Microvast Reports Second Quarter 2025 Financial Results

Record Q2 revenue of $91.3 million, up 9.2% year over yearGross margin increased from 32.5% to 34.7%, a 2.2 percentage point improvement year over year STAFFORD, Texas, Aug. 11, 2025 (GLOBE NEWSWIRE) -- Microvast Holdings, Inc. (NASDAQ:MVST) (“Microvast” or the “Company”), a global leader in advanced battery technologies, announced today its unaudited condensed consolidated financial results for the second quarter ended June 30, 2025 (“Q2 2025”). "Continuing to build upon our momentum, Microvast is charting an exceptional course. We delivered a record second quarter, with revenue reaching $91.3 million, marking a 9.2% year-over-year increase. This growth is matched with gross margin expansion to 34.7%. While we booked a GAAP net loss of $106.1 million, we also achieved a positive adjusted EBITDA of $25.9 million. These results are a testament to the increasing demand for our advanced battery solutions and the effectiveness of our relentless focus on profitability and operational efficiency," said Yang Wu, Microvast’s Founder, Chairman, and Chief Executive Officer. Results for Q2 2025 Record second quarter revenue of $91.3 million, compared to $83.7 million in Q2 2024, an increase of 9.2% Gross margin increased to 34.7% from 32.5% in Q2 2024; Non-GAAP adjusted gross margin increased to 34.8%, up from 34.3% in Q2 2024 Operating expenses of $16.5 million, compared to $126.7 million in Q2 2024; Non-GAAP adjusted operating expenses of $15.7 million, compared to $116.0 million in Q2 2024 Net loss of $106.1 million, compared to net loss of $101.6 million in Q2 2024; Non-GAAP adjusted net profit of $16.3 million, compared to non-GAAP adjusted net loss of $87.9 million in Q2 2024 Net loss per share of $0.33 compared to net loss per share of $0.32 in Q2 2024; Non-GAAP adjusted net profit per share of $0.05, compared to non-GAAP adjusted net loss per share of $0.28 in Q2 2024 Non-GAAP adjusted EBITDA of positive $25.9 million in Q2 2025, compared to non-GAAP adjusted EBITDA of negative $78.4 million in Q2 2024 Capital expenditures of $7.4 million, compared to $2.9 million in Q2 2024 Cash, cash equivalents and restricted cash of $138.8 million as of June 30, 2025, compared to $109.6 million as of December 31, 2024, and $104.5 million as of June 30, 2024 Results for Six Months Ended June 30, 2025 (“YTD 2025”) Revenue of $207.8 million, compared to $165.0 million in the six months ended June 30, 2024 (“YTD 2024”), an increase of 25.9% Gross margin increased to 36.0% from gross margin of 26.9% in YTD 2024; Non-GAAP adjusted gross margin increased to 36.0%, up from 28.5% in YTD 2024 Operating expenses of $42.0 million, compared to $167.5 million in YTD 2024; Non-GAAP adjusted operating expenses of $40.6 million, compared to $146.2 million in YTD 2024 Net loss of $44.3 million, compared to net loss of $126.4 million in YTD 2024; Non-GAAP adjusted net profit of $35.6 million, compared to non-GAAP adjusted net loss of $100.9 million in YTD 2024 Net loss per share of $0.14 compared to net loss per share of $0.40 in YTD 2024; Non-GAAP adjusted net profit per share of $0.11, compared to non-GAAP adjusted net loss per share of $0.32 in YTD 2024 Non-GAAP adjusted EBITDA of positive $54.4 million in YTD 2025, compared to adjusted EBITDA of negative $82.1 million in YTD 2024 Capital expenditures of $14.0 million, compared to $13.2 million in YTD 2024 Please refer to the tables at the end of this press release for reconciliations of gross profit to non-GAAP adjusted gross profit, operating expenses to non-GAAP adjusted operating expenses, net loss to non-GAAP adjusted net profit/(loss), net loss to non-GAAP adjusted EBITDA and gross margin to non-GAAP adjusted gross margin. 