Microvast Holdings, Inc. (MVST) Earnings
Microvast Holdings, Inc. is expected to report next earnings on November 9, 2026 (in NaN days), with a consensus EPS estimate of $0.03. MVST has beaten EPS estimates in 8 of its last 12 reported quarters (average surprise -137.5% over the last four).
| 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 | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · August 10, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Overall Financial Performance - Q2 2026 total revenue was $87.3 million, a 4.5% year-over-year decrease, with the decline primarily driven by a $2.7 million customer tariff refund recorded as a revenue reduction. - Q2 2026 gross profit was $25.8 million with a 29.5% gross margin, down from 34.7% in Q2 2025. The margin decline stems from higher raw material prices and lower production utilization reducing fixed cost absorption, partially offset by the tariff refund impact. - Operating expenses rose 16.1% year-over-year to $27.5 million in Q2 2026: general and administrative expenses increased 24.2% (driven by a $2.6 million rise in legal/professional fees), R&D expenses increased 14.8% (driven by higher labor costs for new product development), and selling/marketing expenses increased 38.5% (driven by higher customer retention service fees, partially offset by lower personnel costs). - GAAP net loss was $12 million for Q2 2026; adjusted for non-cash items, adjusted net loss was $5.3 million (compared to an adjusted net profit of $16.3 million in Q2 2025), and non-GAAP adjusted EBITDA was $3.6 million (down from $25.9 million in Q2 2025). - For the first half of 2026, total revenue decreased 28.8% year-over-year, gross margin fell to 30.4% from 36%, non-GAAP adjusted EBITDA was negative $1.9 million (down from $54.4 million in the prior year period), and the company ended Q2 with $143.1 million in cash, equivalents, and restricted cash. ### Manufacturing Expansion Updates - Huzhou Phase 3.2 manufacturing facility equipment installation and commissioning is complete. Production capacity is ramping up, with start of production (SOP) expected in 2026. The expansion will add 2 GWh of annual production capacity, designed to be modular for the firm's large battery cell platform. - The pipeline assembly facility in Clarksville, Tennessee remains on schedule for initial output by the end of 2026. Full-scale battery plant construction at the site is contingent on securing additional financing or strategic partnerships. ### Research and Development Milestones - The company achieved a new development milestone for its series-connected bipolar solid-state cell architecture, successfully scaling a 17-layer monolithic zero-liquid-electrolyte prototype that delivers 72 volts. The prototype retained 88.5% of capacity after 200 test cycles, with verified uniform multi-layer construction that validates the stability of the high-voltage solid-state platform, targeted at robotics applications. - Solid-state cell prototypes passed extreme thermal safety testing: no ignition or smoke was observed in hotbox testing up to 200°C, and the internal electrode structure remained largely intact after high-temperature internal shock. - Early development of all-solid-state silicon-sulfur cells (pairing a sulfur cathode with a silicon anode) achieved an initial specific capacity of over 1,000 mAh per gram, retaining over 90% capacity after 15 cycles. The firm's unique bipolar design self-compensates for volume changes during cycling to mitigate contact loss, enabling high energy density without external compression hardware, targeted at commercial and defense drone applications. ### Strategic Priorities - Core strategic priorities for the second half of 2026 are accelerating the path to profitability, scaling with margin discipline, and expanding into high-barrier heavy industry and transit markets.
Guidance
Management did not issue formal revised or updated full-year financial guidance. Key forward-looking statements include: - Huzhou Phase 3.2 is on track to reach start of production (SOP) in 2026, with full ramping of 2 GWh of annual modular production capacity to meet next-generation battery demand later in the year. - The Clarksville, Tennessee pipeline assembly facility is projected to deliver initial output by the end of 2026. - The company will continue to provide updates on R&D program progress for new solid-state battery technologies in coming months.
Segment performance
This call reports regional revenue performance rather than product segment performance: 1. U.S. Region: Revenue decreased year-over-year, driven by a $2.7 million tariff refund recorded as a current-period revenue reduction, and front-loaded purchases by the firm's largest customer in 2025 due to tariff uncertainty. $0.9 million and $1.2 million of the refund reduced Q2 2026 and year-to-date 2026 revenue respectively. 2. Europe: Q2 2026 revenue increased 35% year-over-year, and the region accounted for 61% of total quarterly revenue, up from 43% in Q2 2025. Year-to-date revenue was down 3% due to prior-quarter customer platform rollout delays. 3. APAC: Q2 2026 revenue declined 23% year-over-year, and year-to-date revenue fell 45% year-over-year. This underperformance is primarily attributed to shifting regulatory and geopolitical dynamics, and a regional demand shift toward lower-cost products in India.
Risks & headwinds
Management disclosed the following key risks and uncertainties: - Forward-looking statements about future operational and financial performance are based on current expectations, and actual results may differ materially due to a range of known and unknown risks; additional detail on material risk factors is available in the company's SEC filings. - Full-scale construction of the Clarksville, Tennessee battery plant is contingent on successfully securing additional financing or strategic partnerships, with no guarantee these will be obtained on acceptable terms. - Sustained lower production utilization increases fixed cost per unit and puts downward pressure on gross margins, driven in part by softening regional demand and customer purchase timing shifts. - APAC market performance is negatively impacted by ongoing shifting regulatory and geopolitical dynamics that create uncertainty for sales.