Filing Flows › Microvast Holdings (MVST) › Q3 2025
Microvast Holdings (MVST) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 10, 2025
Microvast Holdings (MVST) reported revenue of $123M for the third quarter 2025 (Q3 2025), +22% from a year earlier and +35% from the quarter before. Operating margin was 10.5%, net loss $1.5M (1.2% of revenue).
Microvast Holdings, Q3 2025: revenue $123M (+22% year over year), operating margin 10.5%, net loss $1.5M, operating cash flow $15.2M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $123M | +35% | +22% |
| Operating profit | $13.0M | -20% | — |
| Net earnings | −$1.5M | — | — |
| Operating cash flow | $15.2M | -59% | — |
| Free cash flow | $1.2M | -97% | — |
What changed
Revenue was $123.3M in Q3 2025, up 22% year over year and up 35% from the previous quarter.
Gross margin was 37.6%, up 4.5 points from a year earlier. Operating profit was $13.0M, a 10.5% margin (up 3.5 points year over year). Of the extra revenue versus a year earlier, 27% reached operating profit, above the 7% margin then. Operating expenses grew 26% against revenue growth of 22%. The quarter ended with a net loss of $1.5M, narrower than the previous quarter's $106.1M loss. Net interest and other expense of $13.7M was the main reason.
Operating cash flow was $15.2M. Non-cash charges added back $728K of share-based compensation. Working capital and other items added $15.9M. Capital expenditures of $14.0M left free cash flow of $1.2M.
Questions
What was Microvast Holdings' revenue in the third quarter 2025?
Microvast Holdings (MVST) reported revenue of $123M for the third quarter 2025 (Q3 2025), +22% from a year earlier and +35% from the quarter before.
Was Microvast Holdings profitable in the third quarter 2025?
Operating profit was $13.0M (10.5% of revenue) and net loss $1.5M.
Source: Microvast Holdings 10-Q on SEC EDGAR.