Microvast Holdings, Inc. · NASDAQ:MVST
Microvast — Q1 2026 Earnings Presentation
16 slides from Microvast's earnings presentation, May 11, 2026
Slide 1: Q1 2026
oe Le J microvast@ Q1 2026
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements Non-GAAP Financial Measures This communication contains “forward-looking statements” within the meaning of the Private Securities This presentation contains EBITDA, adjusted EBITDA, and adjusted net profit/loss, which are non-GAAP Litigation Reform Act of 1995.
Slide 3: Microvast Snapshot
Microvast Snapshot New Launches – LFP Packs & “KAF2” e-Powertrain Nearly 20 Years of Innovation in Electrification 290Ah Cell LFP Packs § 890+ Global Patents1 Covering Our Technology § Lithium iron phosphate (“LFP”) cell-based battery packs as high- performance, modular battery solutions designed fo
Slide 4: Q1 2026 Overview
Q1 2026 Overview Revenue Gross Margin Gross Profit Adj. EBITDA $60.6M 31.6% $19.2M $(5.5)M Q1 Revenue Q1 Gross Profit & Gross Margin $50 $43.0 100% $116.5 MILLIONS USD MILLIONS USD 36.9% $40 80% $81.4 31.6% $60.6 $30 60% $19.2 21.2% $47.0 $17.2 $36.7 $20 40% 10.3% $10 $4.9 20% 0.0% $0.0 $0 0% 2022 2
Slide 5: Phase 3.2 Update
Phase 3.2 Update Capacity Expansion Expanding our Huzhou facility with Phase 3.2 will allow us to deliver more products to more customers: ü The trial production of the HpCO-55Ah cell has successfully been completed in the electrode section. ü The assembly & formation equipment is currently undergoi
Slide 6: Microvast KAF™ Electric Powertrain
Microvast KAF™ Electric Powertrain BAT HV MV-C LFP Battery Packs Long cycle life and high safety N₂ Nitrogen Generation & Storage Battery pack inerting to reduce thermal propagation risk HV HV Control Junction Box Battery HV junction / BDU for single- or double-string architecture DRV Traction Drive
Slide 7: Microvast KAF™ Electric Powertrain
Microvast KAF™ Electric Powertrain 7 Perspective view of KAF integrated electrification components.
Slide 8: Q1 2026 Financials
e Le J microvast@ Q12026 FINANCIALS
Slide 9: Q1 2026 P&L
Q1 2026 P&L ($ in thousands) Three Months Ended Mar. 31 Revenue vs. Prior Year Period GAAP Income Statement 2026 2025 § Revenue decreased 48% year-over-year (“Y/Y”), primarily driven by a Revenue 60,612 116,491 decrease in sales volume from approximately 536 MWh in the prior year period to approxima
Slide 10: Q1 2026 Revenue by Region
Q1 2026 Revenue by Region ($ in thousands) Three Months Ended Mar. 31 Revenue vs. Prior Year Period USA 2026 2025 USA, 0% USA, 5% Decline year-over-year, primarily due to 1H26 revenue being brought APAC, 29% forward into 2025 because of tariff uncertainty. APAC, 43% Europe Decline year-over-year, pr
Slide 11: Cash Flow Statement
Cash Flow Statement ($ in thousands) Condensed & Consolidated Cashflow Three Months Operating Cash Flow Ended Mar. 31 2026 § GAAP net profit primarily benefited from a $30.2M decrease in GAAP net profit 48,211 receivables and non-cash adjustment of $8.1M in depreciation. Operating activities: § Decr
Slide 12: Outlook
oe Le J microvast@ OUTLOOK
Slide 13: 2026 Outlook
2026 Outlook Our Strategic Focus SOP Phase 3.2 ramp up in Huzhou, followed Accelerate the Path to Profitability by serial production. Prioritize a disciplined transition to a cashflow-positive state by optimizing our R&D-to-production cycles and operational execution. Expect R&D progress on addition
Slide 14: Appendix
oe Le J microvast@ APPENDIX
Slide 15: Non-GAAP Reconciliations
Non-GAAP Reconciliations ($ in thousands) Three Months Ended Mar. 31 2026 2025 Revenues 60,612 116,491 Cost of revenues (41,456) (73,475) Gross profit (GAAP) 19,156 43,016 Gross margin 31.6% 36.9% Non-cash settled share-based compensation (included in cost of revenues) 41 62 Adjusted gross profit (n
Slide 16: Non-GAAP Reconciliations
Non-GAAP Reconciliations ($ in thousands) Three Months Ended Mar. 31 2026 2025 Net profit (GAAP) 48,211 61,790 Changes in fair value of warrant and convertible loan* (63,838) (43,160) Non-cash settled share-based compensation* 1,008 703 Adjusted net (loss) profit (non-GAAP) (14,619) 19,333 *The tax