Microvast Holdings, Inc. (MVST)
NASDAQ:MVST
Want to see MVST full AI Analyst Report?
Top Page
Microvast Holdings
(NASDAQ:MVST)
Select Model
Select Model
Rating:54Neutral
Price Target:
$1.50
▼(-55.09% Downside)
Action:Reiterated
Date:05/29/26
The score is driven primarily by improving financial quality versus prior years (better margins, positive TTM free cash flow, and moderate leverage), but is held back by weak technical trend signals and profitability/valuation constraints. The latest earnings call adds balanced weight: a clear 2026 ramp plan and cost discipline, offset by sharp near-term revenue/volume declines, cash outflow, and financing/execution risk.
Positive Factors
Improved cash generation
Microvast’s cash generation has meaningfully improved to positive operating and free cash flow (TTM ~ $33M). Durable FCF supports funding ramp capital, working capital needs and reduces immediate refinancing pressure, giving management flexibility to execute capacity builds and product commercialization over the next 2–6 months.
Negative Factors
Sharp revenue & shipment decline
A large near‑term demand and shipment drop materially reduces utilization and dilutes fixed cost absorption. Prolonged lower volumes can reverse recent margin gains, delay payback on Phase 3.2 and Clarksville investments, and increase the time needed to reach sustainable scale and positive operating leverage.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved cash generation
Microvast’s cash generation has meaningfully improved to positive operating and free cash flow (TTM ~ $33M). Durable FCF supports funding ramp capital, working capital needs and reduces immediate refinancing pressure, giving management flexibility to execute capacity builds and product commercialization over the next 2–6 months.
Read all positive factors
Microvast Holdings (MVST) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$483.08M
Dividend YieldN/A
Average Volume (3M)5.31M
Price to Earnings (P/E)―
Beta (1Y)-0.59
Revenue Growth-10.44%
EPS Growth67.16%
CountryUS
Employees1,921
SectorConsumer Cyclical
Sector Strength84
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-0.13
Shares Outstanding333,157,380
10 Day Avg. Volume8,585,872
30 Day Avg. Volume5,306,597
Financial Highlights & Ratios
PEG Ratio0.37
Price to Book (P/B)2.21
Price to Sales (P/S)2.13
P/FCF Ratio16.21
Enterprise Value/Market Cap1.21
Enterprise Value/Revenue1.57
Enterprise Value/Gross Profit5.95
Enterprise Value/Ebitda-32.06
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.04
Revenue Forecast (FY)$444.41M
Microvast Holdings Business Overview & Revenue Model
Company Description
Microvast 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 manga...
How the Company Makes Money
Microvast makes money primarily by selling lithium-ion battery products and related systems to customers that need electrified powertrain energy storage. Key revenue streams include: (1) Sales of battery cells, modules, and packs: the company manu...
Microvast Holdings Earnings Call Summary
Earnings Call Date:May 11, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Negative
The call contained important strategic positives — notable product innovation (290Ah LFP packs and KAF powertrain), clear progress on Huzhou Phase 3.2 capacity expansion, a resilient gross margin profile, cost control on operating expenses, and a solid cash balance of $174 million. However, these were offset by substantial near-term financial and operational headwinds: a 48% revenue decline, roughly 49% drop in shipment volumes, adjusted net loss and negative adjusted EBITDA, operating cash outflows, severe regional demand weakness (APAC -66%) and margin pressures from raw material, energy and tariff headwinds. The company frames many issues as timing and ramp-related and laid out a credible path (SOP 2026, product commercialization) to recover, but the near-term financial deterioration and need for additional financing represent significant risks.Positive Updates
Product Innovation — 290Ah LFP Battery Pack & KAF Powertrain
Announced next-generation 290Ah LFP-based battery packs and the integrated KAF electric powertrain targeting school bus and heavy-duty commercial markets; includes proprietary nitrogen inerting safety system and aims for TCO parity with diesel under 10 years (without subsidies). Product to be showcased at STN July 2026.
Negative Updates
Sharp Revenue Decline
Revenue for Q1 2026 was $60.6 million, a decrease of $55.9 million or 48% year-over-year compared to Q1 2025; management attributed much of the decline to timing/pull-forward of deliveries into late 2025 and broader demand moderation.
Read all updates
Q1-2026 Updates
Positive
Negative
Product Innovation — 290Ah LFP Battery Pack & KAF Powertrain
Announced next-generation 290Ah LFP-based battery packs and the integrated KAF electric powertrain targeting school bus and heavy-duty commercial markets; includes proprietary nitrogen inerting safety system and aims for TCO parity with diesel under 10 years (without subsidies). Product to be showcased at STN July 2026.
