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Microvast Holdings (MVST)
NASDAQ:MVST
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Microvast Holdings
(NASDAQ:MVST)
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Rating:54Neutral
Price Target:
$3.00
▼(-24.62% Downside)
Microvast Holdings' overall stock score reflects strong revenue growth and strategic advancements in technology, tempered by ongoing profitability challenges and a negative valuation. The recent earnings call and corporate leadership changes provide a positive outlook, but financial performance remains a critical area for improvement.
Positive Factors
Revenue Growth
Strong revenue growth indicates expanding market reach and product adoption, supporting long-term business sustainability.
Innovation in Battery Technology
Innovations in battery technology enhance competitive advantage, potentially leading to improved market position and profitability.
Cash Flow Improvement
Improved cash flow management strengthens financial stability, enabling investment in growth and innovation.
Negative Factors
Profitability Challenges
Ongoing profitability issues could hinder long-term financial health and limit reinvestment opportunities.
Negative Return on Equity
Inefficient use of equity capital may impact shareholder value and limit growth potential.
GAAP Net Loss
Sustained net losses can strain resources and challenge the company's ability to achieve sustainable profitability.
Microvast Holdings (MVST) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.25B
Dividend YieldN/A
Average Volume (3M)7.02M
Price to Earnings (P/E)―
Beta (1Y)-1.03
Revenue Growth20.84%
EPS Growth24.84%
CountryUS
Employees1,921
SectorConsumer Cyclical
Sector Strength84
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)0.05
Shares Outstanding325,354,130
10 Day Avg. Volume6,578,607
30 Day Avg. Volume7,023,246
Financial Highlights & Ratios
PEG Ratio-0.04
Price to Book (P/B)1.70
Price to Sales (P/S)1.74
P/FCF Ratio-26.47
Enterprise Value/Market Cap1.15
Enterprise Value/Revenue3.41
Enterprise Value/Gross Profit9.60
Enterprise Value/Ebitda-15.01
Forecast
1Y Price Target
$6.00Price Target Upside50.75% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
Microvast Holdings Business Overview & Revenue Model
Company DescriptionMicrovast Holdings, Inc. designs, develops, and manufactures battery systems for electric vehicles and energy storage systems. The company offers a range of cell chemistries, such as lithium titanate oxide, lithium iron phosphate, and nickel manganese cobalt version 1 and 2.It also designs, develops, and manufactures battery components, such as cathode, anode, electrolyte, and separator. In addition, the company offers battery solutions for commercial vehicles and energy storage systems. Its commercial vehicle markets cover buses, trains, mining trucks, marine and port applications, and automated guided and specialty vehicles, as well as light, medium, heavy-duty trucks in the United States and internationally. The company was incorporated in 2006 and is based in Stafford, Texas.
How the Company Makes MoneyMicrovast Holdings generates revenue primarily through the sale of its battery systems to original equipment manufacturers (OEMs) and other industrial partners. The company's key revenue streams include the production and distribution of lithium-ion battery cells, modules, and packs that are integrated into electric vehicles and energy storage solutions. Microvast also partners with various automotive and technology companies to enhance its product offerings and expand its market presence. Additionally, the company's investments in research and development enable it to maintain a competitive edge by innovating new battery technologies that meet the evolving demands of the electric vehicle and energy storage markets.
Microvast Holdings Earnings Call Summary
Earnings Call Date:Aug 11, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Nov 18, 2025
Earnings Call Sentiment Positive
Microvast's earnings call reflects a strong performance with record revenue and improved profitability, bolstered by strategic expansions and innovations in battery technology. Despite a reported GAAP net loss and a slight decline in EMEA revenue, the positive financial turnaround and operational progress present a promising outlook.Q2-2025 Updates
Positive Updates
Record Second Quarter Revenue
Microvast posted a record second quarter revenue of $91.3 million, marking a 9.2% growth year-over-year.
