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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.
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Q2 2025 earnings summary11 Aug, 2025

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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Microvast Holdings Inc designs, develops, and manufactures lithium-ion battery solutions for electric vehicles and energy storage systems. Its products target commercial vehicle, passenger vehicle, and industrial applications. The company is headquartered in Stafford, Texas, and its shares are listed on the NASDAQ.

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