.39 -0.53 -1.05 -1.15 -33.16
Debt to NOPAT		 0.00 -8.23 -1.30 -1.84 -4.58 -3.07 -17.36
Net Debt to NOPAT		 0.00 -6.48 2.41 0.89 -3.40 -2.27 -10.36
Long-Term Debt to NOPAT		 0.00 -3.11 -0.51 -0.66 -1.17 -1.38 -2.27
Noncontrolling Interest Sharing Ratio		 98.20% 228.61% 56.97% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - -
Cash Flow Metrics		 - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 47 -810 -53 -163 -39 -47
Operating Cash Flow to CapEx		 66.08% 83.49% -51.26% -35.74% -40.67% 15.88% 473.09%
Free Cash Flow to Firm to Interest Expense		 0.00 8.23 -149.69 -15.92 -62.17 -4.02 -9.54
Operating Cash Flow to Interest Expense		 2.11 2.71 -8.32 -16.23 -28.65 0.29 15.48
Operating Cash Flow Less CapEx to Interest Expense		 -1.08 -0.54 -24.56 -61.63 -99.10 -1.53 12.21
Efficiency Ratios		 - - - - - - -
Asset Turnover		 0.50 0.30 0.22 0.21 0.30 0.37 0.40
Fixed Asset Turnover		 0.00 0.00 0.64 0.66 0.63 0.68 0.78
Capital & Investment Metrics		 - - - - - - -
Invested Capital		 280 209 875 817 906 808 830
Invested Capital Turnover		 0.25 0.42 0.28 0.24 0.36 0.44 0.48
Increase / (Decrease) in Invested Capital		 0.00 -71 665 -58 89 -98 23
Enterprise Value (EV)		 628 1,159 1,353 375 696 981 1,170
Market Capitalization		 353 607 1,701 473 443 670 919
Book Value per Share		 $0.14 ($10.84) $2.29 $1.98 $1.78 $1.20 $1.25
Tangible Book Value per Share		 $0.14 ($10.90) $2.28 $1.98 $1.77 $1.19 $1.24
Total Capital		 280 209 875 817 906 808 830
Total Debt		 0.00 194 188 204 341 420 420
Total Long-Term Debt		 0.00 73 73 73 87 189 55
Net Debt		 -0.14 153 -348 -98 253 310 251
Capital Expenditures (CapEx)		 20 19 88 151 185 18 16
Net Nonoperating Expense (NNE)		 18 10 62 47 32 59 5.04
Net Nonoperating Obligations (NNO)		 0.00 194 188 204 341 420 420
Total Depreciation and Amortization (D&A)		 15 17 21 20 23 31 33
Earnings Adjustments		 - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 ($1.26) ($0.52) ($0.34) ($0.61) ($0.09)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 300.53M 303.28M 310.91M 318.46M 324.69M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 ($1.26) ($0.52) ($0.34) ($0.61) ($0.09)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 300.53M 303.28M 310.91M 318.46M 324.69M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 ($1.26) $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 185.90M 309.41M 317.21M 325.21M 332.03M
Normalized Net Operating Profit after Tax (NOPAT)		 -44 -26 -139 -111 -76 -17 3.90
Normalized NOPAT Margin		 -63.38% -25.49% -91.01% -54.47% -24.56% -4.60% 1.00%
Pre Tax Income Margin		 -84.86% -32.85% -134.83% -77.40% -34.59% -51.40% -8.80%
Debt Service Ratios		 - - - - - - -
EBIT to Interest Expense		 -9.48 -5.86 -38.15 -47.88 -40.22 -20.14 -7.10
NOPAT to Interest Expense		 -6.64 -4.10 -26.71 -33.32 -28.34 -14.09 -4.93
