Microvast Posts 12.6% Revenue Growth to $427.5M, Non-GAAP Profit $13M
Microvast delivered record FY2025 revenue of $427.5 million, up 12.6% year-over-year, while non-GAAP adjusted net profit reached $13.0 million after a $32.5 million inventory impairment lowered gross margin to 28.6%. Operating expenses fell 50% to $118.3 million as non-GAAP adjusted EBITDA reached $44.7 million and cash rose to $169.2 million.
1. Fiscal 2025 Financial Highlights
Microvast achieved record FY2025 revenue of $427.5 million, a 12.6% increase, while gross margin fell to 28.6% due to a $32.5 million inventory impairment charge. The company reported a net loss of $29.2 million but turned a non-GAAP adjusted net profit of $13.0 million and generated $44.7 million in adjusted EBITDA.
2. Q4 2025 Performance
In Q4 2025, revenue declined 15% to $96.4 million as regulatory shifts in South Korea and EMEA platform delays weighed on shipments. Gross margin plunged to 1.0% following impairment charges, operating expenses held at $42.8 million, resulting in a $16.5 million net profit but a $34.5 million non-GAAP adjusted net loss.
3. Balance Sheet Strength and 2026 Outlook
Microvast closed 2025 with $169.2 million in cash and reduced full-year operating expenses by 50% to $118.3 million. The company plans to bring Huzhou Phase 3.2 capacity online and achieve serial production in 2026, initiate U.S. pack line operations in Clarksville by year end, and pursue profitable growth across EMEA, North America and APAC.