2025 Outlook The Company maintains its target revenue growth of 18% to 25% year over year and revenue guidance of $450 million to $475 million For full year 2025, with continued regional efficiencies and utilization increases, the Company is updating targeted gross margin from 30% to 32% Finish installation and commissioning of production equipment for our Huzhou Phase 3.2 expansion, increasing our capacity to meet strong customer demand, installation completion is expected by year-end, with initial production to follow Maintain focus on new customer wins that will expand our presence as markets expand into new segments and continue to electrify Webcast Information Company management will host a conference call and webcast on August 11, 2025, at 4:00 p.m. Central Time, to discuss the Company's financial results. The live webcast and accompanying slide presentation will be accessible from the Events & Presentations section of Microvast’s investor relations website (https://ir.microvast.com/events-presentations/events). A replay will be available following the conclusion of the event. About Microvast Microvast is a global leader in providing battery technologies for electric vehicles and energy storage solutions. With a legacy of over 18 years, Microvast has consistently delivered cutting-edge battery systems that empower a cleaner and more sustainable future. The company's innovative approach and dedication to excellence have positioned it as a trusted partner for customers around the world. Founded in 2006 in Stafford, Texas, Microvast holds more than 810 patents and patent applications that enable solutions for today’s electrification needs. For more information, please visit www.microvast.com or follow us on LinkedIn (@microvast). Contact: Investor Relationsir@microvast.com Cautionary Statement Regarding Forward-Looking Statements This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about our future results of operations and financial position, our operational performance, our anticipated growth and business strategy, our future capital expenditures and debt service obligations, the projected costs, prospects and plans and objectives of management for future operations, including regarding expected growth and demand for our batteries and energy storage solutions and introduction of new batteries and energy storage solutions, the adoption of such offerings by customers, our expectations relating to backlog, pipeline and contracted backlog, our ability to implement our remediation plan in connection with the material weakness in our internal control over financial reporting, current expectations relating to legal proceedings and anticipated impacts and benefits from the Inflation Reduction Act of 2022 as well as any other proposed or recently enacted legislation. In some cases, you may also identify forward-looking statements by words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “objective,” “plan,” “project,” “predict,” “outlook” “should,” “will,” “would,” or the negative of these terms, or other comparable terminology intended to identify statements about the future. Such forward-looking statements are based upon the current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements. Many factors could cause actual results and the timing of events to differ materially from the anticipated results or other expectations expressed in the forward-looking statements, including, among others: (1) our ability to remain a going concern; (2) risk that we may not be able to execute our growth strategies or achieve profitability; (3) risk that we will be unable to meet our future capital requirements and we may require additional capital to support our business growth, and this capital might not be available on acceptable terms or at all; (4) potential difficulties in maintaining manufacturing capacity and establishing expected mass manufacturing capacity in the future; (5) risks relating to delays, disruptions and quality control problems in our manufacturing operations; (6) restrictions in our existing and any future credit facilities; (7) risks of operations in China; (8) the effects of mechanics liens filed by contractors that we do not have sufficient funds to pay; (9) the effects of existing and future litigation; (10) changes in general economic conditions, including increases in interest rates and associated Federal Reserve policies, a potential economic recession, and the impact of inflation on our business; (11) changes in the highly competitive market in which we compete, including with respect to our competitive landscape, technology evolution or regulatory changes; (12) changes in availability and price of raw materials; (13) labor relations, including the ability to attract, hire and retain key employees and contract personnel; (14) heightened awareness