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Microvast (MVST) Financials

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$0.79 -0.02 (-2.07%)
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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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 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
Net Income / (Loss) Attributable to Common Shareholders		 -26 -25 -25 -102 13 -82 62 -106 -1.49 17 48
Consolidated Net Income / (Loss)		 -26 -25 -25 -102 13 -82 62 -106 -1.49 17 48
Net Income / (Loss) Continuing Operations		 -26 -25 -25 -102 13 -82 62 -106 -1.49 17 48
Total Pre-Tax Income 		-26 -25 -25 -102 13 -82 61 -106 -0.75 10 48
Total Revenue		 80 104 80 82 105 121 119 91 122 64 53
Net Interest Income / (Expense)		 0.09 -1.06 -1.61 -1.85 -4.10 -1.40 -1.01 -1.05 -1.02 -0.86 -0.85
Total Interest Income		 0.58 0.13 0.12 0.25 0.19 0.19 0.18 0.20 0.24 0.35 0.38
Investment Securities Interest Income		 0.58 0.13 0.12 0.25 0.19 0.19 0.18 0.20 0.24 0.35 0.38
Total Interest Expense		 0.49 1.19 1.73 2.09 4.29 1.60 1.19 1.25 1.26 1.21 1.23
Long-Term Debt Interest Expense		 0.49 1.19 1.73 2.09 4.29 1.60 1.19 1.25 1.26 1.21 1.23
Total Non-Interest Income		 80 105 81 84 109 123 120 92 123 64 54
Net Realized & Unrealized Capital Gains on Investments		 - - 0.00 0.45 7.71 - 3.67 0.40 0.00 0.51 -6.90
Other Non-Interest Income		 80 105 81 84 101 113 116 91 123 64 61
Total Non-Interest Expense		 106 127 105 184 92 204 58 197 123 54 4.71
Marketing Expense		 19 18 17 15 16 16 15 11 14 16 14
Other Operating Expenses		 87 109 88 80 80 94 88 64 97 87 54
Other Special Charges		 -0.53 -0.21 -0.44 0.68 -3.54 89 -45 120 13 -52 -64
Other Gains / (Losses), net		 - - - - - - 0.71 - - - 0.05
Basic Earnings per Share		 ($0.08) ($0.08) ($0.08) ($0.32) $0.04 ($0.25) $0.19 ($0.33) $0.00 $0.05 $0.15
Weighted Average Basic Shares Outstanding		 313.11M 310.91M 315.37M 315.51M 320.55M 318.46M 323.43M 323.64M 323.76M 324.69M 332.36M
Diluted Earnings per Share		 ($0.08) ($0.08) ($0.08) ($0.32) $0.03 ($0.24) $0.05 ($0.33) $0.00 $0.19 ($0.04)
Weighted Average Diluted Shares Outstanding		 313.11M 310.91M 315.37M 315.51M 367.03M 318.46M 374.43M 323.64M 323.76M 324.69M 385.27M
Weighted Average Basic & Diluted Shares Outstanding		 316.53M 317.21M 317.20M 323.82M 323.82M 325.21M 325.34M 325.35M 328.18M 332.03M 333.16M

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 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
Net Change in Cash & Equivalents		 -81 -1.02 -1.49 18 10 -5.37 13 16 3.81 27 4.76
Net Cash From Operating Activities		 -29 -4.95 2.03 0.11 -5.43 6.10 7.17 37 15 16 -23
Net Cash From Continuing Operating Activities		 -29 -4.95 2.03 0.11 -5.43 6.10 7.17 37 15 16 -23
Net Income / (Loss) Continuing Operations		 -26 -25 -25 -102 -9.87 -82 62 -106 -1.49 17 48
Consolidated Net Income / (Loss)		 -26 -25 -25 -102 -9.87 -82 62 -106 -1.49 17 48
Provision For Loan Losses		 -0.21 1.27 0.58 0.18 -0.99 3.98 1.36 0.83 4.38 1.42 -0.80
Depreciation Expense		 4.85 7.50 7.47 7.44 7.53 7.62 7.99 8.11 8.08 8.19 8.08
Non-Cash Adjustments to Reconcile Net Income		 21 21 16 108 35 81 -37 128 19 -16 -58
Changes in Operating Assets and Liabilities, net		 -29 -11 2.89 -14 -37 -4.29 -27 6.37 -15 6.18 -20
Net Cash From Investing Activities		 -60 -12 -4.53 -2.92 -4.53 -0.18 -2.33 -2.75 -10 -0.59 -2.80
