Microvast (US:MVST)2025-11-10 21:54Financial Performance - Microvast reported record Q3 2025 revenue of $123.3 million, a 21.6% increase year-over-year[2] - Year-to-date revenue reached $331.1 million, compared to $266.4 million in YTD 2024, marking a 24.3% increase[4] - Revenues for the three months ended September 30, 2025, were $123,287 thousand, an increase of 21.6% compared to $101,388 thousand for the same period in 2024[28] - Revenues for Q3 2025 reached $123.287 million, a 21.6% increase from $101.388 million in Q3 2024[32] Profitability - Gross margin improved to 37.6%, up from 33.2% in Q3 2024, reflecting a 4.4 percentage point increase[5] - Gross profit for Q3 2025 was $46.412 million, up from $33.612 million in Q3 2024, resulting in a gross margin of 37.6% compared to 33.2%[32] - Non-GAAP adjusted EBITDA for Q3 2025 was positive $21.9 million, down from $28.6 million in Q3 2024[6] - Adjusted EBITDA for Q3 2025 was $21.910 million, while adjusted EBITDA for Q3 2024 was $28.610 million[36] - Adjusted net profit for Q3 2025 was $11.880 million, compared to an adjusted net profit of $16.782 million in Q3 2024[34] Net Loss - The company reported a net loss of $1.5 million in Q3 2025, compared to a net profit of $13.2 million in Q3 2024[6] - The company reported a net loss of $1.489 million for Q3 2025, contrasting with a net profit of $13.247 million in Q3 2024[34] - The net loss for the nine months ended September 30, 2025, was $45,757 thousand, a reduction from a net loss of $113,134 thousand in the same period of 2024[29] Expenses - Operating expenses for the three months ended September 30, 2025, were $33,462 thousand, an increase from $27,508 thousand in the same period of 2024[28] - Operating expenses for Q3 2025 totaled $33.462 million, an increase from $27.508 million in Q3 2024[33] - Research and development expenses for the first nine months of 2025 were $23.724 million, down from $32.291 million in the same period of 2024[33] Cash and Assets - Cash, cash equivalents, and restricted cash totaled $142.6 million as of September 30, 2025, up from $115.0 million a year earlier[6] - Total current assets increased to $445,265 thousand as of September 30, 2025, compared to $428,026 thousand as of December 31, 2024[27] - Cash and cash equivalents at the end of the period were $90,748 thousand, compared to $73,007 thousand at the end of 2024[27] Capital Expenditures - Capital expenditures for Q3 2025 were $17.4 million, a decrease from $30.6 million in Q3 2024[6] Guidance and Outlook - The company maintains a revenue growth target of 18% to 25% year-over-year, with guidance of $450 million to $475 million for 2025[12] - Gross margin outlook for the full year 2025 has been updated to a target range of 32% to 35%[12] - The company plans to complete the installation of production equipment for its Huzhou Phase 3.2 expansion by year-end 2025[12] Liabilities and Equity - Total liabilities rose to $655,495 thousand as of September 30, 2025, from $563,972 thousand as of December 31, 2024[27] - Total equity decreased to $358,112 thousand as of September 30, 2025, from $387,895 thousand as of December 31, 2024[27] Other Financial Metrics - The company generated $59,486 thousand in net cash from operating activities for the nine months ended September 30, 2025, compared to a cash used of $3,287 thousand in the same period of 2024[29] - The company incurred a non-cash settled share-based compensation of $668,000 in Q3 2025, down from $5.530 million in Q3 2024[33] - The changes in fair value of warrant liability and convertible loan contributed $12.641 million to net profit in Q3 2025, compared to a loss of $2.766 million in Q3 2024[34]