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Microvast (MVST) Financials

Microvast logo
$2.82 +0.01 (+0.36%)
Closing price 04:00 PM Eastern
Extended Trading
$2.80 -0.02 (-0.71%)
As of 04:19 PM Eastern
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Annual Income Statements for Microvast

Annual Income Statements for Microvast

This table shows Microvast's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 -158 -106 -195
Consolidated Net Income / (Loss)		 -158 -106 -195
Net Income / (Loss) Continuing Operations		 -158 -106 -195
Total Pre-Tax Income 		-158 -106 -195
Total Revenue		 204 308 380
Net Interest Income / (Expense)		 -0.14 0.98 -8.97
Total Interest Income		 3.18 3.61 0.74
Investment Securities Interest Income		 3.18 3.61 0.74
Total Interest Expense		 3.32 2.63 9.71
Long-Term Debt Interest Expense		 3.32 2.63 9.71
Total Non-Interest Income		 204 307 389
Net Realized & Unrealized Capital Gains on Investments		 0.00 0.00 9.41
Other Non-Interest Income		 204 307 380
Total Non-Interest Expense		 363 413 576
Marketing Expense		 66 69 64
Other Operating Expenses		 298 346 342
Impairment Charge		 1.80 0.50 93
Other Special Charges		 -2.65 -2.01 77
Income Tax Expense		 0.03 0.01 0.00
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.00 -0.08 0.00
Basic Earnings per Share		 ($0.52) ($0.34) ($0.61)
Weighted Average Basic Shares Outstanding		 303.28M 310.91M 318.46M
Diluted Earnings per Share		 ($0.52) ($0.34) ($0.61)
Weighted Average Diluted Shares Outstanding		 303.28M 310.91M 318.46M
Weighted Average Basic & Diluted Shares Outstanding		 309.41M 317.21M 325.21M

Quarterly Income Statements for Microvast

This table shows Microvast's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q1 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 3/31/2022 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 - -37 -34 -30 -26 -26 -25 -25 -102 13 -82
Consolidated Net Income / (Loss)		 - -37 -34 -30 -26 -26 -25 -25 -102 13 -82
Net Income / (Loss) Continuing Operations		 - -37 -34 -30 -26 -26 -25 -25 -102 13 -82
Total Pre-Tax Income 		- -37 -34 -30 -26 -26 -25 -25 -102 13 -82
Total Revenue		 - 39 66 48 76 80 104 80 82 97 121
Net Interest Income / (Expense)		 - 0.10 0.72 0.92 1.03 0.09 -1.06 -1.61 -1.85 -4.10 -1.40
Total Interest Income		 - 0.87 1.58 1.38 1.52 0.58 0.13 0.12 0.25 0.19 0.19
Investment Securities Interest Income		 - 0.87 1.58 1.38 1.52 0.58 0.13 0.12 0.25 0.19 0.19
Total Interest Expense		 - 0.77 0.86 0.46 0.49 0.49 1.19 1.73 2.09 4.29 1.60
Long-Term Debt Interest Expense		 - 0.77 0.86 0.46 0.49 0.49 1.19 1.73 2.09 4.29 1.60
Total Non-Interest Income		 - 39 65 47 75 80 105 81 84 101 123
Other Non-Interest Income		 - 39 65 47 75 80 105 81 84 101 113
Total Non-Interest Expense		 - 75 100 77 102 106 127 105 183 84 204
Marketing Expense		 - 17 16 16 15 19 18 17 15 16 16
Other Operating Expenses		 - 59 82 63 87 87 109 88 80 80 94
Other Special Charges		 - -0.97 0.26 -0.88 -0.39 -0.53 -0.21 -0.44 0.23 -11 89
Basic Earnings per Share		 - ($0.12) ($0.10) ($0.10) ($0.08) ($0.08) ($0.08) ($0.08) ($0.32) $0.04 ($0.25)
Weighted Average Basic Shares Outstanding		 - 305.98M 303.28M 307.71M 307.74M 313.11M 310.91M 315.37M 315.51M 320.55M 318.46M
Diluted Earnings per Share		 - ($0.12) ($0.10) ($0.10) ($0.08) ($0.08) ($0.08) ($0.08) ($0.32) $0.03 ($0.24)
Weighted Average Diluted Shares Outstanding		 - 305.98M 303.28M 307.71M 307.74M 313.11M 310.91M 315.37M 315.51M 367.03M 318.46M
Weighted Average Basic & Diluted Shares Outstanding		 - 309.29M 309.41M 309.43M 316.31M 316.53M 317.21M 317.20M 323.82M 323.82M 325.21M

