Microvast Holdings Inc Financials

MVST

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Microvast Holdings Inc (MVST) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 46/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Microvast Holdings Inc has an operating margin of -30.6%, meaning the company retains $-31 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -34.8% the prior year.

Growth

Microvast Holdings Inc's revenue surged 23.9% year-over-year to $379.8M, reflecting rapid business expansion. This strong growth earns a score of 97/100.

Leverage

100

Microvast Holdings Inc carries a low D/E ratio of 0.11, meaning only $0.11 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Microvast Holdings Inc's current ratio of 1.30 indicates adequate short-term liquidity, earning a score of 32/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While Microvast Holdings Inc generated $2.8M in operating cash flow, capex of $27.7M consumed most of it, leaving -$24.9M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Neutral

5/9

Microvast Holdings Inc passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed

-0.01x

For every $1 of reported earnings, Microvast Holdings Inc generates $-0.01 in operating cash flow ($2.8M OCF vs -$195.5M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

-82.6x

Microvast Holdings Inc earns $-82.6 in operating income for every $1 of interest expense (-$116.1M vs $1.4M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue

$379.8M

YoY+23.9%

5Y CAGR+37.8%

Microvast Holdings Inc generated $379.8M in revenue in fiscal year 2024. This represents an increase of 23.9% from the prior year.

EBITDA

N/A

Free Cash Flow

-$24.9M

YoY+90.5%

Microvast Holdings Inc generated -$24.9M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 90.5% from the prior year.

Net Income

-$195.5M

YoY-83.8%

Microvast Holdings Inc reported -$195.5M in net income in fiscal year 2024. This represents a decrease of 83.8% from the prior year.

EPS (Diluted)

$-0.61

YoY-79.4%

Microvast Holdings Inc earned $-0.61 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 79.4% from the prior year.

Cash & Debt

$73.0M

YoY+63.9%

5Y CAGR+249.3%

Microvast Holdings Inc held $73.0M in cash against $41.1M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

323M

YoY+2.6%

Microvast Holdings Inc had 323M shares outstanding in fiscal year 2024. This represents an increase of 2.6% from the prior year.

Gross Margin

31.5%

YoY+12.8pp

5Y CAGR+31.8pp

Microvast Holdings Inc's gross margin was 31.5% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 12.8 percentage points from the prior year.

Operating Margin

-30.6%

YoY+4.2pp

5Y CAGR+39.9pp

Microvast Holdings Inc's operating margin was -30.6% in fiscal year 2024, reflecting core business profitability. This is up 4.2 percentage points from the prior year.

Net Margin

-51.5%

YoY-16.8pp

5Y CAGR-55.9pp

Microvast Holdings Inc's net profit margin was -51.5% in fiscal year 2024, showing the share of revenue converted to profit. This is down 16.8 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$41.1M

YoY-8.8%

5Y CAGR+9.6%

Microvast Holdings Inc invested $41.1M in research and development in fiscal year 2024. This represents a decrease of 8.8% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$27.7M

YoY-85.2%

5Y CAGR+6.5%

Microvast Holdings Inc invested $27.7M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 85.2% from the prior year.

MVST Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$379.8M+23.9%	$306.6M+49.9%	$204.5M+34.6%	$152.0M+41.3%	$107.5M+40.7%	$76.4M
Cost of Revenue	$260.2M+4.4%	$249.4M+27.6%	$195.4M+0.4%	$194.7M+115.4%	$90.4M+17.9%	$76.7M
Gross Profit	$119.6M+108.9%	$57.2M+530.7%	$9.1M+121.2%	-$42.7M-349.4%	$17.1M+7519.9%	-$231K
R&D Expenses	$41.1M-8.8%	$45.0M+3.4%	$43.5M+26.5%	$34.4M+106.7%	$16.6M-36.0%	$26.0M
SG&A Expenses	$81.5M-15.8%	$96.8M-5.8%	$102.8M+1.1%	$101.6M+439.2%	$18.8M+24.3%	$15.2M
Operating Income	-$116.1M-8.8%	-$106.7M+33.3%	-$159.9M+17.6%	-$194.1M-566.7%	-$29.1M+46.0%	-$53.9M
Interest Expense	$1.4M-46.5%	$2.6M-20.9%	$3.3M-38.6%	$5.4M-5.7%	$5.7M-9.7%	$6.4M
Income Tax	$0-100.0%	$10K-69.7%	$33K	$0-100.0%	$1K-99.5%	$189K
Net Income	-$195.5M-83.8%	-$106.3M+32.8%	-$158.2M+23.4%	-$206.5M-8419.5%	-$2.4M-171.4%	$3.4M
EPS (Diluted)	$-0.61-79.4%	$-0.34+34.6%	$-0.52+58.7%	$-1.26	$-0.82	$-0.07

