10-Q · May 11, 2026
Microvast Holdings, Inc. reported a significant revenue decline of 48.0% year-over-year, falling to $60.6 million in Q1 2026 primarily driven by reduced sales volume and heightened regulatory challenges, while operating…
Earnings analysis · 10-Q
MVST earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
Microvast's Q2 revenue of $87.262 million recovered sequentially from $61 million but remained below the $91 million reported in Q2 2025 and missed the $94.102 million consensus estimate. EPS of negative $0.01 was…
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Microvast's Q2 revenue of $87.262 million recovered sequentially from $61 million but remained below the $91 million reported in Q2 2025 and missed the $94.102 million consensus estimate. EPS of negative $0.01 was better than the prior-year loss but missed the $0.01 estimate. The filing highlights severe liquidity pressure, including $33.3 million of six-month operating cash burn, $104.2 million of near-term borrowings, restricted overseas cash, and continuing substantial doubt about the company's ability to continue as a going concern.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.01
What stood out
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Revenue Rebounded Sequentially
Q2 revenue was $87.262 million, up approximately 43% from $61 million in Q1 2026 but down approximately 4% from $91 million in Q2 2025. Reported EPS was negative $0.01 versus negative $0.04 in Q1 2026 and negative $0.33 in the prior-year quarter.
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Operating Cash Flow Deteriorated
For the six months ended June 30, 2026, the company used $33.3 million of operating cash flow versus $44.3 million generated in the prior-year period. Management attributed the deterioration partly to a 28.8% revenue decline and gross margin compression from 36.0% to 30.4%.
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Cash Availability Is Constrained
Cash and cash equivalents totaled $127.8 million at June 30, 2026, but $39.7 million held by Chinese subsidiaries and $23.5 million held by European subsidiaries could not currently be repatriated to fund U.S. operations or the Clarksville expansion.
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Disclosure Controls Remained Effective
Management reported that disclosure controls were effective as of June 30, 2026, and stated that there were no changes in internal control over financial reporting that materially affected, or were reasonably likely to materially affect, controls during the quarter.
What to watch
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Going-Concern Risk Intensified
The company reaffirmed substantial doubt about going-concern status. It reported an accumulated deficit of $1,086.0 million, used $33.3 million in operating cash during the first six months of 2026, and had $104.2 million of $118.6 million in borrowings due within the next 12 months.
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Debt Maturities Pressure Liquidity
Near-term refinancing requirements are substantial: the company had $118.6 million of bank borrowings, $41.7 million of bonds payable repayable on or before January 31, 2027, and $37.5 million of outstanding purchase commitments. Management stated its refinancing plan cannot be deemed probable.
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Nasdaq Listing Compliance Risk
The company disclosed potential Nasdaq minimum-bid-price noncompliance, stating its closing bid price had been below $1.00 per share beginning July 13, 2026. A delisting could impair trading liquidity and access to financing.
Management's outlook
No quantitative revenue or EPS guidance was provided in the extracted 10-Q. Management's liquidity plans include cost reductions, discretionary capex deferrals, debt refinancing or extensions, and evaluation of additional financing alternatives.
Earlier filings 4
10-K · March 16, 2026
Microvast Holdings, Inc. reported a 12.6% year-over-year revenue increase, reaching a record $427.5 million for the fiscal year ended December 31, 2025, despite a significant net loss of $29.2 million. The company faced…
10-Q · November 10, 2025
Microvast Holdings, Inc. reported a strong third quarter with revenues of $123.3 million, representing a 21.6% growth year-over-year. However, diluted EPS was reported at $0.04, slightly missing estimates. Management…
10-Q · August 11, 2025
Microvast Holdings, Inc. reported quarterly results for Q2 2025 showing a 9.2% increase in revenue year-over-year to $91.3 million, driven by a notable sales volume increase. Despite an earnings surprise with EPS of…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.