NASDAQ : MVST
Microvast Holdings, Inc. — Financial statements
Consumer Discretionary · Auto Parts · United States
Last price 0.6214 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 238.95M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Microvast Holdings, Inc. (MVST) reported revenue of 367.56M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 367.56M | 427.52M | 379.80M | 306.62M | 204.50M | 151.98M |
| Cost of Revenue | 242.75M | 272.90M | 260.25M | 249.39M | 195.42M | 194.72M |
| Gross Profit | 124.81M | 154.62M | 119.55M | 57.23M | 9.07M | -42.74M |
| Selling, General & Admin | 81.40M | 80.02M | 104.06M | 120.40M | 125.39M | 123.06M |
| Research & Development | 35.81M | 34.11M | 41.06M | 45.00M | 43.51M | 34.38M |
| Operating Expenses | 117.22M | 114.13M | 145.13M | 165.41M | 168.89M | 157.45M |
| Operating Income | 7.60M | 40.49M | -25.57M | -108.18M | -159.82M | -200.19M |
| Interest Expense | -5.02M | -4.90M | -9.71M | -2.63M | -3.32M | -5.41M |
| Interest & Investment Income | 1.70M | 957.00K | 742.00K | 3.61M | 3.18M | 446.00K |
| Currency Exchange Gain (Loss) | -22.46M | |||||
| Other Non Operating Income (Expenses) | 97.59M | -38.46M | -78.96M | 1.29M | 1.91M | 2.42M |
| EBT Excluding Unusual Items | 79.41M | -1.92M | -113.50M | -105.90M | -158.06M | -202.74M |
| Gain (Loss) on Sale of Assets | -414.00K | -414.00K | -844.00K | -1.95M | 14.00K | -13.00K |
| Asset Writedown | -35.31M | -36.65M | -93.17M | -504.00K | -1.80M | |
| Other Unusual Items | 2.05M | 4.44M | 12.06M | 1.95M | 1.67M | -3.73M |
| Pretax Income | 45.73M | -34.54M | -195.46M | -106.40M | -158.17M | -206.48M |
| Income Tax Expense | -5.54M | -5.33M | 10.00K | 33.00K | ||
| Earnings From Continuing Operations | 51.27M | -29.22M | -195.46M | -106.41M | -158.20M | -206.48M |
| Minority Interest in Earnings | 76.00K | |||||
| Net Income | 51.27M | -29.22M | -195.46M | -106.34M | -158.20M | -206.48M |
| Preferred Dividends & Other Adjustments | 27.62M | |||||
| Net Income to Common | 51.27M | -29.22M | -195.46M | -106.34M | -158.20M | -234.10M |
| Shares Outstanding (Basic) | 333.28M | 324.69M | 318.46M | 310.91M | 303.28M | 185.90M |
| Shares Outstanding (Diluted) | 354.39M | 324.69M | 318.46M | 310.91M | 303.28M | 185.90M |
| EPS (Basic) | 0.15 | -0.09 | -0.61 | -0.34 | -0.52 | -1.26 |
| EPS (Diluted) | -0.02 | -0.09 | -0.61 | -0.34 | -0.52 | -1.26 |
| Free Cash Flow | -30.52M | 56.07M | -24.91M | -262.09M | -204.81M | -132.90M |
| Free Cash Flow Per Share | -0.09 | 0.17 | -0.08 | -0.84 | -0.68 | -0.71 |
| Gross Margin | 33.96% | 36.17% | 31.48% | 18.66% | 4.44% | -28.12% |
| Operating Margin | 2.07% | 9.47% | -6.73% | -35.28% | -78.15% | -131.72% |
| Profit Margin | 13.95% | -6.83% | -51.46% | -34.68% | -77.36% | -154.04% |
| Free Cash Flow Margin | -8.30% | 13.12% | -6.56% | -85.48% | -100.15% | -87.45% |
| EBITDA | 40.80M | 73.62M | 5.26M | -85.25M | -139.46M | -179.48M |
| EBITDA Margin | 11.10% | 17.22% | 1.38% | -27.80% | -68.19% | -118.10% |