of environmental issues and concern about global warming and climate change; (15) risk that we are unable to secure or protect our intellectual property; (16) risk that our customers or third-party suppliers are unable to meet their obligations fully or in a timely manner; (17) risks related to possible future reductions in pricing or order volume or loss of one or more of our significant customers; (18) risks relating to our status as a relatively low-volume purchaser as well as from supplier concentration and limited supplier capacity; (19) risk that our customers will adjust, cancel or suspend their orders for our products; (20) risk of product liability or regulatory lawsuits or proceedings relating to our products or services; (21) our ability to maintain and enhance our reputation and brand recognition; (22) the effectiveness of our information technology and operational technology systems and practices to detect and defend against evolving cyberattacks; (23) changing laws regarding cybersecurity and data privacy, and any cybersecurity threat or event; (24) the effects and associated cost of compliance with existing and future laws and governmental regulations, such as the Inflation Reduction Act; (25) risks relating to whether renewable energy technologies are suitable for widespread adoption or if sufficient demand for our offerings does not develop or takes longer to develop than we anticipate; (26) economic, financial and other impacts such as a pandemic, including global supply chain disruptions; (27) the impact of geopolitical events, including the ongoing conflicts between Russia and Ukraine and in the Middle East; and (28) Tariffs imposed on products of the PRC into the United States may lead to increased costs and impact our business. Microvast’s annual, quarterly and other filings with the U.S. Securities and Exchange Commission identify, address and discuss these and other factors in the sections entitled “Risk Factors.” The foregoing list of factors is not exhaustive and new factors may emerge from time to time that could also affect actual performance and results. For more information, please see the risk factors included in our Annual Report on Form 10-K for the year ended December 31, 2024 in Part I, Item 1A. Actual results, performance or achievements may differ materially, and potentially adversely, from any forward-looking statements and the assumptions on which those forward-looking statements are based. There can be no assurance that the data contained herein is reflective of future performance to any degree. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as forward-looking statements are based on estimates and assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond our control. All information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date hereof except as may be required under applicable securities laws. Forecasts and estimates regarding our industry and end markets are based on sources we believe to be reliable, however, there can be no assurance these forecasts and estimates will prove accurate in whole or in part. All references to the “Company,” “we,” “us” or “our” refer to Microvast Holdings, Inc. and its consolidated subsidiaries other than certain historical information which refers to the business of Microvast prior to the consummation of the Business Combination. Non-GAAP Financial Measures To provide investors with additional information regarding our financial results, Microvast has disclosed in this earnings release non-GAAP financial measures, including non-GAAP adjusted gross profit, non-GAAP adjusted EBITDA, non-GAAP adjusted operating expenses, non-GAAP adjusted net profit/(loss) and non-GAAP adjusted gross margin which are non-GAAP financial measures as defined under the rules of the SEC. These are intended as supplemental measures of our financial performance that are not required by, or presented in accordance with U.S. generally accepted accounting principles (“GAAP”). Reconciliations to the most comparable GAAP measures, gross profit, gross margin, operating expenses and net profit/(loss), are contained in tabular form in the unaudited financial statements below. Non-GAAP adjusted gross profit is GAAP gross profit as adjusted for non-cash stock-based compensation