Microvast Holdings, Inc.
- Open
- 0.71
- Day high
- 0.74
- Day low
- 0.70
- Prev close
- 0.72
- Volume
- 15.3M
- Mkt cap
- $276M
- P/E (TTM)
- 4.4
- EPS (TTM)
- $0.16
- P/B
- 0.5
- P/S
- 0.8
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$71K over the last 3 months (0 open-market buys, 3 sales)
- 🏛Institutions accumulating (13F)
Microvast Holdings, Inc. (MVST) is a Industrials company listed on NASDAQ. The stock is down 72% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 3 sales (SEC Form 4).
Microvast Holdings, Inc. (MVST) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
MVST earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 10, 2026 | $-0.01 | $-0.01 | -100.0% | $87M | -7.6% |
| May 11, 2026 | $0.05 | $-0.04 | -180.0% | $61M | -38.8% |
| Mar 31, 2025 | $-0.02 | $-0.01 | +50.0% | $113M | +22.6% |
| Aug 9, 2024 | $-0.05 | $-0.21 | -320.0% | $84M | -9.4% |
| May 9, 2024 | $-0.05 | $-0.04 | +20.0% | $81M | +20.3% |
| Nov 9, 2023 | $-0.06 | $-0.03 | +50.0% | $80M | -15.2% |
| Mar 16, 2023 | $-0.09 | $-0.05 | +44.4% | $65M | +7.1% |
| Nov 10, 2022 | $-0.11 | $-0.06 | +45.5% | $39M | -26.7% |
| Aug 11, 2022 | $-0.15 | $-0.05 | +66.7% | $64M | +49.1% |
| May 16, 2022 | $-0.17 | $-0.10 | +41.2% | $37M | -14.1% |
| Nov 15, 2021 | $-0.09 | $-0.49 | -450.0% | $37M | -68.3% |
| Aug 16, 2021 | $-3.11 | $-0.26 | +91.6% | $33M | — |
MVST insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 12, 2026 | Wu Yangdirector, 10 percent owner, officer: Chief Executive Officer | Sell | 46,313 | $1.24 |
| Jun 12, 2026 | Mattis Wenjuanofficer: Chief Technology Officer | Sell | 4,705 | $1.10 |
| Jun 12, 2026 | Tushe Isidadirector, officer: Pres., Gen. Couns. & Corp. Sec | Sell | 6,403 | $1.24 |
| Jun 12, 2026 | Tushe Isidadirector, officer: Pres., Gen. Couns. & Corp. Sec | Grant | 15,503 | — |
| May 20, 2026 | Mattis Wenjuanofficer: Chief Technology Officer | Sell | 48,346 | $1.32 |
| Apr 3, 2026 | Wong Arthur Lap Tatdirector | Grant | 20,000 | — |
| Apr 3, 2026 | Pan Yixindirector | Grant | 20,000 | — |
| Apr 3, 2026 | Ying Weidirector | Grant | 20,000 | — |
| Mar 19, 2026 | Wu Shengxianofficer: Chief Operating Officer | Grant | 75,000 | — |
| Mar 19, 2026 | Wu Shengxianofficer: Chief Operating Officer | Grant | 40,000 | — |
| Mar 19, 2026 | Wu Shengxianofficer: Chief Operating Officer | Grant | 3,296 | — |
| Mar 19, 2026 | Wu Shengxianofficer: Chief Operating Officer | Grant | 100,000 | — |
| Mar 19, 2026 | Wu Shengxianofficer: Chief Operating Officer | Grant | 60,000 | — |
| Mar 19, 2026 | Wu Shengxianofficer: Chief Operating Officer | Grant | 15,503 | — |
| Mar 19, 2026 | Wu Shengxianofficer: Chief Operating Officer | Grant | 1,000,000 | $1.29 |
Source: MVST SEC Form 4 filings, latest Jun 12, 2026. For informational purposes only — not investment advice.
See the full MVST insider & 13F page →Microvast Holdings, Inc. company profile
Overview
Microvast Holdings, Inc. (NASDAQ:MVST) is a Texas-based battery technology company founded in 2006 that designs, develops, and manufactures advanced battery systems for electric vehicles and energy storage applications. The company has evolved from a startup focused on lithium-ion battery technology into a vertically integrated battery manufacturer with global operations spanning the United States, Europe, and Asia-Pacific regions. Microvast went public in 2021 through a SPAC merger and has since focused on scaling its production capabilities while improving operational efficiency and profitability.
Business
Microvast operates in the rapidly growing battery technology sector, specifically focusing on lithium-ion battery systems for commercial electric vehicles and stationary energy storage systems. The company's core business revolves around designing and manufacturing battery cells, modules, and complete battery systems using various advanced chemistries. The company's primary products include battery cells using different lithium-ion chemistries such as lithium titanate oxide (LTO), lithium iron phosphate (LFP), and nickel manganese cobalt (NMC). These cells are packaged into battery modules and complete battery systems tailored for specific applications. Microvast also manufactures critical battery components including cathodes, anodes, electrolytes, and separators, making it a vertically integrated manufacturer. The company operates through two main business segments: Commercial Vehicle Batteries (approximately 85-90% of revenue) and Energy Storage Systems (approximately 10-15% of revenue). The commercial vehicle segment serves buses, trains, mining trucks, marine applications, automated guided vehicles, and light-to-heavy-duty trucks. The energy storage segment provides grid-scale and commercial energy storage solutions, including their ME6 system designed for up to 30-year operational life. Geographically, the business is distributed across three regions: Europe, Middle East & Africa (EMEA) contributing approximately 50% of revenue with strong growth momentum, Asia-Pacific (APAC) representing about 45% with established operations in China, and the United States accounting for roughly 5% as an emerging market for the company.
