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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% | - |
| 2024 | $380M | $-155M | $-195M | $-25M | -50.4% | 23.9% | - |
| 2023 | $307M | $-81M | $-106M | $-262M | -18.8% | 49.9% | - |
| 2022 | $204M | $-134M | $-158M | $-205M | -25.8% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total 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 |
| Operating Income | -158.15 | -106.22 | -22.92 | 11.12 |
| EBITDA | -134.48 | -80.85 | -154.91 | 3.49 |
| EBIT | -154.84 | -103.77 | -185.75 | -29.64 |
| Pretax Income | -158.17 | -106.40 | -195.46 | -34.54 |
| Tax Provision | 0.03 | 0.01 | 0 | -5.33 |
| Net Income | -158.20 | -106.34 | -195.46 | -29.22 |
| Net Income Common Stockholders | -158.20 | -106.34 | -195.46 | -29.22 |
| Total Expenses | 362.64 | 412.84 | 402.72 | 416.39 |
| Interest Expense | 3.32 | 2.63 | 9.71 | 4.90 |
| Interest Income | 3.18 | 3.61 | 0.74 | 0.96 |
| Research And Development | 43.51 | 45 | 41.06 | 34.11 |
| Selling General And Administration | 125.39 | 120.40 | 104.06 | 80.02 |
| Normalized EBITDA | -133.66 | -80.40 | 8.81 | 45.46 |
| Normalized Income | -157.55 | -105.98 | -31.73 | 6.28 |
| Basic EPS | -0.52 | -0.34 | -0.61 | -0.09 |
| Diluted EPS | -0.52 | -0.34 | -0.61 | -0.09 |
| Tax Effect Of Unusual Items | -0.17 | -0.09 | 0 | -6.47 |
| Tax Rate For Calcs | 0.21 | 0.21 | 0 | 0.15 |
| Total Unusual Items | -0.82 | -0.45 | -163.73 | -41.97 |
| Total Unusual Items Excluding Goodwill | -0.82 | -0.45 | -163.73 | -41.97 |
| Net Income From Continuing Operation Net Minority Interest | -158.20 | -106.34 | -195.46 | -29.22 |
| Reconciled Depreciation | 20.36 | 22.93 | 30.83 | 33.13 |
| Reconciled Cost Of Revenue | 195.42 | 249.39 | 260.25 | 305.41 |
| Net Interest Income | -0.14 | 0.98 | -8.97 | -3.95 |
| Net Income From Continuing And Discontinued Operation | -158.20 | -106.34 | -195.46 | -29.22 |
| Total Operating Income As Reported | -159.95 | -106.73 | -116.09 | 6.98 |
| Diluted Average Shares | 303.28 | 310.91 | 318.46 | 324.69 |
| Basic Average Shares | 303.28 | 310.91 | 318.46 | 324.69 |
| Diluted NI Availto Com Stockholders | -158.20 | -106.34 | -195.46 | -29.22 |
| Otherunder Preferred Stock Dividend | 0 | 0 | 0 | 0 |
| Minority Interests | 0 | 0.08 | 0 | 0 |
| Net Income Including Noncontrolling Interests | -158.20 | -106.41 | -195.46 | -29.22 |
| Net Income Continuous Operations | -158.20 | -106.41 | -195.46 | -29.22 |
| Other Income Expense | 0.12 | -1.16 | -163.57 | -41.72 |
| Other Non Operating Income Expenses | 0.94 | -0.71 | 0.16 | 0.24 |
| Special Income Charges | -1.80 | -0.50 | -83.77 | -2.85 |
| Other Special Charges | 0 | 0 | -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 |
| Net Non Operating Interest Income Expense | -0.14 | 0.98 | -8.97 | -3.95 |
| Interest Expense Non Operating | 3.32 | 2.63 | 9.71 | 4.90 |
| Interest Income Non Operating | 3.18 | 3.61 | 0.74 | 0.96 |
| Other Operating Expenses | -1.67 | -1.95 | -2.66 | -3.14 |
| Selling And Marketing Expense | 22.61 | 23.61 | 22.58 | 22.20 |
| General And Administrative Expense | 102.77 | 96.79 | 81.49 | 57.82 |
| Other Gand A | 102.77 | 96.79 | 81.49 | 57.82 |
| Operating Revenue | 204.50 | 306.62 | 379.80 | 427.52 |
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 | $601M | - | 1.46 | -7.1% | 11.90 |
| Cracker Barrel Old Country Store, Inc. | CBRL | $655M | 14.15 | 1.42 | 10.0% | 9.30 |
| Bally's Corporation | BALY | $627M | - | 0.63 | -1837.3% | 22.78 |
| Beazer Homes USA, Inc. | BZH | $625M | 73.00 | 0.50 | 3.7% | 44.11 |
| Cannae Holdings, Inc. | CNNE | $621M |
| - |
| 0.61 |
| -51.8% |
| -7.30 |
| Movado Group, Inc. | MOV | $600M | 23.15 | 1.18 | 5.2% | 11.34 |
| Ethan Allen Interiors Inc. | ETD | $570M | 11.06 | 1.18 | 10.7% | 7.30 |
| Karat Packaging Inc. | KRT | $568M | 18.23 | 3.80 | - | 11.91 |
| ThredUp Inc. | TDUP | $557M | - | 9.27 | -34.1% | -71.31 |
| Peer Median | - | 18.23 | 1.18 | 3.7% | 10.32 | |