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.
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 |
|
Q1 2022 |
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Net Income / (Loss) Attributable to Common Shareholders |
|
- |
-37 |
-34 |
-30 |
-26 |
-26 |
-25 |
-25 |
-102 |
13 |
-82 |
Consolidated Net Income / (Loss) |
|
- |
-37 |
-34 |
-30 |
-26 |
-26 |
-25 |
-25 |
-102 |
13 |
-82 |
Net Income / (Loss) Continuing Operations |
|
- |
-37 |
-34 |
-30 |
-26 |
-26 |
-25 |
-25 |
-102 |
13 |
-82 |
Total Pre-Tax Income |
|
- |
-37 |
-34 |
-30 |
-26 |
-26 |
-25 |
-25 |
-102 |
13 |
-82 |
Total Revenue |
|
- |
39 |
66 |
48 |
76 |
80 |
104 |
80 |
82 |
97 |
121 |
Net Interest Income / (Expense) |
|
- |
0.10 |
0.72 |
0.92 |
1.03 |
0.09 |
-1.06 |
-1.61 |
-1.85 |
-4.10 |
-1.40 |
Total Interest Income |
|
- |
0.87 |
1.58 |
1.38 |
1.52 |
0.58 |
0.13 |
0.12 |
0.25 |
0.19 |
0.19 |
Investment Securities Interest Income |
|
- |
0.87 |
1.58 |
1.38 |
1.52 |
0.58 |
0.13 |
0.12 |
0.25 |
0.19 |
0.19 |
Total Interest Expense |
|
- |
0.77 |
0.86 |
0.46 |
0.49 |
0.49 |
1.19 |
1.73 |
2.09 |
4.29 |
1.60 |
Long-Term Debt Interest Expense |
|
- |
0.77 |
0.86 |
0.46 |
0.49 |
0.49 |
1.19 |
1.73 |
2.09 |
4.29 |
1.60 |
Total Non-Interest Income |
|
- |
39 |
65 |
47 |
75 |
80 |
105 |
81 |
84 |
101 |
123 |
Other Non-Interest Income |
|
- |
39 |
65 |
47 |
75 |
80 |
105 |
81 |
84 |
101 |
113 |
Total Non-Interest Expense |
|
- |
75 |
100 |
77 |
102 |
106 |
127 |
105 |
183 |
84 |
204 |
Marketing Expense |
|
- |
17 |
16 |
16 |
15 |
19 |
18 |
17 |
15 |
16 |
16 |
Other Operating Expenses |
|
- |
59 |
82 |
63 |
87 |
87 |
109 |
88 |
80 |
80 |
94 |
Other Special Charges |
|
- |
-0.97 |
0.26 |
-0.88 |
-0.39 |
-0.53 |
-0.21 |
-0.44 |
0.23 |
-11 |
89 |
Basic Earnings per Share |
|
- |
($0.12) |
($0.10) |
($0.10) |
($0.08) |
($0.08) |
($0.08) |
($0.08) |
($0.32) |
$0.04 |
($0.25) |
Weighted Average Basic Shares Outstanding |
|
- |
305.98M |
303.28M |
307.71M |
307.74M |
313.11M |
310.91M |
315.37M |
315.51M |
320.55M |
318.46M |
Diluted Earnings per Share |
|
- |
($0.12) |
($0.10) |
($0.10) |
($0.08) |
($0.08) |
($0.08) |
($0.08) |
($0.32) |
$0.03 |
($0.24) |
Weighted Average Diluted Shares Outstanding |
|
- |
305.98M |
303.28M |
307.71M |
307.74M |
313.11M |
310.91M |
315.37M |
315.51M |
367.03M |
318.46M |
Weighted Average Basic & Diluted Shares Outstanding |
|
- |
309.29M |
309.41M |
309.43M |
316.31M |
316.53M |
317.21M |
317.20M |
323.82M |
323.82M |
325.21M |
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 |
2022 |
2023 |
2024 |
Net Change in Cash & Equivalents |
-233 |
-214 |
21 |
Net Cash From Operating Activities |
-54 |
-75 |
2.81 |
Net Cash From Continuing Operating Activities |
-54 |
-75 |
2.81 |
Net Income / (Loss) Continuing Operations |
-158 |
-106 |
-195 |
Consolidated Net Income / (Loss) |
-158 |
-106 |
-195 |
Provision For Loan Losses |
1.64 |
0.24 |
3.74 |
Depreciation Expense |
20 |
22 |
30 |
Amortization Expense |
0.55 |
0.79 |
0.78 |
Non-Cash Adjustments to Reconcile Net Income |
113 |
86 |
216 |
Changes in Operating Assets and Liabilities, net |
-30 |
-78 |
-53 |
Net Cash From Investing Activities |
-176 |
-166 |
-12 |
Net Cash From Continuing Investing Activities |
-176 |
-166 |
-12 |
Purchase of Property, Leasehold Improvements and Equipment |
-151 |
-187 |
-28 |
Purchase of Investment Securities |
-25 |
-5.97 |
0.00 |
Sale of Property, Leasehold Improvements and Equipment |
0.01 |
1.65 |
10 |
Sale and/or Maturity of Investments |
0.00 |
26 |
5.56 |
Net Cash From Financing Activities |
4.97 |
33 |
38 |
Net Cash From Continuing Financing Activities |
4.97 |
33 |
38 |
Issuance of Debt |
59 |
48 |
127 |
Repayment of Debt |
-54 |
-15 |
-67 |
Other Financing Activities, Net |
0.00 |
0.00 |
-22 |
Effect of Exchange Rate Changes |
-8.59 |
-6.56 |
-6.84 |
Cash Interest Paid |
5.14 |
4.37 |
7.44 |
Cash Income Taxes Paid |
0.00 |
0.00 |
0.00 |
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 |
|
Q1 2022 |
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Net Change in Cash & Equivalents |
|
- |
19 |
-113 |