EBIT Less CapEx to Interest Expense		 -12.67 -9.11 -54.39 -93.29 -110.67 -21.97 -10.37
NOPAT Less CapEx to Interest Expense		 -9.82 -7.35 -42.95 -78.72 -98.79 -15.91 -8.20
Payout Ratios		 - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Microvast

This table displays calculated financial ratios and metrics derived from Microvast's official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - 328,182,834.00 332,032,946.00 333,157,384.00
DEI Adjusted Shares Outstanding		 - - - - - - - - 328,182,834.00 332,032,946.00 333,157,384.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - 0.05 0.15 -0.04
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 58.00% 66.49% 7.69% 21.29% 17.27% 45.31% 10.23% 16.45% -43.89% -55.63% -15.91%
EBITDA Growth		 45.76% 29.88% -347.69% 199.24% -361.61% 507.71% -3.85% -64.13% 124.69% -18.57% 95.14%
EBIT Growth		 31.04% 16.05% -289.43% 150.62% -245.56% 348.90% -4.22% -105.66% 112.16% -21.16% 87.91%
NOPAT Growth		 26.98% 16.05% -289.43% 172.31% -234.91% 455.57% -4.22% -103.96% 128.70% -21.16% 87.91%
Net Income Growth		 27.03% 16.05% -289.43% 150.62% -234.77% 348.90% -4.43% -111.24% 120.09% -21.98% 88.70%
EPS Growth		 20.00% 20.00% -300.00% 137.50% -200.00% 162.50% -3.13% -100.00% 179.17% -180.00% 90.91%
Operating Cash Flow Growth		 -206.13% 118.19% 100.37% 81.50% 223.18% 252.98% 33,372.07% 379.30% 169.17% -417.98% -128.30%
Free Cash Flow Firm Growth		 -409.73% -263.55% -148.60% 446.47% 137.88% 436.86% -598.10% -275.64% -115.02% -90.21% 130.37%
Invested Capital Growth		 10.88% 1.24% -5.56% -0.79% -10.80% -3.74% 16.42% 4.27% 2.79% 4.97% -7.98%
Revenue Q/Q Growth		 29.06% -22.97% 2.62% 18.89% 24.78% -4.55% -21.73% 34.82% -48.04% -16.79% 55.03%
EBITDA Q/Q Growth		 23.45% -4.52% -447.29% 129.37% -456.06% 193.70% -239.41% 107.71% 144.55% 205.74% -108.50%
EBIT Q/Q Growth		 8.80% -2.96% -309.09% 116.76% -722.62% 174.92% -271.29% 99.29% 1,434.80% 381.06% -126.70%
NOPAT Q/Q Growth		 6.08% -0.99% -309.09% 124.13% -535.01% 207.23% -219.90% 99.29% 3,250.29% 191.18% -118.69%
Net Income Q/Q Growth		 6.04% -0.95% -309.09% 116.89% -721.45% 175.06% -271.64% 98.60% 1,210.75% 191.50% -124.87%
EPS Q/Q Growth		 0.00% 0.00% -300.00% 112.00% -900.00% 120.83% -760.00% 100.00% 0.00% -121.05% 25.00%
Operating Cash Flow Q/Q Growth		 83.12% 141.01% -94.53% -4,990.99% 212.38% 17.51% 418.26% -59.19% 8.30% -238.81% 53.88%
Free Cash Flow Firm Q/Q Growth		 -1,774.75% 56.45% -1.59% 156.32% 104.95% 130.04% -310.53% 82.30% 82.47% 248.72% 559.68%
Invested Capital Q/Q Growth		 12.98% -4.95% -10.47% 5.03% 1.59% -2.31% 8.28% -2.98% 0.15% -0.24% -5.07%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 -15.63% -21.52% -114.78% 21.56% -61.51% 60.38% -107.56% 6.15% 28.95% 106.38% -5.83%
EBIT Margin		 -23.06% -31.13% -124.11% 13.62% -67.95% 53.33% -116.71% -0.61% 15.76% 91.09% -15.69%