Net Cash From Continuing Investing Activities		 -60 -12 -4.53 -2.92 -4.53 -0.18 -2.33 -2.75 -10 -0.59 -2.80
Purchase of Property, Leasehold Improvements and Equipment		 -60 -33 -10 -2.95 -14 -0.36 -2.35 -2.86 -14 -0.64 -2.86
Sale and/or Maturity of Investments		 - 26 5.56 - - - 0.01 - - - 0.05
Net Cash From Financing Activities		 6.86 21 6.26 22 18 -9.05 9.46 -16 -2.75 6.86 29
Net Cash From Continuing Financing Activities		 6.86 21 6.26 22 18 -9.05 9.46 -16 -2.75 6.86 29
Issuance of Debt		 9.21 29 19 34 43 31 28 31 10 16 52
Repayment of Debt		 -2.35 -8.53 -13 -11 -8.38 -34 -14 -43 -9.78 -30 -21
Other Financing Activities, Net		 - - 0.00 - - -5.77 -4.29 -4.52 -3.44 -7.44 -1.59
Effect of Exchange Rate Changes		 1.09 -4.47 -5.25 -1.64 2.30 -2.24 -0.91 -2.32 1.77 3.92 1.03

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		 - 0.00 121 115 131 254 231 365
Accrued Interest Payable		 - - - 59 67 149 99 123
Other Short-Term Payables		 0.00 0.27 63 1.53 54 0.00 0.01 0.00
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 Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 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
Total Assets		 973 1,004 998 1,017 1,041 961 998 983 1,005 1,014 987
Cash and Due from Banks		 296 200 143 67 39 68 64 91 100 91 126
Restricted Cash		 83 60 28 22 45 35 40 32 39 52 48
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		 299 456 510 561 628 508 516 497 533 535 522
Intangible Assets		 1.70 3.69 3.34 3.21 2.99 2.85 2.79 2.50 2.39 2.28 2.08
Other Assets		 294 284 314 363 325 348 375 361 330 333 290
Total Liabilities & Shareholders' Equity		 973 1,004 998 1,017 1,041 961 998 983 1,005 1,014 987
Total Liabilities		 357 398 418 449 495 506 512 529 649 655 521
Short-Term Debt		 116 131 123 159 187 188 188 191 423 395 335
Accrued Interest Payable		 80 94 117 122 138 143 105 105 102 129 109
Other Short-Term Payables		 36 53 53 54 41 41 43 44 0.00 5.68 0.02
Long-Term Debt		 82 73 75 75 86 91 121 144 76 76 28
Other Long-Term Liabilities		 43 47 50 38 42 43 55 45 48 49 50
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		 616 606 580 567 546 455 486 454 356 358 466
Total Preferred & Common Equity		 616 604 578 565 546 455 486 454 356 358 466
Preferred Stock		 - - - - - - - - - - 0.00
Total Common Equity		 616 604 578 565 546 455 486 454 356 358 466
Common Stock		 1,398 1,434 1,452 1,468 1,493 1,506 1,512 1,514 1,515 1,515 1,545
Retained Earnings		 -757 -821 -847 -873 -922 -1,024 -1,011 -1,031 -1,137 -1,139 -1,074
Accumulated Other Comprehensive Income / (Loss)		 -31 -16 -34 -36 -31 -33 -22 -34 -27 -25 -11
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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 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
DEI Shares Outstanding		 - - - - - - - - - 328,182,834.00 332,032,946.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 328,182,834.00 332,032,946.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 0.05 0.15
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 107.19% 58.00% 66.49% 7.69% 21.29% 17.27% 45.31% 10.23% 16.45% -43.89% -55.63%
EBITDA Growth		 33.18% 45.76% 29.88% -347.69% 199.24% -361.61% 507.71% -3.85% -64.13% 124.69% -18.57%
EBIT Growth		 28.38% 31.04% 16.05% -289.43% 150.62% -245.56% 348.90% -4.22% -105.66% 112.16% -21.16%
NOPAT Growth		 28.38% 26.98% 16.05% -289.43% 172.31% -234.91% 455.57% -4.22% -103.96% 128.70% -21.16%
