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Microvast Holdings, Inc. engages in the design, development, and manufacturing of battery components and systems primarily for electric commercial vehicles and energy storage systems. The company offers a range of cell chemistries, such as lithium titanate oxide, lithium iron phosphate, electrolyte formulation, full concentration gradient cathode, polyaramid separator, and nickel manganese cobalt. It also designs, develops, and manufactures components of lithium-ion batteries, such as cathode, anode, electrolytes, and separator. The company's commercial vehicle markets cover buses, trains, mining trucks, marine and port vehicles, and automated guided and specialty vehicles, as well as light, medium, and heavy-duty trucks. It operates in China, India, rest of the Asia Pacific, Italy, France, rest of Europe, and the United States. Microvast Holdings, Inc. was founded in 2006 and is headquartered in Stafford, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $428M | $3M | $-29M | $56M | -7.1% | 12.6% | -85.1% |
| 2024 | $380M | $-155M | $-195M | $-25M | -50.4% | 23.9% | 83.8% |
| 2023 | $307M | $-81M | $-106M | $-262M | -18.8% | 49.9% | -32.8% |
| 2022 | $204M | $-134M | $-158M | $-205M | -25.8% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 204.50 | 306.62 | 379.80 | 427.52 |
| Operating Revenue | - | 204.50 | 306.62 | 379.80 | 427.52 |
| Cost Of Revenue | - | 195.42 | 249.39 | 260.25 | 305.41 |
| Gross Profit | - | 9.07 | 57.23 | 119.55 | 122.11 |
| Operating Expense | - | 167.22 | 163.45 | 142.47 | 110.98 |
| Research And Development | - | 43.51 | 45 | 41.06 | 34.11 |
| Selling General And Administration | - | 125.38 | 120.40 | 104.06 | 80.02 |
| Total Expenses | - | 362.64 | 412.84 | 402.72 | 416.39 |
| Operating Income | - | -158.15 | -106.22 | -22.92 | 11.12 |
| Total Operating Income As Reported | - | -159.95 | -106.73 | -116.09 | 6.98 |
| EBITDA | - | -134.48 | -80.85 | -154.91 | 3.49 |
| Normalized EBITDA | - | -133.66 | -80.40 | 8.81 | 45.46 |
| EBIT | - | -154.84 | -103.77 | -185.75 | -29.64 |
| Interest Income | - | 3.18 | 3.61 | 0.74 | 0.96 |
| Interest Expense | - | 3.32 | 2.63 | 9.71 | 4.90 |
| Net Interest Income | - | -0.14 | 0.98 | -8.97 | -3.95 |
| Other Non Operating Income Expenses | - | 0.94 | -0.71 | 0.16 | 0.24 |
| Other Income Expense | - | 0.12 | -1.16 | -163.57 | -41.72 |
| Interest Income Non Operating | - | 3.18 | 3.61 | 0.74 | 0.96 |
| Interest Expense Non Operating | - | 3.32 | 2.63 | 9.71 | 4.90 |
| Net Non Operating Interest Income Expense | - | -0.14 | 0.98 | -8.97 | -3.95 |
| Pretax Income | - | -158.17 | -106.40 | -195.46 | -34.54 |
| Tax Provision | - | 0.03 | 0.01 | 0 | -5.32 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.17 | -0.09 | 0 | -6.47 |
| Net Income Continuous Operations | - | -158.20 | -106.41 | -195.46 | -29.22 |
| Net Income From Continuing And Discontinued Operation | - | -158.20 | -106.34 | -195.46 | -29.22 |
| Net Income From Continuing Operation Net Minority Interest | - | -158.20 | -106.34 | -195.46 | -29.22 |
| Net Income | - | -158.20 | -106.34 | -195.46 | -29.22 |
| Net Income Common Stockholders | - | -158.20 | -106.34 | -195.46 | -29.22 |
| Net Income Including Noncontrolling Interests | - | -158.20 | -106.41 | -195.46 | -29.22 |
| Normalized Income | - | -157.55 | -105.98 | -31.73 | 6.28 |
| Diluted NI Availto Com Stockholders | - | -158.20 | -106.34 | -195.46 | -29.22 |
| Basic Average Shares | - | 303.28 | 310.91 | 318.46 | 324.69 |
| Diluted Average Shares | - | 303.28 | 310.91 | 318.46 | 324.69 |
| Reconciled Depreciation | - | 20.36 | 22.93 | 30.83 | 33.13 |
| Reconciled Cost Of Revenue | - | 195.42 | 249.39 | 260.25 | 305.41 |
| Total Unusual Items | - | -0.82 | -0.44 | -163.73 | -41.97 |
| Total Unusual Items Excluding Goodwill | - | -0.82 | -0.44 | -163.73 | -41.97 |
| Minority Interests | - | 0 | 0.08 | 0 | 0 |
| Special Income Charges | - | -1.80 | -0.50 | -83.77 | -2.84 |
| Other Special Charges | - | - | - | -9.41 | -1.30 |
| Impairment Of Capital Assets | - | 1.80 | 0.50 | 93.17 | 4.14 |
| Gain On Sale Of Security | - | 0.98 | 0.06 | -79.96 | -39.12 |
| General And Administrative Expense | - | 102.77 | 96.79 | 81.49 | 57.82 |
| Other Gand A | - | 102.77 | 96.79 | 81.49 | 57.82 |
| Other Operating Expenses | - | -1.67 | -1.95 | -2.66 | -3.14 |
| Selling And Marketing Expense | - | 22.61 | 23.61 | 22.58 | 22.20 |
| Otherunder Preferred Stock Dividend | 18.10 | 0 | 0 | - | - |
Consumer Cyclical sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Microvast Holdings, Inc.this co. | MVST | $456M | -15.62 | 1.11 | -7.1% | 210.81 |
| Johnson Outdoors Inc. | JOUT | $480M | - | 1.15 | -8.2% | 30.47 |
| Caleres, Inc. | CAL | $479M | -71.65 | 0.80 | -1.1% | 18.93 |
| Shoe Carnival, Inc. | SCVL | $472M | 9.04 | 0.69 | 7.6% | 6.91 |
| Designer Brands Inc. | DBI | $462M | - |
| - |
| - |
| - |
| - |
| - |
| - |
| 1.64 |
| -3.0% |
| 15.18 |
| Monro, Inc. | MNRO | $462M | 212.65 | 0.78 | 0.4% | 11.42 |
| Build-A-Bear Workshop, Inc. | BBW | $449M | 8.61 | 2.90 | 33.7% | 6.76 |
| Camping World Holdings, Inc. | CWH | $445M | - | 1.95 | -39.3% | 10.41 |
| Genesco Inc. | GCO | $443M | 33.40 | 0.78 | 2.3% | 12.15 |
| Peer Median | - | 9.04 | 0.97 | -0.4% | 11.79 | |