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Revenue	$123.3M+35.0%	$91.3M-21.6%	$116.5M+11.4%	$104.6M+30.5%	$80.1M+6.9%	$75.0M+59.6%	$47.0M-27.5%	$64.8M
Cost of Revenue	$76.9M+29.0%	$59.6M-18.9%	$73.5M-9.9%	$81.6M+31.0%	$62.2M-2.0%	$63.5M+50.8%	$42.1M-32.7%	$62.6M
Gross Profit	$46.4M+46.3%	$31.7M-26.3%	$43.0M+86.8%	$23.0M+28.7%	$17.9M+56.0%	$11.5M+135.9%	$4.9M+118.2%	$2.2M
R&D Expenses	$7.8M+0.5%	$7.7M-6.4%	$8.2M-27.6%	$11.4M-13.9%	$13.2M+39.3%	$9.5M-12.5%	$10.9M+3.5%	$10.5M
SG&A Expenses	$19.7M+391.9%	$4.0M-61.8%	$10.5M-62.6%	$27.9M+11.7%	$25.0M+6.3%	$23.5M+15.3%	$20.4M+3.2%	$19.8M
Operating Income	$13.0M-19.9%	$16.2M-14.4%	$18.9M+185.2%	-$22.2M+15.7%	-$26.3M+1.9%	-$26.9M+14.2%	-$31.3M+9.6%	-$34.6M
Interest Expense	$364K-22.7%	$471K+20.8%	$390K-67.3%	$1.2M+142.6%	$491K+0.8%	$487K+6.1%	$459K-46.5%	$858K
Income Tax	$739K+235.9%	$220K	$0-100.0%	$10K	$0	$0	$0-100.0%	$33K
Net Income	-$1.5M+98.6%	-$106.1M-271.6%	$61.8M+351.8%	-$24.5M+6.1%	-$26.1M-0.2%	-$26.1M+11.8%	-$29.6M+12.2%	-$33.7M
EPS (Diluted)	$0.00+100.0%	$-0.33-760.0%	$0.05+162.5%	$-0.080.0%	$-0.080.0%	$-0.08+20.0%	$-0.100.0%	$-0.10

MVST Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$951.9M-13.2%	$1.1B+11.3%	$985.0M-1.0%	$995.3M+146.0%	$404.5M+44.2%	$280.5M
Current Assets	$428.0M+0.6%	$425.6M-21.9%	$545.1M-22.9%	$706.6M+273.2%	$189.3M+47664.5%	$396K
Cash & Equivalents	$73.0M+63.9%	$44.5M-80.8%	$231.4M-51.9%	$480.9M+2137.3%	$21.5M+15221.1%	$140K
Inventory	$143.3M-4.3%	$149.7M+77.7%	$84.3M+57.7%	$53.4M+18.8%	$45.0M	N/A
Accounts Receivable	$120.6M-13.0%	$138.7M+16.3%	$119.3M+34.5%	$88.7M+16.3%	$76.3M	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$564.0M+5.9%	$532.5M+43.2%	$372.0M+20.5%	$308.6M-20.7%	$389.2M-35.2%	$600.8M
Current Liabilities	$330.2M-18.2%	$403.4M+59.8%	$252.4M+43.7%	$175.6M-4.4%	$183.6M+68148.5%	$269K
Long-Term Debt	$41.1M-6.2%	$43.8M+50.9%	$29.0M	$0	N/A	N/A
Total Equity	$387.9M-31.2%	$564.2M-8.0%	$613.0M-10.7%	$686.7M+13633.9%	$5.0M+101.6%	-$320.3M
Retained Earnings	-$1.1B-21.8%	-$897.5M-13.4%	-$791.2M-25.2%	-$632.1M-58.8%	-$398.0M-11826.9%	$3.4M