Improved Gross Margin
The company improved its gross margin to 34.7%, a 2.2 percentage point improvement from the same period last year.
Positive Adjusted Net Profit
Achieved an adjusted net profit of $16.3 million, a substantial improvement from an adjusted net loss of $87.9 million last year.
Operational Cash Flow
Generated positive operating cash flow of $44.3 million for the 6-month period.
Huzhou Phase 3.2 Expansion
The expansion is expected to add about 2 gigawatt-hour of annual production capacity, strategically timed to meet market demand, with production commencing in Q4 2025.
All-Solid-State Battery Milestones
Achieved over 304 charge/discharge cycles with stable cycling and developed a 12-layer functional prototype achieving 48 volts from a single integrated stack.
Negative Updates
GAAP Net Loss
Reported a GAAP net loss of $106.1 million for the quarter.
EMEA Revenue Decline
Revenue from EMEA slightly decreased year-over-year due to customer platform launches being delayed to later quarters.
Company Guidance
During the Microvast Second Quarter 2025 Earnings Call, significant guidance was provided regarding the company's financial trajectory and strategic initiatives. Microvast reported a record Q2 revenue of $91.3 million, marking a 9.2% increase year-over-year, with a gross margin improvement of 2.2 percentage points to 34.7%. Operating profit for the quarter reached $16.2 million, with an adjusted net profit of $16.3 million and an adjusted EBITDA of $25.9 million. Year-to-date revenue grew by 25.9% to $208 million, while operating expenses saw a significant reduction of 87% year-over-year to $16.5 million. The company aims for a full-year revenue growth of 18% to 25%, projecting between $450 million and $475 million, with a targeted gross margin of 30% to 32%. The expansion of the Huzhou facility is expected to add 2 gigawatt-hours of annual production capacity by Q4 2025. Regionally, the EMEA business accounted for 43% of quarterly revenue, the U.S. increased its revenue share to 5%, and APAC saw a 34% revenue growth in the quarter. The company also highlighted advancements in all-solid-state battery technology, emphasizing its strategic focus on innovation, market presence expansion, and sustained profitability.Microvast Holdings Financial Statement Overview
Summary
Microvast Holdings shows strong revenue growth and improving cash flow metrics, but profitability remains a significant challenge. The company's moderate leverage and improving cash flow position are positive signs, yet the negative return on equity and net profit margin indicate areas that require strategic focus.Income Statement
Microvast Holdings shows a mixed performance in its income statement. The company has achieved a significant revenue growth rate of 184.7% TTM, indicating strong top-line expansion. However, profitability remains a concern with a negative net profit margin of -32.29% and an EBIT margin of -5.52% TTM, reflecting ongoing operational challenges. The gross profit margin of 35.46% TTM is a positive indicator of cost management, but the overall profitability needs improvement.45
Neutral
Balance Sheet
The balance sheet of Microvast Holdings presents a stable financial structure with a debt-to-equity ratio of 0.40 TTM, indicating moderate leverage. However, the return on equity is negative at -31.97% TTM, highlighting inefficiencies in generating returns for shareholders. The equity ratio stands at 35.45% TTM, suggesting a reasonable level of equity financing relative to total assets.50
Neutral
Cash Flow
Microvast Holdings demonstrates a strong improvement in cash flow metrics, with a remarkable free cash flow growth rate of 822.99% TTM. The operating cash flow to net income ratio of 0.09 TTM and free cash flow to net income ratio of 0.51 TTM indicate a positive trend towards better cash flow management. However, the company needs to sustain this momentum to ensure long-term financial stability.55
