Revenue growth has turned negative with a 48% year-over-year decline in 2026Q1, while operating income remains pressured by high fixed costs, resulting in a $7.9 million operating loss for the period.
Microvast Holdings, Inc. (MVST) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 367.56M | 427.52M | 379.8M | 306.62M | 204.5M | 151.98M | 107.52M | 76.43M | 174.24M |
| Revenue Growth % | -13.03% | 12.56% | 23.87% | 49.94% | 34.56% | 41.35% | 40.67% | -56.13% | - |
| Cost of Goods Sold | 275.25M | 272.9M | 260.25M | 249.39M | 195.42M | 194.72M | 90.38M | 76.67M | 153.39M |
| COGS % of Revenue | - | 63.83% | 68.52% | 81.34% | 95.56% | 128.12% | 84.06% | 100.3% | 88.03% |
| Gross Profit | 92.31M | 154.62M | 119.55M | 57.23M | 9.07M | -42.74M | 17.14M | -231K | 20.85M |
| Gross Margin % | 25.11% | 36.17% | 31.48% | 18.66% | 4.44% | -28.12% | 15.94% | -0.3% | 11.97% |
| Gross Profit Growth % | - | 29.33% | 108.91% | 530.74% | 121.23% | -349.38% | 7519.91% | -101.11% | - |
| Operating Expenses | 127.38M | 114.13M | 235.64M | 163.96M | 169.02M | 151.32M | 46.25M | 53.63M | 73.14M |
| OpEx % of Revenue | - | 26.7% | 62.04% | 53.47% | 82.65% | 99.57% | 43.01% | 70.17% | 41.98% |
| Selling, General & Admin | 92.26M | 35.62M | 104.06M | 120.4M | 125.39M | 123.06M | 32.61M | 30.88M | 46.39M |
| SG&A % of Revenue | - | 8.33% | 27.4% | 39.27% | 61.31% | 80.98% | 30.33% | 40.4% | 26.62% |
| Research & Development | 35.81M | 34.11M | 41.06M | 45M | 43.51M | 34.38M | 16.64M | 26M | 32.45M |
| R&D % of Revenue | - | 7.98% | 10.81% | 14.68% | 21.28% | 22.63% | 15.47% | 34.01% | 18.62% |
| Other Operating Expenses | -686K | 44.39M | 90.52M | -1.45M | 126K | -6.13M | -3M | -3.24M | 0 |
| Operating Income | -35.08M | 40.49M | -116.09M | -106.73M | -159.95M | -194.06M | -29.11M | -53.86M | -57.99M |
| Operating Margin % | -9.54% | 9.47% | -30.57% | -34.81% | -78.22% | -127.69% | -27.07% | -70.47% | -33.28% |
| Operating Income Growth % | - | 134.88% | -8.77% | 33.27% | 17.58% | -566.73% | 45.96% | 7.12% | - |
| EBITDA | -19.28M | 73.62M | -85.26M | -83.8M | -139.58M | -173.35M | -12.31M | -38.47M | -45.24M |
| EBITDA Margin % | -5.24% | 17.22% | -22.45% | -27.33% | -68.26% | -114.06% | -11.45% | -50.34% | -25.97% |
| EBITDA Growth % | -138.7% | 186.35% | -1.74% | 39.96% | 19.48% | -1307.64% | 67.99% | 14.96% | - |
| D&A (Non-Cash Add-back) | 24.74M | 33.13M | 30.83M | 22.93M | 20.36M | 20.71M | 16.79M | 15.39M | 12.75M |
| EBIT | 50.75M | -29.64M | -185.75M | -103.77M | -154.84M | -201.07M | -27.89M | -53.12M | -57.99M |
| Net Interest Income | -3.32M | -3.95M | -8.97M | 981K | -144K | -4.96M | -5.17M | -5.47M | 0 |
| Interest Income | 1.7M | 957K | 742K | 3.61M | 3.18M | 446K | 571K | 884K | 0 |
| Interest Expense | 5.02M | 4.9M | 9.71M | 2.63M | 3.32M | 5.41M | 5.74M | 6.35M | 0 |
| Other Income/Expense | 80.8M | -75.03M | -79.37M | 327K | 1.78M | -12.42M | -4.52M | -5.61M | 3.72M |
| Pretax Income | 45.73M | -34.54M | -195.46M | -106.4M | -158.17M | -206.48M | -33.62M | -59.47M | -54.27M |
| Pretax Margin % | 12.44% | -8.08% | -51.46% | -34.7% | -77.35% | -135.87% | -31.27% | -77.81% | -31.15% |
| Income Tax | -5.54M | -5.33M | 0 | 10K | 33K | 0 | 1K | 189K | 6.42M |
| Effective Tax Rate % | -12.13% | 15.42% | 0% | -0.01% | -0.02% | 0% | -0% | -0.32% | -11.84% |
| Net Income | 51.27M | -29.22M | -195.46M | -106.34M | -158.2M | -216.01M | -49.55M | -72.59M | -100.03M |
| Net Margin % | 13.95% | -6.83% | -51.46% | -34.68% | -77.36% | -142.13% | -46.09% | -94.97% | -57.41% |
| Net Income Growth % | 137.57% | 85.05% | -83.81% | 32.78% | 26.76% | -335.92% | 31.74% | 27.43% | - |
| Net Income (Continuing) | 51.27M | -29.22M | -195.46M | -106.41M | -158.2M | -206.48M | -33.63M | -59.66M | -100.03M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 90.82M | 80.56M | 0 |
| EPS (Diluted) | 0.15 | -0.09 | -0.61 | -0.34 | -0.52 | -1.26 | -0.27 | -1.70 | -161.90 |
| EPS Growth % | 127.59% | 85.25% | -79.41% | 34.62% | 58.73% | -366.67% | 84.12% | 98.95% | - |
| EPS (Basic) | - | -0.09 | -0.61 | -0.34 | -0.52 | -1.26 | -0.27 | -0.38 | -161.90 |
| Diluted Shares Outstanding | 348.95M | 324.69M | 318.46M | 310.91M | 303.28M | 185.9M | 300.52M | 300.52M | 617.88K |
| Basic Shares Outstanding | 348.95M | 324.69M | 318.46M | 310.91M | 303.28M | 185.9M | 300.52M | 300.52M | 617.88K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying MVST stock.
