Every 10-Q that Microvast Holdings, Inc. (MVST) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow MVST and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MVST filings page.
Microvast Holdings, Inc. reported lower sales but a headline profit for the six months ended June 30, 2026 while warning of significant liquidity risk. Revenue was $147.9 million, down from $207.8 million a year earlier, with Europe now 65% of revenue and Asia-Pacific 36%. The U.S. showed a small net reduction in revenue after $2.7 million of tariff refunds to a customer.
Net income was $36.2 million versus a $44.3 million loss in 2025, driven largely by a $58.0 million gain from changes in fair value and conversion of a related-party convertible loan, which was mostly converted into 50.0 million shares at $0.50 per share. Diluted EPS was a loss of $0.06, reflecting this fair value adjustment. Operating performance weakened: revenues fell and operating activities used $33.3 million of cash versus $44.3 million generated in the prior-year period.
Liquidity is pressured: cash and restricted cash totaled $143.1 million, while current liabilities were $343.7 million including $104.2 million of short-term bank borrowings and significant other obligations and commitments. Management concluded that conditions raise substantial doubt about the ability to continue as a going concern within one year, and its mitigation plans (cost cuts, refinancing, new capital) cannot yet be considered probable. Total liabilities declined to $409.1 million from $594.9 million, and equity increased to $543.1 million, helped by the loan conversion and foreign currency translation gains.
Microvast Holdings (MVST) filed its Q3 2025 report, showing higher sales but continued bottom-line pressure and liquidity risks. Revenue rose to $123.3 million (from $101.4 million), lifting gross profit to $46.4 million. Operating income was $13.0 million, but a non-cash fair value loss on its convertible loan drove a net loss of $1.5 million.
For the nine months, revenue reached $331.1 million (from $266.4 million) with net cash from operating activities of $59.5 million. Cash and cash equivalents were $90.7 million plus $51.9 million in restricted cash as of September 30, 2025. Total liabilities were $655.5 million and equity $358.1 million.
The company disclosed conditions that raise substantial doubt about its ability to continue as a going concern, citing short-term debt and commitments. Management points to positive operating cash flow, refinancing activity, and an at‑the‑market equity program; after quarter‑end, it received $12.6 million in net proceeds under a Sales Agreement. Bank borrowings totaled $118.8 million (with $84.4 million current), and the fair value of the convertible loan was $193.5 million.
Microvast Holdings, Inc. reported higher sales and stronger operating results but remained loss-making after large financing remeasurements and legal contingencies. Revenue for the quarter ended June 30, 2025 was $91.3 million, up from $83.7 million a year earlier, and six-month revenue rose to $207.8 million from $165.0 million, reflecting broader regional sales. Gross profit for the quarter was $31.7 million (versus $27.2 million). Operating income improved to $16.2 million for the quarter and $35.1 million for six months, reversing prior-period operating losses largely because operating expenses, including impairments, declined.
Despite operating improvement, the company recorded a quarterly net loss of $106.1 million driven by a non-cash $121.5 million adverse fair-value change in warrant and convertible loan liabilities; six-month net loss narrowed to $44.3 million from $126.4 million a year earlier. Cash and equivalents rose to $99.7 million with total cash and restricted cash of $138.8 million. Current liabilities increased materially to $524.7 million, including a $181.5 million convertible loan measured at fair value and $83.2 million in short-term bank borrowings. Management discloses substantial doubt about going concern but believes forecasted operating cash flows and historical refinancing support its plans. The filing also discloses multiple securities and derivative litigations and other contract disputes.