Microvast Holdings Inc
NASDAQ: MVST · CONSUMER CYCLICAL · AUTO PARTS
Updated 2026-06-05
Microvast Holdings Inc (MVST) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $174.24M | $76.43M | $107.52M | $151.98M | $204.50M | $306.62M | $379.80M | $427.52M |
| Revenue growth (YoY) | — | -56.1% | +40.7% | +41.3% | +34.6% | +49.9% | +23.9% | +12.6% |
| Cost of revenue | $153.39M | $76.67M | $90.38M | $194.72M | $195.42M | $249.39M | $260.25M | $272.90M |
| Gross profit | $20.85M | $-231000.00 | $17.14M | $-42.74M | $9.07M | $57.23M | $119.55M | $154.62M |
| Gross margin | 12.0% | -0.3% | 15.9% | -28.1% | 4.4% | 18.7% | 31.5% | 36.2% |
| R&D | $32.45M | $26.00M | $16.64M | $34.38M | $43.51M | $45.00M | $41.06M | $34.11M |
| SG&A | $32.99M | $15.17M | $18.85M | $101.63M | $102.77M | $96.79M | $81.49M | $57.82M |
| Operating income | $-57.99M | $-53.86M | $-29.11M | $-194.06M | $-159.95M | $-106.73M | $-116.09M | $40.49M |
| Operating margin | -33.3% | -70.5% | -27.1% | -127.7% | -78.2% | -34.8% | -30.6% | 9.5% |
| EBITDA | $-45.24M | $-37.73M | $-11.09M | $-180.36M | $-134.48M | $-80.85M | $-154.91M | $3.49M |
| EBITDA margin | -26.0% | -49.4% | -10.3% | -118.7% | -65.8% | -26.4% | -40.8% | 0.8% |
| EBIT | $-57.99M | $-53.12M | $-27.89M | $-201.07M | $-154.84M | $-103.77M | $-185.75M | $-29.64M |
| Interest expense | $0.00 | $6.35M | $5.74M | $5.41M | $3.32M | $2.63M | $9.71M | $4.90M |
| Income tax | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $-100.03M | $-72.59M | $-49.55M | $-216.01M | $-158.20M | $-106.34M | $-195.46M | $-29.22M |
| Net income growth (YoY) | — | +27.4% | +31.7% | -335.9% | +26.8% | +32.8% | -83.8% | +85.1% |
| Profit margin | -57.4% | -95.0% | -46.1% | -142.1% | -77.4% | -34.7% | -51.5% | -6.8% |
Frequently asked questions
What is Microvast Holdings Inc's revenue?
Microvast Holdings Inc's trailing twelve-month revenue is $371.64M. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is MVST?
In its most recent fiscal year, MVST ran a gross margin of 36.17%, an operating margin of 9.47%, and a net margin of -6.83%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does MVST generate?
MVST produced $56.07M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is MVST's balance sheet healthy?
MVST holds $104.96M in cash and equivalents against $54.92M in long-term debt, on $410.51M of shareholder equity. Cash on hand exceeds long-term debt, so the balance sheet adds little financial risk to the thesis.