-42 |
-90 |
-81 |
-1.02 |
-1.49 |
18 |
10 |
-5.37 |
Net Cash From Operating Activities |
|
- |
4.94 |
4.67 |
-11 |
-30 |
-29 |
-4.95 |
2.03 |
0.11 |
-5.43 |
6.10 |
Net Cash From Continuing Operating Activities |
|
- |
4.94 |
4.67 |
-11 |
-30 |
-29 |
-4.95 |
2.03 |
0.11 |
-5.43 |
6.10 |
Net Income / (Loss) Continuing Operations |
|
- |
-37 |
-34 |
-30 |
-26 |
-26 |
-25 |
-25 |
-102 |
-9.87 |
-82 |
Consolidated Net Income / (Loss) |
|
- |
-37 |
-34 |
-30 |
-26 |
-26 |
-25 |
-25 |
-102 |
-9.87 |
-82 |
Provision For Loan Losses |
|
- |
1.19 |
-1.85 |
-1.09 |
0.26 |
-0.21 |
1.27 |
0.58 |
0.18 |
-0.99 |
3.98 |
Depreciation Expense |
|
- |
4.78 |
4.65 |
4.89 |
4.91 |
4.85 |
7.50 |
7.47 |
7.44 |
7.53 |
7.62 |
Amortization Expense |
|
- |
0.14 |
0.13 |
0.21 |
0.19 |
0.19 |
0.19 |
0.19 |
0.19 |
0.19 |
0.19 |
Non-Cash Adjustments to Reconcile Net Income |
|
- |
23 |
29 |
22 |
23 |
21 |
21 |
16 |
108 |
35 |
81 |
Changes in Operating Assets and Liabilities, net |
|
- |
13 |
6.20 |
-7.52 |
-32 |
-29 |
-11 |
2.89 |
-14 |
-37 |
-4.29 |
Net Cash From Investing Activities |
|
- |
-17 |
-91 |
-36 |
-58 |
-60 |
-12 |
-4.53 |
-2.92 |
-4.53 |
-0.18 |
Net Cash From Continuing Investing Activities |
|
- |
-17 |
-91 |
-36 |
-58 |
-60 |
-12 |
-4.53 |
-2.92 |
-4.53 |
-0.18 |
Purchase of Property, Leasehold Improvements and Equipment |
|
- |
-17 |
-66 |
-36 |
-58 |
-60 |
-33 |
-10 |
-2.95 |
-14 |
-0.36 |
Sale of Property, Leasehold Improvements and Equipment |
|
- |
- |
- |
0.34 |
0.31 |
0.23 |
0.77 |
0.15 |
0.03 |
9.65 |
0.18 |
Net Cash From Financing Activities |
|
- |
38 |
-29 |
4.38 |
0.91 |
6.86 |
21 |
6.26 |
22 |
18 |
-9.05 |
Net Cash From Continuing Financing Activities |
|
- |
38 |
-29 |
4.38 |
0.91 |
6.86 |
21 |
6.26 |
22 |
18 |
-9.05 |
Issuance of Debt |
|
- |
45 |
- |
4.38 |
4.85 |
9.21 |
29 |
19 |
34 |
43 |
31 |
Repayment of Debt |
|
- |
-7.15 |
-29 |
0.00 |
-3.94 |
-2.35 |
-8.53 |
-13 |
-11 |
-8.38 |
-34 |
Other Financing Activities, Net |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
-5.77 |
Effect of Exchange Rate Changes |
|
- |
-7.46 |
2.74 |
0.47 |
-3.65 |
1.09 |
-4.47 |
-5.25 |
-1.64 |
2.30 |
-2.24 |
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 |
2022 |
2023 |
2024 |
Total Assets |
985 |
1,097 |
952 |
Cash and Due from Banks |
231 |
45 |
73 |
Restricted Cash |
71 |
44 |
37 |
Loans and Leases, Net of Allowance |
0.00 |
0.00 |
0.00 |
Premises and Equipment, Net |
348 |
633 |
490 |
Intangible Assets |
1.64 |
3.14 |
2.61 |
Other Assets |
333 |
373 |
350 |
Total Liabilities & Shareholders' Equity |
985 |
1,097 |
952 |
Total Liabilities |
372 |
533 |
564 |
Short-Term Debt |
131 |
254 |
231 |
Accrued Interest Payable |
67 |
149 |
99 |
Other Short-Term Payables |
54 |
0.00 |
0.01 |
Long-Term Debt |
73 |
87 |
189 |
Other Long-Term Liabilities |
47 |
42 |
45 |
Commitments & Contingencies |
0.00 |
0.00 |
0.00 |
Total Equity & Noncontrolling Interests |
613 |
564 |
388 |
Total Preferred & Common Equity |
613 |
564 |
388 |
Total Common Equity |
613 |
564 |
388 |
Common Stock |
1,416 |
1,481 |
1,513 |
Retained Earnings |
-791 |
-898 |
-1,093 |
Accumulated Other Comprehensive Income / (Loss) |
-18 |
-26 |
-38 |
Other Equity Adjustments |
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 |
|
Q2 2021 |
Q3 2021 |
Q4 2021 |
Q1 2022 |
Q3 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Total Assets |
|
282 |
990 |
- |
999 |
973 |
1,004 |
998 |
1,017 |
1,041 |
961 |
998 |
Cash and Due from Banks |
|
0.07 |
573 |
- |
416 |
296 |
200 |
143 |
67 |
39 |
68 |
64 |
Restricted Cash |
|
282 |
40 |
- |
55 |
83 |
60 |
28 |
22 |
45 |
35 |
40 |
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 |
Premises and Equipment, Net |
|
- |
237 |
- |
285 |
299 |
456 |
510 |
561 |
628 |
508 |
516 |
Intangible Assets |
|
- |
2.02 |
- |
1.82 |
1.70 |
3.69 |
3.34 |
3.21 |
2.99 |
2.85 |
2.79 |
Other Assets |
|
0.04 |
139 |
- |
241 |
294 |
284 |
314 |
363 |
325 |
348 |
375 |
Total Liabilities & Shareholders' Equity |
|
282 |
990 |
- |
999 |
973 |
1,004 |
998 |
1,017 |
1,041 |
961 |
998 |
Total Liabilities |
|
6.67 |
274 |
