Microvast Holdings, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $427.5M | $379.8M | $306.6M | $204.5M | $152.0M |
| Cost of revenue | — | $260.2M | $249.4M | $195.4M | $194.7M |
| Gross profit | $122.1M | $119.6M | $57.2M | $9.1M | -$42.7M |
| Research and development | $34.1M | $41.1M | $45.0M | $43.5M | $34.4M |
| Operating expenses | $118.3M | $238.3M | $165.9M | $170.7M | $157.4M |
| Operating income | $7.0M | -$116.1M | -$106.7M | -$159.9M | -$194.1M |
| Interest expense | $4.9M | $9.7M | $2.6M | $3.3M | $5.4M |
| Pretax income | -$34.5M | -$195.5M | -$106.4M | -$158.2M | -$206.5M |
| Income tax expense | -$5.3M | $0 | $10,000 | $33,000 | $0 |
| Net income | -$29.2M | -$195.5M | -$106.3M | -$158.2M | -$206.5M |
| Balance Sheet | |||||
| Cash and equivalents | $105.0M | $73.0M | $44.5M | $231.4M | $480.9M |
| Current assets | $448.7M | $428.0M | $425.6M | $545.1M | $706.6M |
| Total assets | $1.0B | $951.9M | $1.1B | $985.0M | $995.3M |
| Current liabilities | $488.3M | $330.2M | $403.4M | $252.4M | $175.6M |
| Total liabilities | $594.9M | $564.0M | $532.5M | $372.0M | $308.6M |
| Total debt | $106.3M | $111.7M | $79.2M | $46.4M | $13.3M |
| Stockholders' equity | $410.5M | $387.9M | $564.2M | $613.0M | $686.7M |
| Cash Flow Statement | |||||
| Cash from operations | $75.9M | $2.8M | -$75.3M | -$53.9M | -$45.0M |
| Stock-based compensation | $3.1M | $30.8M | $65.0M | $90.8M | $82.9M |
| Capital expenditure | $19.8M | $27.7M | $186.8M | $150.9M | $87.9M |
| Free cash flow | $56.1M | -$24.9M | -$262.1M | -$204.8M | -$132.9M |
| Impairments | $4.1M | $93.2M | $504,000 | $1.8M | $2.4M |
Shares outstanding 333.2M
Annual filing data through FY ended December 31, 2025; float as of July 15, 2026.