Microvast Holdings, Inc. (MVST) Income Statement
MVST 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsMVST revenue and net income
Where MVST's revenue goes
2025Each bar shows an amount and its share of revenue. MVST kept −6.8% of revenue as net income.
MVST profit margins
MVST growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +12.6% | +27.9% | +31.8% | — |
| Gross profit | +29.3% | +157.3% | +55.3% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MVST quarterly EPS vs estimates
Microvast beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 9, 2026 (estimate $0.02).
MVST income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $427.5M | $379.8M | $306.6M | $204.5M | $152.0M | $107.5M | $76.4M | $174.2M |
| Cost of revenue | $272.9M | $260.2M | $249.4M | $195.4M | $194.7M | $90.4M | $76.7M | $153.4M |
| Gross profit | $154.6M | $119.6M | $57.2M | $9.1M | −$42.7M | $17.1M | −$231,000 | $20.8M |
| Research & development | $34.1M | $41.1M | $45.0M | $43.5M | $34.4M | $16.6M | $26.0M | $32.4M |
| Sales, general & admin | $80.0M | $104.1M | $120.4M | $125.4M | $101.6M | $18.8M | $15.2M | $33.0M |
| Total operating expenses | $114.1M | $235.6M | $164.0M | $169.0M | $151.3M | $46.2M | $53.6M | $73.1M |
| Operating income | $40.5M | −$116.1M | −$106.7M | −$159.9M | −$194.1M | −$29.1M | −$53.9M | −$58.0M |
| Interest income | $957,000 | $742,000 | $5.1M | $3.2M | $446,000 | $571,000 | $884,000 | — |
| Interest expense | $4.9M | $9.7M | $2.6M | $3.3M | $5.4M | $5.7M | $6.4M | $0 |
| Income before taxes | −$34.5M | −$195.5M | −$106.4M | −$158.2M | −$206.5M | −$33.6M | −$59.5M | −$54.3M |
| Income taxes | −$5.3M | −$195.5M | $10,000 | $33,000 | $5.0M | $1,000 | $189,000 | $6.4M |
| Net income | −$29.2M | −$195.5M | −$106.3M | −$158.2M | −$216.0M | −$49.6M | −$72.6M | −$100.0M |
| EBITDA | $3.5M | −$154.9M | −$80.8M | −$134.5M | −$180.4M | −$11.1M | −$37.7M | −$45.2M |
| EPS (diluted) | $0.04 | −$0.21 | −$0.23 | −$0.41 | −$1.20 | −$77.71 | −$84.16 | — |
| Gross margin | 36.2% | 31.5% | 18.7% | 4.4% | −28.1% | 15.9% | −0.3% | 12.0% |
| Operating margin | 9.5% | −30.6% | −34.8% | −78.2% | −127.7% | −27.1% | −70.5% | −33.3% |
| Net margin | −6.8% | −51.5% | −34.7% | −77.4% | −142.1% | −46.1% | −95.0% | −57.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Sep '23 | Jun '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $87.3M | $60.6M | $96.4M | $123.3M | $91.3M | $116.5M | $113.4M | $101.4M | $83.7M | $81.4M | $80.1M | $75.0M |
| Cost of revenue | $61.5M | $41.5M | $95.4M | $76.9M | $59.6M | $73.5M | $71.9M | $67.8M | $56.5M | $64.1M | $62.2M | $63.5M |
| Gross profit | $25.8M | $19.2M | $959,000 | $46.4M | $31.7M | $43.0M | $41.5M | $33.6M | $27.2M | $17.2M | $17.9M | $11.5M |
| Research & development | $8.9M | $8.8M | $10.4M | $7.8M | $7.7M | $8.2M | $8.8M | $10.7M | $10.1M | $11.5M | $13.2M | $9.5M |
| Sales, general & admin | $18.6M | $18.3M | $29.7M | $25.7M | $7.4M | $10.5M | $29.3M | $11.8M | $28.5M | $29.4M | $31.0M | $29.4M |
| Total operating expenses | $27.5M | $27.1M | $39.4M | $33.4M | $15.5M | $24.1M | $66.1M | $26.4M | $125.9M | $40.3M | $44.2M | $38.3M |
| Operating income | −$1.7M | −$7.9M | −$38.4M | $13.0M | $16.2M | $18.9M | −$24.5M | $7.2M | −$98.7M | −$23.1M | −$26.3M | −$26.9M |