- |
341 |
357 |
398 |
418 |
449 |
495 |
506 |
512 |
Short-Term Debt |
|
0.00 |
103 |
- |
117 |
116 |
131 |
123 |
159 |
187 |
188 |
188 |
Accrued Interest Payable |
|
- |
- |
- |
61 |
80 |
94 |
117 |
122 |
138 |
143 |
105 |
Other Short-Term Payables |
|
0.80 |
50 |
- |
3.60 |
36 |
53 |
53 |
54 |
41 |
41 |
43 |
Long-Term Debt |
|
1.69 |
73 |
- |
73 |
82 |
73 |
75 |
75 |
86 |
91 |
121 |
Other Long-Term Liabilities |
|
4.18 |
47 |
- |
87 |
43 |
47 |
50 |
38 |
42 |
43 |
55 |
Commitments & Contingencies |
|
0.00 |
0.00 |
- |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Total Equity & Noncontrolling Interests |
|
-6.47 |
717 |
- |
657 |
616 |
606 |
580 |
567 |
546 |
455 |
486 |
Total Preferred & Common Equity |
|
-6.47 |
717 |
- |
657 |
616 |
604 |
578 |
565 |
546 |
455 |
486 |
Total Common Equity |
|
-6.47 |
717 |
- |
657 |
616 |
604 |
578 |
565 |
546 |
455 |
486 |
Common Stock |
|
0.00 |
1,291 |
- |
1,320 |
1,398 |
1,434 |
1,452 |
1,468 |
1,493 |
1,506 |
1,512 |
Retained Earnings |
|
-6.48 |
-585 |
- |
-677 |
-757 |
-821 |
-847 |
-873 |
-922 |
-1,024 |
-1,011 |
Accumulated Other Comprehensive Income / (Loss) |
|
- |
4.98 |
- |
7.69 |
-31 |
-16 |
-34 |
-36 |
-31 |
-33 |
-22 |
Other Equity Adjustments |
|
- |
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 |
2022 |
2023 |
2024 |
Growth Metrics |
- |
- |
- |
Revenue Growth |
33.44% |
50.52% |
23.62% |
EBITDA Growth |
25.29% |
40.35% |
-99.10% |
EBIT Growth |
22.92% |
33.58% |
-85.08% |
NOPAT Growth |
23.40% |
32.73% |
-83.70% |
Net Income Growth |
23.38% |
32.74% |
-83.68% |
EPS Growth |
58.73% |
34.62% |
-79.41% |
Operating Cash Flow Growth |
-19.74% |
-39.64% |
103.74% |
Free Cash Flow Firm Growth |
93.47% |
-208.86% |
76.12% |
Invested Capital Growth |
-6.61% |
10.88% |
-10.80% |
Revenue Q/Q Growth |
-6.38% |
13.39% |
4.93% |
EBITDA Q/Q Growth |
7.49% |
13.94% |
-96.13% |
EBIT Q/Q Growth |
7.16% |
9.04% |
-70.50% |
NOPAT Q/Q Growth |
7.76% |
7.87% |
-70.56% |
Net Income Q/Q Growth |
7.56% |
7.88% |
-70.54% |
EPS Q/Q Growth |
-4.00% |
5.56% |
-60.53% |
Operating Cash Flow Q/Q Growth |
31.72% |
-14.65% |
134.15% |
Free Cash Flow Firm Q/Q Growth |
-28.83% |
-139.63% |
47.19% |
Invested Capital Q/Q Growth |
0.31% |
12.98% |
1.59% |
Profitability Metrics |
- |
- |
- |
EBITDA Margin |
-67.90% |
-26.91% |
-43.34% |
EBIT Margin |
-77.86% |
-34.36% |
-51.44% |
Profit (Net Income) Margin |
-77.42% |
-34.59% |
-51.40% |
Tax Burden Percent |
100.02% |
100.01% |
100.00% |
Interest Burden Percent |
99.41% |
100.67% |
99.92% |
Effective Tax Rate |
0.00% |
0.00% |
0.00% |
Return on Invested Capital (ROIC) |
-13.09% |
-8.65% |
-15.97% |
ROIC Less NNEP Spread (ROIC-NNEP) |
-37.35% |
-20.36% |
-31.38% |
Return on Net Nonoperating Assets (RNNOA) |
-11.25% |
-9.43% |
-25.09% |
Return on Equity (ROE) |
-24.34% |
-18.08% |
-41.06% |
Cash Return on Invested Capital (CROIC) |
-6.26% |
-18.97% |
-4.55% |
Operating Return on Assets (OROA) |
-16.07% |
-10.15% |
-19.10% |
Return on Assets (ROA) |
-15.98% |
-10.22% |
-19.08% |
Return on Common Equity (ROCE) |
-24.34% |
-18.08% |
-41.06% |
Return on Equity Simple (ROE_SIMPLE) |
-25.81% |
-18.86% |
-50.39% |
Net Operating Profit after Tax (NOPAT) |
-111 |
-74 |
-137 |
NOPAT Margin |
-54.18% |
-24.21% |
-35.98% |
Net Nonoperating Expense Percent (NNEP) |
24.26% |
11.72% |
15.41% |
SG&A Expenses to Revenue |
32.36% |
22.31% |
16.74% |
Operating Expenses to Revenue |
177.86% |
134.36% |
151.44% |
Earnings before Interest and Taxes (EBIT) |
-159 |
-106 |
-196 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
-139 |
-83 |
-165 |
Valuation Ratios |
- |
- |
- |
Price to Book Value (P/BV) |
0.77 |
0.79 |
1.73 |
Price to Tangible Book Value (P/TBV) |
0.77 |
0.79 |
1.74 |
Price to Revenue (P/Rev) |
2.32 |
1.44 |
1.76 |
Price to Earnings (P/E) |
0.00 |
0.00 |
0.00 |
Dividend Yield |
0.00% |
0.00% |
0.00% |
Earnings Yield |
0.00% |
0.00% |
0.00% |
Enterprise Value to Invested Capital (EV/IC) |
0.46 |
0.77 |
1.21 |
Enterprise Value to Revenue (EV/Rev) |
1.83 |
2.26 |
2.58 |
Enterprise Value to EBITDA (EV/EBITDA) |
0.00 |
0.00 |
