Highlights 

  • Q3 revenue rises to 123.3M USD, a 21.6% increase year-over-year. 
  • The gross margin improved to 37.6% from 33.2% in the previous year. 
  • Cash and cash equivalents increase to 142.6M USD as of September 30, 2025. 

 Microvast Holdings, Inc. (NASDAQ:MVST) announced its unaudited condensed consolidated results for the third quarter ended September 30, 2025. The company reported record Q3 revenue of 123.3M USD, up 21.6% from 101.4M USD in Q3 2024. Gross margin improved to 37.6% from 33.2% year-over-year, with a non-GAAP adjusted gross margin of 37.7%, compared to 33.9% in the same quarter last year. 

Operating expenses for Q3 2025 totaled 33.5M USD, compared to 27.5M USD in Q3 2024. Non-GAAP adjusted operating expenses amounted to 32.8M USD, up from 22.0M USD in the prior year. Microvast recorded a GAAP net loss of 1.5M USD, while non-GAAP adjusted net profit reached 11.9M USD, down from 16.8M USD in Q3 2024. Net loss per share was 0.00 USD, while non-GAAP adjusted net profit per share was 0.04 USD. Non-GAAP adjusted EBITDA for the quarter was positive 21.9M USD. 

Year-to-Date 2025 Performance 
For the nine months ended September 30, 2025, Microvast generated revenue of 331.1M USD, a 24.3% increase from 266.4M USD in the same period of 2024. Gross margin improved to 36.6% from 29.3% in YTD 2024. Operating expenses totaled 75.5M USD, compared with 195.1M USD in YTD 2024, while non-GAAP adjusted operating expenses were 73.4M USD, down from 168.1M USD. 

The company reported a net loss of 45.8M USD YTD, compared with a net loss of 113.1M USD in YTD 2024. Non-GAAP adjusted net profit was 47.5M USD, reversing a prior-year non-GAAP adjusted net loss of 84.1M USD. Non-GAAP adjusted EBITDA was positive at 76.3M USD, up from a negative 53.5M USD in the same period last year. Capital expenditures for the nine months were 31.4M USD, compared to 43.8M USD in YTD 2024. 

CEO Statement 
Yang Wu, Founder, Chairman, and CEO, said, “Microvast is on an impressive trajectory, achieving a record third quarter with revenue of 123.3 million, a 21.6% increase year-over-year. Our gross margin rose to 37.6%, reflecting continued improvements in efficiency and product mix. While we booked a GAAP net loss of 1.5 million, we also delivered a positive adjusted EBITDA of 21.9 million, demonstrating the growing demand for our innovative battery solutions and the tangible results of our focus on profitability and operational excellence.” 

2025 Outlook 
Microvast maintains its full-year revenue guidance of 450M to 475M USD, representing 18% to 25% growth. The company updated its gross margin target for 2025 to 32%–35%. Installation and commissioning of production equipment for the Huzhou Phase 3.2 expansion is expected by year-end, increasing capacity. Microvast plans to continue expanding its customer base and market presence. 

Cash Position 
As of September 30, 2025, the company held cash, cash equivalents, and restricted cash of 142.6M USD, up from 109.6M USD on December 31, 2024, and 115.0M USD at the end of Q3 2024.