Microvast Reports Second Quarter 2025 Financial Results

Microvast Holdings, Inc., a global leader in advanced battery technologies, has released its unaudited condensed consolidated financial results for the second quarter ended June 30, 2025. The company reported a record Q2 revenue of $91.3 million, marking a 9.2% increase year-over-year. Despite a GAAP net loss of $106.1 million, Microvast achieved a positive adjusted EBITDA of $25.9 million, reflecting the growing demand for its advanced battery solutions and a focus on profitability and operational efficiency.

Financial Highlights

For the second quarter of 2025, Microvast reported:

• Record revenue of $91.3 million, up from $83.7 million in Q2 2024.
• Gross margin increased to 34.7% from 32.5% in Q2 2024.
• Operating expenses significantly reduced to $16.5 million from $126.7 million in Q2 2024.
• Net loss of $106.1 million, compared to a net loss of $101.6 million in Q2 2024.
• Non-GAAP adjusted net profit of $16.3 million, compared to a non-GAAP adjusted net loss of $87.9 million in Q2 2024.
• Non-GAAP adjusted EBITDA of $25.9 million, compared to a negative $78.4 million in Q2 2024.
• Capital expenditures of $7.4 million, up from $2.9 million in Q2 2024.
• Cash, cash equivalents, and restricted cash of $138.8 million as of June 30, 2025.

Business and Operational Highlights

Microvast's operational performance was marked by a significant increase in gross margin and a substantial reduction in operating expenses. The company also reported a positive adjusted EBITDA, indicating improved operational efficiency. The increase in capital expenditures reflects ongoing investments in production capacity to meet growing customer demand.

Strategic Initiatives and Corporate Developments

Microvast is focused on completing the installation and commissioning of production equipment for its Huzhou Phase 3.2 expansion by year-end, which will increase its capacity to meet strong customer demand. The company is also targeting revenue growth of 18% to 25% year-over-year, with revenue guidance of $450 million to $475 million for the full year 2025.

Management's Perspective

Yang Wu, Microvast’s Founder, Chairman, and Chief Executive Officer, commented, "Continuing to build upon our momentum, Microvast is charting an exceptional course. We delivered a record second quarter, with revenue reaching $91.3 million, marking a 9.2% year-over-year increase. This growth is matched with gross margin expansion to 34.7%. While we booked a GAAP net loss of $106.1 million, we also achieved a positive adjusted EBITDA of $25.9 million. These results are a testament to the increasing demand for our advanced battery solutions and the effectiveness of our relentless focus on profitability and operational efficiency."

Future Outlook

Microvast maintains its target revenue growth of 18% to 25% year-over-year and revenue guidance of $450 million to $475 million for the full year 2025. The company is also updating its targeted gross margin from 30% to 32% for the full year, driven by continued regional efficiencies and utilization increases.

SEC Filing: Microvast Holdings, Inc. [ MVST ] - 8-K - Aug. 11, 2025