Microvast (MVST) investor relations material

Executive summary

• Q3 revenue fell 62.8% YoY to $45.805M as sales volume dropped 62.2% to 189.6 MWh; gross margin was 5.2% and net loss was $76.800M.

• Substantial doubt about the ability to continue as a going concern remains; projected cash may not cover obligations over the next 12 months without financing, debt relief or further cost reductions.

Financial highlights

• Q3 revenue was $45.805M versus $123.287M; gross profit was $2.367M versus $46.412M YoY.

• Q3 operating loss was $66.667M versus operating income of $14.9M; net loss was $76.800M versus $1.5M.

• 9M revenue was $193.679M versus $331.117M; operating loss was $76.3M versus operating income of $39.2M, and net loss was $40.6M versus $45.8M.

• 9M net results included a $58.0M fair-value gain on the convertible loan, partly offset by a $15.4M foreign-exchange loss.

• Operating cash use was $65.4M in 9M 2026 versus $59.5M generated in 9M 2025; investing used $5.6M and financing generated $23.3M.

Outlook and guidance

• Priorities include cost control, targeted workforce actions, aligning production and spending with confirmed demand, preserving liquidity, and refinancing, extending or restructuring near-term debt; potential asset sales are also under consideration.

• Cost reductions and discretionary capex deferrals are underway, but implementation costs have strained and may continue to strain near-term liquidity.

• Huzhou Phase 3.2 equipment installation and commissioning are complete; ramp depends on demand, yields, qualification, efficiency and working capital, and the line may operate below capacity.

• Clarksville pack assembly is substantially complete; full-scale construction depends on additional financing or strategic partnerships.

• $41.7M of bonds plus accrued interest is due by Jan. 31, 2027; $84.0M of short-term bank loans mature over the next 12 months.