| Interest income | $733,000 | $382,000 | $346,000 | $236,000 | $198,000 | $177,000 | $191,000 | $186,000 | $246,000 | $119,000 | $582,000 | $1.5M |
| Interest expense | $1.3M | $1.2M | $1.2M | $1.3M | $1.3M | $1.2M | $1.6M | $4.3M | $2.1M | $1.7M | $491,000 | $487,000 |
| Income before taxes | −$12.0M | $48.2M | $10.3M | −$750,000 | −$105.8M | $61.8M | −$105.4M | $13.2M | −$101.6M | −$24.8M | −$26.2M | −$26.1M |
| Income taxes | — | — | −$6.3M | $739,000 | $220,000 | — | −$82.3M | — | — | $10,000 | −$42,000 | $255,000 |
| Net income | −$12.0M | $48.2M | $16.5M | −$1.5M | −$106.1M | $61.8M | −$105.4M | $13.2M | −$101.6M | −$24.8M | −$26.1M | −$26.1M |
| EBITDA | −$2.6M | $57.5M | $19.8M | $8.8M | −$96.3M | $71.2M | −$96.0M | $25.3M | −$91.8M | −$15.4M | −$20.6M | −$20.5M |
| EPS (diluted) | −$0.01 | −$0.04 | −$0.11 | $0.04 | $0.05 | $0.06 | −$0.01 | $0.05 | −$0.21 | −$0.04 | −$0.03 | −$0.08 |
| Gross margin | 29.5% | 31.6% | 1.0% | 37.6% | 34.7% | 36.9% | 36.6% | 33.2% | 32.5% | 21.2% | 22.3% | 15.3% |
| Operating margin | −2.0% | −13.1% | −39.8% | 10.5% | 17.8% | 16.3% | −21.6% | 7.1% | −118.0% | −28.4% | −32.9% | −35.8% |
| Net margin | −13.7% | 79.5% | 17.2% | −1.2% | −116.1% | 53.0% | −93.0% | 13.1% | −121.4% | −30.5% | −32.6% | −34.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MVST's financial statements (latest annual report filed March 16, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MVST financial results
In fiscal year 2025 (ended December 31, 2025), Microvast reported revenue of $427.5 million, up 12.6% from the year before. It had a net loss of $29.2 million, a net profit margin of −6.8%. Diluted earnings per share came to $0.04. Over five years revenue grew at an average rate of 31.8% a year.
See the MVST stock overview for the latest quote and news, or the MVST chart for price history and technical indicators.
MVST income statement FAQ
What is Microvast's annual revenue?
Microvast reported total revenue of $427.5 million for fiscal year 2025, which ended on December 31, 2025. That was up 12.6% from $379.8 million the previous year.
Is Microvast profitable?
No. Microvast reported a net loss of $29.2 million in fiscal 2025, a net profit margin of −6.8%; its operating margin was 9.5%.
What is Microvast's gross margin?
Microvast's gross margin was 36.2% in fiscal 2025: for every $100 of revenue, Microvast kept $36 after the direct cost of its products and services.
How much does Microvast spend on research and development?
Microvast spent $34.1 million on research and development in fiscal 2025, 8.0% of revenue.
How fast is Microvast growing?
Revenue grew 31.8% a year on average over the last five fiscal years, from $107.5 million to $427.5 million.
What are Microvast's earnings per share?
Microvast earned $0.04 per diluted share in fiscal 2025, compared with $-0.21 a year earlier.
When will Microvast report its next earnings?
Microvast is expected to report results for the quarter ending September 30, 2026 on November 9, 2026 after the market closes.
When does Microvast's fiscal year end?
Microvast's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 16, 2026.