Microvast Holdings Inc
NASDAQ:MVST
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Microvast Holdings Inc
NASDAQ:MVST
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Microvast Holdings Inc
Microvast Holdings, Inc. is focused on advancing next-generation commercial electric vehicles with superior battery technology. The company is headquartered in Stafford Texas, Texas and currently employs 1,359 full-time employees. The company went IPO on 2017-01-04. The Company’s battery packs utilize a variety of cell chemistries, which provides flexibility in vehicle design and applications. The Company’s commercial vehicle customers include light, medium, and heavy-duty trucks, vans, buses, trains, automated guided vehicles, port equipment and mining trucks. The firm is offering battery solutions including battery chemistries, customized battery solutions and battery components. Its battery chemistries offer a range of cell chemistries, which include lithium titanate oxide (LTO), lithium iron phosphate (LFP), nickel manganese cobalt version one (NMC-1) and nickel manganese cobalt version two (NMC-2). Its customized battery solutions include cells, modules, packs and custom pack and battery management Systems (BMS). Its battery components offerings include Aramid Separator and Gradient Cathode.
Microvast Holdings, Inc. is focused on advancing next-generation commercial electric vehicles with superior battery technology. The company is headquartered in Stafford Texas, Texas and currently employs 1,359 full-time employees. The company went IPO on 2017-01-04. The Company’s battery packs utilize a variety of cell chemistries, which provides flexibility in vehicle design and applications. The Company’s commercial vehicle customers include light, medium, and heavy-duty trucks, vans, buses, trains, automated guided vehicles, port equipment and mining trucks. The firm is offering battery solutions including battery chemistries, customized battery solutions and battery components. Its battery chemistries offer a range of cell chemistries, which include lithium titanate oxide (LTO), lithium iron phosphate (LFP), nickel manganese cobalt version one (NMC-1) and nickel manganese cobalt version two (NMC-2). Its customized battery solutions include cells, modules, packs and custom pack and battery management Systems (BMS). Its battery components offerings include Aramid Separator and Gradient Cathode.
Revenue: Microvast reported record 2025 revenue of $427.5 million, up 12.6% year‑over‑year, though Q4 was softer at $96.4 million due to Korea regulatory changes and EMEA platform delays.
Margins: Full‑year gross margin was 28.6%, hurt by a $32.5 million inventory impairment that reduced margin by 7.6 percentage points; management says underlying margins improved on product mix and manufacturing efficiency.
Profitability: GAAP net loss was $29.2 million, but operating profit was $6.98 million and adjusted net income was $13.0 million; adjusted EBITDA improved to $44.7 million from negative $44.8 million in 2024.
Cash & Cash Flow: Year‑end cash, cash equivalents and restricted cash totaled $169.2 million; operating cash flow was positive $75.9 million, and capex for Huzhou 3.2 was $19.8 million.
Growth drivers: Management highlighted new 55 Ah and next‑gen LTO cells, continued EMEA momentum, and Huzhou Phase 3.2 (adds up to 2 GWh capacity) as the primary 2026 growth catalyst.
Technology roadmap: Reported progress on all‑solid‑state stacks (12‑layer >200 cycles at 99.97% Coulombic efficiency; a 72V monolithic stack completed 100 cycles), positioning the company for high‑voltage, high‑power applications.
Regional mix: EMEA remains largest at $211.9 million (≈50% of revenue), U.S. grew to $39.3 million (up 173%), APAC slightly down to $176.3 million.
2026 focus: Management will prioritize margin integrity while ramping Huzhou 3.2 to serial production, targeting profitability and customer diversification into heavy industrial and transit segments.