Profit (Net Income) Margin		 -23.76% -31.13% -124.11% 13.62% -67.82% 53.33% -116.95% -1.22% 26.03% 91.19% -14.63%
Tax Burden Percent		 100.04% 100.00% 100.00% 100.00% 100.00% 100.00% 100.21% 198.53% 161.28% 100.11% 100.00%
Interest Burden Percent		 102.99% 100.00% 100.00% 100.00% 99.81% 100.00% 100.00% 100.00% 102.44% 100.00% 93.24%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -61.28% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -5.94% -9.08% -39.70% 6.18% -21.07% 27.60% -43.69% -0.23% 12.47% 36.73% -4.16%
ROIC Less NNEP Spread (ROIC-NNEP)		 -8.65% -12.20% -52.49% 6.18% -27.56% 27.60% -51.92% -0.48% 12.47% 36.74% -4.96%
Return on Net Nonoperating Assets (RNNOA)		 -4.00% -5.06% -24.17% 3.19% -22.04% 16.79% -49.76% -0.44% 13.12% 27.83% -4.09%
Return on Equity (ROE)		 -9.94% -14.14% -63.87% 9.37% -43.11% 44.39% -93.45% -0.68% 25.59% 64.56% -8.25%
Cash Return on Invested Capital (CROIC)		 -18.97% -9.97% -10.69% -9.25% -4.55% -5.66% -25.15% -15.13% -5.71% -8.95% 13.97%
Operating Return on Assets (OROA)		 -6.81% -10.34% -43.75% 4.90% -25.22% 21.95% -50.43% -0.27% 6.32% 30.15% -4.98%
Return on Assets (ROA)		 -7.02% -10.34% -43.75% 4.90% -25.18% 21.95% -50.53% -0.54% 10.44% 30.18% -4.64%
Return on Common Equity (ROCE)		 -9.94% -14.11% -63.75% 9.35% -43.11% 44.39% -93.45% -0.68% 25.59% 64.56% -8.25%
Return on Equity Simple (ROE_SIMPLE)		 0.00% -18.62% -38.93% -23.58% 0.00% -23.96% -31.83% -35.77% 0.00% -9.18% 9.44%
Net Operating Profit after Tax (NOPAT)		 -17 -17 -71 13 -58 62 -74 -0.53 17 48 -9.00
NOPAT Margin		 -16.62% -21.79% -86.88% 13.62% -47.47% 53.33% -81.69% -0.43% 26.03% 91.09% -10.98%
Net Nonoperating Expense Percent (NNEP)		 2.71% 3.12% 12.79% 0.00% 6.49% 0.00% 8.23% 0.25% 0.00% -0.01% 0.81%
SG&A Expenses to Revenue		 17.48% 21.42% 18.49% 16.09% 12.99% 12.99% 12.29% 11.26% 25.74% 26.77% 16.60%
Operating Expenses to Revenue		 123.06% 131.13% 224.11% 86.38% 167.95% 46.67% 216.71% 100.61% 84.24% 8.91% 115.69%
Earnings before Interest and Taxes (EBIT)		 -24 -25 -102 13 -82 62 -106 -0.75 10 48 -13
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -16 -17 -94 21 -75 70 -98 7.52 18 56 -4.78
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.79 0.49 0.32 0.17 1.73 0.84 3.32 3.50 2.24 1.07 0.72
Price to Tangible Book Value (P/TBV)		 0.79 0.49 0.32 0.17 1.74 0.84 3.34 3.52 2.25 1.07 0.72
Price to Revenue (P/Rev)		 1.44 0.78 0.42 0.22 1.76 0.91 2.78 2.83 2.34 1.53 1.26
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 7.60
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 13.15%
Enterprise Value to Invested Capital (EV/IC)		 0.77 0.55 0.44 0.36 1.21 0.75 1.80 1.91 1.41 0.83 0.62
Enterprise Value to Revenue (EV/Rev)		 2.26 1.34 0.93 0.79 2.58 1.42 3.63 3.58 2.98 2.10 1.58
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 6.26