0.00 |
Enterprise Value to EBIT (EV/EBIT) |
0.00 |
0.00 |
0.00 |
Enterprise Value to NOPAT (EV/NOPAT) |
0.00 |
0.00 |
0.00 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
0.00 |
0.00 |
348.46 |
Enterprise Value to Free Cash Flow (EV/FCFF) |
0.00 |
0.00 |
0.00 |
Leverage & Solvency |
- |
- |
- |
Debt to Equity |
0.33 |
0.61 |
1.08 |
Long-Term Debt to Equity |
0.12 |
0.15 |
0.49 |
Financial Leverage |
0.30 |
0.46 |
0.80 |
Leverage Ratio |
1.52 |
1.77 |
2.15 |
Compound Leverage Factor |
1.51 |
1.78 |
2.15 |
Debt to Total Capital |
24.94% |
37.70% |
51.98% |
Short-Term Debt to Total Capital |
16.02% |
28.10% |
28.60% |
Long-Term Debt to Total Capital |
8.92% |
9.60% |
23.38% |
Preferred Equity to Total Capital |
0.00% |
0.00% |
0.00% |
Noncontrolling Interests to Total Capital |
0.00% |
0.00% |
0.00% |
Common Equity to Total Capital |
75.06% |
62.30% |
48.02% |
Debt to EBITDA |
-1.47 |
-4.13 |
-2.55 |
Net Debt to EBITDA |
0.71 |
-3.06 |
-1.88 |
Long-Term Debt to EBITDA |
-0.53 |
-1.05 |
-1.15 |
Debt to NOPAT |
-1.84 |
-4.58 |
-3.07 |
Net Debt to NOPAT |
0.89 |
-3.40 |
-2.27 |
Long-Term Debt to NOPAT |
-0.66 |
-1.17 |
-1.38 |
Noncontrolling Interest Sharing Ratio |
0.00% |
0.00% |
0.00% |
Liquidity Ratios |
- |
- |
- |
Cash Flow Metrics |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
-53 |
-163 |
-39 |
Operating Cash Flow to CapEx |
-35.74% |
-40.67% |
15.88% |
Free Cash Flow to Firm to Interest Expense |
-15.92 |
-62.17 |
-4.02 |
Operating Cash Flow to Interest Expense |
-16.23 |
-28.65 |
0.29 |
Operating Cash Flow Less CapEx to Interest Expense |
-61.63 |
-99.10 |
-1.53 |
Efficiency Ratios |
- |
- |
- |
Asset Turnover |
0.21 |
0.30 |
0.37 |
Fixed Asset Turnover |
0.66 |
0.63 |
0.68 |
Capital & Investment Metrics |
- |
- |
- |
Invested Capital |
817 |
906 |
808 |
Invested Capital Turnover |
0.24 |
0.36 |
0.44 |
Increase / (Decrease) in Invested Capital |
-58 |
89 |
-98 |
Enterprise Value (EV) |
375 |
696 |
981 |
Market Capitalization |
473 |
443 |
670 |
Book Value per Share |
$1.98 |
$1.78 |
$1.20 |
Tangible Book Value per Share |
$1.98 |
$1.77 |
$1.19 |
Total Capital |
817 |
906 |
808 |
Total Debt |
204 |
341 |
420 |
Total Long-Term Debt |
73 |
87 |
189 |
Net Debt |
-98 |
253 |
310 |
Capital Expenditures (CapEx) |
151 |
185 |
18 |
Net Nonoperating Expense (NNE) |
47 |
32 |
59 |
Net Nonoperating Obligations (NNO) |
204 |
341 |
420 |
Total Depreciation and Amortization (D&A) |
20 |
23 |
31 |
Earnings Adjustments |
- |
- |
- |
Adjusted Basic Earnings per Share |
($0.52) |
($0.34) |
($0.61) |
Adjusted Weighted Average Basic Shares Outstanding |
303.28M |
310.91M |
318.46M |
Adjusted Diluted Earnings per Share |
($0.52) |
($0.34) |
($0.61) |
Adjusted Weighted Average Diluted Shares Outstanding |
303.28M |
310.91M |
318.46M |
Adjusted Basic & Diluted Earnings per Share |
$0.00 |
$0.00 |
$0.00 |
Adjusted Weighted Average Basic & Diluted Shares Outstanding |
309.41M |
317.21M |
325.21M |
Normalized Net Operating Profit after Tax (NOPAT) |
-111 |
-76 |
-17 |
Normalized NOPAT Margin |
-54.47% |
-24.56% |
-4.60% |
Pre Tax Income Margin |
-77.40% |
-34.59% |
-51.40% |
Debt Service Ratios |
- |
- |
- |
EBIT to Interest Expense |
-47.88 |
-40.22 |
-20.14 |
NOPAT to Interest Expense |
-33.32 |
-28.34 |
-14.09 |
EBIT Less CapEx to Interest Expense |
-93.29 |
-110.67 |
-21.97 |
NOPAT Less CapEx to Interest Expense |
-78.72 |
-98.79 |
-15.91 |
Payout Ratios |
- |
- |
- |
Dividend Payout Ratio |
0.00% |
0.00% |
0.00% |
Augmented Payout Ratio |
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 |
|
Q1 2022 |
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Growth Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Revenue Growth |
|
- |
16.35% |
-17.54% |
32.36% |
18.84% |
107.19% |
58.00% |
66.49% |
7.69% |
21.29% |
17.27% |
EBITDA Growth |
|
- |
71.59% |
27.36% |
36.14% |
46.17% |
33.18% |
45.76% |
29.88% |
-347.69% |
199.24% |
-361.61% |
EBIT Growth |
|
- |
68.59% |
26.17% |
32.45% |
40.98% |
28.38% |
31.04% |
16.05% |
-289.43% |
150.62% |
-245.56% |
NOPAT Growth |
|
- |
68.60% |
28.32% |
32.45% |