Read all positive updates
Company Guidance
Microvast’s guidance emphasizes a near‑term recover and 2026 ramp driven by Huzhou Phase 3.2 SOP and Clarksville pack ramp, with Q1 metrics highlighting the starting point: revenue $60.6M (down $55.9M or 48% YoY), shipments ~274 MWh (vs ~536 MWh prior year), gross profit $19.2M and gross margin 31.6% (vs 36.9% Q1‑2025), operating expenses $27.1M (down 7.1% YoY), GAAP net profit $48.2M but an adjusted net loss of $14.6M (versus adjusted net profit $19.3M prior) and YTD adjusted EBITDA of -$5.5M (vs $28.5M). Q1 cash totaled $174M after net cash used in operations of $22.8M, investing of $2.8M and financing inflows of $29.3M (net cash increase $4.8M). Management reiterated Phase 3.2 will add up to 2 GWh (bringing Huzhou to ~4 GWh total), remains on track for 2026 serial production, expects a revenue ramp through 2026 as capacity aligns with demand, and aims to protect ~30%+ margin integrity despite ramp absorption costs, raw‑material inflation and regional headwinds (Europe 71% of Q1 revenue, APAC down 66% YoY).Microvast Holdings Financial Statement Overview
Summary
Income Statement
48
Neutral
Balance Sheet
63
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Mar 2025 | Mar 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 371.64M | 427.52M | 379.80M | 306.62M | 204.50M | 151.98M |
| Gross Profit | 98.25M | 154.62M | 119.55M | 57.23M | 9.07M | -42.74M |
| EBITDA | -18.23M | 73.62M | -154.91M | -80.85M | -134.48M | -180.36M |
| Net Income | -42.80M | -29.22M | -195.46M | -106.34M | -158.20M | -216.01M |
Balance Sheet | ||||||
| Total Assets | 987.50M | 1.01B | 951.87M | 1.10B | 984.96M | 995.29M |
| Cash, Cash Equivalents and Short-Term Investments | 126.13M | 104.96M | 73.01M | 87.65M | 256.49M | 480.93M |
| Total Debt | 177.40M | 185.85M | 328.89M | 205.18M | 175.00M | 147.40M |
| Total Liabilities | 521.39M | 594.93M | 563.97M | 532.54M | 371.98M | 308.59M |
| Stockholders Equity | 466.11M | 410.51M | 387.89M | 564.19M | 612.98M | 686.70M |
Cash Flow | ||||||
| Free Cash Flow | 32.82M | 56.07M | -24.91M | -262.09M | -204.81M | -132.90M |
| Operating Cash Flow | 53.16M | 75.91M | 2.81M | -75.30M | -53.93M | -45.04M |
| Investing Cash Flow | -16.52M | -16.05M | -12.15M | -165.60M | -175.94M | -87.86M |
| Financing Cash Flow | 9.96M | -2.68M | 37.59M | 33.04M | 4.97M | 624.95M |
Microvast Holdings Technical Analysis
Neutral
3.34
Price Trends
1.67
Negative
2.12
Negative
2.95
Negative
Market Momentum
-0.11
Negative
49.51
Neutral
69.86
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MVST, the sentiment is Neutral. The current price of 3.34 is above the 20-day moving average (MA) of 1.63, above the 50-day MA of 1.67, and above the 200-day MA of 2.95, indicating a bearish trend. The MACD of -0.11 indicates Negative momentum. The RSI at 49.51 is Neutral, neither overbought nor oversold. The STOCH value of 69.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for MVST.
Microvast Holdings Risk Analysis
Microvast Holdings disclosed 96 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
54 Neutral | $483.08M | -12.43 | -10.76% | ― | -10.44% | 67.16% | |
54 Neutral | $3.06B | -5.05 | -145.77% | ― | 1459.55% | 34.17% | |
54 Neutral | $2.43B | -71.92 | -40.40% | ― | 172.57% | 25.87% | |
53 Neutral | $2.92B | -6.42 | 41.50% | ― | 725.76% | 20.97% | |
53 Neutral | $1.64B | -9.70 | -0.28% | ― | 49.88% | 27.54% | |
50 Neutral | $755.95M | >-0.01 | -21.56% | ― | -6.92% | 4.50% |
* Consumer Cyclical Sector Average
MVST
Microvast Holdings
1.60
-2.18
-57.67%
TE
T1 Energy
10.82
9.70
866.07%
EOSE
Eos Energy Enterprises
8.99
4.47
98.89%
ENVX
Enovix
7.65
-0.42
-5.20%
SLDP
Solid Power
3.39
1.71
101.79%
AMPX
Amprius Technologies Inc
20.85
18.02
636.75%
Microvast Holdings Corporate Events
Business Operations and StrategyExecutive/Board ChangesPrivate Placements and Financing
Microvast CEO Converts Loan to Equity, Boosting Capital
Positive
May 28, 2026
Microvast Holdings, Inc. reported that Chief Accounting Officer Eric N. Garcia ceased to be employed with the company on May 27, 2026, marking a notable change in its senior finance leadership. The departure may affect internal financial oversight...
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.