Microvast Holdings Inc
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −0.18%.
Did MVST Beat Earnings? Q3 2025 Results
Microvast Holdings posted a mixed third quarter for fiscal 2025, delivering a revenue beat but falling short on the bottom line as a non-cash accounting charge clouded otherwise solid operational progress. The battery technology company reported revenue of $123.29 million, up 21.6% year over year and ahead of the $120.02 million consensus estimate, yet earnings per share came in at $0.04, missing the $0.05 analyst expectation by 20%. The key culprit behind the earnings shortfall was a $12.64 million unfavorable swing in the fair value of warrant liability and convertible loan, which pushed the company to a GAAP net loss of $1.49 million despite gross margin expanding to 37.6% from 33.2% a year ago. EMEA was the standout regional driver, contributing $77.91 million, or 64% of total revenue, up 31% year over year. Shares fell sharply following the report, with analysts subsequently trimming forward estimates. Looking ahead, management reaffirmed full-year 2025 revenue guidance of $450 million to $475 million while nudging its gross margin target range upward to 32%-35%.
- 21.6% year-over-year revenue growth driven by strong market demand for high-performance products
- Gross margin improvement to 37.6% from efficiency gains and favorable product mix
- EMEA revenue grew 31% year over year, representing 64% of total quarterly revenue
- U.S. revenue grew 149% year over year
- ~360 MWh increase in sales for the nine-month period driving 24.3% YTD revenue growth
“Microvast is on an impressive trajectory, achieving a record third quarter with revenue of $123.3 million, a 21.6% increase year-over-year. Our gross margin rose to 37.6%, reflecting continued improvements in efficiency and product mix. While we booked a GAAP net loss of $1.5 million, we also delivered a positive adjusted EBITDA of $21.9 million, demonstrating the growing demand for our innovative battery solutions and the tangible results of our focus on profitability and operational excellence.”
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 18-25% year-over-year growth. The company updated its gross margin outlook upward to a target range of 32% to 35%, from the prior 32% target. The Huzhou Phase 3.2 expansion is expected to complete installation and commissioning by year-end with initial production to follow in Q1 2026, adding up to 2 GWh of annual capacity. Regionally, the company expects strong APAC growth in 2025 with Phase 3.2 targeting installation by Q4; EMEA focus is on new markets and strategic partners; and the Americas targets positive quarterly EBITDA and operating profits with anticipated >50% year-over-year revenue growth for 2025. The company intends to maintain focus on attracting new customers and broadening its presence in new market segments.
MVST YoY Financials
MVST Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.