Neutral
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 422.61M | 379.80M | 306.62M | 204.50M | 151.98M | 107.52M |
| Gross Profit | 149.87M | 119.55M | 57.23M | 9.07M | -42.74M | 17.14M |
| EBITDA | -95.91M | -154.91M | -80.85M | -132.26M | -180.36M | -11.09M |
| Net Income | -136.46M | -195.46M | -106.34M | -158.20M | -216.01M | -49.55M |
Balance Sheet | ||||||
| Total Assets | 1.00B | 951.87M | 1.10B | 984.96M | 995.29M | 404.51M |
| Cash, Cash Equivalents and Short-Term Investments | 138.82M | 73.01M | 87.65M | 256.49M | 480.93M | 41.20M |
| Total Debt | 403.28M | 328.89M | 205.18M | 175.00M | 147.40M | 151.03M |
| Total Liabilities | 643.19M | 563.97M | 532.54M | 371.98M | 308.59M | 698.29M |
| Stockholders Equity | 356.13M | 387.89M | 564.19M | 612.98M | 686.70M | -75.47M |
Cash Flow | ||||||
| Free Cash Flow | 25.25M | -24.91M | -262.09M | -204.81M | -132.90M | -3.09M |
| Operating Cash Flow | 49.13M | 2.81M | -75.30M | -53.93M | -45.04M | 15.56M |
| Investing Cash Flow | -9.79M | -12.15M | -165.60M | -175.94M | -87.86M | -17.67M |
| Financing Cash Flow | 8.38M | 37.59M | 33.04M | 4.97M | 624.95M | -507.00K |
Microvast Holdings Technical Analysis
Positive
3.98
Price Trends
3.01
Positive
3.24
Positive
2.49
Positive
Market Momentum
0.27
Negative
71.93
Negative
81.06
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MVST, the sentiment is Positive. The current price of 3.98 is above the 20-day moving average (MA) of 3.10, above the 50-day MA of 3.01, and above the 200-day MA of 2.49, indicating a bullish trend. The MACD of 0.27 indicates Negative momentum. The RSI at 71.93 is Negative, neither overbought nor oversold. The STOCH value of 81.06 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MVST.
Microvast Holdings Risk Analysis
Microvast Holdings disclosed 81 risk factors in its most recent earnings report. Microvast Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Microvast Holdings Peers Comparison
Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | 1.39B | -26.99 | -49.59% | ― | 209.20% | 4.24% | |
58 Neutral | 712.45M | -7.57 | -25.23% | ― | 14.82% | -19.27% | |
56 Neutral | 2.97B | -2.04 | 77.98% | ― | 128.49% | -697.81% | |
54 Neutral | $1.25B | ― | -33.65% | ― | 20.84% | 24.84% | |
50 Neutral | 2.03B | -12.28 | ― | ― | 60.04% | 52.49% | |
40 Underperform | 370.96M | -0.71 | ― | ― | ― | -385.19% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% |
* Consumer Cyclical Sector Average
Performance Comparison
MVST
Microvast Holdings
3.98
3.70
1321.43%
TE
T1 Energy
2.20
1.15
109.52%
EOSE
Eos Energy Enterprises
10.65
8.06
311.20%
ENVX
Enovix
10.31
0.98
10.50%
SLDP
Solid Power
3.93
2.58
191.11%
AMPX
Amprius Technologies Inc
11.09
10.16
1092.47%
Microvast Holdings Corporate Events
Executive/Board ChangesBusiness Operations and Strategy
Microvast Holdings Appoints Rodney Worthen as Interim CFO
Positive
Aug 8, 2025
Microvast Holdings, Inc. appointed Rodney Worthen as Interim Chief Financial Officer on August 7, 2025. Worthen, who will continue as Vice President of Corporate Strategy, has been with the company since June 2023 and has extensive experience in finance and strategic leadership. This appointment is expected to strengthen the company’s financial strategy and operations.
Executive/Board Changes
Microvast Holdings CFO Carl Schultz Steps Down
Neutral
Aug 1, 2025
On July 29, 2025, Carl T. (Pat) Schultz ceased his role as Chief Financial Officer of Microvast Holdings, Inc., indicating a significant change in the company’s executive leadership.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.