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 10.70
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 10.56
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 348.46 74.50 34.24 24.10 15.41 14.94 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4.27
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.61 0.50 0.61 0.64 1.08 0.74 1.40 1.32 1.02 0.78 0.45
Long-Term Debt to Equity		 0.15 0.16 0.20 0.25 0.49 0.32 0.21 0.21 0.13 0.06 0.03
Financial Leverage		 0.46 0.41 0.46 0.52 0.80 0.61 0.96 0.92 1.05 0.76 0.82
Leverage Ratio		 1.77 1.77 1.89 1.91 2.15 2.02 2.42 2.38 2.45 2.14 2.18
Compound Leverage Factor		 1.82 1.77 1.89 1.91 2.15 2.02 2.42 2.38 2.51 2.14 2.03
Debt to Total Capital		 37.70% 33.38% 38.01% 38.87% 51.98% 42.44% 58.32% 56.81% 50.56% 43.73% 30.93%
Short-Term Debt to Total Capital		 28.10% 22.87% 25.66% 23.65% 28.60% 24.19% 49.44% 47.63% 43.95% 40.39% 29.09%
Long-Term Debt to Total Capital		 9.60% 10.51% 12.35% 15.21% 23.38% 18.25% 8.88% 9.18% 6.61% 3.33% 1.84%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 62.30% 66.62% 61.99% 61.13% 48.02% 57.56% 41.68% 43.20% 49.44% 56.27% 69.07%
Debt to EBITDA		 -4.13 -3.63 -1.88 -3.68 -2.55 -4.31 -6.13 -4.97 -253.52 -23.75 3.11
Net Debt to EBITDA		 -3.06 -2.51 -1.19 -2.44 -1.88 -2.73 -4.42 -3.47 -151.32 -12.34 1.28
Long-Term Debt to EBITDA		 -1.05 -1.14 -0.61 -1.44 -1.15 -1.85 -0.93 -0.80 -33.16 -1.81 0.18
Debt to NOPAT		 -4.58 -3.85 -2.25 -3.85 -3.07 -4.40 -6.29 -5.29 -17.36 -10.90 5.24
Net Debt to NOPAT		 -3.40 -2.66 -1.42 -2.56 -2.27 -2.78 -4.54 -3.69 -10.36 -5.66 2.16
Long-Term Debt to NOPAT		 -1.17 -1.21 -0.73 -1.51 -1.38 -1.89 -0.96 -0.86 -2.27 -0.83 0.31
Noncontrolling Interest Sharing Ratio		 0.00% 0.19% 0.20% 0.19% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -106 -27 -28 20 40 92 -195 -34 -6.04 8.98 59
Operating Cash Flow to CapEx		 -15.27% 20.13% 3.81% -119.85% 3,389.44% 307.42% 1,353.02% 146.12% 2,783.39% -798.46% -92.91%
Free Cash Flow to Firm to Interest Expense		 -89.08 -15.85 -13.31 4.57 25.19 77.82 -155.45 -27.44 -5.00 7.32 44.60
Operating Cash Flow to Interest Expense		 -4.16 1.17 0.05 -1.27 3.83 6.03 29.68 12.08 13.59 -18.58 -7.92
Operating Cash Flow Less CapEx to Interest Expense		 -31.40 -4.65 -1.34 -2.32 3.71 4.07 27.48 3.81 13.11 -20.91 -16.44
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.30 0.33 0.35 0.36 0.37 0.41 0.43 0.44 0.40 0.33 0.32
Fixed Asset Turnover		 0.63 0.63 0.68 0.67 0.68 0.74 0.82 0.84 0.78 0.64 0.58
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 906 820 734 795 808 789 855 829 830 828 786
Invested Capital Turnover		 0.36 0.42 0.46 0.45 0.44 0.52 0.53 0.54 0.48 0.40 0.38
Increase / (Decrease) in Invested Capital		 89 10 -43 -6.36 -98 -31 121 34 23 39 -68
Enterprise Value (EV)		 696 454 321 286 981 592 1,541 1,581 1,170 686 490
