Filing Flows › Microvast Holdings (MVST) › Q1 2026
Microvast Holdings (MVST) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 11, 2026
Microvast Holdings (MVST) reported revenue of $60.6M for the first quarter 2026 (Q1 2026), -48% from a year earlier and -37% from the quarter before. Operating margin was -13.1%, net earnings $48.2M (79.5% of revenue).
Microvast Holdings, Q1 2026: revenue $60.6M (-48% year over year), operating margin -13.1%, net earnings $48.2M, operating cash flow −$22.8M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $60.6M | -37% | -48% |
| Operating profit | −$7.9M | — | -142% |
| Net earnings | $48.2M | +191% | -22% |
| Operating cash flow | −$22.8M | -239% | -418% |
What changed
Revenue was $60.6M in Q1 2026, down 48% year over year and down 37% from the previous quarter.
Gross margin was 31.6%, down 5.3 points from Q1 2025. Operating costs exceeded revenue by $7.9M, an operating margin of -13.1%. Operating expenses fell 2% while revenue fell 48%. Net earnings were $48.2M, down 22% year over year. The effective tax rate was 0.0%. Non-operating items added $56.1M, 116% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$22.8M. Non-cash charges added back $1.0M of share-based compensation. Working capital and other items used $72.0M. Capital expenditures of $2.9M exceeded it, leaving free cash flow of −$25.7M.
Questions
What was Microvast Holdings' revenue in the first quarter 2026?
Microvast Holdings (MVST) reported revenue of $60.6M for the first quarter 2026 (Q1 2026), -48% from a year earlier and -37% from the quarter before.
Was Microvast Holdings profitable in the first quarter 2026?
Operating loss was $7.9M (-13.1% of revenue) and net earnings $48.2M.
Source: Microvast Holdings 10-Q on SEC EDGAR.