MVST on Nasdaq
Microvast Holdings, Inc.
American miscellaneous electrical machinery company, incorporated in Delaware.
Price unavailable
Last updated Oct 18, 2026.
Overview
Compare with Energy Vault, CBAK Energy Technology Inc. or Ultralife Corporation, or pick any stock.
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
28.6%Gross margin3
1.6%Operating margin3
-6.8%Net margin3
12.6%Revenue growth, 20253
-7.1%Return on equity3
0.03×Debt to equity3
$56.1MFree cash flow3
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Regions
[Canada] brought in 33% of the revenue Microvast Holdings, Inc. broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| [Canada] | $156.5M | $127.1M | $138.9M |
| Italy | $56.6M | $150.8M | $92.9M |
| France | $7.8M | $12.8M | $78.2M |
| Other European Countries | $19.9M | $24.1M | $40.8M |
| United States | $3.1M | $14.4M | $39.3M |
| India | $60.6M | $48.8M | $34.6M |
| Other Asia And Pacific Countries | $2.0M | $1.8M | $2.8M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Research and development8¢$34.1M
- Other costs91¢$388.1M
- Income tax1¢$5.3M
Out of $427.5M in revenue.3 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Capital spending26¢$19.8M
- Kept or used elsewhere74¢$56.1M
Out of $75.9M of cash from operations.3
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenues | $427.5M | $379.8M | $306.6M |
| Cost of revenues | -$272.9M | -$260.2M | -$249.4M |
| Energy storage system impairment | -$32.5M | $0 | $0 |
| Gross profit | $122.1M | $119.6M | $57.2M |
| General and administrative expenses | -$57.8M | -$81.5M | -$96.8M |
| Research and development expenses | -$34.1M | -$41.1M | -$45.0M |
| Selling and marketing expenses | -$22.2M | -$22.6M | -$23.6M |
| Impairment loss of long-lived assets | -$4.1M | -$93.2M | -$504.0K |
| Total operating expenses | -$118.3M | -$238.3M | -$165.9M |
| Subsidy income | $3.1M | $2.7M | $2.0M |
| Income/(loss) from operations | $7.0M | -$116.1M | -$106.7M |
| Interest income | $957.0K | $742.0K | $3.6M |
| Interest expense | -$4.9M | -$9.7M | -$2.6M |
| Changes in fair value of warrant liability and convertible loan | -$39.1M | -$80.0M | $59.0K |
| Gain on debt restructuring | $1.3M | $9.4M | $0 |
| Other income (expense), net | $244.0K | $156.0K | -$713.0K |
| Loss before provision for income tax | -$34.5M | -$195.5M | -$106.4M |
| Benefit from (provision for) income taxes | $5.3M | $0 | -$10.0K |
| Net loss | -$29.2M | -$195.5M | -$106.4M |
| Net loss attributable to noncontrolling interests | $0 | $0 | -$76.0K |
| Net loss attributable to common stockholders | -$29.2M | -$195.5M | -$106.3M |
| Basic (in dollars per share) | -$0.09 | -$0.61 | -$0.34 |
| Diluted (in dollars per share) | -$0.09 | -$0.61 | -$0.34 |
| Weighted average shares used in calculating net loss per share of common stock, basic (in shares) | 324.7M shares | 318.5M shares | 310.9M shares |
| Weighted average shares used in calculating net loss per share of common stock, diluted (in shares) | 324.7M shares | 318.5M shares | 310.9M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $105.0M | $73.0M | $44.5M | |
| Restricted cash | $64.3M | $36.6M | ||
| Accounts receivable (net of allowance for credit losses of $4,693 and $5,090 as of December 31, 2025 and 2024, respectively) | $155.8M | $120.6M | ||
| Notes receivable | $5.6M | $7.6M | ||
| Inventories, net | $89.4M | $143.3M | ||
| Prepaid expenses and other current assets | $17.2M | $27.0M | ||
| Assets held for sale | $11.5M | $19.9M | ||
| Total Current Assets | $448.7M | $428.0M | ||
| Restricted cash | $0 | $22.0K | ||
| Property, plant and equipment, net | $508.1M | $478.2M | ||
| Land use rights, net | $11.6M | $11.4M | ||
| Acquired intangible assets, net | $2.2M | $2.6M | ||
| Operating lease right-of-use assets | $17.3M | $17.6M | ||
| Deferred tax assets | $5.4M | $0 | ||
| Other non-current assets | $12.2M | $14.0M | ||
| Total Assets | $1.0B | $951.9M | ||
| Accounts payable | $47.0M | $64.9M | ||
| Notes payable | $78.3M | $51.8M | ||
| Accrued expenses and other current liabilities | $123.3M | $98.5M | ||
