Microvast Holdings, Inc. (NASDAQ: MVST), a global leader in advanced specialized battery technologies, reported revenue of $427.5 million for the year ended December 31, 2025, an increase of 12.6% compared to $379.8 million in 2024. The increase was primarily driven by a 16.5% increase in sales volume, rising from 1,613.6 MWh in 2024 to 1,879.5 MWh in 2025. The company incurred a net loss of $29.2 million, significantly lower than the $195.5 million net loss in the previous year.
The cost of revenues increased by 4.9% to $272.9 million, while gross profit increased by 2.1% to $122.1 million. The gross profit margin was 28.6% for 2025, compared to 31.5% in 2024, primarily attributable to a $32.5 million inventory impairment charge related to specialized ESS components. Operating expenses decreased by 50.4% to $118.3 million, mainly due to a reduction in general and administrative expenses and impairment loss of long-lived assets. Research and development expenses decreased by 16.9% to $34.1 million.
Key operational developments included the completion of a 2 GWh production line (Phase 3.1) at the Huzhou, China facility and ongoing construction of a second 2 GWh line (Phase 3.2), primarily configured for next-generation 120Ah high-energy cells. The company also made a targeted investment in its Clarksville facility to establish a pack assembly line, with customer deliveries expected in 2026. As of December 31, 2025, the company's battery systems had an order backlog worth approximately $196.1 million, with most of the backlog expected to be fulfilled within 2026 and 2027.
Looking ahead, Microvast plans to alleviate substantial doubt about its ability to continue as a going concern by obtaining sufficient funding through operations, sales of common stock, and refinancing short-term borrowings. The company aims to scale its proprietary battery technologies across high-growth sectors, focusing on electric commercial vehicles and energy storage systems. The company is also working towards a balanced global strategy throughout EMEA and North America, while maintaining strong partnerships with OEMs in high-demand markets.
About Microvast Holdings, Inc.
Microvast Holdings, Inc. designs, develops, and manufactures advanced lithium-ion batteries for electric commercial vehicles, energy storage systems, and battery components. Its proprietary technologies enable ultra-fast charging, long lifespan, and safety across applications like trucks, buses, port equipment, marine vessels, and utility-scale energy storage. The company focuses on innovation, vertical integration, and global manufacturing to support the transition to electrification and renewable energy solutions.
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