Filing Flows › Microvast Holdings (MVST) › Q4 2025
Microvast Holdings (MVST) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 16, 2026
Microvast Holdings (MVST) reported revenue of $96.4M for the fourth quarter 2025 (Q4 2025), -15% from a year earlier and -22% from the quarter before. Operating margin was -42.7%, net earnings $16.5M (17.2% of revenue).
Microvast Holdings, Q4 2025: revenue $96.4M (-15% year over year), operating margin -42.7%, net earnings $16.5M, operating cash flow $16.4M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $96.4M | -22% | -15% |
| Operating profit | −$41.2M | -417% | — |
| Net earnings | $16.5M | — | — |
| Operating cash flow | $16.4M | +8% | +169% |
| Free cash flow | $15.8M | 13× | +175% |
What changed
Revenue was $96.4M in Q4 2025, down 15% year over year and down 22% from the previous quarter.
Gross margin was 1.0%, down 35.6 points from Q4 2024. Operating costs exceeded revenue by $41.2M, an operating margin of -42.7%. Operating expenses fell 2% while revenue fell 15%. The fastest-growing cost line was Research & development (+18%). Net earnings were $16.5M. The effective tax rate was -61.3%. Non-operating items added $51.4M, 501% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $16.4M (up 169% year over year), 99% of net earnings. Non-cash charges added back $795K of share-based compensation. Working capital and other items used $912K. Capital expenditures of $643K left free cash flow of $15.8M.
Questions
What was Microvast Holdings' revenue in the fourth quarter 2025?
Microvast Holdings (MVST) reported revenue of $96.4M for the fourth quarter 2025 (Q4 2025), -15% from a year earlier and -22% from the quarter before.
Was Microvast Holdings profitable in the fourth quarter 2025?
Operating loss was $41.2M (-42.7% of revenue) and net earnings $16.5M.
Source: Microvast Holdings 10-K on SEC EDGAR.