$MVST

Microvast Holdings, Inc.

CIK:0001760689|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenues	$ 87,262	$ 91,339	$ 147,874	$ 207,830
Cost of revenues	(61,484)	(59,616)	(102,940)	(133,091)
Gross profit	25,778	31,723	44,934	74,739
Operating expenses:
General and administrative expenses	(13,886)	(11,184)	(26,827)	(25,304)
Research and development expenses	(8,860)	(7,719)	(17,670)	(15,967)
Selling and marketing expenses	(4,743)	(3,424)	(10,085)	(10,223)
Impairment loss of long-lived assets	(24)	(1,364)	(24)	(1,364)
Total operating expenses	(27,513)	(23,691)	(54,606)	(52,858)
Subsidy income	15	995	18	2,411
(Loss) profit from operations	(1,720)	9,027	(9,654)	24,292
Other income and expenses:
Interest income	733	198	1,115	375
Interest expense	(1,328)	(1,252)	(2,555)	(2,440)
Changes in fair value of warrant liability and convertible loan	(5,837)	(121,521)	58,001	(78,361)
Foreign exchange (loss) gain	(4,705)	7,187	(11,605)	10,854
Other income, net	869	523	921	1,232
(Loss) profit before provision for income taxes	(11,988)	(105,838)	36,223	(44,048)
Income tax expense	0	(220)	0	(220)
Net (loss) profit	$ (11,988)	$ (106,058)	$ 36,223	$ (44,268)
Earnings Per Share [Abstract]
Net (loss) profit per share - Basic (in dollars per share)	$ (0.03)	$ (0.33)	$ 0.11	$ (0.14)
Net loss per share - Diluted (in dollars per share)	$ (0.03)	$ (0.33)	$ (0.06)	$ (0.14)
Weighted Average Number of Shares Outstanding, Basic [Abstract]
Weighted average shares outstanding - Basic (in shares)	348,949,000	323,643,000	340,726,000	323,538,000
Weighted average shares outstanding - Diluted (in shares)	348,949,000	323,643,000	382,948,000	323,538,000

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net (loss) profit	$ 36,223	$ (44,268)
Adjustments to reconcile net profit (loss) to net cash used in operating activities:
Depreciation of property, plant and equipment	16,161	16,091
Noncash lease expenses	1,418	1,311
Share-based compensation	1,850	1,549
Changes in fair value of warrant liability and convertible loan	(58,001)	78,361
(Reversal) provision of credit losses	(873)	2,191
Impairment loss of long-lived assets	24	1,364
Product warranty	5,982	8,512
Other, net	1,470	(261)
Changes in operating assets and liabilities:
Notes receivable	(2,934)	(13,957)
Accounts receivable	37,127	(513)
Inventories	(4,612)	7,051
Prepaid expenses and other current assets	1,324	8,830
Amounts due from/to related parties	178	(5)
Other non-current assets	2,315	312
Notes payable	(64,821)	(8,801)
Accounts payable	14,203	6,264
Advance from customers	(793)	(2,279)
Accrued expenses and other liabilities	(17,153)	(16,876)
Operating lease liabilities	(1,265)	(1,350)
Other non-current liabilities	(1,132)	797
Net cash (used in) generated from operating activities	(33,309)	44,323
Cash flows from investing activities
Purchases of property, plant and equipment	(14,170)	(5,207)
Proceeds on disposal of property, plant and equipment	10,864	129
Net cash used in investing activities	(3,306)	(5,078)
Cash flows from financing activities
Proceeds from bank borrowings	69,356	59,571
Repayment of bank borrowings	(60,829)	(56,184)
Repayment of bonds payable	0	(1,375)
Proceeds from sale of common stocks	1,350	0
Payment for equity issuance costs	(329)	0
Deferred payment related to purchases of property, plant and equipment	(1,368)	(8,811)
Net cash generated from (used in) financing activities	8,180	(6,799)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	2,282	(3,227)
(Decrease) increase in cash, cash equivalents and restricted cash	(26,153)	29,219
Cash, cash equivalents and restricted cash at beginning of the period	169,238	109,601
Cash, cash equivalents and restricted cash at end of the period	143,085	138,820
Cash and cash equivalents	127,828	99,721
Restricted cash	15,257	39,099
Total cash, cash equivalents and restricted cash	143,085	138,820
Non-cash investing and financing activities
Payable for purchase of property, plant and equipment	37,231	58,241
Noncash Or Part Noncash Divestiture, Notes Receivable	$ 7,346	$ 17,454

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 127,828	$ 104,963
Restricted cash	15,257	64,275
Accounts receivable (net of allowance for credit losses of $4,130 and $4,693 as of June 30, 2026 and December 31, 2025, respectively)	121,181	155,763
Notes receivable	1,334	5,590
Inventories, net	93,594	89,411
Prepaid expenses and other current assets	15,727	17,221
Assets held for sale	0	11,500
Total Current Assets	374,921	448,723
Property, plant and equipment, net	526,050	508,057
Land use rights, net	11,771	11,570
Acquired intangible assets, net	1,974	2,183
Operating lease right-of-use assets	17,399	17,336
Deferred tax assets	5,429	5,429
Other non-current assets	14,649	12,150
Total Assets	952,193	1,005,448
Liabilities
Accounts payable	62,639	47,003
Notes payable	15,246	78,321
Accrued expenses and other current liabilities	114,817	123,429
Advance from customers	4,991	5,605
Convertible loan measured at fair value	0	140,929
Short-term bank borrowings	104,179	93,052
Bonds payable	41,693	0
Total Current Liabilities	343,746	488,341
Long-term bonds payable	0	41,693
Long-term bank borrowings	14,443	13,227
Operating lease liabilities	13,996	14,476
Other non-current liabilities	36,914	37,198
Total Liabilities	409,099	594,935
Commitments and contingencies (Note 16)
Stockholders’ Equity
Common Stock ($0.0001 par value, 750,000 shares authorized; 386,222 and 333,474 shares issued, and 384,534 and 331,786 shares outstanding as of June 30, 2026 and December 31, 2025)	39	34
Preferred Stock ($0.0001 par value, 50,000 shares authorized; none issued and outstanding as of June 30, 2026 and December 31, 2025)	0	0
Additional paid-in capital	1,627,198	1,543,797
Statutory reserves	6,032	6,032
Accumulated deficit	(1,085,953)	(1,122,176)
Accumulated other comprehensive loss	(4,222)	(17,174)
Total Equity	543,094	410,513
Total Liabilities and Equity	952,193	1,005,448
Related Party
Liabilities
Other current liabilities	$ 181	$ 2