| D&A For EBITDA | 33.20M | 33.13M | 30.83M | 22.93M | 20.36M | 20.71M |
| EBIT | 7.60M | 40.49M | -25.57M | -108.18M | -159.82M | -200.19M |
| EBIT Margin | 2.07% | 9.47% | -6.73% | -35.28% | -78.15% | -131.72% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 127.83M | 104.96M | 73.01M | 44.54M | 231.42M | 480.93M |
| Short-Term Investments | 987.00K | 972.00K | 6.58M | 26.00M | 1.03M | |
| Cash & Short-Term Investments | 127.83M | 105.95M | 73.98M | 51.12M | 257.42M | 481.96M |
| Accounts Receivable | 121.18M | 155.76M | 120.63M | 138.72M | 119.30M | 88.72M |
| Other Receivables | 8.61M | 17.80M | 15.03M | 2.72M | 4.31M | |
| Receivables | 122.52M | 169.96M | 146.01M | 177.48M | 124.22M | 104.25M |
| Inventory | 93.59M | 89.41M | 143.33M | 149.75M | 84.25M | 53.42M |
| Prepaid Expenses | 15.73M | 4.33M | 1.43M | 3.97M | 3.37M | 4.69M |
| Restricted Cash | 15.26M | 64.28M | 36.57M | 37.48M | 70.73M | 55.18M |
| Other Current Assets | 14.79M | 26.71M | 5.80M | 5.08M | 7.10M | |
| Total Current Assets | 374.92M | 448.72M | 428.03M | 425.61M | 545.07M | 706.61M |
| Property, Plant & Equipment | 543.45M | 525.39M | 495.82M | 640.17M | 351.51M | 253.06M |
| Other Intangible Assets | 13.74M | 13.75M | 13.98M | 15.12M | 14.28M | 15.89M |
| Long-Term Deferred Tax Assets | 5.43M | 5.43M | ||||
| Other Long-Term Assets | 14.65M | 12.15M | 14.05M | 15.83M | 74.11M | 19.74M |
| Total Assets | 952.19M | 1.01B | 951.87M | 1.10B | 984.96M | 995.29M |
| Accounts Payable | 62.64M | 47.00M | 64.94M | 112.62M | 44.98M | 40.41M |
| Accrued Expenses | 22.60M | 34.20M | 25.66M | 21.47M | 13.95M | 8.68M |
| Short-Term Debt | 119.42M | 171.37M | 122.42M | 98.77M | 85.84M | 74.25M |
| Current Portion of Long-Term Debt | 41.69M | 140.93M | ||||
| Current Portion of Leases | 3.48M | 2.79M | 3.04M | 2.41M | 1.93M | |
| Current Income Taxes Payable | 8.40M | 99.00K | 652.00K | 655.00K | 658.00K | 666.00K |
| Current Unearned Revenue | 25.86M | 41.47M | 43.68M | 43.09M | 54.21M | 1.53M |
| Other Current Liabilities | 59.65M | 50.48M | 69.76M | 124.40M | 50.84M | 50.06M |
| Total Current Liabilities | 343.75M | 488.34M | 330.15M | 403.41M | 252.41M | 175.59M |
| Long-Term Debt | 14.44M | 54.92M | 188.83M | 86.92M | 72.89M | 73.15M |
| Long-Term Leases | 14.00M | 14.48M | 14.60M | 17.09M | 14.35M | |
| Long-Term Unearned Revenue | 5.80M | 6.19M | 5.61M | 3.38M | 3.07M | 2.29M |
| Other Long-Term Liabilities | 31.12M | 31.01M | 24.78M | 21.75M | 29.27M | 57.57M |
| Total Liabilities | 409.10M | 594.93M | 563.97M | 532.54M | 371.98M | 308.59M |
| Common Stock | 39.00K | 34.00K | 33.00K | 32.00K | 31.00K | 30.00K |
| Additional Paid-In Capital | 1.63B | 1.54B | 1.51B | 1.48B | 1.42B | 1.31B |
| Retained Earnings | -1.08B | -1.12B | -1.09B | -891.47M | -785.13M | -626.07M |
| Comprehensive Income & Other | -4.22M | -17.17M | -38.19M | -25.61M | -18.08M | 6.70M |
| Total Common Equity | 543.09M | 410.51M | 387.89M | 564.19M | 612.98M | 686.70M |