40.98% |
28.38% |
26.98% |
16.05% |
-289.43% |
172.31% |
-234.91% |
Net Income Growth |
|
- |
68.63% |
27.75% |
32.45% |
40.98% |
28.38% |
27.03% |
16.05% |
-289.43% |
150.62% |
-234.77% |
EPS Growth |
|
- |
75.51% |
-25.00% |
33.33% |
46.67% |
33.33% |
20.00% |
20.00% |
-300.00% |
137.50% |
-200.00% |
Operating Cash Flow Growth |
|
- |
151.31% |
122.89% |
55.18% |
22.73% |
-693.97% |
-206.13% |
118.19% |
100.37% |
81.50% |
223.18% |
Free Cash Flow Firm Growth |
|
- |
107.71% |
104.91% |
102.80% |
109.45% |
-110.60% |
-409.73% |
-263.55% |
-148.60% |
446.47% |
137.88% |
Invested Capital Growth |
|
- |
-8.84% |
-6.61% |
-4.42% |
-8.87% |
-1.56% |
10.88% |
1.24% |
-5.56% |
-0.79% |
-10.80% |
Revenue Q/Q Growth |
|
- |
-39.45% |
69.23% |
-28.71% |
58.65% |
5.56% |
29.06% |
-22.97% |
2.62% |
18.89% |
24.78% |
EBITDA Q/Q Growth |
|
- |
18.86% |
5.69% |
17.94% |
14.28% |
-1.91% |
23.45% |
-4.52% |
-447.29% |
129.37% |
-456.06% |
EBIT Q/Q Growth |
|
- |
17.29% |
5.30% |
14.56% |
11.81% |
-1.30% |
8.80% |
-2.96% |
-309.09% |
116.76% |
-722.62% |
NOPAT Q/Q Growth |
|
- |
17.29% |
7.88% |
12.16% |
11.81% |
-0.36% |
6.08% |
-0.99% |
-309.09% |
124.13% |
-535.01% |
Net Income Q/Q Growth |
|
- |
17.29% |
7.79% |
12.25% |
11.81% |
-0.36% |
6.04% |
-0.95% |
-309.09% |
116.89% |
-721.45% |
EPS Q/Q Growth |
|
- |
20.00% |
16.67% |
0.00% |
20.00% |
0.00% |
0.00% |
0.00% |
-300.00% |
112.00% |
-900.00% |
Operating Cash Flow Q/Q Growth |
|
- |
112.79% |
-5.53% |
-339.25% |
-167.26% |
1.68% |
83.12% |
141.01% |
-94.53% |
-4,990.99% |
212.38% |
Free Cash Flow Firm Q/Q Growth |
|
- |
108.80% |
-35.84% |
-51.01% |
241.85% |
-109.87% |
-1,774.75% |
56.45% |
-1.59% |
156.32% |
104.95% |
Invested Capital Q/Q Growth |
|
- |
-4.53% |
0.31% |
-0.85% |
-4.02% |
3.13% |
12.98% |
-4.95% |
-10.47% |
5.03% |
1.59% |
Profitability Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBITDA Margin |
|
- |
-81.69% |
-45.52% |
-51.10% |
-27.61% |
-26.35% |
-15.63% |
-21.52% |
-114.78% |
21.56% |
-61.51% |
EBIT Margin |
|
- |
-94.40% |
-52.83% |
-61.74% |
-34.32% |
-32.63% |
-23.06% |
-31.13% |
-124.11% |
13.62% |
-67.95% |
Profit (Net Income) Margin |
|
- |
-94.40% |
-51.44% |
-61.74% |
-34.32% |
-32.63% |
-23.76% |
-31.13% |
-124.11% |
13.62% |
-67.82% |
Tax Burden Percent |
|
- |
100.00% |
100.10% |
100.00% |
100.00% |
100.00% |
100.04% |
100.00% |
100.00% |
100.00% |
100.00% |
Interest Burden Percent |
|
- |
100.00% |
97.27% |
100.00% |
100.00% |
100.00% |
102.99% |
100.00% |
100.00% |
100.00% |
99.81% |
Effective Tax Rate |
|
- |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Return on Invested Capital (ROIC) |
|
- |
-16.90% |
-8.69% |
-11.36% |
-6.77% |
-7.67% |
-5.94% |
-9.08% |
-39.70% |
6.18% |
-21.07% |
ROIC Less NNEP Spread (ROIC-NNEP) |
|
- |
-22.75% |
-13.87% |
-15.86% |
-10.72% |
-11.30% |
-8.65% |
-12.20% |
-52.49% |
6.18% |
-27.56% |
Return on Net Nonoperating Assets (RNNOA) |
|
- |
-6.40% |
-4.18% |
-4.94% |
-3.44% |
-4.13% |
-4.00% |
-5.06% |
-24.17% |
3.19% |
-22.04% |
Return on Equity (ROE) |
|
- |
-23.29% |
-12.87% |
-16.30% |
-10.22% |
-11.80% |
-9.94% |
-14.14% |
-63.87% |
9.37% |
-43.11% |
Cash Return on Invested Capital (CROIC) |
|
- |
-4.81% |
-6.26% |
-7.64% |
-1.53% |
-8.44% |
-18.97% |
-9.97% |
-10.69% |
-9.25% |
-4.55% |
Operating Return on Assets (OROA) |
|
- |
-20.99% |
-10.90% |
-13.43% |
-8.01% |
-8.90% |
-6.81% |
-10.34% |
-43.75% |
4.90% |
-25.22% |
Return on Assets (ROA) |
|
- |
-20.99% |
-10.62% |
-13.43% |
-8.01% |
-8.90% |
-7.02% |
-10.34% |
-43.75% |
4.90% |
-25.18% |
Return on Common Equity (ROCE) |
|
- |
-23.29% |
-12.87% |
-16.28% |
-10.20% |
-11.78% |
-9.94% |
-14.11% |
-63.75% |
9.35% |
-43.11% |
Return on Equity Simple (ROE_SIMPLE) |
|
- |
-27.79% |
0.00% |
-23.85% |
-21.79% |
-20.43% |
0.00% |
-18.62% |
-38.93% |
-23.58% |
0.00% |
Net Operating Profit after Tax (NOPAT) |
|
- |
-26 |
-24 |
-21 |
-18 |
-18 |
-17 |
-17 |
-71 |
13 |
-58 |
NOPAT Margin |
|
- |
-66.08% |
-35.97% |
-43.22% |
-24.02% |
-22.84% |
-16.62% |
-21.79% |
-86.88% |
13.62% |
-47.47% |
Net Nonoperating Expense Percent (NNEP) |
