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MARKETS / NASDAQ / MVST
NASDAQ · MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES · MID CAP

Microvast Holdings, Inc. MVST

7 fiscal years on record · USD · FY2025 reported · SEC filings only
$427.5M
▲ 12.6% YoY
$-29.2M
$56.1M
In brief

What this company does

Microvast Holdings, Inc. specializes in the design, development, and manufacturing of battery components and systems primarily for electric commercial vehicles and energy storage systems. As of December 31, 2025, its annual manufacturing capacity totaled approximately 3.5 GWh of cell, module and pack capacity, all originating from its facility in Huzhou, China. It has a 170,000-square-foot manufacturing facility near Berlin, Germany, which has been used primarily for module production since 2021. Its Clarksville site serves as its main hub of operations in the U.S., providing warehousing, logistics and servicing to customers. As of December 31, 2025, Microvast employed 1,908 full-time employees and 266 independent contractors. In 2025, its top five customers accounted for 58.4% of its revenue. Microvast, Inc. was initially incorporated in Texas in 2006, then re-incorporated as a Delaware corporation in December 2015. On July 23, 2021, Tuscan Holdings Corp. completed its business combination with Microvast, Inc., and the combined company changed its name from Tuscan to "Microvast Holdings, Inc."

Written from the business description in Microvast Holdings, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 16 March 2026. Every sentence was checked against that document before publication.

Growth
USD 427.5M
Revenue, FY2025 · full 7-year series below
Revenue $M Net income $M
FY2025 · Revenue 427.5 · Net income -29.2
200M400M-80M-160M2019202020212022202320242025
Compound annual growth
+27.9%
+31.8%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +31.8% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−7 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating 1.6% · Net -6.8%
-50%-100%2019202020212022202320242025
ROE
FY2025 · ROE -7.3%
-2000%-4000%2019202020212022202320242025

Each USD of equity lost 7 cents this year.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 56.1
20M40M-100M-200M2019202020212022202320242025

Total assetsUSD 1.0B
EquityUSD 410.5M
CashUSD 105.0M
Gross debtUSD 106.3M
Net debtUSD 1.3M
Current ratio0.92×

Net debt stands at 0% of equity.

The 7-year record
7 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 2025202420232022202120202019
Revenue $B0.40.40.30.20.20.10.1
Operating income $B0.0−0.1−0.1−0.2−0.2−0.0−0.1
EBITDA $B·······
Income tax $B−0.00.00.00.00.00.00.0
Net income $B−0.0−0.2−0.1−0.2−0.2−0.0−0.1
Free cash flow $B0.1−0.0−0.3−0.2−0.1−0.0−0.0
EPS, diluted $−0.09−0.61−0.34−0.52−1.26−0.82−1.17
Dividend / sh $·······
Payout %·······
ROE %−7.3−41.1−18.8·−4129.7··
Shares out B0.330.320.320.310.300.100.01

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 2 failures · 1 divergences in 34 reconciliationsAUDITED

Reconciled in 4 of 19 fiscal years. 1 of those reconciliations are divergences — the figures exist but don't fit the formula this check expects; that isn't the same as an error. 61 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente2 failures1 divergent
ActivityMiscellaneous Electrical Machinery, Equipment & Supplies
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
Data on record since2019

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