Net Income Growth		 28.38% 27.03% 16.05% -289.43% 150.62% -234.77% 348.90% -4.43% -111.24% 120.09% -21.98%
EPS Growth		 33.33% 20.00% 20.00% -300.00% 137.50% -200.00% 162.50% -3.13% -100.00% 179.17% -180.00%
Operating Cash Flow Growth		 -693.97% -206.13% 118.19% 100.37% 81.50% 223.18% 252.98% 33,372.07% 379.30% 169.17% -417.98%
Free Cash Flow Firm Growth		 -110.60% -409.73% -263.55% -148.60% 446.47% 137.88% 436.86% -598.10% -275.64% -115.02% -90.21%
Invested Capital Growth		 -1.56% 10.88% 1.24% -5.56% -0.79% -10.80% -3.74% 16.42% 4.27% 2.79% 4.97%
Revenue Q/Q Growth		 5.56% 29.06% -22.97% 2.62% 18.89% 24.78% -4.55% -21.73% 34.82% -48.04% -16.79%
EBITDA Q/Q Growth		 -1.91% 23.45% -4.52% -447.29% 129.37% -456.06% 193.70% -239.41% 107.71% 144.55% 205.74%
EBIT Q/Q Growth		 -1.30% 8.80% -2.96% -309.09% 116.76% -722.62% 174.92% -271.29% 99.29% 1,434.80% 381.06%
NOPAT Q/Q Growth		 -0.36% 6.08% -0.99% -309.09% 124.13% -535.01% 207.23% -219.90% 99.29% 3,250.29% 191.18%
Net Income Q/Q Growth		 -0.36% 6.04% -0.95% -309.09% 116.89% -721.45% 175.06% -271.64% 98.60% 1,210.75% 191.50%
EPS Q/Q Growth		 0.00% 0.00% 0.00% -300.00% 112.00% -900.00% 120.83% -760.00% 100.00% 0.00% -121.05%
Operating Cash Flow Q/Q Growth		 1.68% 83.12% 141.01% -94.53% -4,990.99% 212.38% 17.51% 418.26% -59.19% 8.30% -238.81%
Free Cash Flow Firm Q/Q Growth		 -109.87% -1,774.75% 56.45% -1.59% 156.32% 104.95% 130.04% -310.53% 82.30% 82.47% 248.72%
Invested Capital Q/Q Growth		 3.13% 12.98% -4.95% -10.47% 5.03% 1.59% -2.31% 8.28% -2.98% 0.15% -0.24%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 -26.35% -15.63% -21.52% -114.78% 21.56% -61.51% 60.38% -107.56% 6.15% 28.95% 106.38%
EBIT Margin		 -32.63% -23.06% -31.13% -124.11% 13.62% -67.95% 53.33% -116.71% -0.61% 15.76% 91.09%
Profit (Net Income) Margin		 -32.63% -23.76% -31.13% -124.11% 13.62% -67.82% 53.33% -116.95% -1.22% 26.03% 91.19%
Tax Burden Percent		 100.00% 100.04% 100.00% 100.00% 100.00% 100.00% 100.00% 100.21% 198.53% 161.28% 100.11%
Interest Burden Percent		 100.00% 102.99% 100.00% 100.00% 100.00% 99.81% 100.00% 100.00% 100.00% 102.44% 100.00%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -61.28% 0.00%
Return on Invested Capital (ROIC)		 -7.67% -5.94% -9.08% -39.70% 6.18% -21.07% 27.60% -43.69% -0.23% 12.47% 36.73%
ROIC Less NNEP Spread (ROIC-NNEP)		 -11.30% -8.65% -12.20% -52.49% 6.18% -27.56% 27.60% -51.92% -0.48% 12.47% 36.74%
Return on Net Nonoperating Assets (RNNOA)		 -4.13% -4.00% -5.06% -24.17% 3.19% -22.04% 16.79% -49.76% -0.44% 13.12% 27.83%
Return on Equity (ROE)		 -11.80% -9.94% -14.14% -63.87% 9.37% -43.11% 44.39% -93.45% -0.68% 25.59% 64.56%
Cash Return on Invested Capital (CROIC)		 -8.44% -18.97% -9.97% -10.69% -9.25% -4.55% -5.66% -25.15% -15.13% -5.71% -8.95%
Operating Return on Assets (OROA)		 -8.90% -6.81% -10.34% -43.75% 4.90% -25.22% 21.95% -50.43% -0.27% 6.32% 30.15%
Return on Assets (ROA)		 -8.90% -7.02% -10.34% -43.75% 4.90% -25.18% 21.95% -50.53% -0.54% 10.44% 30.18%
Return on Common Equity (ROCE)		 -11.78% -9.94% -14.11% -63.75% 9.35% -43.11% 44.39% -93.45% -0.68% 25.59% 64.56%
Return on Equity Simple (ROE_SIMPLE)		 -20.43% 0.00% -18.62% -38.93% -23.58% 0.00% -23.96% -31.83% -35.77% 0.00% -9.18%
Net Operating Profit after Tax (NOPAT)		 -18 -17 -17 -71 13 -58 62 -74 -0.53 17 48
NOPAT Margin		 -22.84% -16.62% -21.79% -86.88% 13.62% -47.47% 53.33% -81.69% -0.43% 26.03% 91.09%
