Microvast Reports Third Quarter 2025 Financial Results

Core Viewpoint - Microvast Holdings, Inc. reported a record revenue of $123.3 million for Q3 2025, marking a 21.6% increase year-over-year, alongside improvements in gross margin and adjusted EBITDA, despite a GAAP net loss of $1.5 million [2][5][6]. Financial Results for Q3 2025 - Revenue reached $123.3 million, up from $101.4 million in Q3 2024, reflecting a 21.6% increase [5][6]. - Gross margin improved to 37.6%, up from 33.2% in Q3 2024, indicating enhanced efficiency and product mix [5][6]. - Operating expenses were $33.5 million, compared to $27.5 million in Q3 2024 [6]. - The company reported a GAAP net loss of $1.5 million, a decline from a net profit of $13.2 million in Q3 2024 [6]. - Non-GAAP adjusted EBITDA was positive at $21.9 million, down from $28.6 million in Q3 2024 [6]. Financial Results for Nine Months Ended September 30, 2025 - Total revenue for the nine months was $331.1 million, an increase of 24.3% from $266.4 million in YTD 2024 [6]. - Gross margin for the nine months improved to 36.6%, up from 29.3% in YTD 2024 [6]. - Operating expenses decreased to $75.5 million from $195.1 million in YTD 2024 [6]. - The net loss for the nine months was $45.8 million, an improvement from a net loss of $113.1 million in YTD 2024 [6]. - Non-GAAP adjusted net profit for the nine months was $47.5 million, compared to a non-GAAP adjusted net loss of $84.1 million in YTD 2024 [6]. Capital Expenditures and Cash Position - Capital expenditures for Q3 2025 were $17.4 million, down from $30.6 million in Q3 2024 [6]. - As of September 30, 2025, cash, cash equivalents, and restricted cash totaled $142.6 million, an increase from $115.0 million as of September 30, 2024 [6]. 2025 Outlook - The company maintains its revenue growth target of 18% to 25% year-over-year, with revenue guidance of $450 million to $475 million [12]. - The 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 and commissioning of production equipment for its Huzhou Phase 3.2 expansion by year-end, which will enhance capacity to meet customer demand [12].