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Total Assets	$1.0B+0.9%	$1.0B+2.2%	$982.9M-10.4%	$1.1B+7.9%	$1.0B+1.9%	$997.7M-0.6%	$1.0B+1.9%	$985.0M
Current Assets	$445.3M+2.5%	$434.6M-3.0%	$448.0M+5.3%	$425.6M+5.4%	$403.9M-5.4%	$427.0M-14.1%	$497.0M-8.8%	$545.1M
Cash & Equivalents	$90.7M-9.0%	$99.7M+9.7%	$90.9M+104.1%	$44.5M-33.9%	$67.4M-52.8%	$142.8M-28.7%	$200.3M-13.4%	$231.4M
Inventory	$126.9M-10.4%	$141.7M+9.8%	$129.1M-13.8%	$149.7M+18.0%	$126.9M+46.3%	$86.8M-1.0%	$87.7M+4.1%	$84.3M
Accounts Receivable	$149.3M+18.5%	$125.9M-7.2%	$135.7M-2.2%	$138.7M+19.3%	$116.3M+9.6%	$106.1M+19.3%	$88.9M-25.5%	$119.3M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$655.5M+1.1%	$648.6M+22.7%	$528.7M-0.7%	$532.5M+18.5%	$449.2M+7.5%	$418.0M+5.0%	$398.2M+7.0%	$372.0M
Current Liabilities	$530.0M+1.0%	$524.7M+54.4%	$339.9M-15.7%	$403.4M+19.9%	$336.4M+14.9%	$292.7M+5.4%	$277.8M+10.0%	$252.4M
Long-Term Debt	$34.4M+0.6%	$34.2M-17.2%	$41.3M-5.6%	$43.8M+41.9%	$30.8M-0.6%	$31.0M+6.5%	$29.1M+0.4%	$29.0M
Total Equity	$358.1M+0.6%	$356.1M-21.6%	$454.2M-19.5%	$564.2M-0.2%	$565.3M-2.1%	$577.7M-4.3%	$603.7M-1.5%	$613.0M
Retained Earnings	-$1.1B-0.1%	-$1.1B-10.3%	-$1.0B-14.9%	-$897.5M-2.8%	-$873.0M-3.1%	-$846.8M-3.2%	-$820.7M-3.7%	-$791.2M

MVST Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$2.8M+103.7%	-$75.3M-39.6%	-$53.9M-19.7%	-$45.0M-389.5%	$15.6M+16.3%	$13.4M
Capital Expenditures	$27.7M-85.2%	$186.8M+23.8%	$150.9M+71.7%	$87.9M+371.2%	$18.6M-8.0%	$20.3M
Free Cash Flow	-$24.9M+90.5%	-$262.1M-28.0%	-$204.8M-54.1%	-$132.9M-4202.4%	-$3.1M+55.2%	-$6.9M
Investing Cash Flow	-$12.2M+92.7%	-$165.6M+5.9%	-$175.9M-100.3%	-$87.9M-397.1%	-$17.7M-347.0%	-$4.0M
Financing Cash Flow	$37.6M+13.8%	$33.0M+565.2%	$5.0M-99.2%	$624.9M+123364.1%	-$507K+99.0%	-$52.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Operating Cash Flow	$15.2M-59.2%	$37.2M+418.3%	$7.2M+244.7%	-$5.0M+83.1%	-$29.3M+1.7%	-$29.8M-167.3%	-$11.2M-339.3%	$4.7M
Capital Expenditures	$14.0M+388.8%	$2.9M+22.0%	$2.3M-92.9%	$33.2M-44.6%	$59.9M+3.9%	$57.7M+60.6%	$35.9M-45.7%	$66.2M
Free Cash Flow	$1.2M-96.6%	$34.3M+611.0%	$4.8M+112.6%	-$38.2M+57.3%	-$89.3M-2.0%	-$87.5M-85.9%	-$47.1M+23.4%	-$61.5M
Investing Cash Flow	-$10.4M-277.9%	-$2.7M-17.8%	-$2.3M+81.3%	-$12.5M+79.1%	-$59.7M-3.7%	-$57.6M-60.7%	-$35.8M+60.7%	-$91.2M
Financing Cash Flow	-$2.7M+83.1%	-$16.3M-271.8%	$9.5M-54.7%	$20.9M+204.5%	$6.9M+654.7%	$909K-79.3%	$4.4M+115.0%	-$29.3M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MVST Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	31.5%+12.8pp	18.7%+14.2pp	4.4%+32.6pp	-28.1%-44.1pp	15.9%+16.2pp	-0.3%
Operating Margin	-30.6%+4.2pp	-34.8%+43.4pp	-78.2%+49.5pp	-127.7%-100.6pp	-27.1%+43.4pp	-70.5%
Net Margin	-51.5%-16.8pp	-34.7%+42.7pp	-77.4%+58.5pp	-135.9%-133.6pp	-2.3%-6.7pp	4.4%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-20.5%-10.8pp	-9.7%+6.4pp	-16.1%+4.7pp	-20.8%-20.1pp	-0.6%-1.8pp	1.2%
Current Ratio	1.30+0.2	1.05-1.1	2.16-1.9	4.02+3.0	1.03-0.4	1.47
Debt-to-Equity	0.11+0.0	0.08+0.0	0.05+0.0	0.00-77.8	77.83+79.7	-1.88
FCF Margin	-6.6%+78.9pp	-85.5%+14.7pp	-100.2%-12.7pp	-87.5%-84.6pp	-2.9%+6.1pp	-9.0%