Net Nonoperating Expense Percent (NNEP)		 3.63% 2.71% 3.12% 12.79% 0.00% 6.49% 0.00% 8.23% 0.25% 0.00% -0.01%
SG&A Expenses to Revenue		 24.03% 17.48% 21.42% 18.49% 16.09% 12.99% 12.99% 12.29% 11.26% 25.74% 26.77%
Operating Expenses to Revenue		 132.63% 123.06% 131.13% 224.11% 86.38% 167.95% 46.67% 216.71% 100.61% 84.24% 8.91%
Earnings before Interest and Taxes (EBIT)		 -26 -24 -25 -102 13 -82 62 -106 -0.75 10 48
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -21 -16 -17 -94 21 -75 70 -98 7.52 18 56
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.06 0.79 0.49 0.32 0.17 1.73 0.84 3.32 3.50 2.24 1.07
Price to Tangible Book Value (P/TBV)		 1.06 0.79 0.49 0.32 0.17 1.74 0.84 3.34 3.52 2.25 1.07
Price to Revenue (P/Rev)		 2.20 1.44 0.78 0.42 0.22 1.76 0.91 2.78 2.83 2.34 1.53
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 0.00
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% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.93 0.77 0.55 0.44 0.36 1.21 0.75 1.80 1.91 1.41 0.83
Enterprise Value to Revenue (EV/Rev)		 2.75 2.26 1.34 0.93 0.79 2.58 1.42 3.63 3.58 2.98 2.10
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 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 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 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 348.46 74.50 34.24 24.10 15.41 14.94
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 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.41 0.61 0.50 0.61 0.64 1.08 0.74 1.40 1.32 1.02 0.78
Long-Term Debt to Equity		 0.13 0.15 0.16 0.20 0.25 0.49 0.32 0.21 0.21 0.13 0.06
Financial Leverage		 0.37 0.46 0.41 0.46 0.52 0.80 0.61 0.96 0.92 1.05 0.76
Leverage Ratio		 1.68 1.77 1.77 1.89 1.91 2.15 2.02 2.42 2.38 2.45 2.14
Compound Leverage Factor		 1.68 1.82 1.77 1.89 1.91 2.15 2.02 2.42 2.38 2.51 2.14
Debt to Total Capital		 29.22% 37.70% 33.38% 38.01% 38.87% 51.98% 42.44% 58.32% 56.81% 50.56% 43.73%
Short-Term Debt to Total Capital		 19.89% 28.10% 22.87% 25.66% 23.65% 28.60% 24.19% 49.44% 47.63% 43.95% 40.39%
Long-Term Debt to Total Capital		 9.32% 9.60% 10.51% 12.35% 15.21% 23.38% 18.25% 8.88% 9.18% 6.61% 3.33%
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		 0.25% 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		 70.54% 62.30% 66.62% 61.99% 61.13% 48.02% 57.56% 41.68% 43.20% 49.44% 56.27%
Debt to EBITDA		 -2.44 -4.13 -3.63 -1.88 -3.68 -2.55 -4.31 -6.13 -4.97 -253.52 -23.75
Net Debt to EBITDA		 -1.51 -3.06 -2.51 -1.19 -2.44 -1.88 -2.73 -4.42 -3.47 -151.32 -12.34
Long-Term Debt to EBITDA		 -0.78 -1.05 -1.14 -0.61 -1.44 -1.15 -1.85 -0.93 -0.80 -33.16 -1.81
Debt to NOPAT		 -2.90 -4.58 -3.85 -2.25 -3.85 -3.07 -4.40 -6.29 -5.29 -17.36 -10.90
Net Debt to NOPAT		 -1.79 -3.40 -2.66 -1.42 -2.56 -2.27 -2.78 -4.54 -3.69 -10.36 -5.66
Long-Term Debt to NOPAT		 -0.92 -1.17 -1.21 -0.73 -1.51 -1.38 -1.89 -0.96 -0.86 -2.27 -0.83
Noncontrolling Interest Sharing Ratio		 0.17% 0.00% 0.19% 0.20% 0.19% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -5.66 -106 -27 -28 20 40 92 -195 -34 -6.04 8.98
Operating Cash Flow to CapEx		 -49.14% -15.27% 20.13% 3.81% -119.85% 3,389.44% 307.42% 1,353.02% 146.12% 2,783.39% -798.46%
Free Cash Flow to Firm to Interest Expense		 -11.53 -89.08 -15.85 -13.31 4.57 25.19 77.82 -155.45 -27.44 -5.00 7.32
Operating Cash Flow to Interest Expense		 -59.76 -4.16 1.17 0.05 -1.27 3.83 6.03 29.68 12.08 13.59 -18.58