For fiscal year 2025, Microvast Holdings, Inc. (MVST) reported total revenue of $427.5M. This represents a 145.4% increase compared to $174.2M in 2018.
Microvast Holdings, Inc. (MVST) reported a net loss of $29.2M for the fiscal year ending 2025.
Microvast Holdings, Inc. (MVST) reported an operating income of $40.5M, resulting in an operating profit margin of 9.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Microvast Holdings, Inc. (MVST) generated $154.6M in gross profit for the year, representing a gross profit margin of 36.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Geopolitical and Regulatory Exposure
Metrics are mathematically derived from official filings.
Revenue Volatility Masks Structural Challenges
As evidenced by the most recent quarterly filings, Microvast's revenue growth has turned negative, with a 48% year-over-year decline in 2026Q1, suggesting that the company's project-based delivery model remains highly susceptible to lumpy contract cycles and potential delays in its core commercial and energy storage markets.
The erratic top-line performance indicates that the company struggles to maintain consistent revenue realization, likely due to the long lead times inherent in utility-scale energy storage projects. Investors should monitor whether this contraction reflects a fundamental loss of market share or merely the timing of project milestones within the current backlog.
Gross Margin Resilience Faces Pressure
According to historical income statements, Microvast achieved a notable gross margin of 31.6% in 2026Q1, yet the significant volatility observed in previous periods, such as the 1% margin reported in 2025Q4, suggests that manufacturing efficiencies remain inconsistent and highly sensitive to operational disruptions.
While the company has demonstrated an ability to command premium pricing for its specialized battery chemistries, the wide variance in quarterly margins implies that the cost structure is not yet optimized for scale. The reliance on vertical integration for margin protection appears to be a double-edged sword, as any yield issues at the cell manufacturing level directly erode profitability.
Operating Leverage Remains Elusive
Based on reported financial data, Microvast's operating income has failed to scale alongside gross profit, with the company recording an operating loss of $7.9 million in 2026Q1, highlighting the persistent burden of high fixed costs and R&D expenditures relative to current revenue levels.
The inability to achieve consistent operating leverage suggests that the company's current manufacturing footprint is underutilized, forcing it to absorb significant overhead costs. Without a sustained increase in production volume, the company may continue to struggle with achieving break-even operating margins despite its technological niche.
Net Income Distorted by Non-Operating Items
Financial statements reveal that Microvast's net income figures are frequently impacted by non-operating items, as seen in the 2026Q1 net income of $48.2 million despite an operating loss, which warrants caution regarding the sustainability of reported bottom-line results for fundamental valuation purposes.
The disconnect between operating performance and net income suggests that one-time gains or accounting adjustments are masking the underlying operational cash burn. Analysts should focus on operating income as a more reliable indicator of the company's core business health, as the current net income volatility appears disconnected from manufacturing output.
Regulatory Risks Threaten Future Viability
As highlighted by the recent cancellation of a $200 million Department of Energy grant, Microvast faces significant regulatory headwinds that may impede its ability to scale domestic production and compete effectively against peers who are better positioned to capture federal subsidies under current IRA guidelines.
The loss of federal funding not only creates a capital shortfall but also raises questions about the company's long-term eligibility for domestic incentives. This regulatory uncertainty, combined with the potential for further scrutiny regarding foreign entity status, presents a material risk that could permanently impair the company's competitive standing in the North American market.