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Microvast Holdings (MVST) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 10, 2026 · Microvast Holdings (MVST) Q2 2026 earnings results →
Q2 2026 Revenue down 4% year over year to $87.3M · 14¢ of every $1 of revenue lost · operating margin -2.0%
Microvast Holdings made $87.3M in Q2 2026 (-4% Y/Y). Operating margin -2.0%, net loss $12.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 10, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $87.3M in Q2 2026, down 4% year over year and up 44% from the previous quarter.
Gross margin was 29.5%, down 5.2 points from Q2 2025. Operating costs exceeded revenue by $1.7M, an operating margin of -2.0%. Operating expenses grew 21% against a revenue fall of 4%. The fastest-growing cost line was Sales & marketing (+39%). The quarter ended with a net loss of $12.0M, after a profit of $48.2M the previous quarter. Net interest and other expense of $10.3M was the main reason.
Operating cash flow was −$10.5M. Non-cash charges added back $842K of share-based compensation. Working capital and other items added $633K. Capital expenditures of $11.3M exceeded it, leaving free cash flow of −$21.8M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 10, 2026 | $87.3M | -4% | -2.0% | −$12.0M | −$10.5M |
| Q1 2026 | 10-Q | May 11, 2026 | $60.6M | -48% | -13.1% | $48.2M | −$22.8M |
| Q4 2025 | 10-K | Mar 16, 2026 | $96.4M | -15% | -42.7% | $16.5M | $16.4M |
| Q3 2025 | 10-Q | Nov 10, 2025 | $123M | +22% | 10.5% | −$1.5M | $15.2M |
| Q2 2025 | 10-Q | Aug 11, 2025 | $91.3M | +9% | 17.8% | −$106M | $37.2M |
| Q1 2025 | 10-Q | May 12, 2025 | $116M | +43% | 16.3% | $61.8M | $7.2M |
| Q4 2024 | 10-K | Mar 31, 2025 | $113M | +8% | -1.2% | −$82.3M | $6.1M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Microvast Holdings
Founded in 2006 and headquartered in Stafford, Texas, Microvast Holdings, Inc. (NASDAQ: MVST) is a global leader in advanced specialized battery technologies. Since our public listing in 2021, we have focused on delivering high-performance lithium-ion battery solutions for the next generation of commercial and industrial electrification. We specialize in the design, development, and manufacturing of battery components and systems primarily for electric commercial vehicles and energy storage systems (“ESS”). Our guiding principle is to innovate lithium-ion battery designs from the ground up without relying on legacy technologies. We believe that this approach allows us to create purpose-built solutions for new markets, rather than repurposing existing ones.
In its own words, from its 10-K, filed Mar 16, 2026.
Microvast Holdings against its Miscellaneous Electrical Machinery, Equipment & Supplies peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -4% against the peers' median +8%. Operating margin: -2.0% against the peers' median 2.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| MVST Microvast Holdings | Q2 2026 | $87.3M | -4% | -2.0% |
| ENS EnerSys | Q1 FY27 | $936M | +5% | 16.2% |
| ATKR Atkore | Q3 FY26 | $795M | +8% | 8.1% |
| SPB Spectrum Brands Holdings | Q3 FY26 | $753M | +8% | 2.1% |
| ENR Energizer Holdings | Q3 FY26 | $734M | +1% | 6.8% |
| FLNC Fluence Energy | Q3 FY26 | $650M | +8% | -6.7% |
| NOVT Novanta | Q2 2026 | $266M | +10% | 6.8% |
| CHPT ChargePoint Holdings | Q2 FY27 | $116M | +18% | -29.3% |
| EOSE Eos Energy Enterprises | Q3 2026 | $82.7M | +171% | -95.9% |
Source: Microvast Holdings 10-Q on SEC EDGAR · CIK 1760689 · Miscellaneous Electrical Machinery, Equipment & Supplies
13F: who owns MVST and who is buying
More on MVST
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results