| Advance from customers | $5.6M | $43.7M | ||
| Convertible loan measured at fair value | $140.9M | $0 | ||
| Short-term bank borrowings | $93.1M | $70.7M | ||
| Income tax payables | $99.0K | $652.0K | ||
| Warrant liability | $15.0K | $0 | ||
| Total Current Liabilities | $488.3M | $330.2M | ||
| Long-term bank borrowings | $13.2M | $41.1M | ||
| Long-term bonds payable | $41.7M | $43.2M | ||
| Warrant liability | $0 | $290.0K | ||
| Share-based compensation liability | $98.0K | $98.0K | ||
| Convertible loan measured at fair value | $0 | $104.6M | ||
| Operating lease liabilities | $14.5M | $14.6M | ||
| Other non-current liabilities | $37.1M | $30.0M | ||
| Total Liabilities | $594.9M | $564.0M | ||
| Common Stock ($0.0001 par value, 750,000,000 shares authorized; 333,473,938 and 324,831,634 shares issued, and 331,786,438 and 323,144,134 shares outstanding as of December 31, 2025 and 2024) | $34.0K | $33.0K | ||
| Preferred stock ($0.0001 par value, 50,000,000 shares authorized; none issued and outstanding as of December 31, 2025 and 2024) | $0 | $0 | ||
| Additional paid-in capital | $1.5B | $1.5B | ||
| Statutory reserves | $6.0M | $6.0M | ||
| Accumulated deficit | -$1.1B | -$1.1B | ||
| Accumulated other comprehensive loss | -$17.2M | -$38.2M | ||
| Total Equity | $410.5M | $387.9M | $564.2M | $613.0M |
| Total Liabilities and Equity | $1.0B | $951.9M | ||
| Allowance for credit losses | $4.7M | $5.1M | ||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Common stock, shares authorized (in shares) | 750.0M shares | 750.0M shares | ||
| Common stock, shares issued (in shares) | 333.5M shares | 324.8M shares | ||
| Common stock, shares outstanding (in shares) | 331.8M shares | 323.1M shares | ||
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Preferred stock, shares authorized (in shares) | 50.0M shares | 50.0M shares | ||
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | ||
| Preferred stock, shares outstanding (in shares) | 0 shares | 0 shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $105.0M | $73.0M | $44.5M | |
| Restricted cash | $64.3M | $36.6M | ||
| Accounts receivable (net of allowance for credit losses of $4,693 and $5,090 as of December 31, 2025 and 2024, respectively) | $155.8M | $120.6M | ||
| Notes receivable | $5.6M | $7.6M | ||
| Inventories, net | $89.4M | $143.3M | ||
| Prepaid expenses and other current assets | $17.2M | $27.0M | ||
| Assets held for sale | $11.5M | $19.9M | ||
| Total Current Assets | $448.7M | $428.0M | ||
| Restricted cash | $0 | $22.0K | ||
| Property, plant and equipment, net | $508.1M | $478.2M | ||
| Land use rights, net | $11.6M | $11.4M | ||
| Acquired intangible assets, net | $2.2M | $2.6M | ||
| Operating lease right-of-use assets | $17.3M | $17.6M | ||
| Deferred tax assets | $5.4M | $0 | ||
| Other non-current assets | $12.2M | $14.0M | ||
| Total Assets | $1.0B | $951.9M | ||
| Accounts payable | $47.0M | $64.9M | ||
| Notes payable | $78.3M | $51.8M | ||
| Accrued expenses and other current liabilities | $123.3M | $98.5M | ||
| Advance from customers | $5.6M | $43.7M | ||
| Convertible loan measured at fair value | $140.9M | $0 | ||
| Short-term bank borrowings | $93.1M | $70.7M | ||
| Income tax payables | $99.0K | $652.0K | ||
| Warrant liability | $15.0K | $0 | ||
| Total Current Liabilities | $488.3M | $330.2M | ||
| Long-term bank borrowings | $13.2M | $41.1M | ||
| Long-term bonds payable | $41.7M | $43.2M | ||
| Warrant liability | $0 | $290.0K | ||
| Share-based compensation liability | $98.0K | $98.0K | ||
| Convertible loan measured at fair value | $0 | $104.6M | ||
| Operating lease liabilities | $14.5M | $14.6M | ||
| Other non-current liabilities | $37.1M | $30.0M | ||
| Total Liabilities | $594.9M | $564.0M | ||
| Common Stock ($0.0001 par value, 750,000,000 shares authorized; 333,473,938 and 324,831,634 shares issued, and 331,786,438 and 323,144,134 shares outstanding as of December 31, 2025 and 2024) | $34.0K | $33.0K | ||
| Preferred stock ($0.0001 par value, 50,000,000 shares authorized; none issued and outstanding as of December 31, 2025 and 2024) | $0 | $0 | ||
