Slide 1: Microvast 2025
oe Le J microvast@ 2025
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 19 Years of Innovation in Electrification Upcoming Launches of New Products § 890+ Global Patents* Covering Our Technology 55Ah – Where Power & Energy Converge § Purpose-built for segments where range and longevity are paramount, from city buses to heavy-duty trucks. § NASDAQ: MVS
Slide 4: Microvast FY2025 Overview
Microvast FY2025 Overview Realizing Results Revenue Gross Margin GAAP Net Loss Adj. EBITDA $427.5M 28.6% $29.2M $44.7M +12.6% Y/Y Sustainable +$166M Y/Y Operational Performance Execution FY Revenue FY Gross Profit & Gross Margin $427.5 $200 100% $379.8 $154.6 GROSS MARGIN % MILLIONS USD MILLIONS USD
Slide 5: Phase 3.2 Update
Phase 3.2 Update Capacity Expansion Expanding our Huzhou facility with Phase 3.2 will allow us to deliver more products to more customers: ü Clean rooms are completed and in use. ü Utility equipment installation completed and in operation. ü HpCO-55Ah trial production has begun on electrode section,
Slide 6: 2026 Upcoming Launches of New Products
2026 Upcoming Launches of New Products HpTO-37Ah: High Power, Ultra Fast Charging High-Power Applications: HpCO-55Ah: High Power, § Rail & Tram § High-torque Meet High Energy § AGVs / AMRs Robotics High Energy Applications: § Forklift § Heavy Duty Truck § Mining Truck § Bus § PHEV § Mining Truck § L
Slide 7: All-Solid-State Battery: Scaling Milestones
All-Solid-State Battery: Scaling Milestones Pioneering High-Voltage Bipolar Integration 48-Volt Monolithic Stack (12-Layer Update, 200 cycles) § 99.97% Coulombic efficiency at 1C, indicating minimal energy loss and durability. § Successfully scaled architecture from 5 to 12 layers in a single, integ
Slide 8: Financials
oe Le J microvast@ 2025 FINANCIALS
Slide 9: 2025 P&L
2025 P&L ($ in thousands) Twelve-Months Ended Dec. 31 2025 Revenue vs. 2024 GAAP Income Statement 2025 2024 § Revenue rose 12.6% year-over-year (“Y/Y”), driven by a ~266MWh Revenue 427,516 379,801 increase in sales volume. Cost of revenues (272,899) (260,249) § GAAP gross margin of 28.6% compared to
Slide 10: 2025 Revenue by Region
2025 Revenue by Region ($ in thousands) Twelve-Months Ended Dec. 31 Revenue vs. Prior Year Period US 2025 2024 USA, 9% APAC, USA, 4% APAC, Grew 173% year-over-year, from $14.4 million in 2024 to $39.3 million 42% 46% in 2025, contributing to 9% of our total revenue mix. This growth was primarily dri
Slide 11: Cash Flow Statement
Cash Flow Statement ($ in thousands) Condensed & Consolidated Cashflow Twelve-Months Operating Cash Flow Ended Dec. 31 2025 § Net loss for the year was primarily offset by a $27.1M decrease in GAAP net profit/(loss) (29,218) inventory, non-cash adjustments of $33.1M in D&A, $38.3M in impairment, dis
Slide 12: Outlook
oe Le J microvast@ OUTLOOK
Slide 13: 2026 Outlook
2026 Outlook Our Strategic Focus SOP Phase 3.2 ramp up in Huzhou, followed Accelerate the Path to Profitability by serial production. Prioritize a disciplined transition to a cashflow-positive state by optimizing our R&D-to-production cycles and operational execution. Expect R&D progress on addition
Slide 14: Appendix
oe Le J microvast@ APPENDIX
Slide 15: Non-GAAP Reconciliations
Non-GAAP Reconciliations ($ in thousands) Three-Months Ended Dec. 31 Twelve-Months Ended Dec. 31 2025 2024 2025 2024 Revenues 96,399 113,387 427,516 379,801 Cost of revenues (66,442) (71,867) (272,899) (260,249) Energy storage system impairment (28,998) - (32,507) - Gross profit (GAAP) 959 41,520 12
Slide 16: Non-GAAP Reconciliations
Non-GAAP Reconciliations ($ in thousands) Three-Months Ended Dec. 31 Twelve-Months Ended Dec. 31 2025 2024 2025 2024 Net profit/loss (GAAP) 16,539 (82,323) (29,218) (195,457) Changes in fair value of warrant and convertible loan (51,881) 81,200 39,121 79,960 Non-cash settled share-based compensation