Microvast Holdings, Inc. · NASDAQ:MVST
Microvast — Q3 2025 Earnings Presentation
18 slides from Microvast's earnings presentation, Nov 10, 2025
Slide 1: Microvast Q3 2025
e @,0@ microvast Q3 2025
Slide 2: Disclaimer: Forward-Looking Statements
2 Disclaimer Forward-Looking Statements This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about our future results of operations and financial position, our
Slide 3: Microvast Snapshot
3 Click to edit text Microvast Snapshot 19 Years of Innovation in Electrification We strive to be a trusted global leader in sustainable energy technologies and solutions. We aspire to be the company with continued groundbreaking battery innovation across the technology stack. We aim to become a ste
Slide 4: Q3 Overview: Realizing Results
4 Q3 Overview Realizing Results Q3 Revenue Q3 Gross Profit & Gross Margin § Consistent Revenue Growth – indicates strong market demand for our high-performance products. § Gross Profit Trend – gross profit improvement as we progress towards maturity within our industry. Our focus remains on profitab
Slide 5: Business Strategy: Innovate, Capture, Expand
5 Innovate: Future Focus Capture: Significant Market Share Expand: Supporting Growth § Remain focused on product innovation. § Win entry into new market segments with high-performance products and diversify revenue streams through products and services that support global electrification. § Invest i
Slide 6: Phase 3.2 Update: Capacity Expansion
6 Phase 3.2 Update Capacity Expansion Expanding our Huzhou facility with Phase 3.2 will allow us to deliver more products to more customers: ü Clean rooms completed. ü Utility equipment installation completed. q Production equipment currently being installed and commissioned, expected completion by
Slide 7: All-Solid-State Battery Updates
7 All-Solid-State Battery Updates Cycling Multi-Layer Prototypes 5-Layer Cell: Stable Cycling with High Efficiency Cycling tests at 1C demonstrated a high coulombic efficiency, suggesting robust interfacial integrity and minimal energy loss during charge transfer, which is crucial for battery longev
Slide 8: Microvast Advantage: Proprietary Differentiator
8 Microvast Advantage Proprietary Differentiator Feature Microvast: Polyaramid Solid- Electrolyte Membrane Competitive Separators (Ceramic/Sulfide) Microvast Advantage Membrane Type Non-melting polyaramid matrix; dense film with infiltrated SSE. Traditional brittle ceramic or binder-heavy film. Non-
Slide 9: Business Development: Microvast / Škoda Group Partnership
9 Business Development Chugging Onto the Tracks Microvast / Škoda Group Partnership Highlights § Established a partnership with Škoda Group, a leading European rail and public transport manufacturer. § Partnership validates Microvast's technology for use in extreme-duty, high-safety rail application
Slide 10: Q3 2025 Financials
e @,0@ microvast Q3 2025 FINANCIALS
Slide 11: Q3 2025 P&L
11 Q3 2025 P&L ($ in thousands) GAAP Income Statement Three-Months Ended Sept. 30 Nine-Months Ended Sept. 30 2025 2024 2025 2024 Revenue 123,287 101,388 331,117 266,414 Cost of revenues (76,875) (67,776) (209,966) (188,382) Gross Profit 46,412 33,612 121,151 78,032 Gross Margin 37.6% 33.2% 36.6% 29.
Slide 12: Q3 2025 Revenue by Region
12 Q3 2025 Revenue by Region ($ in thousands) Revenue by region Three-Months Ended Sept. 30 2025 2024 Y/Y % APAC 38,810 39,266 -1% EMEA 77,907 59,479 31% USA 6,570 2,643 149% Total 123,287 101,388 22% Three-Months Ended Sept. 30 Revenue by region Nine-Months Ended Sept. 30 2025 2024 Y/Y % APAC 136,5
Slide 13: Cash Flow Statement
13 Cash Flow Statement ($ in thousands) Operating Cash Flow § Net loss for the nine-month period was primarily offset by a $17.4 million decrease in inventory, non-cash adjustments of $24.7 million in D&A and $91.0 million from changes in fair value of warrant liability and convertible loan. § Decre
Slide 14: Outlook
e @,0@ microvast OUTLOOK
Slide 15: 2025 Outlook
15 Global Maintain revenue growth and margin profile as catalysts to achieve improved liquidity and profitability. 2025 Outlook $450-475M Revenue Guidance 18-25% Target Revenue Growth APAC 32% - 35% Updated Target Gross Margin Range Targeting Phase 3.2 installation by Q4, followed by initial product
Slide 16: Appendix
e @,0@ microvast APPENDIX
Slide 17: Non-GAAP Reconciliations
17 Non-GAAP Reconciliations ($ in thousands) Three-Months Ended Sept. 30 Nine-Months Ended Sept. 30 2025 2024 2025 2024 Revenues 123,287 101,388 331,117 266,414 Cost of revenues (76,875) (67,776) (209,966) (188,382) Gross profit (GAAP) 46,412 33,612 121,151 78,032 Gross margin 37.6% 33.2% 36.6% 29.3
Slide 18: Non-GAAP Reconciliations
18 Non-GAAP Reconciliations ($ in thousands) Three-Months Ended Sept. 30 Nine-Months Ended Sept. 30 2025 2024 2025 2024 Net profit/loss (GAAP) (1,489) 13,247 (45,757) (113,134) Changes in fair value of warrant and convertible loan* 12,641 (2,766) 91,002 (1,240) Non-cash settled share-based compensat