Operating Cash Flow Less CapEx to Interest Expense		 -181.37 -31.40 -4.65 -1.34 -2.32 3.71 4.07 27.48 3.81 13.11 -20.91
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.27 0.30 0.33 0.35 0.36 0.37 0.41 0.43 0.44 0.40 0.33
Fixed Asset Turnover		 0.63 0.63 0.63 0.68 0.67 0.68 0.74 0.82 0.84 0.78 0.64
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 802 906 820 734 795 808 789 855 829 830 828
Invested Capital Turnover		 0.34 0.36 0.42 0.46 0.45 0.44 0.52 0.53 0.54 0.48 0.40
Increase / (Decrease) in Invested Capital		 -13 89 10 -43 -6.36 -98 -31 121 34 23 39
Enterprise Value (EV)		 745 696 454 321 286 981 592 1,541 1,581 1,170 686
Market Capitalization		 598 443 265 145 81 670 380 1,181 1,253 919 498
Book Value per Share		 $1.79 $1.78 $1.73 $1.43 $1.50 $1.20 $1.40 $1.09 $1.10 $1.25 $1.40
Tangible Book Value per Share		 $1.78 $1.77 $1.72 $1.43 $1.49 $1.19 $1.40 $1.09 $1.09 $1.24 $1.40
Total Capital		 802 906 820 734 795 808 789 855 829 830 828
Total Debt		 234 341 274 279 309 420 335 498 471 420 362
Total Long-Term Debt		 75 87 86 91 121 189 144 76 76 55 28
Net Debt		 145 253 190 176 205 310 212 360 328 251 188
Capital Expenditures (CapEx)		 60 32 10 2.92 4.53 0.18 2.33 2.75 10 0.59 2.86
Net Nonoperating Expense (NNE)		 7.85 7.38 7.45 30 0.00 25 0.00 32 0.96 0.00 -0.05
Net Nonoperating Obligations (NNO)		 234 341 274 279 309 420 335 498 471 420 362
Total Depreciation and Amortization (D&A)		 5.04 7.69 7.66 7.64 7.72 7.81 8.18 8.30 8.27 8.38 8.08
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.08) ($0.08) ($0.08) ($0.32) $0.04 ($0.25) $0.19 ($0.33) $0.00 $0.05 $0.15
Adjusted Weighted Average Basic Shares Outstanding		 313.11M 310.91M 315.37M 315.51M 320.55M 318.46M 323.43M 323.64M 323.76M 324.69M 332.36M
Adjusted Diluted Earnings per Share		 ($0.08) ($0.08) ($0.08) ($0.32) $0.03 ($0.24) $0.05 ($0.33) $0.00 $0.19 ($0.04)
Adjusted Weighted Average Diluted Shares Outstanding		 313.11M 310.91M 315.37M 315.51M 367.03M 318.46M 374.43M 323.64M 323.76M 324.69M 385.27M
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		 316.53M 317.21M 317.20M 323.82M 323.82M 325.21M 325.34M 325.35M 328.18M 332.03M 333.16M
Normalized Net Operating Profit after Tax (NOPAT)		 -18 -17 -18 -9.31 1.41 4.50 12 11 8.38 -29 -11
Normalized NOPAT Margin		 -22.93% -16.76% -22.18% -11.38% 1.45% 3.71% 10.21% 12.30% 6.85% -46.23% -20.76%
Pre Tax Income Margin		 -32.63% -23.75% -31.13% -124.11% 13.62% -67.82% 53.33% -116.71% -0.61% 16.14% 91.09%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -53.30 -20.04 -14.33 -48.50 3.09 -51.71 52.01 -84.54 -0.60 8.29 39.25
NOPAT to Interest Expense		 -37.31 -14.45 -10.03 -33.95 3.09 -36.13 52.01 -59.17 -0.42 13.69 39.25
EBIT Less CapEx to Interest Expense		 -174.92 -47.28 -20.16 -49.89 2.03 -51.82 50.05 -86.73 -8.87 7.80 36.92
NOPAT Less CapEx to Interest Expense		 -158.93 -41.69 -15.86 -35.34 2.03 -36.24 50.05 -61.37 -8.69 13.20 36.92
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 quarter shows a dramatic swing back to profitability, but the quality of earnings remains a key question. In Q1 2026, the company reported net income of $48.2 million versus a net loss of $1.5 million in Q3 2025 and a much larger loss of $106.1 million in Q2 2025. Revenue also improved sharply from the prior quarter, but operating cash flow was still negative, which suggests the business is not yet consistently self-funding its operations.

