Microvast Holdings, Inc. (MVST) Revenue History
Annual and quarterly revenue from 2018 to present
MVST Revenue Over Time (2018–2025)
MVST Revenue Growth History
6 of 7 years with positive growth- FY2018 revenue growth
- N/A
- FY2019 revenue growth
- -56.1%
- FY2020 revenue growth
- +40.7%
- FY2021 revenue growth
- +41.3%
- FY2022 revenue growth
- +34.6%
- FY2023 revenue growth
- +49.9%
- FY2024 revenue growth
- +23.9%
- FY2025 revenue growth
- +12.6%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $60.6M | -48.0% |
| Q4 2025 | $96.4M | -15.0% |
| Q3 2025 | $123.3M | +21.6% |
| Q2 2025 | $91.3M | +9.2% |
| Q1 2025 | $116.5M | +43.2% |
| Q4 2024 | $113.4M | +8.4% |
| Q3 2024 | $101.4M | +26.6% |
| Q2 2024 | $83.7M | +11.6% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown
MVST's revenue distribution by segment and geography
By Geography
MVST Revenue Analysis (2018–2025)
Current Revenue & Growth
As of June 23, 2026, Microvast Holdings, Inc. (MVST) generated trailing twelve-month (TTM) revenue of $371.6 million, reflecting significant decline in growth of -48.0% year-over-year. The most recent quarter (Q1 2026) recorded $60.6 million in revenue, down 37.1% sequentially.
Historical Growth Trajectory
MVST's 5-year compound annual growth rate (CAGR) stands at +31.8%, indicating outstanding long-term growth trajectory. The 3-year CAGR of +27.9% is below the 5-year average, signalling a growth deceleration in recent years. Microvast Holdings, Inc.'s highest annual revenue of $427.5 million was recorded in 2025, an all-time high.
Peer Comparison
Compared to Industrials sector peers — including SES (+179.8% YoY), SLDP (-6.9% YoY), and CBAT (+50.5% YoY) — MVST has underperformed the peer group in revenue growth. Compare MVST vs SES →
MVST Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| MVSTCurrent | $372M | -48.0% | +31.8% | 9.5% | |
 SES | $21M | +179.8% | - | -393.4% | |
 SLDP | $22M | -6.9% | +59.6% | -463.7% | |
 CBAT | $195M | +50.5% | +39.0% | -9.6% | |
 NRGV | $204M | +362.0% | - | -36.5% |
MVST Historical Revenue Data (2018–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $427.5M | +12.6% | $154.6M | 36.2% | $40.5M | 9.5% |
| 2024 | $379.8M | +23.9% | $119.6M | 31.5% | $-116,090,000 | -30.6% |
| 2023 | $306.6M | +49.9% | $57.2M | 18.7% | $-106,729,000 | -34.8% |
| 2022 | $204.5M | +34.6% | $9.1M | 4.4% | $-159,946,000 | -78.2% |
| 2021 | $152.0M | +41.3% | $-42,743,000 | -28.1% | $-194,064,000 | -127.7% |
| 2020 | $107.5M | +40.7% | $17.1M | 15.9% | $-29,107,000 | -27.1% |
| 2019 | $76.4M | -56.1% | $-231,000 | -0.3% | $-53,861,000 | -70.5% |
| 2018 | $174.2M | - | $20.8M | 12.0% | $-57,987,000 | -33.3% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
8+ years return with dividends reinvested.
DCA Calculator
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Peer Comparison
Compare growth, multiples, and margins vs sector.
MVST — Frequently Asked Questions
Quick answers to the most common questions about buying MVST stock.
Is MVST's revenue growth accelerating or slowing?
MVST revenue is declining -48.0% year-over-year. TTM revenue fell to $372M, contrasting with the 5-year CAGR of +31.8%. The reversal reflects either macro headwinds or company-specific challenges.
What is MVST's revenue history from 2018 to 2026?
Microvast Holdings, Inc. (MVST) revenue history spans 2018 to 2026. TTM revenue as of 2026 is $372M, growing at -48.0% YoY. The 5-year CAGR is +31.8%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is MVST's long-term revenue growth rate (CAGR)?
Microvast Holdings, Inc.'s 5-year revenue CAGR of +31.8% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of -48.0% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for MVST.
Why does MVST's quarterly revenue fluctuate?
MVST quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Microvast Holdings, Inc.'s revenue data from 2018 to 2026 shows full historical quarterly detail on this page.
How is MVST's revenue distributed by segment?
MVST reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does MVST's revenue compare to industry peers?
Microvast Holdings, Inc. (MVST) with TTM revenue of $372M and -48.0% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.