|
- |
5.85% |
5.18% |
4.51% |
3.95% |
3.63% |
2.71% |
3.12% |
12.79% |
0.00% |
6.49% |
SG&A Expenses to Revenue |
|
- |
43.96% |
24.03% |
33.09% |
20.27% |
24.03% |
17.48% |
21.42% |
18.49% |
16.09% |
12.99% |
Operating Expenses to Revenue |
|
- |
194.40% |
152.83% |
161.74% |
134.32% |
132.63% |
123.06% |
131.13% |
224.11% |
86.38% |
167.95% |
Earnings before Interest and Taxes (EBIT) |
|
- |
-37 |
-35 |
-30 |
-26 |
-26 |
-24 |
-25 |
-102 |
13 |
-82 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
- |
-32 |
-30 |
-24 |
-21 |
-21 |
-16 |
-17 |
-94 |
21 |
-75 |
Valuation Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Price to Book Value (P/BV) |
|
- |
0.89 |
0.77 |
0.64 |
0.86 |
1.06 |
0.79 |
0.49 |
0.32 |
0.17 |
1.73 |
Price to Tangible Book Value (P/TBV) |
|
- |
0.89 |
0.77 |
0.64 |
0.86 |
1.06 |
0.79 |
0.49 |
0.32 |
0.17 |
1.74 |
Price to Revenue (P/Rev) |
|
- |
2.51 |
2.32 |
1.76 |
2.15 |
2.20 |
1.44 |
0.78 |
0.42 |
0.22 |
1.76 |
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 |
Dividend Yield |
|
- |
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% |
Enterprise Value to Invested Capital (EV/IC) |
|
- |
0.45 |
0.46 |
0.41 |
0.67 |
0.93 |
0.77 |
0.55 |
0.44 |
0.36 |
1.21 |
Enterprise Value to Revenue (EV/Rev) |
|
- |
1.68 |
1.83 |
1.51 |
2.28 |
2.75 |
2.26 |
1.34 |
0.93 |
0.79 |
2.58 |
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 |
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 |
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 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
|
- |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
348.46 |
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 |
Leverage & Solvency |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Debt to Equity |
|
- |
0.32 |
0.33 |
0.34 |
0.34 |
0.41 |
0.61 |
0.50 |
0.61 |
0.64 |
1.08 |
Long-Term Debt to Equity |
|
- |
0.13 |
0.12 |
0.12 |
0.13 |
0.13 |
0.15 |
0.16 |
0.20 |
0.25 |
0.49 |
Financial Leverage |
|
- |
0.28 |
0.30 |
0.31 |
0.32 |
0.37 |
0.46 |
0.41 |
0.46 |
0.52 |
0.80 |
Leverage Ratio |
|
- |
1.47 |
1.52 |
1.59 |
1.60 |
1.68 |
1.77 |
1.77 |
1.89 |
1.91 |
2.15 |
Compound Leverage Factor |
|
- |
1.47 |
1.48 |
1.59 |
1.60 |
1.68 |
1.82 |
1.77 |
1.89 |
1.91 |
2.15 |
Debt to Total Capital |
|
- |
24.36% |
24.94% |
25.18% |
25.41% |
29.22% |
37.70% |
33.38% |
38.01% |
38.87% |
51.98% |
Short-Term Debt to Total Capital |
|
- |
14.31% |
16.02% |
16.16% |
15.77% |
19.89% |
28.10% |
22.87% |
25.66% |
23.65% |
28.60% |
Long-Term Debt to Total Capital |
|
- |
10.05% |
8.92% |
9.02% |
9.64% |
9.32% |
9.60% |
10.51% |
12.35% |
15.21% |
23.38% |
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% |
Noncontrolling Interests to Total Capital |
|
- |
0.00% |
0.00% |
0.27% |
0.26% |
0.25% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Common Equity to Total Capital |
|
- |
75.64% |
75.06% |
74.55% |
74.33% |
70.54% |
62.30% |
66.62% |
61.99% |
61.13% |
48.02% |
Debt to EBITDA |
|
- |
-1.32 |
-1.47 |
-1.63 |
-1.85 |
-2.44 |
-4.13 |
-3.63 |
-1.88 |
-3.68 |
-2.55 |
Net Debt to EBITDA |
|
- |
1.20 |
0.71 |
0.45 |
-0.25 |
-1.51 |
-3.06 |
-2.51 |
-1.19 |
-2.44 |
-1.88 |
Long-Term Debt to EBITDA |
|
- |
-0.55 |
-0.53 |
-0.58 |
-0.70 |
-0.78 |
-1.05 |
-1.14 |
-0.61 |
-1.44 |
-1.15 |
Debt to NOPAT |
|
- |
-1.65 |
-1.84 |
-2.02 |
-2.24 |
-2.90 |
-4.58 |
-3.85 |
-2.25 |
-3.85 |
-3.07 |
Net Debt to NOPAT |
|
- |
1.51 |
0.89 |
0.56 |
-0.31 |
-1.79 |
-3.40 |
-2.66 |
-1.42 |
-2.56 |
-2.27 |
Long-Term Debt to NOPAT |
|
- |
-0.68 |
-0.66 |
-0.72 |
-0.85 |
-0.92 |
-1.17 |
-1.21 |
-0.73 |
-1.51 |
-1.38 |
Noncontrolling Interest Sharing Ratio |
|
- |
0.00% |
0.00% |
0.17% |
0.17% |
0.17% |
0.00% |
0.19% |
0.20% |
0.19% |
0.00% |
Liquidity Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Cash Flow Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
|
- |
53 |
34 |
17 |
57 |
-5.66 |
-106 |
-27 |
-28 |
20 |
40 |
Operating Cash Flow to CapEx |
|
- |
29.39% |
7.05% |
-31.38% |
-51.99% |
-49.14% |
-15.27% |
20.13% |
3.81% |
-119.85% |
3,389.44% |
Free Cash Flow to Firm to Interest Expense |
