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Microvast Holdings vs Ultralife: MVST and ULBI compared
Microvast Holdings is the larger company: $87.3M of revenue in its latest quarter (Q2 2026) against $48.3M for Ultralife (Q3 2026). Ultralife is growing faster (+11% against -4% a year earlier). Ultralife is more profitable, with an operating margin of 6.6% against -2.0%.
Where the money goes: MVST and ULBI
Microvast Holdings (MVST) · Q2 2026
Microvast Holdings, Q2 2026: revenue $87.3M (-4% year over year), operating margin -2.0%, net loss $12.0M, operating cash flow −$10.5M. The chart follows the revenue to costs, profit and cash.
Ultralife (ULBI) · Q3 2026
Ultralife, Q3 2026: revenue $48.3M (+11% year over year), operating margin 6.6%, net earnings $2.4M, operating cash flow −$2.9M. The chart follows the revenue to costs, profit and cash.
| Microvast Holdings (MVST) | Ultralife (ULBI) | |
|---|---|---|
| Latest quarter | Q2 2026 | Q3 2026 |
| Revenue | $87.3M | $48.3M |
| Revenue growth, Y/Y | -4% | +11% |
| Gross margin | — | 27.5% |
| Operating margin | -2.0% | 6.6% |
| Net earnings | −$12.0M | $2.4M |
| Net margin | -13.7% | 4.9% |
| Operating cash flow | −$10.5M | −$2.9M |
Where the revenue comes from
Ultralife
- Battery & Energy Products Segment: $45.1M (93%)
- Communications Systems Segment: $3.2M (7%)
Questions
Which is bigger, Microvast Holdings or Ultralife?
Microvast Holdings is the larger company: $87.3M of revenue in its latest quarter (Q2 2026) against $48.3M for Ultralife (Q3 2026).
Is Microvast Holdings or Ultralife growing faster?
Ultralife is growing faster (+11% against -4% a year earlier).
Which is more profitable, Microvast Holdings or Ultralife?
Ultralife is more profitable, with an operating margin of 6.6% against -2.0%.
More: Microvast Holdings earnings · how Microvast Holdings makes money · Ultralife earnings · how Ultralife makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Aug 10, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.