Annual Cash Flow Statements for Microvast

This table details how cash moves in and out of Microvast's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 -233 -214 21
Net Cash From Operating Activities		 -54 -75 2.81
Net Cash From Continuing Operating Activities		 -54 -75 2.81
Net Income / (Loss) Continuing Operations		 -158 -106 -195
Consolidated Net Income / (Loss)		 -158 -106 -195
Provision For Loan Losses		 1.64 0.24 3.74
Depreciation Expense		 20 22 30
Amortization Expense		 0.55 0.79 0.78
Non-Cash Adjustments to Reconcile Net Income		 113 86 216
Changes in Operating Assets and Liabilities, net		 -30 -78 -53
Net Cash From Investing Activities		 -176 -166 -12
Net Cash From Continuing Investing Activities		 -176 -166 -12
Purchase of Property, Leasehold Improvements and Equipment		 -151 -187 -28
Purchase of Investment Securities		 -25 -5.97 0.00
Sale of Property, Leasehold Improvements and Equipment		 0.01 1.65 10
Sale and/or Maturity of Investments		 0.00 26 5.56
Net Cash From Financing Activities		 4.97 33 38
Net Cash From Continuing Financing Activities		 4.97 33 38
Issuance of Debt		 59 48 127
Repayment of Debt		 -54 -15 -67
Other Financing Activities, Net		 0.00 0.00 -22
Effect of Exchange Rate Changes		 -8.59 -6.56 -6.84
Cash Interest Paid		 5.14 4.37 7.44
Cash Income Taxes Paid		 0.00 0.00 0.00

Quarterly Cash Flow Statements for Microvast

This table details how cash moves in and out of Microvast's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q1 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 3/31/2022 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Change in Cash & Equivalents		 - 19 -113 -42 -90 -81 -1.02 -1.49 18 10 -5.37
Net Cash From Operating Activities		 - 4.94 4.67 -11 -30 -29 -4.95 2.03 0.11 -5.43 6.10
Net Cash From Continuing Operating Activities		 - 4.94 4.67 -11 -30 -29 -4.95 2.03 0.11 -5.43 6.10
Net Income / (Loss) Continuing Operations		 - -37 -34 -30 -26 -26 -25 -25 -102 -9.87 -82
Consolidated Net Income / (Loss)		 - -37 -34 -30 -26 -26 -25 -25 -102 -9.87 -82
Provision For Loan Losses		 - 1.19 -1.85 -1.09 0.26 -0.21 1.27 0.58 0.18 -0.99 3.98
Depreciation Expense		 - 4.78 4.65 4.89 4.91 4.85 7.50 7.47 7.44 7.53 7.62
Amortization Expense		 - 0.14 0.13 0.21 0.19 0.19 0.19 0.19 0.19 0.19 0.19
Non-Cash Adjustments to Reconcile Net Income		 - 23 29 22 23 21 21 16 108 35 81
Changes in Operating Assets and Liabilities, net		 - 13 6.20 -7.52 -32 -29 -11 2.89 -14 -37 -4.29
Net Cash From Investing Activities		 - -17 -91 -36 -58 -60 -12 -4.53 -2.92 -4.53 -0.18
Net Cash From Continuing Investing Activities		 - -17 -91 -36 -58 -60 -12 -4.53 -2.92 -4.53 -0.18
Purchase of Property, Leasehold Improvements and Equipment		 - -17 -66 -36 -58 -60 -33 -10 -2.95 -14 -0.36
Sale of Property, Leasehold Improvements and Equipment		 - - - 0.34 0.31 0.23 0.77 0.15 0.03 9.65 0.18
Net Cash From Financing Activities		 - 38 -29 4.38 0.91 6.86 21 6.26 22 18 -9.05
Net Cash From Continuing Financing Activities		 - 38 -29 4.38 0.91 6.86 21 6.26 22 18 -9.05
Issuance of Debt		 - 45 - 4.38 4.85 9.21 29 19 34 43 31
Repayment of Debt		 - -7.15 -29 0.00 -3.94 -2.35 -8.53 -13 -11 -8.38 -34
Other Financing Activities, Net		 - - - - - - - - - - -5.77
Effect of Exchange Rate Changes		 - -7.46 2.74 0.47 -3.65 1.09 -4.47 -5.25 -1.64 2.30 -2.24

Annual Balance Sheets for Microvast

This table presents Microvast's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Total Assets		 985 1,097 952
Cash and Due from Banks		 231 45 73
Restricted Cash		 71 44 37
Loans and Leases, Net of Allowance		 0.00 0.00 0.00
Premises and Equipment, Net		 348 633 490
Intangible Assets		 1.64 3.14 2.61
Other Assets		 333 373 350
Total Liabilities & Shareholders' Equity		 985 1,097 952
Total Liabilities		 372 533 564
Short-Term Debt		 131 254 231
Accrued Interest Payable		 67 149 99
Other Short-Term Payables		 54 0.00 0.01
Long-Term Debt		 73 87 189
Other Long-Term Liabilities		 47 42 45
Commitments & Contingencies		 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 613 564 388
Total Preferred & Common Equity		 613 564 388
Total Common Equity		 613 564 388
Common Stock		 1,416 1,481 1,513
Retained Earnings		 -791 -898 -1,093
Accumulated Other Comprehensive Income / (Loss)		 -18 -26 -38
Other Equity Adjustments		 6.03 6.03 6.03