expense included in cost of revenues. Non-GAAP adjusted net profit/(loss) is GAAP net profit/(loss) as adjusted for non-cash stock-based compensation expense and change in valuation of warrant and Convertible loan. Non-GAAP adjusted net profit/(loss) per common share is GAAP net profit/(loss) per common share as adjusted for non-cash stock-based compensation expense and change in valuation of warrant and Convertible loan per common share. Non-GAAP adjusted EBITDA is defined as net profit/(loss) excluding depreciation and amortization, non-cash settled share-based compensation expense, interest expense, interest income, changes in fair value of our warrant and Convertible loan and income tax expense or benefit. Non-GAAP adjusted operating expenses is defined as operating expenses excluding non-cash stock-based compensation expense. Non-GAAP adjusted gross margin is defined as GAAP gross margin as adjusted for non-cash stock-based compensation expense included in cost of revenues. We use non-GAAP adjusted gross profit, non-GAAP adjusted EBITDA, non-GAAP adjusted operating expenses, non-GAAP adjusted net profit/(loss) and non-GAAP adjusted gross margin for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We consider them to be important measures because they help illustrate underlying trends in our business and our historical operating performance on a more consistent basis. We believe that these non-GAAP financial measures, when taken together with their most directly comparable GAAP measures, gross profit and net profit/(loss), provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our recurring core business operating results. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to our historical performance. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business. Accordingly, we believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team and board of directors. Non-GAAP financial measures have limitations as an analytical tool, and you should not consider them in isolation, or as a substitute for, financial information prepared in accordance with GAAP. For example, our calculation of non-GAAP adjusted EBITDA may differ from similarly titled non-GAAP measures, if any, reported by our peer companies, or our peer companies may use other measures to calculate their financial performance, and therefore our use of non-GAAP adjusted EBITDA may not be directly comparable to similarly titled measures of other companies. The principal limitation of non-GAAP adjusted EBITDA is that it excludes significant expenses and income that are required by GAAP to be recorded in our financial statements. In addition, it is subject to inherent limitations as it reflects the exercise of judgments by management about which expense and income are excluded or included in determining this non-GAAP financial measure. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. In addition, such financial information is unaudited and does not conform to SEC Regulation S-X and as a result, such information may be presented differently in our future filings with the SEC. For example, with respect to the warrant liability resulting from the merger, we now exclude changes in fair value from net profit/(loss) in our non-GAAP adjusted EBITDA and non-GAAP adjusted net profit/(loss) calculation, which had not been done in prior periods. MICROVAST HOLDINGS, INC.UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands of U.S. dollars, except share and per share data, or as otherwise noted) June 30,2025 December 31,2024Assets Current assets: Cash and cash equivalents$99,721 $73,007 Restricted cash, current 39,099 36,572 Accounts receivable (net of allowance for credit losses of $6,406 and $5,090 as of June 30, 2025 and December 31, 2024, respectively) 125,920 120,626 Notes receivable 4,206 7,579 Inventories, net 141,749 143,327 Prepaid expenses and other current assets 19,896 27,019 Assets held for sale 4,000 19,896 Total Current Assets 434,591 428,026 Restricted cash, non-current — 22 Property, plant and equipment, net 521,951 478,189 Land use rights, net 11,440 11,371 Acquired intangible assets, net 2,394 2,607 Operating lease right-of-use assets 18,967 17,628 Other non-current assets 15,349 14,024 Total Assets$1,004,692 $951,867 Liabilities Current liabilities: Accounts payable$72,497 $64,940 Notes payable 43,827 51,756 Advance from customers 41,542 43,678 Accrued expenses and other current liabilities 101,502 98,456 Amounts due to related parties — 5 Convertible loan measured at fair value 181,475 — Income tax payables 654 652 Short-term bank borrowings 83,166 70,666 Total Current Liabilities 524,663 330,153 Long-term bonds payable 41,693 43,157 Long-term bank borrowings 34,181 41,062 Warrant liability 434 290 Share-based compensation liability 98 98 Operating lease liabilities 15,656 14,596 Convertible loan measured at fair value — 104,613 Other non-current liabilities 31,837 30,003 Total Liabilities$648,562 $563,972 Stockholders’ Equity Common Stock (par value of US$0.0001 per share, 750,000,000 and 750,000,000 shares authorized as of June 30, 2025 and December 31, 2024; 325,354,111 and 324,831,634 shares issued, and 323,666,611 and 323,144,134 shares outstanding as of June 30, 2025 and December 31, 2024)$33 $33 Additional paid-in capital 1,514,531 1,512,982 Statutory reserves 6,032 6,032 Accumulated deficit (1,137,226) (1,092,958)Accumulated other comprehensive loss (27,240) (38,194)Total Equity$356,130 $387,895 Total Liabilities and Equity$1,004,692 $951,867 MICROVAST HOLDINGS, INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands of U.S. dollars, except share and per share data, or as otherwise noted) Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024Revenues$91,339 $83,675 $207,830 $165,026 Cost of revenues (59,616) (56,480) (133,091) (120,606)Gross profit 31,723 27,195 74,739 44,420 Operating expenses: General and administrative expenses (3,997) (23,511) (14,450) (47,305)Research and development expenses (7,719) (10,107) (15,967) (21,599)Selling and marketing expenses (3,424) (5,026) (10,223) (10,617)Impairment loss of long-lived assets (1,364) (88,027) (1,364) (88,027)Total operating expenses (16,504) (126,671) (42,004) (167,548)Subsidy income 995 735 2,411 1,269 Profit/(loss) from operations 16,214 (98,741) 35,146 (121,859)Other income and expenses: Interest income 198 246 375 365 Interest expense (1,252) (2,094) (2,440) (3,826)Changes in fair value of warrant liability and convertible loan (121,521) (1,568) (78,361) (1,526)Gain on debt restructuring 403 448 792 448 Other income, net 120 153 440 17 Loss before provision for income taxes (105,838) (101,556) (44,048) (126,381)Income tax expense (220) — (220) — Net loss$(106,058) $(101,556) $(44,268) $(126,381)Net loss attributable to Microvast Holdings, Inc.'s stockholders$(106,058) $(101,556) $(44,268) $(126,381)Net loss per common share Basic and diluted$(0.33) $(0.32) $(0.14) $(0.40)Weighted average shares used in calculating net loss per share of common stock Basic and diluted 323,643,200 315,509,552 323,537,551 315,438,336 MICROVAST HOLDINGS, INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands of U.S. dollars, except share and per share data, or as otherwise noted) Six Months Ended June 30, 2025 2024Cash flows from operating activities Net loss$(44,268) $(126,381)Adjustments to reconcile net loss to net cash used in operating activities: Loss on disposal of property, plant and equipment 147 16 Gain on debt restructuring (792) (448)Interest expense — 622 Depreciation of property, plant and equipment 16,091 14,912 Amortization of land use right and intangible assets 384 387 Noncash lease expenses 1,311 1,327 Share-based compensation 1,549 23,988 Changes in fair value of warrant liability and convertible loan 78,361 1,526 Allowance of credit losses 2,191 755 Write-down for obsolete inventories — 1,737 Impairment loss from long-lived asset 1,364 88,027 Product warranty 8,512 6,329 Changes in operating assets and liabilities: Notes receivable (13,957) 10,278 Accounts receivable (513) 29,622 Inventories 7,051 (1,454)Prepaid expenses and other current assets 8,830 8,462 Amounts due to related parties (5) — Operating lease right-of-use assets (784) (1,928)Other non-current assets 312 (44)Notes payable (8,801) (13,568)Accounts payable 6,264 (30,516)Advance from customers (2,279) (2,125)Accrued expenses and other liabilities (16,802) (11,926)Operating lease liabilities (640) (267)Other non-current liabilities 797 2,811 Net cash generated from operating activities 44,323 2,142 Cash flows from investing activities Purchases