| Additional paid-in capital | $1.5B | $1.5B | ||
| Statutory reserves | $6.0M | $6.0M | ||
| Accumulated deficit | -$1.1B | -$1.1B | ||
| Accumulated other comprehensive loss | -$17.2M | -$38.2M | ||
| Total Equity | $410.5M | $387.9M | $564.2M | $613.0M |
| Total Liabilities and Equity | $1.0B | $951.9M | ||
| Allowance for credit losses | $4.7M | $5.1M | ||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Common stock, shares authorized (in shares) | 750.0M shares | 750.0M shares | ||
| Common stock, shares issued (in shares) | 333.5M shares | 324.8M shares | ||
| Common stock, shares outstanding (in shares) | 331.8M shares | 323.1M shares | ||
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Preferred stock, shares authorized (in shares) | 50.0M shares | 50.0M shares | ||
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | ||
| Preferred stock, shares outstanding (in shares) | 0 shares | 0 shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net loss | -$29.2M | -$195.5M | -$106.4M |
| Loss on disposal of property, plant and equipment | $414.0K | $844.0K | $1.9M |
| Gain on debt restructuring | -$1.3M | -$9.4M | $0 |
| Interest expense | $0 | $2.2M | $0 |
| Depreciation of property, plant and equipment | $32.4M | $30.1M | $22.1M |
| Amortization of land use rights and intangible assets | $773.0K | $775.0K | $787.0K |
| Noncash lease expenses | $2.6M | $2.7M | $2.8M |
| Share-based compensation | $3.1M | $30.8M | $65.0M |
| Changes in fair value of warrant liability and convertible loan | $39.1M | $80.0M | -$59.0K |
| Allowance of credit losses | $8.0M | $3.7M | $236.0K |
| Write-down for obsolete inventories | $33.7M | $3.3M | $3.6M |
| Impairment loss of long-lived assets | $4.1M | $93.2M | $504.0K |
| Product warranty | $17.2M | $12.8M | $12.7M |
| Deferred tax benefit | -$5.4M | $0 | $0 |
| Notes receivable | -$27.3M | $6.5M | -$25.3M |
| Accounts receivable | -$27.3M | $8.8M | -$21.8M |
| Inventories | $27.1M | -$546.0K | -$74.4M |
| Prepaid expenses and other current assets | $8.9M | $3.3M | -$14.3M |
| Amounts due from/to related parties | -$3.0K | $5.0K | $0 |
| Operating lease right-of-use assets | -$475.0K | -$1.8M | -$5.4M |
| Other non-current assets | $629.0K | -$973.0K | -$547.0K |
| Notes payable | $24.0M | -$9.9M | -$3.5M |
| Accounts payable | -$20.2M | -$44.5M | $68.6M |
| Advance from customers | -$38.3M | $836.0K | -$10.9M |
| Accrued expenses and other liabilities | $20.6M | -$16.5M | $6.6M |
| Operating lease liabilities | -$1.8M | -$1.6M | $2.3M |
| Other non-current liabilities | $4.6M | $3.7M | $316.0K |
| Net cash generated in operating activities | $75.9M | $2.8M | -$75.3M |
| Purchases of property, plant and equipment | -$19.8M | -$27.7M | -$186.8M |
| Proceeds on disposal of property, plant and equipment | $3.8M | $10.0M | $1.6M |
| Purchase of short-term investments | $0 | $0 | -$6.0M |
| Proceeds from maturity of short-term investments | $0 | $5.6M | $25.5M |
| Net cash used in investing activities | -$16.0M | -$12.2M | -$165.6M |
| Proceeds from bank borrowings | $85.7M | $101.5M | $47.9M |
| Repayment of bonds payable | -$1.4M | $0 | -$692.0K |
| Repayment of bank borrowings | -$96.1M | -$66.2M | -$14.1M |
| Convertible loan | $0 | $25.0M | $0 |
| Payment for debt issuance costs | $0 | -$525.0K | $0 |
| Proceeds from sale of common stocks | $28.8M | $0 | $0 |
| Payment for equity issuance costs | -$809.0K | $0 | $0 |
| Deferred payment related to purchases of property, plant and equipment | -$18.9M | -$22.2M | $0 |
| Net cash (used in)/ provided by financing activities | -$2.7M | $37.6M | $33.0M |
| Effect of exchange rate changes | $2.5M | -$6.8M | -$6.6M |
| Increase/ (decrease) in cash, cash equivalents and restricted cash | $59.6M | $21.4M | -$214.4M |
| Interest paid | $6.0M | $7.4M | $4.4M |
| Income tax paid | $1.8M | $0 | $0 |
| Payable for purchase of property, plant and equipment | $30.2M | $46.0M | $96.3M |
| Notes receivable in exchange for property, plant and equipment | $29.6M | $9.3M | $3.2M |
No quarter-by-quarter statement was filed.