Revenue model
Microvast generates revenue primarily through direct product sales of battery systems and components to original equipment manufacturers (OEMs) and fleet operators. The company's customers include commercial vehicle manufacturers like King Long, XCMG, VDL, and Dongfeng Trucks, as well as energy storage system integrators and utility companies. The business model centers on long-term supply contracts with OEMs, often secured through competitive bidding processes. Revenue is recognized upon delivery of battery systems, with some contracts including multi-year supply agreements that provide revenue visibility. The company also generates revenue from replacement batteries and maintenance services, though this represents a smaller portion of total revenue. Several factors significantly impact Microvast's margins and profitability. Raw material costs, particularly lithium, nickel, and cobalt, directly affect gross margins as these commodities can experience significant price volatility. The company manages this risk through strategic supplier partnerships and long-term contracts with price adjustment clauses. Production utilization rates are critical, as the company's manufacturing facilities have high fixed costs, making capacity utilization essential for margin improvement. Product mix substantially influences profitability, with higher-capacity cells like the 53.5 amp-hour cells commanding better margins than standard products. Geographic mix also matters, as the EMEA market has shown stronger pricing power compared to the highly competitive Chinese market. Scale economics play a crucial role, as larger production volumes enable better supplier negotiations and operational efficiency. Competition from larger battery manufacturers like CATL and BYD can pressure pricing, while regulatory support such as the U.S. Inflation Reduction Act can provide margin enhancement through tax credits and subsidies.
Competitive moat
Microvast's competitive moat is moderately strong but faces significant challenges in an increasingly competitive battery market. The company's primary competitive advantages stem from its vertically integrated manufacturing capabilities and specialized focus on commercial vehicle applications, which have different performance requirements than consumer electric vehicles. The company's technological differentiation lies in its diverse chemistry portfolio, particularly its lithium titanate oxide (LTO) technology that offers superior cycle life and fast-charging capabilities for commercial applications. This specialization in commercial vehicles, which require longer-lasting batteries with different performance characteristics than passenger cars, provides some protection from mass-market battery competitors. Microvast's vertical integration, manufacturing its own cathodes, anodes, and separators, offers cost control and quality advantages. However, the moat faces substantial threats from well-capitalized competitors. Chinese battery giants like CATL and BYD have massive scale advantages and are increasingly expanding into commercial vehicle markets. These competitors benefit from lower manufacturing costs, stronger supply chain integration, and substantial government support. The battery industry's rapid technological evolution means that today's advantages can quickly become obsolete, requiring continuous R&D investment. Customer switching costs provide some protection, as battery systems require extensive testing and certification processes, and OEMs prefer established relationships. However, these switching costs are not insurmountable, especially when competitors offer significantly better pricing or performance. The company's relatively small scale compared to industry leaders limits its negotiating power with suppliers and customers, potentially constraining its ability to compete on cost in commodity-like applications.
Risks & safety
The margin of safety appears moderate to low given the company's financial profile and market dynamics. **Cash and Liquidity Position:** - Cash and short-term investments: $91 million as of Q1 2025 - Current ratio: 1.32, indicating adequate short-term liquidity - Free cash flow turned positive at $4.8 million in Q1 2025 after periods of negative cash generation - Debt-to-equity ratio: 0.65, representing manageable but notable leverage **Valuation Metrics:** - P/E ratio: 1.53 based on recent profitable quarter (highly volatile given inconsistent earnings) - Price-to-book ratio: 0.83, suggesting potential undervaluation - EV/EBITDA: 7.7 based on positive Q1 2025 EBITDA - Revenue trading at approximately 0.8x trailing twelve months **Other Considerations:** - Recent achievement of profitability provides some confidence, but sustainability remains uncertain - Strong revenue growth trajectory (43% YoY in Q1 2025) supports growth narrative - High capital intensity of battery manufacturing limits financial flexibility - Exposure to commodity price volatility creates earnings unpredictability
Recent development
Over the past few years, Microvast has undergone significant strategic transformation focused on achieving profitability and operational efficiency. The company successfully achieved its first profitable quarter in Q1 2025 with net income of $61.8 million, marking a critical milestone after years of losses. A key strategic pivot has been the geographic rebalancing toward higher-margin markets, particularly Europe. EMEA revenue grew 108% year-over-year in Q1 2025, now representing over 50% of total revenue compared to historically being a smaller segment. This shift away from the highly competitive Chinese market has contributed significantly to margin improvement, with gross margins expanding from 21% to 37% year-over-year. The company has invested heavily in production capacity expansion, particularly the Huzhou Phase 3.2 project that will add 2 GWh of annual production capacity with first qualified production expected in Q4 2025. This expansion focuses on automated production lines for their higher-margin 53.5 amp-hour cells and newer technologies. Product innovation has accelerated with the development of the ME6 overhaulable energy storage system designed for 30-year operational life, advancements in silicon-enhanced cell technologies, and progress on all-solid-state battery development. The company has also expanded its technology portfolio through 3D-printing capabilities for solid-state batteries and bipolar stacked cell architecture. Strategic partnerships have broadened significantly, with new relationships established with King Long, Blackbuck, VDL, Lovol, Tonly Heavy, and Irimoly in the commercial vehicle space, while the energy storage business has gained traction with utility-scale projects. The company has also implemented substantial cost-cutting measures, particularly in U.S. operations, while maintaining investment in core R&D capabilities.
MVST company profile · for informational purposes only — not investment advice.
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