Q2 2026 Aug 12, 2026

Shares fell 4.6% as investors reacted negatively to significant margin compression driven by higher raw material costs and lower production utilization, alongside notable revenue declines and deteriorating profitability. The disappointing guidance and weakening sales dynamics, especially volume contraction and tariff-related revenue adjustments, also weighed on sentiment. Key Takeaways:

Key takeaways

Q2 revenue declined 4.5% year-over-year to $87.3 million, primarily due to a $2.7 million tariff refund reducing reported revenue and volume weakness.
Gross margin contracted sharply to 29.5% from 34.7% a year ago, impacted by higher raw material prices and lower fixed cost absorption from reduced production utilization.
Operating expenses rose 16.1% to $27.5 million, driven by increased legal/professional fees, R&D labor costs, and selling expenses linked to customer retention initiatives.
Adjusted net loss widened to $5.3 million from a $16.3 million profit, while adjusted EBITDA dropped significantly to $3.6 million from $25.9 million in Q2 2025.
Sales volume fell approximately 24% year-to-date (947 MWh to 717 MWh), with continued geopolitical and regulatory headwinds impacting the APAC region and customer platform rollout delays weighing on Europe.

Q1 2026 May 12, 2026

Shares fell 5.2% following Microvast’s Q1 report as investors reacted negatively to the year-over-year revenue decline amid capacity ramp delays and ongoing margin pressures from raw material costs and expansion expenses.

Key takeaways

Q1 revenue totaled $60.6 million, down year-over-year, reflecting temporary challenges related to the Phase 3.2 capacity ramp timing and customer demand alignment.
Gross profit margin remained at 31.6%, signaling some cost control success despite a decline in absolute gross profit.
Phase 3.2 expansion advanced with trial production completed on the 55Ah cell electrode section; full start of production expected in 2026, adding up to 2 GWh annual capacity.
Announced a new 290Ah LFP battery pack integrated into the KAF electric powertrain solution targeting the electric school bus market, aiming to address total cost of ownership parity with diesel buses under 10 years without subsidies.
Market skepticism likely centers on delayed revenue ramp and margin pressure from ongoing raw material inflation and expansion costs, despite innovation announcements.

Q3 2025 Nov 11, 2025

Microvast Holdings, Inc. reported record Q3 2025 revenue of $123.3 million, reflecting a 21.6% year-over-year increase, alongside improved profitability metrics essential for sustainable growth.

Key takeaways

Gross profit margin improved to 37.6%, a 4.4 percentage point increase from the prior year, underscoring operational efficiency.
Achieved operating profit of $13 million and adjusted EBITDA of $21.9 million, signaling strong financial health and scalability.
Continued advancement in battery technology, with successful cycle testing of all-solid-state battery prototypes demonstrating enhanced stability and performance.
Ongoing expansion of production capacity with the Huzhou phase 3.2 line set to add up to two gigawatt-hours annually, positioned to meet rising market demand.
Strategic focus on innovation and market share growth, with investments aimed at diversifying product offerings and establishing a stronger global presence.

Microvast Holdings Inc. Common Stock Earnings Recaps

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