Leadership
Who has led Microvast Holdings, Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
20202025
- Chief executive officerShengxian Wu Jul 26, 2021 to Feb 14, 202211
- Chief executive officerStephen A. Vogel Mar 5, 2019 to Mar 5, 201912
- PresidentZachariah Ward Mar 6, 2023 to Mar 23, 202313
- PresidentSascha Rene Kelterborn Apr 18, 2022 to Apr 18, 202214
- Chief financial officerRodney Worthen Jan 29, 2026 to now15
- Chief financial officerCarl Theobold Schultz May 27, 2025 to Jan 29, 202616
- Chief financial officerFariyal Khanbabi Oct 31, 2024 to Oct 31, 202417
- Chief financial officerCraig Webster Apr 18, 2022 to Aug 23, 202318
- Chief financial officerRuth Epstein Mar 5, 2019 to Mar 5, 201919
- Chief operating officerShengxian Wu Mar 19, 2026 to now20
Board members and other officers (18)
- Chief Accounting OfficerEric Garcia Jan 15, 2026 to now21
- Pres., Gen. Couns. & Corp. SecIsida Tushe Nov 21, 2024 to now22
- Chief Accounting Officer (CAO)Lu Gao Jul 26, 2021 to now23
- CRO & Man. Dir. Microvast EMEASascha Rene Kelterborn Jul 26, 2021 to Mar 23, 202324
- Chief Technology Officer (CTO)Wenjuan Mattis Jul 26, 2021 to now25
- Board memberIsida Tushe Jan 27, 2025 to now26
- Board memberYixin Pan Nov 21, 2024 to now27
- Board memberYeelong Balladon Jul 28, 2022 to Mar 29, 202428
- Board memberCraig Webster Jul 26, 2021 to Jun 14, 202229
- Board memberMichael Stanley Whittingham Jul 26, 2021 to Jul 6, 202230
- Board memberWei Ying Jul 26, 2021 to now31
- Board memberArthur Lap Tat Wong Jul 27, 2021 to now32
- Board memberAmy S. Butte Mar 5, 2019 to Mar 5, 201933
- Board memberHolly Zimmerman Mar 5, 2019 to Mar 5, 201934
- Board memberMichael Auerbach Mar 5, 2019 to Mar 5, 201935
- Board memberRuth Epstein Mar 5, 2019 to Mar 5, 201919
- Board memberStefan M. Selig Mar 5, 2019 to Mar 5, 201936
- Board memberStephen A. Vogel Mar 5, 2019 to Mar 29, 202412
Former names
- Tuscan Holdings Corp.Dec 7, 2018 to Jul 21, 20212
Timeline
Filings
247 filings to the SEC since October 2021: 5 annual reports, 17 quarterly reports, 65 major events, 82 insider forms, 8 large holders, 70 other. The latest 20:
- Oct 9, 2026DEF 14A EDGAR
- Oct 9, 2026DEFA14A DEFINITIVE ADDITIONAL MATERIALS EDGAR
- Oct 9, 2026DEFR14A PROXY STATEMENT AMENDMENT NO. 1 EDGAR
- Oct 2, 20263 EDGAR
- Aug 31, 20268-K CURRENT REPORT EDGAR
- Aug 11, 20268-K EDGAR
- Aug 10, 202610-Q EDGAR
- Aug 7, 20268-K CURRENT REPORT EDGAR
- Jul 22, 202625-NSE EDGAR
- Jun 12, 20264 EDGAR
- Jun 12, 20264 EDGAR
- Jun 12, 20264 EDGAR
- Jun 1, 20264 EDGAR
- May 28, 20268-K CURRENT REPORT EDGAR
- May 20, 20264 EDGAR
- May 11, 20268-K EDGAR
- May 11, 202610-Q EDGAR
- Apr 3, 20264 EDGAR
- Apr 3, 20264 EDGAR
- Apr 3, 20264 EDGAR
The 247 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last three years, summarized. The full record is on SEC EDGAR.
