Revenue momentum remains unstable, swinging from $123.3M in 2025Q3 to $60.6M in 2026Q1 and back to $87.3M in 2026Q2, while gross margin dispersion of 1.0% to 37.6% and a -2.0% operating margin in 2026Q2 suggest the company cannot reliably convert scale into profit.
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 | -2.26M | 73.62M | -85.26M | -83.8M | -139.58M | -173.35M | -12.31M | -38.47M | -45.24M |
| EBITDA Margin % | -0.61% | 17.22% | -22.45% | -27.33% | -68.26% | -114.06% | -11.45% | -50.34% | -25.97% |
| EBITDA Growth % | -104.53% | 186.35% | -1.74% | 39.96% | 19.48% | -1307.64% | 67.99% | 14.96% | - |
| D&A (Non-Cash Add-back) | 32.82M | 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 | -0.82 | 0.10 | 0.00 |
| EPS Growth % | 93.28% | 85.25% | -79.41% | 34.62% | 58.73% | -53.66% | -953.28% | - | - |
| EPS (Basic) | - | -0.09 | -0.61 | -0.34 | -0.52 | -1.26 | -0.82 | 0.10 | 0.00 |
| Diluted Shares Outstanding | 348.95M | 324.69M | 318.46M | 310.91M | 303.28M | 185.9M | 99.03M | 35.05M | 35.49M |
| Basic Shares Outstanding | 348.95M | 324.69M | 318.46M | 310.91M | 303.28M | 185.9M | 99.03M | 35.05M | 35.49M |
| 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
Volatile gross margins
Metrics are mathematically derived from official filings.
Revenue Momentum Unstable Across Cycles
According to Microvast's reported financials, quarterly revenue swung from a $123.3M peak in 2025Q3 to $60.6M in 2026Q1, a 50.8% sequential collapse, before partially recovering to $87.3M in 2026Q2, illustrating a demand profile that lacks discernible trend stability or durable growth momentum.
The revenue trajectory over the trailing ten quarters shows no consistent directional pattern: growth accelerated into 2025Q1 (+43.2%) and 2025Q3 (+21.6%), but reversed sharply with -48.0% in 2026Q1 and -4.5% in 2026Q2, suggesting order timing, project-based shipments, or customer concentration may be driving lumpiness rather than a scalable end-market expansion. Investors should treat sequential comparisons as misleading given the amplitude of these swings and focus instead on whether year-over-year revenue can establish a durable base above the $80-90M quarterly level.
Gross Margin Collapse Signals Pricing Fragility
As reported in Microvast's income statements, gross margin plunged from 37.6% in 2025Q3 to just 1.0% in 2025Q4—on $95.4M of COGS against $96.4M of revenue—then partially recovered to 29.5% in 2026Q2, indicating severe cost absorption or pricing dislocation in a single quarter.
The 1.0% gross margin in 2025Q4 is an extreme outlier that suggests either a significant inventory write-down, unfavorable product mix shift, or contract renegotiation compressed pricing to near cost; without that quarter, margins would sit in a 21-38% band, still volatile versus peers like SES AI at 53.8%. Even excluding the anomaly, the swing from 36.9% (2025Q1) to 29.5% (2026Q2) within five quarters implies limited pricing power and material exposure to input cost or utilization variability that warrants closer examination of the underlying cost stack.
Overhead Burden Limits Operating Breakthrough
Based on Microvast's reported figures, combined R&D and SG&A consumed $27.5M in 2026Q2 against only $25.8M of gross profit, yielding a -2.0% operating margin even as revenue recovered to $87.3M, demonstrating that the company's fixed cost base is too heavy relative to current gross profit generation.
Operating income has been positive in only four of ten quarters (2024Q3, 2025Q1-Q3), and each instance required gross margins above 33% to overcome the ~$27-40M quarterly opex load; the structural problem is that SG&A alone reached $29.7M in 2025Q4 and $29.4M in 2024Q1, rivaling or exceeding gross profit in weaker quarters. This suggests limited operating leverage: incremental revenue is not translating into proportionate operating income gains, and the business appears to require sustained gross margins in the mid-30s just to approach breakeven at the operating line.
Net Income Diverges Sharply from Operations
According to recent filings, MVST reported $48.2M of net income in 2026Q1 despite a -$7.9M operating loss, while posting -$106.1M of net loss in 2025Q2 even with $16.2M of positive operating income, revealing that non-operating items—not core operations—are driving reported earnings outcomes.
The persistent and violent disconnect between operating income and net income (e.g., -$98.7M operating loss paired with -$101.6M net loss in 2024Q2, then +$18.9M operating income with +$61.8M net income in 2025Q1) indicates that below-the-line items such as fair value adjustments, one-time charges, or tax effects are materially distorting EPS, making headline profitability an unreliable indicator of operating performance. Analysts should treat the positive net income quarters skeptically until the composition of non-operating gains is understood, as the swing from -$105.4M (2024Q4) to +$16.5M (2025Q4) net income with comparable revenue suggests earnings quality is highly event-driven rather than operational.
Short Case Centers on Margin Volatility
The strongest bearish argument against MVST's narrative rests on gross margin dispersion—ranging from 1.0% to 37.6% within seven quarters—and the fact that operating income turned negative in 2026Q1 and 2026Q2 despite revenue still exceeding $60M, suggesting the company cannot reliably convert scale into profit.
A short-seller would highlight that even after excluding the 2025Q4 anomaly, gross margin declined from 36.9% to 29.5% over five quarters while R&D and SG&A remained stubbornly elevated at ~$27-28M quarterly, creating a scenario where any further revenue softness pushes the company back into deep operating losses as seen in 2024Q2 (-$98.7M). Additionally, the extreme net income volatility paired with SBC that collapsed from $12.1M (2024Q2) to under $1M (2025Q4 onward) raises questions about whether cost discipline is structural or a temporary artifact of compensation restructuring, and investors should monitor whether margins stabilize above 30% for multiple consecutive quarters before underwriting an inflection thesis.