Microvast Holdings Warrants (MVSTW) Financials
Newest figures come from the 10-Q for Q1 FY2026, filed May 11, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MVSTW SEC filings page.
Microvast Holdings, Inc. Warrants (MVSTW) reported $371.6M in revenue over the twelve months to Mar 31, 2026, down 10.4% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 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).
The business has reached operating break-even by cutting overhead and investment, but working-capital pressure now strains short-term liquidity.
Despite revenue growing12.6% in FY2025, gross margin fell2.9 percentage points while operating margin improved32.2 percentage points ; the step-up therefore reflects cost-structure reduction more than clearly stronger unit economics.
Cash conversion changed from a drag to a contributor: operating cash flow reached
Short-term coverage tightened from 1.3x in FY2024 to 0.9x in FY2025, making working-capital management more important. Current liabilities were
Financial Health Signals
We do not publish a peer-relative financial health score for Microvast Holdings, Inc. Warrants, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
Microvast Holdings, Inc. Warrants passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 operating efficiency signals passes.
Microvast Holdings, Inc. Warrants reported a net loss of $29.2M while generating $75.9M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Microvast Holdings, Inc. Warrants earns $4.29 in operating income for every $1 of interest expense ($7.0M vs $1.6M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Microvast Holdings, Inc. Warrants generated $60.6M in revenue in Q1 2026. This represents a decrease of 48.0% from the same quarter a year earlier. Against the prior quarter it is down 37.1%.
Microvast Holdings, Inc. Warrants reported $48.2M in net income in Q1 2026. This represents a decrease of 22.0% from the same quarter a year earlier. Against the prior quarter it is up 191.5%.
Microvast Holdings, Inc. Warrants earned -$0.04 per diluted share (EPS) in Q1 2026. This represents a decrease of 180.0% from the same quarter a year earlier.
Not reported for Q1 2026.
Cash & Balance Sheet
Microvast Holdings, Inc. Warrants recorded an outflow of $25.7M in free cash flow in Q1 2026, representing a cash shortfall after capex. This represents a decrease of 631.8% from the same quarter a year earlier. Against the prior quarter it is down 262.6%.
Microvast Holdings, Inc. Warrants held $126.1M in cash as of Q1 2026; no long-term debt figure is on record for that period.
Not reported for Q1 2026.
Margins & Returns
Microvast Holdings, Inc. Warrants's gross margin was 31.6% in Q1 2026, indicating the percentage of revenue retained after direct costs. This is down 5.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 30.6 percentage points.
Microvast Holdings, Inc. Warrants's operating margin was -13.1% in Q1 2026, reflecting core business profitability. This is down 26.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 25.8 percentage points.
Microvast Holdings, Inc. Warrants's net profit margin was 79.5% in Q1 2026, showing the share of revenue converted to profit. This is up 26.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 62.4 percentage points.
Microvast Holdings, Inc. Warrants's quarterly ROE was 10.3% in Q1 2026: one quarter's net income over shareholder equity, not annualized. This is down 3.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 6.3 percentage points.
Capital Allocation
Microvast Holdings, Inc. Warrants invested $8.8M in research and development in Q1 2026. This represents an increase of 6.8% from the same quarter a year earlier. Against the prior quarter it is down 15.2%.
Microvast Holdings, Inc. Warrants invested $2.9M in capex in Q1 2026, funding long-term assets and infrastructure. This represents an increase of 21.7% from the same quarter a year earlier. Against the prior quarter it is up 344.0%.
Not reported for Q1 2026.
MVSTW Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $60.6M-48.0% | $96.4M-15.0% | $123.3M+21.6% | $91.3M+9.2% | $116.5M+43.2% | $113.4M+8.4% | $101.4M+26.6% | $83.7M+11.6% |
| Cost of Revenue | $41.5M-43.6% | N/A | $76.9M+13.4% | $59.6M+5.6% | $73.5M+14.6% | $71.9M-11.9% | $67.8M+8.9% | $56.5M-11.0% |
| Gross Profit | $19.2M-55.5% | $959K-97.7% | $46.4M+38.1% | $31.7M+16.7% | $43.0M+149.7% | $41.5M+80.3% | $33.6M+87.9% | $27.2M+137.3% |
| R&D Expenses | $8.8M+6.8% | $10.4M+18.4% | $7.8M-27.5% | $7.7M-23.6% | $8.2M-28.2% | $8.8M-23.0% | $10.7M-19.3% | $10.1M+6.3% |
| SG&A Expenses | $12.9M-8.3% | $20.0M-10.3% | $19.7M+66.1% | $4.0M-83.0% | $14.1M-40.7% | $22.3M-20.0% | $11.8M-52.6% | $23.5M0.0% |
| Operating Income | -$7.9M-152.0% | -$37.5Mn/m | $13.0M+80.8% | $16.2Mn/m | $15.3Mn/m | -$1.4Mn/m | $7.2Mn/m | -$98.7Mn/m |
| Interest Expense | $428K+9.7% | $403Kn/m | $364K-17.8% | $471K+77.1% | $390K-77.5% | -$1.0M-187.0% | $443K-9.8% | $266K-45.4% |
| Income Tax | N/A | -$6.3Mn/m | $739Kn/m | $220Kn/m | $0n/m | $0-100.0% | $0n/m | $0n/m |
| Net Income | $48.2M-22.0% | $16.5Mn/m | -$1.5M-111.2% | -$106.1Mn/m | $61.8Mn/m | -$82.3Mn/m | $13.2Mn/m | -$101.6Mn/m |
| EPS (Basic) | $0.15-21.1% | N/A | $0.00-100.0% | -$0.33n/m | $0.19 | N/A | $0.04n/m | -$0.32n/m |
| EPS (Diluted) | -$0.04-180.0% | N/A | $0.00-100.0% | -$0.33n/m | $0.05 | N/A | $0.03n/m | -$0.32n/m |
| Diluted Shares (Avg) | 385M+2.9% | N/A | 324M-11.8% | 324M+2.6% | 374M | N/A | 367M+17.2% | 316M+2.5% |
Not reported in any period shown, so not listed: EBITDA.