Insider trades and holders
Large holders
Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 8 such filings since October 2021:
- Feb 13, 2026SCHEDULE 13G/A
- Nov 21, 2024SC 13D/A
- Apr 5, 2024SC 13G/A
- Feb 2, 2024SC 13G
- Jul 17, 2023SC 13G
- Feb 24, 2023SC 13G
- Feb 15, 2022SC 13G
- Jan 14, 2022SC 13G/A
From Forms 4 and Schedules 13D and 13G filed with the SEC.
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| BlackRock, Inc. | 16,536,629 | $19.3M | 0.0% | +1,141,513 |
| Vanguard Capital Management LLC | 8,721,048 | $10.2M | 0.0% | +81,060 |
| Legal & General Group Plc | 8,279,518 | $9.7M | 0.0% | +8,136,714 |
| State Street Corp | 7,613,487 | $8.9M | 0.0% | +2,233,508 |
| Geode Capital Management, LLC | 5,548,956 | $6.5M | 0.0% | +547,598 |
| Millennium Management LLC | 4,868,071 | $5.7M | 0.0% | +1,563,413 |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 4,979,348 | $5.6M | 0.0% | +4,792,543 |
| Northern Trust Corp | 1,825,175 | $2.1M | 0.0% | +188,807 |
| Vanguard Portfolio Management LLC | 1,680,003 | $2.0M | 0.0% | −300,194 |
| Goldman Sachs Group Inc | 1,661,902 | $1.9M | 0.0% | −1,673,595 |
| Charles Schwab Investment Management Inc | 1,570,270 | $1.8M | 0.0% | −71,110 |
| Vanguard Fiduciary Trust Co | 1,417,995 | $1.7M | 0.0% | +36,311 |
| Citadel Advisors LLC | 1,167,306 | $1.4M | 0.0% | +411,522 |
| Susquehanna International Group, Llp | 721,967 | $844.7K | 0.0% | −44,932 |
| Aqr Capital Management LLC | 685,096 | $801.6K | 0.0% | +192,137 |
| Bank of New York Mellon Corp | 666,472 | $779.8K | 0.0% | +23,364 |
| Panagora Asset Management Inc | 660,465 | $772.7K | 0.0% | +496,929 |
| XTX Topco Ltd | 640,910 | $749.9K | 0.0% | −51,198 |
| Tudor Investment Corp Et Al | 605,657 | $708.6K | 0.0% | +8,899 |
| Nuveen, LLC | 515,663 | $603.3K | 0.0% | +40,968 |
| American Century Companies Inc | 504,874 | $590.7K | 0.0% | −166,367 |
| Numerai GP LLC | 483,916 | $566.2K | 0.0% | +146,801 |
| Morgan Stanley | 476,208 | $557.2K | 0.0% | −1,593,300 |
| Russell Investments Group, Ltd. | 474,771 | $555.5K | 0.0% | +99,821 |
| Swiss National Bank | 422,000 | $493.7K | 0.0% | No change |
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 13SEC EDGARZachariah Ward, President
- 14SEC EDGARSascha Rene Kelterborn, President
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- 26SEC EDGARIsida Tushe, Board member
- 27SEC EDGARYixin Pan, Board member
- 28SEC EDGARYeelong Balladon, Board member
- 29SEC EDGARCraig Webster, Board member
- 30
- 31SEC EDGARWei Ying, Board member
- 32SEC EDGARArthur Lap Tat Wong, Board member
- 33SEC EDGARAmy S. Butte, Board member
- 34SEC EDGARHolly Zimmerman, Board member
- 35SEC EDGARMichael Auerbach, Board member
- 36SEC EDGARStefan M. Selig, Board member