Microvast Posts Record $427.5M Revenue, $44.7M EBITDA, US Sales Up 173%
Microvast achieved record annual revenue of $427.5M, up 12.6%, with non-GAAP adjusted EBITDA swinging to $44.7M from a $44.8M loss and a GAAP net loss of $29.2M. US revenue surged 173% and Huzhou Phase 3.2 expansion will add 2GWh capacity to support new cell launches despite a $32.5M inventory impairment.
1. 2025 Financial Performance
In 2025, Microvast recorded revenue of $427.5 million, a 12.6% increase from 2024, and achieved non-GAAP adjusted EBITDA of $44.7 million, recovering from a $44.8 million loss a year earlier. The company reported a GAAP net loss of $29.2 million after recognizing a $32.5 million inventory impairment that reduced gross margin by 7.6 percentage points.
2. Product Portfolio and Capacity Expansion
The company introduced a 55 amp-hour cell and a next-generation lithium titanate oxide cell, expanding its product lineup for electric vehicles and energy storage. Construction at the Huzhou Phase 3.2 facility has progressed to operational clean rooms and utility systems, poised to add up to 2 GWh of annual production capacity upon completion.
3. Regional Sales Growth and Challenges
US revenue surged 173% driven by accelerated customer deliveries and new market engagements, while Asia Pacific revenue edged down 1% due to regulatory changes in South Korea. Fourth-quarter sales also suffered delays in EMEA platform ramps, and evolving tariff structures and geopolitical dynamics pose risks to future growth.