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Microvast Holdings cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$21.8M in Q2 2026 · −$30.5M over twelve months

Operating cash flow−$10.5M
Capital spending−$11.3M
Free cash flow−$21.8M
Cash conversion cycle187 days

Analysis

In Q2 2026, Microvast Holdings generated −$10.5M of operating cash flow and spent $11.3M on capital projects, leaving free cash flow of −$21.8M. That is $56.1M less than in Q2 2025 ($34.3M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$1.7M; the largest uses were other financing ($113M), capital spending ($28.8M), operating cash flow ($1.7M); besides operations, cash came from net borrowing (+) / repaid (−) ($95.5M), shares issued ($30.1M); the cash balance rose by $4.3M.

Operating cash flow was −$10.5M against net income of −$12.0M. The largest differences: receivables +$3.7M, inventory +$2.4M, deferred revenue −$1.8M.

Its cash conversion cycle was 187 days (receivables 128 + inventory 140 − payables 81).

Free cash flow

Microvast Holdings: free cash flow by quarterMicrovast Holdings: free cash flow by quarter−$19.6MQ3 2024$5.7MQ4 2024$4.8MQ1 2025$34.3MQ2 2025$1.2MQ3 2025$15.8MQ4 2025−$25.7MQ1 2026−$21.8MQ2 2026
Operating cash flow less capital spending.
Microvast Holdings: operating cash flow against capital spendingMicrovast Holdings: operating cash flow against capital spendingOperating cash flowCapital spending−$5.4M$14.2MQ3 2024$6.1M$355KQ4 2024$7.2M$2.3MQ1 2025$37.2M$2.9MQ2 2025$15.2M$14.0MQ3 2025$16.4M$643KQ4 2025−$22.8M$2.9MQ1 2026−$10.5M$11.3MQ2 2026
Latest (Q2 2026): Operating cash flow −$10.5M, Capital spending $11.3M.

Capital allocation, year by year

Microvast Holdings: where the cash came from (up) and went (down), by fiscal yearMicrovast Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2021: Operating cash flow −$45.0MFY2021: Net borrowing $38.9MFY2021: Capital spending −$87.9M$38.9MFY2021FY2022: Operating cash flow −$53.9MFY2022: Net borrowing $58.7MFY2022: Asset sales $5KFY2022: Capital spending −$151M$58.7MFY2022FY2023: Operating cash flow −$75.3MFY2023: Net borrowing $47.2MFY2023: Asset sales $1.6MFY2023: Capital spending −$187M$48.8MFY2023FY2024: Operating cash flow $2.8MFY2024: Net borrowing $102MFY2024: Asset sales $10.0MFY2024: Capital spending −$27.7M$114MFY2024FY2025: Operating cash flow $75.9MFY2025: Net borrowing $84.3MFY2025: Shares issued $28.8MFY2025: Asset sales $3.8MFY2025: Capital spending −$19.8M$193MFY2025
Over these 5 years operating cash flow totalled −$95.5M; the largest uses were capital spending ($473M) and operating cash flow ($174M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$128M
Debt$117M
Net cash$10.4M
Cash runway4.2 years

Microvast Holdings is burning cash: its operations consume cash, a free cash flow of −$30.5M a year at the current rate against $128M of cash and investments: a runway of about 4.2 years before any new financing.

Where the cash came from and went

Microvast Holdings: sources (+) and uses (−) of cash, Q2 2026Microvast Holdings: sources (+) and uses (−) of cash, Q2 2026Other financing−$38.8MCash drawn (+) / kept (−)$30.9MNet borrowing (+) / repaid (−)$17.6MCapital spending−$11.3MOther investing$10.8MOperating cash flow−$10.5MExchange rates$1.3M
Microvast Holdings: sources (+) and uses (−) of cash, TTM to Q2 2026Microvast Holdings: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing−$113MNet borrowing (+) / repaid (−)$95.5MShares issued$30.1MCapital spending−$28.8MOther investing$14.5MExchange rates$8.0MCash drawn (+) / kept (−)−$4.3MOperating cash flow−$1.7M

From profit to cash

Microvast Holdings: net income to operating cash flow, Q2 2026Microvast Holdings: net income to operating cash flow, Q2 2026Net income−$12.0MStock-based pay$842KOther non-cash−$210KReceivables$3.7MInventory$2.4MDeferred revenue−$1.8MPrepaid and other assets$406KOther liabilities$743KOperating cash flow−$10.5M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202612814081187
Q1 2026207200101306
Q3 202510316179184
Q2 202513020799238
Q1 20259916775191
Q4 20249819384207
Q3 202410321199215

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026−$10.5M−$11.3M$17.6M$30.9M−$21.8M
Q1 2026−$22.8M−$2.9M$51.7M−$4.8M−$25.7M
Q4 2025$16.4M−$643K$15.6M−$26.6M$15.8M
Q3 2025$15.2M−$14.0M$10.5M−$3.8M$1.2M
Q2 2025$37.2M−$2.9M$31.4M−$15.8M$34.3M
Q1 2025$7.2M−$2.3M$26.8M−$13.4M$4.8M
Q4 2024$6.1M−$355K$31.1M$5.4M$5.7M
Q3 2024−$5.4M−$14.2M$29.9M−$10.5M−$19.6M

Microvast Holdings: income statement and cash flow

Microvast Holdings, Q2 2026: revenue $87.3M (-4% year over year), operating margin -2.0%. The chart follows the revenue to costs, profit and cash.

Microvast Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.