Microvast Holdings, Inc. MVST
Founded in 2006 and headquartered in Stafford, Texas, Microvast Holdings, Inc. (NASDAQ: MVST) is a global leader in advanced specialized battery technologies. Since our public listing in 2021, we have focused on delivering high-performance lithium-ion battery solutions for the next generation of commercial and industrial electrification. We specialize in the design, development, and manufacturing of battery components and systems primarily for electric commercial vehicles and energy storage systems ("ESS"). Our guiding principle is to innovate lithium-ion battery designs from the ground up without relying on legacy technologies. We believe that this approach allows us to create purpose-built solutions for new markets, rather than repurposing existing ones.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $427.5M | $379.8M | $306.6M | $204.5M | $152.0M | $107.5M | $76.4M | — |
| Cost of revenue | — | $260.2M | $249.4M | $195.4M | $194.7M | $90.4M | $76.7M | — |
| Gross profit | $122.1M | $119.6M | $57.2M | $9.1M | -$42.7M | $17.1M | -$231.0K | — |
| R&D | $34.1M | $41.1M | $45.0M | $43.5M | $34.4M | $16.6M | $26.0M | — |
| SG&A | $57.8M | $81.5M | $96.8M | $102.8M | $101.6M | $18.8M | $15.2M | — |
| Total operating expenses | $118.3M | $238.3M | $165.9M | $170.7M | $157.4M | $49.2M | $56.9M | — |
| Operating income | $7.0M | -$116.1M | -$106.7M | -$159.9M | -$194.1M | -$29.1M | -$53.9M | — |
| Interest expense | $4.9M | $9.7M | $2.6M | $3.3M | $5.4M | $5.7M | $6.4M | — |
| Pre-tax income | -$34.5M | -$195.5M | -$106.4M | -$158.2M | -$206.5M | -$33.6M | -$59.5M | — |
| Income tax | $5.3M | $0 | $10.0K | $33.0K | $0 | $1.0K | $189.0K | — |
| Net income | -$29.2M | -$195.5M | -$106.3M | -$158.2M | -$206.5M | -$33.6M | -$59.7M | — |
| EPS, basic | -0.09 | -0.61 | -0.34 | -0.52 | -1.26 | -0.82 | -0.06 | — |
| EPS, diluted | -0.09 | -0.61 | -0.34 | -0.52 | -1.26 | -0.82 | -1.17 | — |
| Shares, diluted (wtd. avg.) | 324.7M | 318.5M | 310.9M | 303.3M | 185.9M | 99.0M | 8.0M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $105.0M | $73.0M | $44.5M | $302.6M | $536.1M | $41.2M | $41.8M | $85.5M |
| Short-term investments | — | $0 | $5.6M | $25.1M | $0 | — | $280.1M | — |
| Receivables | $155.8M | $120.6M | $138.7M | $119.3M | $88.7M | $76.3M | — | — |
| Inventory | $89.4M | $143.3M | $149.7M | $84.3M | $53.4M | $45.0M | — | — |
| Total current assets | $448.7M | $428.0M | $425.6M | $545.1M | $706.6M | $189.3M | $396.4K | $17.5K |
| Property, plant and equipment | $508.1M | $478.2M | $620.7M | $335.1M | $253.1M | $198.0M | — | — |
| Other intangibles | $2.2M | $2.6M | $3.1M | $1.6M | $1.9M | $2.3M | — | — |
| Total assets | $1.01B | $951.9M | $1.10B | $985.0M | $995.3M | $404.5M | $280.5M | $101.2K |
| Accounts payable | $47.0M | $64.9M | $112.6M | $45.0M | $40.4M | $42.0M | $269.1K | $450 |
| Short-term debt | $93.1M | $70.7M | $35.4M | $17.4M | $13.3M | $12.2M | $500.0K | — |
| Total current liabilities | $488.3M | $330.2M | $403.4M | $252.4M | $175.6M | $183.6M | $269.1K | $75.8K |
| Long-term debt | $13.2M | $41.1M | $43.8M | $29.0M | $0 | — | — | — |
| Total liabilities | $594.9M | $564.0M | $532.5M | $372.0M | $308.6M | $389.2M | $701.5K | $75.8K |
| Retained earnings | -$1.12B | -$1.09B | -$897.5M | -$791.2M | -$632.1M | -$398.0M | $3.4M | -$792 |
| Total equity | $410.5M | $387.9M | $564.2M | $613.0M | $686.7M | -$384.6M | -$320.3M | -$266.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $75.9M | $2.8M | -$75.3M | -$53.9M | -$45.0M | $15.6M | $13.4M | — |
| Stock-based compensation | $3.1M | $30.8M | $65.0M | $90.8M | $82.9M | $0 | — | — |
| Capital expenditure | $19.8M | $27.7M | $186.8M | $150.9M | $87.9M | $18.6M | $20.3M | — |
| Investing cash flow | -$16.0M | -$12.2M | -$165.6M | -$175.9M | -$87.9M | -$17.7M | -$4.0M | — |
| Financing cash flow | -$2.7M | $37.6M | $33.0M | $5.0M | $624.9M | -$507.0K | -$52.2M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-018264.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | $76.4M | $107.5M | $152.0M | $204.5M | $306.6M | $379.8M | $427.5M |
| Gross profit | — | -$231.0K | $17.1M | -$42.7M | $9.1M | $57.2M | $119.6M | $122.1M |
| Net income | — | -$59.7M | -$33.6M | -$206.5M | -$158.2M | -$106.3M | -$195.5M | -$29.2M |
Recent filings and events
- Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Officer or director change Item 5.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Officer or director change Item 5.02
- Results announced Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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