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Gross Margin	37.6%+2.9pp	34.7%-2.2pp	36.9%+14.9pp	22.0%-0.3pp	22.3%+7.0pp	15.3%+5.0pp	10.3%+6.9pp	3.4%
Operating Margin	10.5%-7.2pp	17.8%+1.5pp	16.3%+37.5pp	-21.2%+11.7pp	-32.9%+2.9pp	-35.8%+30.8pp	-66.6%-13.2pp	-53.4%
Net Margin	-1.2%+114.9pp	-116.1%-169.2pp	53.0%+76.5pp	-23.5%+9.2pp	-32.6%+2.2pp	-34.8%+28.2pp	-63.0%-11.0pp	-52.0%
Return on Equity	2.7%	N/A	13.6%	N/A	N/A	N/A	N/A	N/A
Return on Assets	-0.1%+10.4pp	-10.6%-16.8pp	6.3%+8.5pp	-2.2%+0.3pp	-2.6%+0.0pp	-2.6%+0.3pp	-2.9%+0.5pp	-3.4%
Current Ratio	0.84+0.0	0.83-0.5	1.32+0.3	1.05-0.1	1.20-0.3	1.46-0.3	1.79-0.4	2.16
Debt-to-Equity	0.100.0	0.100.0	0.09+0.0	0.08+0.0	0.050.0	0.050.0	0.050.0	0.05
FCF Margin	1.0%-36.6pp	37.5%+33.4pp	4.1%+40.6pp	-36.5%+75.0pp	-111.5%+5.4pp	-116.8%-16.6pp	-100.2%-5.3pp	-94.9%

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Frequently Asked Questions

What is Microvast Holdings Inc's annual revenue?

Microvast Holdings Inc (MVST) reported $379.8M in total revenue for fiscal year 2024. This represents a 23.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Microvast Holdings Inc's revenue growing?

Microvast Holdings Inc (MVST) revenue grew by 23.9% year-over-year, from $306.6M to $379.8M in fiscal year 2024.

Is Microvast Holdings Inc profitable?

No, Microvast Holdings Inc (MVST) reported a net income of -$195.5M in fiscal year 2024, with a net profit margin of -51.5%.

What is Microvast Holdings Inc's earnings per share (EPS)?

Microvast Holdings Inc (MVST) reported diluted earnings per share of $-0.61 for fiscal year 2024. This represents a -79.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

How much debt does Microvast Holdings Inc have?

As of fiscal year 2024, Microvast Holdings Inc (MVST) had $73.0M in cash and equivalents against $41.1M in long-term debt.

What is Microvast Holdings Inc's gross margin?

Microvast Holdings Inc (MVST) had a gross margin of 31.5% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Microvast Holdings Inc's operating margin?

Microvast Holdings Inc (MVST) had an operating margin of -30.6% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Microvast Holdings Inc's net profit margin?

Microvast Holdings Inc (MVST) had a net profit margin of -51.5% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Microvast Holdings Inc's free cash flow?

Microvast Holdings Inc (MVST) generated -$24.9M in free cash flow during fiscal year 2024. This represents a 90.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Microvast Holdings Inc's operating cash flow?

Microvast Holdings Inc (MVST) generated $2.8M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Microvast Holdings Inc's total assets?

Microvast Holdings Inc (MVST) had $951.9M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Microvast Holdings Inc's capital expenditures?

Microvast Holdings Inc (MVST) invested $27.7M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Microvast Holdings Inc spend on research and development?

Microvast Holdings Inc (MVST) invested $41.1M in research and development during fiscal year 2024.

How many shares does Microvast Holdings Inc have outstanding?

Microvast Holdings Inc (MVST) had 323M shares outstanding as of fiscal year 2024.

What is Microvast Holdings Inc's current ratio?

Microvast Holdings Inc (MVST) had a current ratio of 1.30 as of fiscal year 2024, which is considered adequate.

What is Microvast Holdings Inc's debt-to-equity ratio?

Microvast Holdings Inc (MVST) had a debt-to-equity ratio of 0.11 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Microvast Holdings Inc's return on assets (ROA)?

Microvast Holdings Inc (MVST) had a return on assets of -20.5% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Microvast Holdings Inc's Piotroski F-Score?

Microvast Holdings Inc (MVST) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Microvast Holdings Inc's earnings high quality?

Microvast Holdings Inc (MVST) has an earnings quality ratio of -0.01x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Microvast Holdings Inc cover its interest payments?

Microvast Holdings Inc (MVST) has an interest coverage ratio of -82.6x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Microvast Holdings Inc?

Microvast Holdings Inc (MVST) scores 46 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.