Market Capitalization		 443 265 145 81 670 380 1,181 1,253 919 498 390
Book Value per Share		 $1.78 $1.73 $1.43 $1.50 $1.20 $1.40 $1.09 $1.10 $1.25 $1.40 $1.63
Tangible Book Value per Share		 $1.77 $1.72 $1.43 $1.49 $1.19 $1.40 $1.09 $1.09 $1.24 $1.40 $1.62
Total Capital		 906 820 734 795 808 789 855 829 830 828 786
Total Debt		 341 274 279 309 420 335 498 471 420 362 243
Total Long-Term Debt		 87 86 91 121 189 144 76 76 55 28 14
Net Debt		 253 190 176 205 310 212 360 328 251 188 100
Capital Expenditures (CapEx)		 32 10 2.92 4.53 0.18 2.33 2.75 10 0.59 2.86 11
Net Nonoperating Expense (NNE)		 7.38 7.45 30 0.00 25 0.00 32 0.96 0.00 -0.05 2.99
Net Nonoperating Obligations (NNO)		 341 274 279 309 420 335 498 471 420 362 243
Total Depreciation and Amortization (D&A)		 7.69 7.66 7.64 7.72 7.81 8.18 8.30 8.27 8.38 8.08 8.08
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.08) ($0.08) ($0.32) $0.04 ($0.25) $0.19 ($0.33) $0.00 $0.05 $0.15 ($0.03)
Adjusted Weighted Average Basic Shares Outstanding		 310.91M 315.37M 315.51M 320.55M 318.46M 323.43M 323.64M 323.76M 324.69M 332.36M 348.95M
Adjusted Diluted Earnings per Share		 ($0.08) ($0.08) ($0.32) $0.03 ($0.24) $0.05 ($0.33) $0.00 $0.19 ($0.04) ($0.03)
Adjusted Weighted Average Diluted Shares Outstanding		 310.91M 315.37M 315.51M 367.03M 318.46M 374.43M 323.64M 323.76M 324.69M 385.27M 348.95M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 317.21M 317.20M 323.82M 323.82M 325.21M 325.34M 325.35M 328.18M 332.03M 333.16M 384.53M
Normalized Net Operating Profit after Tax (NOPAT)		 -17 -18 -9.31 1.41 4.50 12 11 8.38 -29 -11 -4.91
Normalized NOPAT Margin		 -16.76% -22.18% -11.38% 1.45% 3.71% 10.21% 12.30% 6.85% -46.23% -20.76% -5.99%
Pre Tax Income Margin		 -23.75% -31.13% -124.11% 13.62% -67.82% 53.33% -116.71% -0.61% 16.14% 91.09% -14.63%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -20.04 -14.33 -48.50 3.09 -51.71 52.01 -84.54 -0.60 8.29 39.25 -9.68
NOPAT to Interest Expense		 -14.45 -10.03 -33.95 3.09 -36.13 52.01 -59.17 -0.42 13.69 39.25 -6.78
EBIT Less CapEx to Interest Expense		 -47.28 -20.16 -49.89 2.03 -51.82 50.05 -86.73 -8.87 7.80 36.92 -18.20
NOPAT Less CapEx to Interest Expense		 -41.69 -15.86 -35.34 2.03 -36.24 50.05 -61.37 -8.69 13.20 36.92 -15.30
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Microvast’s latest statements show improving liquidity and lower liabilities, but the company remains unprofitable and cash-flow negative. In Q2 2026, revenue rose to $82.0 million from $52.9 million in Q1, although it remained below the $97.5 million reported in Q2 2025. The reported revenue mix is heavily influenced by “other non-interest income,” so investors should be cautious about treating the increase as evidence of sustained battery-business growth.

