Microvast Holdings Inc
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +2.48%.
Did MVST Beat Earnings? Q2 2025 Results
Microvast Holdings delivered a mixed second quarter for the period ending June 2025, posting an earnings beat alongside a notable revenue shortfall. The battery technology company reported non-GAAP EPS of $0.05, well above the $0.02 consensus estimate, a 150.00% positive surprise, while revenue of $91.34 million grew 9.2% year over year but fell 15.17% short of the $107.68 million analysts had expected. The headline story beneath the numbers was a sharp improvement in underlying profitability, with adjusted EBITDA swinging to positive $25.88 million from negative $78.38 million a year ago and gross margin expanding 2.2 percentage points to 34.7%, driven by regional efficiencies and stronger capacity utilization. APAC emerged as the quarter's growth engine, with revenue climbing 34% to $47.66 million and accounting for 52% of total sales. Analysts tracking the company have grown increasingly optimistic about its path toward full profitability. Looking ahead, Microvast maintained its full-year 2025 revenue guidance of $450 million to $475 million while raising its gross margin target to 32%, signaling continued confidence in its operating trajectory.
- 9.2% year-over-year revenue growth driven by increasing demand for advanced battery solutions
- Gross margin expansion to 34.7% from 32.5% year-over-year reflecting operational efficiency
- APAC revenue grew 34% YoY, becoming the largest regional contributor at 52% of Q2 revenue
- U.S. revenue surged 276% YoY, albeit from a small base
- Operating expenses declined dramatically due to lower impairment charges and reduced stock-based compensation
- Approximately 300 MWh increase in sales volumes for the six-month period
“Continuing to build upon our momentum, Microvast is charting an exceptional course. We delivered a record second quarter, with revenue reaching $91.3 million, marking a 9.2% year-over-year increase. This growth is matched with gross margin expansion to 34.7%. While we booked a GAAP net loss of $106.1 million, we also achieved a positive adjusted EBITDA of $25.9 million. These results are a testament to the increasing demand for our advanced battery solutions and the effectiveness of our relentless focus on profitability and operational efficiency.”
Microvast Holdings CEO, on the earnings call
Forward Guidance & Outlook
Microvast maintains its full-year 2025 revenue guidance of $450 million to $475 million, representing 18% to 25% year-over-year growth. The company updated its full-year gross margin target upward from 30% to 32%, citing continued regional efficiencies and utilization increases. The Huzhou Phase 3.2 expansion is expected to complete installation by year-end with initial production to follow, adding up to 2 GWh of annual capacity. Regionally, EMEA is expected to achieve more than 20% year-over-year revenue growth, while the Americas is targeting approximately 50% year-over-year revenue growth with a focus on achieving positive quarterly EBITDA and operating profits. The company plans to continue pursuing new customer wins and expanding into new market segments.
MVST YoY Financials
MVST Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.