|
- |
68.98 |
39.92 |
36.56 |
117.79 |
-11.53 |
-89.08 |
-15.85 |
-13.31 |
4.57 |
25.19 |
Operating Cash Flow to Interest Expense |
|
- |
6.38 |
5.44 |
-24.33 |
-61.28 |
-59.76 |
-4.16 |
1.17 |
0.05 |
-1.27 |
3.83 |
Operating Cash Flow Less CapEx to Interest Expense |
|
- |
-15.33 |
-71.67 |
-101.85 |
-179.14 |
-181.37 |
-31.40 |
-4.65 |
-1.34 |
-2.32 |
3.71 |
Efficiency Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Asset Turnover |
|
- |
0.22 |
0.21 |
0.22 |
0.23 |
0.27 |
0.30 |
0.33 |
0.35 |
0.36 |
0.37 |
Fixed Asset Turnover |
|
- |
0.82 |
0.66 |
0.59 |
0.56 |
0.63 |
0.63 |
0.63 |
0.68 |
0.67 |
0.68 |
Capital & Investment Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Invested Capital |
|
- |
814 |
817 |
810 |
777 |
802 |
906 |
820 |
734 |
795 |
808 |
Invested Capital Turnover |
|
- |
0.26 |
0.24 |
0.26 |
0.28 |
0.34 |
0.36 |
0.42 |
0.46 |
0.45 |
0.44 |
Increase / (Decrease) in Invested Capital |
|
- |
-79 |
-58 |
-37 |
-76 |
-13 |
89 |
10 |
-43 |
-6.36 |
-98 |
Enterprise Value (EV) |
|
- |
367 |
375 |
329 |
524 |
745 |
696 |
454 |
321 |
286 |
981 |
Market Capitalization |
|
- |
548 |
473 |
384 |
495 |
598 |
443 |
265 |
145 |
81 |
670 |
Book Value per Share |
|
- |
$2.04 |
$1.98 |
$1.95 |
$1.87 |
$1.79 |
$1.78 |
$1.73 |
$1.43 |
$1.50 |
$1.20 |
Tangible Book Value per Share |
|
- |
$2.03 |
$1.98 |
$1.94 |
$1.86 |
$1.78 |
$1.77 |
$1.72 |
$1.43 |
$1.49 |
$1.19 |
Total Capital |
|
- |
814 |
817 |
810 |
777 |
802 |
906 |
820 |
734 |
795 |
808 |
Total Debt |
|
- |
198 |
204 |
204 |
197 |
234 |
341 |
274 |
279 |
309 |
420 |
Total Long-Term Debt |
|
- |
82 |
73 |
73 |
75 |
75 |
87 |
86 |
91 |
121 |
189 |
Net Debt |
|
- |
-181 |
-98 |
-57 |
27 |
145 |
253 |
190 |
176 |
205 |
310 |
Capital Expenditures (CapEx) |
|
- |
17 |
66 |
36 |
57 |
60 |
32 |
10 |
2.92 |
4.53 |
0.18 |
Net Nonoperating Expense (NNE) |
|
- |
11 |
10 |
8.87 |
7.82 |
7.85 |
7.38 |
7.45 |
30 |
0.00 |
25 |
Net Nonoperating Obligations (NNO) |
|
- |
198 |
204 |
204 |
197 |
234 |
341 |
274 |
279 |
309 |
420 |
Total Depreciation and Amortization (D&A) |
|
- |
4.92 |
4.78 |
5.10 |
5.10 |
5.04 |
7.69 |
7.66 |
7.64 |
7.72 |
7.81 |
Earnings Adjustments |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Adjusted Basic Earnings per Share |
|
- |
($0.12) |
($0.10) |
($0.10) |
($0.08) |
($0.08) |
($0.08) |
($0.08) |
($0.32) |
$0.04 |
($0.25) |
Adjusted Weighted Average Basic Shares Outstanding |
|
- |
305.98M |
303.28M |
307.71M |
307.74M |
313.11M |
310.91M |
315.37M |
315.51M |
320.55M |
318.46M |
Adjusted Diluted Earnings per Share |
|
- |
($0.12) |
($0.10) |
($0.10) |
($0.08) |
($0.08) |
($0.08) |
($0.08) |
($0.32) |
$0.03 |
($0.24) |
Adjusted Weighted Average Diluted Shares Outstanding |
|
- |
305.98M |
303.28M |
307.71M |
307.74M |
313.11M |
310.91M |
315.37M |
315.51M |
367.03M |
318.46M |
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 |
Adjusted Weighted Average Basic & Diluted Shares Outstanding |
|
- |
309.29M |
309.41M |
309.43M |
316.31M |
316.53M |
317.21M |
317.20M |
323.82M |
323.82M |
325.21M |
Normalized Net Operating Profit after Tax (NOPAT) |
|
- |
-26 |
-23 |
-21 |
-18 |
-18 |
-17 |
-18 |
-9.31 |
1.41 |
4.50 |
Normalized NOPAT Margin |
|
- |
-67.83% |
-35.69% |
-44.51% |
-24.34% |
-22.93% |
-16.76% |
-22.18% |
-11.38% |
1.45% |
3.71% |
Pre Tax Income Margin |
|
- |
-94.40% |
-51.39% |
-61.74% |
-34.32% |
-32.63% |
-23.75% |
-31.13% |
-124.11% |
13.62% |
-67.82% |
Debt Service Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBIT to Interest Expense |
|
- |
-47.21 |
-40.34 |
-64.42 |
-53.55 |
-53.30 |
-20.04 |
-14.33 |
-48.50 |
3.09 |
-51.71 |
NOPAT to Interest Expense |
|
- |
-33.05 |
-27.47 |
-45.10 |
-37.48 |
-37.31 |
-14.45 |
-10.03 |
-33.95 |
3.09 |
-36.13 |
EBIT Less CapEx to Interest Expense |
|
- |
-68.93 |
-117.44 |
-141.95 |
-171.41 |
-174.92 |
-47.28 |
-20.16 |
-49.89 |
2.03 |
-51.82 |
NOPAT Less CapEx to Interest Expense |
|
- |
-54.76 |
-104.57 |
-122.62 |
-155.35 |
-158.93 |
-41.69 |
-15.86 |
-35.34 |
2.03 |
-36.24 |
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% |