  • Liabilities declined materially. Total liabilities fell to $409.1 million in Q2 2026 from $521.4 million in Q1 and $655.5 million in Q3 2025. Short-term debt dropped to $228.7 million from $334.6 million sequentially, while long-term debt declined to $14.4 million from $27.6 million.
  • Debt repayment exceeded new borrowing in Q2. Microvast issued $17.6 million of debt but repaid $40.0 million, producing $21.1 million of negative financing cash flow. This is a healthier financing pattern than the debt-supported cash increases seen in several earlier quarters.
  • Unrestricted cash was relatively stable. Cash and equivalents increased slightly to $127.8 million from $126.1 million in Q1 2026. Although total cash declined after including restricted cash, the company retained a meaningful unrestricted cash balance.
  • Operating results improved from the year-ago period. The Q2 2026 net loss of $12.0 million was substantially smaller than the $106.1 million restated loss reported in Q2 2025. The latest loss also compares favorably with losses of $82.3 million in Q4 2024 and $26.2 million in Q2 2023.
  • Capital investment continues. Property, plant and equipment increased to $537.8 million from $521.7 million in Q1 2026, while Q2 capital expenditures totaled $11.3 million. This suggests Microvast continues investing in manufacturing capacity and infrastructure.
  • Revenue remains volatile and difficult to interpret. Quarterly revenue moved from $121.4 million in Q4 2024 to $63.5 million in Q4 2025, $52.9 million in Q1 2026 and $82.0 million in Q2 2026. The large “other non-interest income” component and recurring restatements reduce the usefulness of simple quarter-to-quarter comparisons.
  • Interest costs remain a drag despite lower debt. Net interest expense improved to $595,000 in Q2 2026 from $845,000 in Q1, but interest expense was still $1.3 million. Further debt reduction could improve earnings if the company can maintain its lower borrowing balance.
  • Operating cash flow deteriorated sharply. Microvast used $10.5 million of cash in operations in Q2 2026, following a $22.8 million outflow in Q1. This compares with positive operating cash flow of $16.4 million in Q4 2025 and $15.2 million in Q3 2025, indicating that recent earnings have not translated into dependable cash generation.
  • The company remains dependent on external financing and cash reserves. Q2 cash fell by $30.9 million after operating and financing outflows, despite a $1.3 million foreign-exchange benefit. Continued cash burn could require additional borrowing or equity financing if operating cash flow does not recover.
  • Accumulated losses and dilution remain significant risks. Retained earnings were negative $1.09 billion in Q2 2026, and weighted-average basic shares increased to approximately 349.0 million from 332.4 million in Q1. The quarterly loss also returned after Q1’s reported profit, with Q2 earnings per share at negative $0.03.

Overall, Microvast’s balance sheet improved during the latest quarter because of substantial debt repayment, but this progress was offset by renewed operating cash burn and a return to net losses. The key issue for investors is whether the company can convert its volatile revenue into recurring operating profits and positive cash flow before its remaining liquidity is depleted.

11/04/26 01:17 AM ETAI Generated. May Contain Errors.

Microvast Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Microvast's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Microvast's net income appears to be on a downward trend, with a most recent value of -$29.22 million in 2025, rising from -$59.66 million in 2019. The previous period was -$195.46 million in 2024. View Microvast's forecast to see where analysts expect Microvast to go next.

Over the last 6 years, Microvast's total revenue changed from $70.08 million in 2019 to $392.36 million in 2025, a change of 459.9%.

In the past 13 quarters, Microvast's cash and equivalents has ranged from $39.45 million in Q1 2024 to $200.31 million in Q1 2023, and is currently $127.83 million as of their latest financial filing in Q2 2026.

Microvast had total debt of $419.83 million at the end of 2025, a 0.0% decrease from 2024, and none in 2019.

Over the last 6 years, Microvast's book value per share changed from 0.14 in 2019 to 1.25 in 2025, a change of 787.8%.


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Financial statements for NASDAQ:MVST last updated on 8/10/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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