Companies /Consumer Cyclical

Microvast Holdings Inc

NASDAQ: MVST Auto Parts
$0.71
▼ $0.01 (−1.50%) today
Markets open · 12:39pm ET

Q4 2025 Earnings

Reported Mar 16, 2026, 4:41pm ET · SEC source
$-0.11
Miss −650.00%
EPS · est. $0.02
$96.4M
Miss −26.63%
Revenue · est. $131.4M
+22.4%
Beating market
MVST vs S&P since report
4 quarters
Consecutive EPS misses

Market Reaction

% change · around the report
−20%0Mar 16Mar 17report 4:41pm ETearnings+0.3%−29.5%
−20%0Mar 16Mar 17earnings+0.3%−29.5%
MVST −29.5%S&P 500 +0.3%
−20%0Mar 16Mar 17report 4:41pm ETearnings+0.6%−29.5%
−20%0Mar 16Mar 17earnings+0.6%−29.5%
MVST −29.5%NASDAQ +0.6%
−20%0+20%+40%Mar 16Mar 24report 4:41pm ETearnings−1.7%−12.1%
−20%0+20%+40%Mar 16Mar 24earnings−1.7%−12.1%
MVST −12.1%S&P 500 −1.7%
−20%0+20%+40%Mar 16Mar 24report 4:41pm ETearnings−2.0%−12.1%
−20%0+20%+40%Mar 16Mar 24earnings−2.0%−12.1%
MVST −12.1%NASDAQ −2.0%
−34.20%
Day of report
+13.16%
Next session
+5.26%
One week
+28.29%
30 days

S&P 500 over the same 30 days: +5.87%.

Did MVST Beat Earnings? Q4 2025 Results

Microvast Holdings delivered a deeply disappointing fourth quarter, missing on both the top and bottom lines as a $29.00 million inventory impairment charge gutted margins and exposed the company to sharp investor scrutiny. Revenue came in at $96.40 million, falling 15.0% year-over-year and landing 26.63% below the $131.38 million consensus estimate, while the company posted an adjusted loss of $0.11 per share against expectations of a $0.02 gain, a 650.00% negative surprise. The primary culprit was a write-down of specialized energy storage system components, which compressed Q4 gross margin to just 1.0% from 36.6% a year earlier. Regulatory shifts in South Korea and customer platform delays across EMEA compounded the revenue shortfall. The results triggered a sharp selloff in MVST shares, with securities law firms subsequently launching investigations into the company. Looking ahead, Microvast expects a return to revenue growth in 2026, anchored by the Huzhou Phase 3.2 production ramp and the planned launch of pack line operations in Clarksville, Tennessee for U.S. commercial vehicle customers.

Key Takeaways
  • 12.6% full-year revenue growth driven by ~266MWh increase in sales volume
  • EMEA remained strongest market with 13% year-over-year growth
  • U.S. revenue surged 173% driven by customers accelerating deliveries ahead of potential tariff outcomes
  • $32.5 million ESS inventory impairment charge reduced Q4 gross margin by 30.1 percentage points
  • Operating expenses declined 50.4% year-over-year due to lower impairment charges and reduced share-based compensation
  • Full-year adjusted EBITDA turned positive at $44.7 million vs. negative $44.8 million in 2024

“We achieved record revenue in 2025, capping off a year of significant progress. While our full-year revenue of $427.5 million landed below our guidance due to both evolving regulatory shifts in the Korean market and customer platform ramp up delays, our underlying fundamentals remain strong. We delivered 2025 revenue growth of 12.6%, demonstrating the high value our customers place on Microvast's technology.”

Microvast Holdings CEO, on the earnings call

Forward Guidance & Outlook

Microvast expects continued revenue growth in 2026 despite evolving tariff structures and geopolitical uncertainty. The company is targeting maintenance of a strong gross margin position while balancing operational efficiencies, planned cost absorption from the Huzhou Phase 3.2 ramp-up, and commodity price fluctuation. Key operational priorities include achieving serial production at Huzhou Phase 3.2 in 2026, launching pack line operations in Clarksville, Tennessee by year-end for U.S. commercial vehicle customers, and expanding into new customer pipelines across EMEA, North America, and APAC with a focus on high-barrier-to-entry segments such as heavy industrials and transit.

MVST YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$-140,000,000$-70,000,000$0$70.0M$113.4M$96.4MRevenue$41.5M$959,000Gross Profit$-127,697,797$-41,157,000Operating Income$7.7M$16.5MNet Income
$-140,000,000$-70,000,000$0$70.0MRevenueGross ProfitOperating IncomeNet Income

MVST Revenue by Geography

EMEA$211.9M+13.0%
Asia Pacific$176.3M−1.0%
China
Europe
United States$39.3M+173.0%

Figures from SEC filings and company reports. Not investment advice.