Augmented Payout Ratio |
|
- |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Key Financial Trends
Microvast Holdings, Inc. (NASDAQ: MVST) continues its journey with challenges and signs of early-stage growth from 2021 through 2024. Here's a summarized financial analysis based on the last four years of quarterly financial data, focusing primarily on recent trends and key metrics:
- Revenue Growth: Between Q1 2021 and Q4 2024, Microvast's revenue showed consistent growth, with quarterly revenue increasing from $47.9 million in Q1 2024 to $121.4 million in Q4 2024, representing a significant upward trajectory.
- Improved Operating Cash Flow: Despite net losses, operating cash flow has improved, turning positive in recent quarters; for example, net cash from continuing operating activities was $6.1 million in Q4 2024, up from negative amounts in prior quarters, indicating better operational efficiency.
- Capital Expenditures Moderating: Capital expenditures have decreased substantially from as high as $66 million in Q4 2022 to about $0.18 million in Q4 2024, suggesting a reduction in heavy investment spending, which can improve free cash flow.
- Free Cash Flow to Firm (FCFF): FCFF has turned positive in recent quarters, with $40.2 million in Q4 2024, signaling improved cash generation capacity underlying the business despite losses.
- Reduction in Net Debt: Net debt decreased roughly from $310 million in Q4 2024 (though very high) compared to prior levels in early 2021 when debt/equity ratios were also elevated. Efforts to manage leverage are ongoing.
- Net Income Trends: Microvast has continued to report net losses in every quarter, including a net loss of approximately $82 million in Q4 2024, which is an increased loss compared to some prior quarters.
- Earnings per Share (EPS): EPS remains negative reliably, with Q4 2024 EPS at -$0.24 diluted, reflecting ongoing challenges in reaching profitability.
- Marketing and Operating Expenses: Marketing expenses are substantial, roughly steady around $15-17 million per quarter in 2024. Other operating expenses remain high (around $79–94 million per quarter), limiting operating margins.
- Leverage Ratios: Debt to equity and debt to capital ratios show meaningful leverage, with debt representing approximately 50-52% of total capital, which could increase risk if earnings don’t improve.
- Return on Equity and Capital: Negative returns (ROE, ROIC) persist, with slight quarterly fluctuations, indicating that capital invested has yet to generate positive returns consistently.
- Significant and Increasing Net Losses: The consolidated net loss widened to $82 million in Q4 2024 compared to positive net income of $13.2 million in Q3 2024 - indicating volatility and worsening profitability in the latest quarter.
- High Interest Expenses: Interest expenses related to long-term debt remain high, with $1.595 million expense in Q4 2024 despite relatively low interest income, burdening earnings.
- Large Non-Interest Expenses and Special Charges: Total non-interest expenses reported were $204 million in Q4 2024, with large other special charges ($88.8 million) impacting profitability negatively.
- Negative Operating Margins: Operating margins remain negative (e.g., EBIT margin at -67.9% in Q4 2024), indicating ongoing difficulties with cost management relative to revenues.
- Declining Key Profitability Metrics: Quarterly trends show decline in EBITDA and EBIT growth rates in late 2024 (negative growth in Q/Q EBITDA and EBIT), suggesting recent performance struggles.
Summary: Microvast's financials illustrate a company still in a heavy investment and growth phase, marked by rapid revenue gains but persistent net losses and cash burn. Positive cash flow improvements and disciplined capital expenditures provide some optimism, but profitability challenges, high expenses, and leverage concerns weigh on the overall outlook. Investors should monitor quarterly results closely, particularly cash flow sustainability and margin trends.
08/02/25 03:08 AMAI Generated. May Contain Errors.