of property, plant and equipment (5,207) (13,186)Proceeds on disposal of property, plant and equipment 129 180 Proceeds from maturity of short-term investments — 5,564 Net cash used in investing activities (5,078) (7,442) MICROVAST HOLDINGS, INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS-Continued(In thousands of U.S. dollars, except share and per share data, or as otherwise noted) Six Months EndedJune 30, 2025 2024Cash flows from financing activities Proceeds from borrowings 59,571 40,462 Repayment of bank borrowings (56,184) (23,449)Convertible loan — 12,000 Repayment of bonds payable (1,375) — Payment for debt issue costs — (525)Deferred payment related to purchases of property, plant and equipment (8,811) — Net cash (used in)/ generated from financing activities (6,799) 28,488 Effect of exchange rate changes (3,227) (6,893)Increase in cash, cash equivalents and restricted cash 29,219 16,295 Cash, cash equivalents and restricted cash at beginning of the period 109,601 88,189 Cash, cash equivalents and restricted cash at end of the period$138,820 $104,484 Six Months EndedJune 30, 2025 2024Reconciliation to amounts on consolidated balance sheets Cash and cash equivalents$99,721 $68,183 Restricted cash 39,099 36,301 Total cash, cash equivalents and restricted cash$138,820 $104,484 MICROVAST HOLDINGS, INC.RECONCILIATION OF GROSS PROFIT TO ADJUSTED GROSS PROFIT(Unaudited, in thousands of U.S. dollars) Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024Revenues$91,339 $83,675 $207,830 $165,026 Cost of revenues (59,616) (56,480) (133,091) (120,606)Gross profit (GAAP)$31,723 $27,195 $74,739 $44,420 Gross margin 34.7% 32.5% 36.0% 26.9% Non-cash settled share-based compensation (included in cost of revenues) 62 1,481 124 2,619 Adjusted gross profit (non-GAAP)$31,785 $28,676 $74,863 $47,039 Adjusted gross margin (non-GAAP) 34.8% 34.3% 36.0% 28.5% MICROVAST HOLDINGS, INC.RECONCILIATION OF OPERATING EXPENSES TO ADJUSTED OPERATING EXPENSES(Unaudited, in thousands of U.S. dollars) Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024General and administrative expenses (3,997) (23,511) (14,450) (47,305)Research and development expenses (7,719) (10,107) (15,967) (21,599)Selling and marketing expenses (3,424) (5,026) (10,223) (10,617)Impairment loss of long-lived assets (1,364) (88,027) (1,364) (88,027)Operating expenses (GAAP)$(16,504) $(126,671) $(42,004) $(167,548) Non-cash settled share-based compensation (included in Operating expenses) 784 10,649 1,425 21,378 Adjusted operating expenses (non-GAAP)$(15,720) $(116,022) $(40,579) $(146,170) MICROVAST HOLDINGS, INC.RECONCILIATION OF NET LOSS TO ADJUSTED NET PROFIT/ (LOSS)(Unaudited, in thousands of U.S. dollars, except per share data, or as otherwise noted) Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024Net loss (GAAP)$(106,058) $(101,556) $(44,268) $(126,381)Changes in fair value of warrant liability and convertible loan* 121,521 1,568 78,361 1,526 Non-cash settled share-based compensation* 846 12,130 1,549 23,997 Adjusted net profit/ (loss) (non-GAAP)$16,309 $(87,858) $35,642 $(100,858) *The tax effect of the adjustments was nil. Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024Net loss per common share-Basic (GAAP)$(0.33) $(0.32) $(0.14) $(0.40)Changes in fair value of warrant liability and convertible loan per common share 0.38 — 0.24 — Non-cash settled share-based compensation per common share — 0.04 0.01 0.08 Adjusted net profit/ (loss) per common share-Basic (non-GAAP)$0.05 $(0.28) $0.11 $(0.32) MICROVAST HOLDINGS, INC.RECONCILIATION OF NET LOSS TO EBITDA AND ADJUSTED EBITDA(Unaudited, in thousands of U.S. dollars) Three Months EndedJune 30, Six Months EndedJune 30, 2025 2024 2025 2024Net loss (GAAP)$(106,058) $(101,556) $(44,268) $(126,381)Interest expense (income), net 1,054 1,848 2,065 3,461 Income tax expense 220 — 220 — Depreciation and amortization 8,298 7,635 16,475 15,299 EBITDA (non-GAAP)$(96,486) $(92,073) $(25,508) $(107,621)Changes in fair value of warrant liability and convertible loan 121,521 1,568 78,361 1,526 Non-cash settled share-based compensation 846 12,130 1,549 23,997 Adjusted EBITDA (non-GAAP)$25,881 $(78,375) $54,402 $(82,098)

Microvast Reports Second Quarter 2025 Financial Results

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