Microvast Holdings, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Microvast Holdings, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	76.4	108	152	204	307	380	428
Cost of revenue	76.7	90.4	195	195	249	260
Gross profit	-0.23	17.1	-42.7	9.07	57.2	120	122
Research and development	26	16.6	34.4	43.5	45	41.1	34.1
Selling and marketing	15.7	13.8	21.4	22.6	23.6	22.6	22.2
General and administrative	15.2	18.8	102	103	96.8	81.5	57.8
Operating expenses	56.9	49.2	157	171	166	238	118
Operating income	-53.9	-29.1	-194	-160	-107	-116	6.98
Interest expense	6.35	5.74	5.41	3.32	2.63	9.71	4.9
Interest income	1.25	0.04	0	0.07	0.44	0
Other non-operating income	-0.15	0.65	-0.06	0.94	-0.71	0.16	0.24
Pre-tax income	-59.5	-33.6	-206	-158	-106	-195	-34.5
Income tax	0.19	0	0	0.03	0.01	0	-5.33
Net income to minority interests			0	0	-0.08	0	0
Net income	3.39	-2.42	-206	-158	-106	-195	-29.2
EPS, basic	-0.09	-0.82	-1.26	-0.52	-0.34	-0.61	-0.09
EPS, diluted	-0.11	-0.82	-1.26	-0.52	-0.34	-0.61	-0.09
Shares, basic (weighted)	64	99	186	303	311	318	325
Shares, diluted (weighted)	5.15	99	186	303	311	318	325

Balance sheet

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	0.14	21.5	481	231	44.5	73	105
Short-term investments	280		0	25.1	5.63	0
Receivables		76.3	88.7	119	139	121	156
Inventory		45	53.4	84.3	150	143	89.4
Other current assets	0.19	6.02	17.1	12.1	25.8	27	279
Total current assets	0.4	189	707	545	426	428	449
Property, plant and equipment		198	253	335	621	478	508
Lease right-of-use assets		14	0	16.4	19.5	17.6	17.3
Intangible assets		2.28	1.88	1.64	3.14	2.61	2.18
Long-term investments	280	282
Other non-current assets		0.89	19.7	73.6	9.66	14	12.2
Total assets	280	405	995	985	1,097	952	1,005
Accounts payable	0.27	42	40.4	45	113	64.9	47
Accrued liabilities		1.7	58.7
Deferred revenue			1.53	54.2	43.1	43.7	5.61
Short-term debt		12.2	13.3	17.4	35.4	70.7	93.1
Total current liabilities	0.27	184	176	252	403	330	488
Lease liabilities			0	14.3	17.1	14.6	14.5
Other non-current liabilities		111	39.8	32.1	24.9	30	37.2
Total liabilities	0.7	389	309	372	533	564	595
Total debt			0	29	43.8	41.1	13.2
Paid-in capital	1.61	4.03	1,306	1,416	1,481	1,513	1,544
Retained earnings	3.39	-398	-632	-791	-898	-1,093	-1,122
Other comprehensive income		7.36	6.7	-18.1	-25.6	-38.2	-17.2
Shareholders' equity	-320	5		613	564	388	411
Minority interests				0
Total equity	-320	-385	687	613	564	388	411
Total liabilities and equity	280	405	995	985	1,097	952	1,005
Shares outstanding	5.43	99	299	308	315	323	332

Cash flow statement

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-59.7	-33.6	-206	-158	-106	-195	-29.2
Stock-based compensation		0	82.9	90.8	65	30.8	3.07
Deferred income tax	0.03	0	0	0	0	0	-5.43
Change in receivables	46.9	-3.6	-11.8	-38.9	-21.8	8.79	-27.3
Change in inventory	10.4	13.6	-25.9	-43.7	-74.4	-0.55	27.1
Change in payables	-12.9	3.82	-2.5	7.15	68.6
Cash from operations	13.4	15.6	-45	-53.9	-75.3	2.81	75.9
Capital expenditures	-20.3	-18.6	-87.9	-151	-187	-27.7	-19.8
Purchases of investments	-20.4	-4.64	0	-25.1	-5.97	0	0
Sales and maturities of investments	36.6	5.59	0	0	25.5	5.56	0
Cash from investing	-3.95	-17.7	-87.9	-176	-166	-12.2	-16
Debt issued	17.7	17.3	38.9	58.7	47.9	102	85.7
Stock issued					0	0	28.8
Cash from financing	-52.2	-0.51	625	4.97	33	37.6	-2.68
Exchange rate effect	-0.99	2.04	2.87	-8.59	-6.56	-6.84	2.46
Net change in cash	-43.8	-0.59	495	-233	-214	21.4	59.6
Free cash flow	-6.89	-3.09	-133	-205	-262	-24.9	56.1
Interest paid	2.49	1.97	2.69	5.14	4.37	7.44	6
Income taxes paid	0.94	0	0	0	0	0	1.82

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $0.69 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	25.1%	Gross profit / revenue.
Operating margin	-7.3%	Operating income / revenue.
Net margin	13.9%	Net income / revenue.
FCF margin	-8.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-0.5%	Cash from operations / revenue.
Return on equity (ROE)	9.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.4%	Net income / average total assets.
Return on invested capital (ROIC)	-5.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	9.7%	Research and development expense / revenue.
Stock-based pay / revenue	0.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	7.8%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	12.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	27.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	31.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	2.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	137.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	48.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	2,598.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	37.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	5.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-12.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	141.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	5.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	20.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	2.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	26.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.09x	Current assets / current liabilities.
Quick ratio	0.72x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.37x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	43.0%	Total liabilities / total assets.
Interest coverage	-5.37x	Operating income / interest expense.
Working capital	$31.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$541.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.39x	Revenue / average total assets.
Fixed asset turnover	0.70x	Revenue / average property, plant and equipment.
Receivables turnover	3.03x	Revenue / average receivables.
Days sales outstanding	120 days	365 x average receivables / revenue.
FCF conversion	-59.5%	Free cash flow / net income, when net income is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.15	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$1.05	Revenue / diluted weighted shares.
FCF per share	-$0.09	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.00	Cash from operations / diluted weighted shares.
Book value per share	$1.41	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.41	Tangible book value / shares outstanding.
Cash per share	$0.33	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$264.6M	Share price x shares outstanding.
Enterprise value	$136.8M	Market cap + total debt - cash - short-term investments.
P/E	5.16x	Market cap / net income. Only when net income is positive.
P/S	0.72x	Market cap / revenue.
P/B	0.49x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.49x	Market cap / tangible book value, when positive.
EV/Sales	0.37x	Enterprise value / revenue.
FCF yield	-11.5%	Free cash flow / market cap.
Earnings yield	19.4%	Net income / market cap (the inverse of P/E).

What was Microvast Holdings, Inc.'s revenue in fiscal 2025?

Microvast Holdings, Inc. reported revenue of $427.5M for fiscal 2025, 12.6% higher than the year before.

Was Microvast Holdings, Inc. profitable in fiscal 2025?

No. It reported a net loss of $29.2M.

How much free cash flow did Microvast Holdings, Inc. generate in fiscal 2025?

Cash from operations of $75.9M minus capital expenditures of $19.8M left free cash flow of $56.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Microvast Holdings, Inc.