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Microvast (MVST) investor relations material
Microvast Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record Q2 2025 revenue of $91.3 million, up 9.2% year-over-year, with gross margin rising to 34.7% from 32.5%.
Six-month revenue reached $208M, a 25.9% increase year-over-year, with gross margin improving to 36.0% from 26.9%.
Operating profit for Q2 was $16.2M, adjusted net profit $16.3M, and adjusted EBITDA $25.9M, marking a turnaround from prior losses.
GAAP net loss for Q2 was $106.1M, mainly due to a $121.5M loss from convertible loan fair value changes.
Order backlog stood at $320M, reflecting strong market demand and execution, with most orders expected to be fulfilled in 2025 and 2026.
Financial highlights
Q2 gross profit was $31.7M, with gross margin up 2.2 points to 34.7%; six-month gross profit rose 68.3% to $74.7M.
Operating expenses dropped significantly year-over-year, mainly due to reduced share-based compensation and cost controls.
Adjusted EBITDA for Q2 was $25.9M; for six months: $54.4M.
Cash and cash equivalents plus restricted cash totaled $138.8M as of June 30, 2025, up from $104.5M a year earlier.
Net cash from operating activities was $44.3M for the first half of 2025.
Outlook and guidance
Full-year 2025 revenue guidance maintained at $450M–$475M, representing 18%–25% growth.
Full-year gross margin target updated to 30%–32%, focusing on higher-margin products and regional efficiencies.
Management expects continued positive operating cash flow and profitability, supported by a strong order backlog and stable gross margins.
Plans to complete Huzhou Phase 3.2 expansion by year-end to meet strong customer demand.
Additional financing is needed to complete the Clarksville, Tennessee facility and support further U.S. expansion.
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