MVSTW Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $987.5M+0.5% | $1.0B+5.6% | $1.0B+1.6% | $1.0B+4.5% | $982.9M-5.5% | $951.9M-13.2% | $997.9M-1.8% | $961.4M-3.6% |
| Current Assets | $425.8M-4.9% | $448.7M+4.8% | $445.3M+1.8% | $434.6M+4.0% | $448.0M+18.5% | $428.0M+0.6% | $437.6M+8.3% | $418.0M-2.1% |
| Cash & Equivalents | $126.1M+38.8% | $105.0M+43.8% | $90.7M+42.7% | $99.7M+46.3% | $90.9M+130.4% | $73.0M+63.9% | $63.6M-5.7% | $68.2M-52.2% |
| Inventory | $95.0M-26.4% | $89.4M-37.6% | $126.9M-19.5% | $141.7M-7.1% | $129.1M-6.0% | $143.3M-4.3% | $157.8M+24.3% | $152.5M+75.8% |
| Accounts Receivable | $123.6M-8.9% | $155.8M+29.1% | $149.3M+22.8% | $125.9M+20.0% | $135.7M+9.8% | $120.6M-13.0% | $121.5M+4.5% | $105.0M-1.1% |
| Total Liabilities | $521.4M-1.4% | $594.9M+5.5% | $655.5M+28.1% | $648.6M+28.1% | $528.7M+6.9% | $564.0M+5.9% | $511.8M+13.9% | $506.5M+21.2% |
| Current Liabilities | $444.1M+30.6% | $488.3M+47.9% | $530.0M+57.8% | $524.7M+40.8% | $339.9M-7.3% | $330.2M-18.2% | $335.9M-0.1% | $372.5M+27.3% |
| Non-Current Liabilities | $77.3M-59.1% | $106.6M-54.4% | $125.5M-28.6% | $123.9M-7.5% | $188.8M+47.6% | $233.8M+81.1% | $175.9M+55.9% | $133.9M+6.9% |
| Long-Term Debt | N/A | $13.2M-67.8% | $34.4M-35.6% | $34.2M-0.1% | $41.3M-4.0% | $41.1M-6.2% | $53.4M+73.1% | $34.2M+10.2% |
| Total Equity | $466.1M+2.6% | $410.5M+5.8% | $358.1M-26.3% | $356.1M-21.7% | $454.2M-16.8% | $387.9M-31.2% | $486.1M-14.0% | $455.0M-21.2% |
| Retained Earnings | -$1.1Bn/m | -$1.1Bn/m | -$1.1Bn/m | -$1.1Bn/m | -$1.0Bn/m | -$1.1Bn/m | -$1.0Bn/m | -$1.0Bn/m |
Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments, Goodwill.
MVSTW Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$22.8M-418.0% | $16.4M+169.2% | $15.2Mn/m | $37.2M+33372.1% | $7.2M+253.0% | $6.1Mn/m | -$5.4Mn/m | $111Kn/m |
| Stock-Based Compensation | $1.0M+43.4% | N/A | N/A | N/A | $703K-94.1% | N/A | N/A | N/A |
| Capital Expenditures | $2.9M+21.7% | $643K+81.1% | $14.0M-1.4% | $2.9M-2.9% | $2.3M-77.1% | $355K-98.9% | $14.2M-76.3% | $2.9M-94.9% |
| Free Cash Flow | -$25.7M-631.8% | $15.8M+174.6% | $1.2Mn/m | $34.3Mn/m | $4.8Mn/m | $5.7Mn/m | -$19.6Mn/m | -$2.8Mn/m |
| Investing Cash Flow | -$2.8Mn/m | -$590Kn/m | -$10.4Mn/m | -$2.7Mn/m | -$2.3Mn/m | -$180Kn/m | -$4.5Mn/m | -$2.9Mn/m |
| Financing Cash Flow | $29.3M+209.9% | $6.9Mn/m | -$2.7M-115.1% | -$16.3M-173.2% | $9.5M+51.2% | -$9.0M-143.3% | $18.1M+164.5% | $22.2M+2345.3% |
Not reported in any period shown, so not listed: Depreciation & Amortization, Dividends Paid, Share Buybacks.