| Shareholders' Equity | 543.09M | 410.51M | 387.89M | 564.19M | 612.98M | 686.70M |
| Total Liabilities & Equity | 952.19M | 1.01B | 951.87M | 1.10B | 984.96M | 995.29M |
| Total Debt | 193.04M | 384.49M | 328.89M | 205.18M | 175.00M | 147.40M |
| Net Cash (Debt) | -65.21M | -278.54M | -254.91M | -154.06M | 82.41M | 334.56M |
| Net Cash Per Share | -0.18 | -0.86 | -0.80 | -0.50 | 0.27 | 1.80 |
| Filing Date Shares Outstanding | 384.53M | 330.35M | 323.52M | 315.52M | 307.72M | 298.84M |
| Total Common Shares Outstanding | 384.53M | 331.79M | 321.46M | 315.01M | 307.63M | 298.84M |
| Working Capital | 31.18M | -39.62M | 97.87M | 22.20M | 292.66M | 531.01M |
| Book Value Per Share | 1.41 | 1.24 | 1.21 | 1.79 | 1.99 | 2.30 |
| Tangible Book Value | 529.35M | 396.76M | 373.92M | 549.07M | 598.70M | 670.81M |
| Tangible Book Value Per Share | 1.38 | 1.20 | 1.16 | 1.74 | 1.95 | 2.24 |
| Buildings | 145.92M | 139.82M | 144.50M | 44.68M | 41.92M | |
| Machinery | 258.12M | 243.25M | 229.76M | 167.19M | 172.87M | |
| Construction In Progress | 240.35M | 196.11M | 321.91M | 195.54M | 96.97M | |
| Leasehold Improvements | 35.21M | 32.74M | 32.81M | 28.62M | 30.04M | |
| Order Backlog | 196.10M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 51.27M | -29.22M | -195.46M | -106.34M | -158.20M | -206.48M |
| Depreciation & Amortization | 33.20M | 33.13M | 30.83M | 22.93M | 20.36M | 20.71M |
| Loss (Gain) From Sale of Assets | 414.00K | 414.00K | 844.00K | 1.95M | -14.00K | 13.00K |
| Asset Writedown & Restructuring Costs | 2.80M | 4.14M | 93.17M | 504.00K | 1.80M | 2.44M |
| Stock-Based Compensation | 3.37M | 3.07M | 30.84M | 64.97M | 90.81M | 82.89M |
| Provision & Write-off of Bad Debts | 4.93M | 7.99M | 3.74M | 236.00K | 1.64M | 721.00K |
| Other Operating Activities | -51.15M | 85.91M | 91.60M | 18.93M | 20.12M | 78.62M |
| Change in Accounts Receivable | 10.38M | -27.26M | 8.79M | -21.76M | -38.92M | -11.84M |
| Change in Inventory | 15.43M | 27.09M | -546.00K | -74.41M | -43.69M | -25.89M |
| Change in Accounts Payable | -12.25M | -20.19M | -44.52M | 68.58M | 7.15M | -2.50M |
| Change in Unearned Revenue | -36.86M | -38.35M | 836.00K | -10.95M | 53.02M | -971.00K |
| Change in Other Net Operating Assets | -23.26M | 29.18M | -17.32M | -39.95M | -8.00M | 17.25M |
| Operating Cash Flow | -1.72M | 75.91M | 2.81M | -75.30M | -53.93M | -45.04M |
| Capital Expenditures | -28.80M | -19.83M | -27.72M | -186.79M | -150.88M | -87.86M |
| Sale of Property, Plant & Equipment | 14.52M | 3.79M | 10.01M | 1.65M | 5.00K | |
| Investment in Securities | 5.56M | 19.53M | -25.07M | |||
| Investing Cash Flow | -14.27M | -16.05M | -12.15M | -165.60M | -175.94M | -87.86M |
| Short-Term Debt Issued | 8.43M | |||||
| Long-Term Debt Issued | 85.71M | 126.52M | 47.85M | 58.71M | 96.43M | |
| Total Debt Issued | 95.49M | 85.71M | 126.52M | 47.85M | 58.71M | 104.85M |
| Short-Term Debt Repaid | -8.43M | |||||
| Long-Term Debt Repaid | -97.44M | -66.25M | -14.81M | -53.74M | -37.57M | |