Looking at the longer trend, Microvast has made meaningful balance-sheet progress since 2022, but leverage and cash needs are still important risks. Total debt has come down materially from roughly $190 million short-term debt and $143.9 million long-term debt in Q1 2025 to $334.6 million short-term debt and $27.6 million long-term debt in Q1 2026, though debt remains significant. Equity has also improved, with total common equity rising to $466.1 million in Q1 2026 from $454.2 million in Q1 2025.

  • Q1 2026 net income jumped to $48.2 million, a sharp improvement from the prior quarter and a major turnaround from the losses seen earlier in 2025.
  • Revenue rose to $52.9 million in Q1 2026 from $63.5 million in Q4 2025, but the company still generated strong earnings despite lower sales, helped by a favorable mix of non-interest income and special items.
  • Cash and equivalents plus restricted cash totaled about $174.0 million at quarter-end, giving Microvast a meaningful liquidity cushion.
  • Total common equity increased to $466.1 million in Q1 2026, up from $454.2 million a year earlier.
  • Long-term debt fell sharply year over year to $27.6 million from $143.9 million in Q1 2025, indicating improved capital structure flexibility.
  • Quarterly revenue has been volatile, swinging from $121.4 million in Q4 2024 to $52.9 million in Q1 2026, which makes forecasting difficult.
  • Gross profitability is hard to assess from the provided data because the income statement is dominated by non-interest income and special charges rather than a clean product-margin presentation.
  • Operating cash flow was negative $22.8 million in Q1 2026, showing the business still burned cash from operations.
  • Free cash flow remains under pressure after capital spending of $2.9 million in Q1 2026 and recurring investing needs in prior periods.
  • The company relied on debt issuance in Q1 2026 to generate cash, including $51.7 million of new debt, which suggests ongoing financing dependence.

Bottom line: Microvast’s Q1 2026 results show a notable profitability rebound and a better-looking balance sheet than in prior years. However, the company still posted negative operating cash flow and appears to depend on financing and one-time items, so investors should watch whether earnings can translate into durable, recurring cash generation.

07/28/26 07:15 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 an upward trend, with a most recent value of -$29.22 million in 2025, falling 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%.

Microvast's total liabilities were at $594.94 million at the end of 2025, a 5.5% increase from 2024, and a 784,857.5% increase since 2018.

In the past 7 years, Microvast's cash and equivalents has ranged from $17.50 thousand in 2018 to $480.93 million in 2021, and is currently $104.96 million as of their latest financial filing in 2025.

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 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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JPMorgan has raised its 2026 gold forecast to $6,300, with a credible path to $8,000, and now calls gold a cor...
Golden Crest Metals | Sponsoredtc pixel
A 50-year dollar arrangement just ended - what it means for you
In 1974, Henry Kissinger helped create the U.S.-Saudi Arabia Joint Commission on Economic Cooperation - a litt...
Golden Portfolio | Sponsoredtc pixel
SpaceX pays a 10X launch penalty
SpaceX burns roughly $200,000 in fuel per Falcon 9 launch - about $20 million across 100 missions. One unde...
Freedom Financial | Sponsoredtc pixel
60 years. Zero competitors.
One company has spent 60 years developing an energy source the International Energy Agency estimates at 140 ti...
Behind the Markets | Sponsoredtc pixel
Buy this stock today
Marc Chaikin, founder of Chaikin Analytics, is sharing a strategy he calls 'Sell This, Buy That' - a way to mo...
Chaikin Analytics | Sponsoredtc pixel
What Elon told his top shareholders in Texas
Late last year, Elon Musk gathered top shareholders at Tesla's Texas Gigafactory to unveil a plan to double Am...
Banyan Hill Publishing | Sponsoredtc pixel