MVSTW Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 31.6%-5.3pp | 1.0%-35.6pp | 37.6%+4.5pp | 34.7%+2.2pp | 36.9%+15.8pp | 36.6%+14.6pp | 33.1%+10.8pp | 32.5%+17.2pp |
| Operating Margin | -13.1%-26.2pp | -38.9%-37.6pp | 10.5%+3.4pp | 17.8% | 13.1%+41.5pp | -1.3%+20.0pp | 7.1%+40.0pp | -118.0% |
| Net Margin | 79.5%+26.5pp | 17.2%+89.8pp | -1.2%-14.3pp | -116.1% | 53.0%+83.6pp | -72.6%-49.1pp | 13.1%+45.7pp | -121.4% |
| Return on Equity | 10.3%-3.3pp | 4.0%+25.3pp | -0.4%-3.1pp | -29.8%-7.5pp | 13.6%+18.1pp | -21.2%-16.9pp | 2.7%+7.3pp | -22.3%-17.8pp |
| Return on Assets | 4.9%-1.4pp | 1.6%+10.3pp | -0.1%-1.5pp | -10.6%0.0pp | 6.3%+8.7pp | -8.6%-6.4pp | 1.3%+3.9pp | -10.6%-8.0pp |
| Current Ratio | 0.96-0.4x | 0.92-0.4x | 0.84-0.5x | 0.83-0.3x | 1.32+0.3x | 1.30+0.2x | 1.30+0.1x | 1.12-0.3x |
| Debt-to-Equity | N/A | 0.03-0.1x | 0.100.0x | 0.100.0x | 0.090.0x | 0.110.0x | 0.11+0.1x | 0.080.0x |
| Liabilities-to-Equity | 1.120.0x | 1.450.0x | 1.83+0.8x | 1.82+0.7x | 1.16+0.3x | 1.45+0.5x | 1.05+0.3x | 1.11+0.4x |
| Asset Turnover | 0.06-0.1x | 0.100.0x | 0.120.0x | 0.090.0x | 0.120.0x | 0.120.0x | 0.100.0x | 0.090.0x |
| FCF Margin | -42.3%-46.5pp | 16.4%+11.3pp | 1.0%+20.3pp | 37.5%+40.9pp | 4.1%+14.2pp | 5.1%+41.6pp | -19.3% | -3.4% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
Note: The current ratio is below 1.0 (0.92), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Where Microvast Holdings, Inc. Warrants Ranks
Frequently Asked Questions
Microvast Holdings, Inc. Warrants (MVSTW) reported $427.5M in total revenue for fiscal year 2025. This represents a 12.6% 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.
Microvast Holdings, Inc. Warrants (MVSTW) revenue grew by 12.6% year-over-year, from $379.8M to $427.5M in fiscal year 2025.
No, Microvast Holdings, Inc. Warrants (MVSTW) reported a net loss of $42.8M over the trailing 12 months to March 31, 2026. In fiscal year 2025 it reported a net loss of $29.2M, with a net profit margin of -6.8%.
As of fiscal year 2025, Microvast Holdings, Inc. Warrants (MVSTW) had $105.0M in cash and equivalents against $13.2M in long-term debt.
Microvast Holdings, Inc. Warrants (MVSTW) had a gross margin of 28.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
Microvast Holdings, Inc. Warrants (MVSTW) had an operating margin of 1.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
Microvast Holdings, Inc. Warrants (MVSTW) had a net profit margin of -6.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Microvast Holdings, Inc. Warrants (MVSTW) has a return on equity of -7.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
Microvast Holdings, Inc. Warrants (MVSTW) generated $56.1M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. 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.
Microvast Holdings, Inc. Warrants (MVSTW) generated $75.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
Microvast Holdings, Inc. Warrants (MVSTW) had $1.0B in total assets as of fiscal year 2025, including both current and long-term assets.
Microvast Holdings, Inc. Warrants (MVSTW) invested $19.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Microvast Holdings, Inc. Warrants (MVSTW) invested $34.1M in research and development during fiscal year 2025.
Microvast Holdings, Inc. Warrants (MVSTW) had a current ratio of 0.92 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
Microvast Holdings, Inc. Warrants (MVSTW) had a debt-to-equity ratio of 0.03 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
Microvast Holdings, Inc. Warrants (MVSTW) had a liabilities-to-equity ratio of 1.45 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
Microvast Holdings, Inc. Warrants (MVSTW) had a return on assets of -2.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Microvast Holdings, Inc. Warrants (MVSTW) 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Microvast Holdings, Inc. Warrants (MVSTW) reported a net loss of $29.2M while generating $75.9M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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.
Microvast Holdings, Inc. Warrants (MVSTW) has an interest coverage ratio of 4.29x, meaning it can adequately 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.