| Total Debt Repaid | -100.72M | -97.44M | -66.25M | -14.81M | -53.74M | -45.99M |
| Net Debt Issued (Repaid) | -5.22M | -11.74M | 60.27M | 33.04M | 4.97M | 58.86M |
| Issuance of Common Stock | 30.10M | 28.75M | ||||
| Other Financing Activities | -12.58M | -19.70M | -22.68M | 566.09M | ||
| Financing Cash Flow | 12.30M | -2.68M | 37.59M | 33.04M | 4.97M | 624.95M |
| Foreign Exchange Rate Adjustments | 7.97M | 2.46M | -6.84M | -6.56M | -8.59M | 2.87M |
| Net Cash Flow | 4.26M | 59.64M | 21.41M | -214.43M | -233.49M | 494.91M |
| Free Cash Flow | -30.52M | 56.07M | -24.91M | -262.09M | -204.81M | -132.90M |
| Free Cash Flow Margin | -8.30% | 13.12% | -6.56% | -85.48% | -100.15% | -87.45% |
| Free Cash Flow Per Share | -0.09 | 0.17 | -0.08 | -0.84 | -0.68 | -0.71 |
| Levered Free Cash Flow | 63.39M | 18.44M | -65.21M | -117.38M | -136.48M | -174.73M |
| Unlevered Free Cash Flow | 66.53M | 21.51M | -59.14M | -115.73M | -134.41M | -171.34M |
| Cash Interest Paid | 6.00M | 6.00M | 7.44M | 4.37M | 5.13M | 2.69M |
| Cash Income Tax Paid | 1.82M | 1.82M | ||||
| Change in Working Capital | -46.57M | -29.53M | -52.76M | -78.48M | -30.45M | -23.96M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 218.68M | 914.19M | 666.80M | 440.79M | 470.63M | 1.69B |
| Enterprise Value | 283.90M | 1.25B | 866.23M | 508.12M | 381.19M | 1.26B |
| Last Close Price | 0.57 | 2.80 | 2.07 | 1.40 | 1.53 | 5.66 |
| Forward PE | 5.17 | 16.47 | 34.50 | 12.88 | ||
| PS Ratio | 0.59 | 2.14 | 1.76 | 1.44 | 2.30 | 11.13 |
| PB Ratio | 0.40 | 2.23 | 1.72 | 0.78 | 0.77 | 2.46 |
| P/TBV Ratio | 0.41 | 2.30 | 1.78 | 0.80 | 0.79 | 2.52 |
| P/FCF Ratio | 16.30 | |||||
| P/OCF Ratio | 12.04 | 236.96 | ||||
| EV/Sales Ratio | 0.77 | 2.93 | 2.28 | 1.66 | 1.86 | 8.27 |
| EV/EBITDA Ratio | 6.96 | 17.01 | 164.78 | |||
| EV/EBIT Ratio | 37.37 | 30.93 | ||||
| EV/FCF Ratio | 22.34 | |||||
| Debt / Equity Ratio | 0.35 | 0.94 | 0.85 | 0.36 | 0.29 | 0.21 |
| Debt / EBITDA Ratio | 4.31 | 4.96 | 34.75 | |||
| Debt / FCF Ratio | 6.86 | |||||
| Net Debt / Equity Ratio | 0.12 | 0.68 | 0.66 | 0.27 | -0.13 | -0.49 |
| Net Debt / EBITDA Ratio | 1.60 | 3.78 | 48.49 | -1.81 | 0.59 | 1.86 |
| Net Debt / FCF Ratio | -2.14 | 4.97 | -10.23 | -0.59 | 0.40 | 2.52 |
| Asset Turnover | 0.38 | 0.44 | 0.37 | 0.29 | 0.21 | 0.22 |
| Inventory Turnover | 2.06 | 2.35 | 1.78 | 2.13 | 2.84 | 3.96 |
| Quick Ratio | 0.72 | 0.55 | 0.64 | 0.51 | 1.50 | 3.27 |
| Current Ratio | 1.09 | 0.92 | 1.30 | 1.05 | 2.16 | 4.02 |
| Return on Equity (ROE) | 11.40% | -7.32% | -41.06% | -18.08% | -24.34% | -57.05% |
| Return on Assets (ROA) | 0.48% | 2.59% | -1.56% | -6.50% | -10.09% | -17.88% |
| Return on Capital Employed (ROCE) | 1.20% | 7.80% | -4.10% | -15.60% | -21.80% | -24.40% |
| Earnings Yield | -2.82% | -3.20% | -29.31% | -24.12% | -33.61% | -12.21% |
| FCF Yield | -13.96% | 6.13% | -3.74% | -59.46% | -43.52% | -7.86% |
| Buyback Yield / Dilution | -9.88% | -1.96% | -2.43% | -2.52% | -63.14% | -87.72% |