Quarterly Balance Sheets for Microvast

This table presents Microvast's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024
Period end date 6/30/2021 9/30/2021 12/31/2021 3/31/2022 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024
Total Assets		 282 990 - 999 973 1,004 998 1,017 1,041 961 998
Cash and Due from Banks		 0.07 573 - 416 296 200 143 67 39 68 64
Restricted Cash		 282 40 - 55 83 60 28 22 45 35 40
Loans and Leases, Net of Allowance		 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 - 237 - 285 299 456 510 561 628 508 516
Intangible Assets		 - 2.02 - 1.82 1.70 3.69 3.34 3.21 2.99 2.85 2.79
Other Assets		 0.04 139 - 241 294 284 314 363 325 348 375
Total Liabilities & Shareholders' Equity		 282 990 - 999 973 1,004 998 1,017 1,041 961 998
Total Liabilities		 6.67 274 - 341 357 398 418 449 495 506 512
Short-Term Debt		 0.00 103 - 117 116 131 123 159 187 188 188
Accrued Interest Payable		 - - - 61 80 94 117 122 138 143 105
Other Short-Term Payables		 0.80 50 - 3.60 36 53 53 54 41 41 43
Long-Term Debt		 1.69 73 - 73 82 73 75 75 86 91 121
Other Long-Term Liabilities		 4.18 47 - 87 43 47 50 38 42 43 55
Commitments & Contingencies		 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -6.47 717 - 657 616 606 580 567 546 455 486
Total Preferred & Common Equity		 -6.47 717 - 657 616 604 578 565 546 455 486
Total Common Equity		 -6.47 717 - 657 616 604 578 565 546 455 486
Common Stock		 0.00 1,291 - 1,320 1,398 1,434 1,452 1,468 1,493 1,506 1,512
Retained Earnings		 -6.48 -585 - -677 -757 -821 -847 -873 -922 -1,024 -1,011
Accumulated Other Comprehensive Income / (Loss)		 - 4.98 - 7.69 -31 -16 -34 -36 -31 -33 -22
Other Equity Adjustments		 - 6.03 - 6.03 6.03 6.03 6.03 6.03 6.03 6.03 6.03

Annual Metrics And Ratios for Microvast

This table displays calculated financial ratios and metrics derived from Microvast's official financial filings.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - -
Revenue Growth		 33.44% 50.52% 23.62%
EBITDA Growth		 25.29% 40.35% -99.10%
EBIT Growth		 22.92% 33.58% -85.08%
NOPAT Growth		 23.40% 32.73% -83.70%
Net Income Growth		 23.38% 32.74% -83.68%
EPS Growth		 58.73% 34.62% -79.41%
Operating Cash Flow Growth		 -19.74% -39.64% 103.74%
Free Cash Flow Firm Growth		 93.47% -208.86% 76.12%
Invested Capital Growth		 -6.61% 10.88% -10.80%
Revenue Q/Q Growth		 -6.38% 13.39% 4.93%
EBITDA Q/Q Growth		 7.49% 13.94% -96.13%
EBIT Q/Q Growth		 7.16% 9.04% -70.50%
NOPAT Q/Q Growth		 7.76% 7.87% -70.56%
Net Income Q/Q Growth		 7.56% 7.88% -70.54%
EPS Q/Q Growth		 -4.00% 5.56% -60.53%
Operating Cash Flow Q/Q Growth		 31.72% -14.65% 134.15%
Free Cash Flow Firm Q/Q Growth		 -28.83% -139.63% 47.19%
Invested Capital Q/Q Growth		 0.31% 12.98% 1.59%
Profitability Metrics		 - - -
EBITDA Margin		 -67.90% -26.91% -43.34%
EBIT Margin		 -77.86% -34.36% -51.44%
Profit (Net Income) Margin		 -77.42% -34.59% -51.40%
Tax Burden Percent		 100.02% 100.01% 100.00%
Interest Burden Percent		 99.41% 100.67% 99.92%
Effective Tax Rate		 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -13.09% -8.65% -15.97%
ROIC Less NNEP Spread (ROIC-NNEP)		 -37.35% -20.36% -31.38%
Return on Net Nonoperating Assets (RNNOA)		 -11.25% -9.43% -25.09%
Return on Equity (ROE)		 -24.34% -18.08% -41.06%
Cash Return on Invested Capital (CROIC)		 -6.26% -18.97% -4.55%
Operating Return on Assets (OROA)		 -16.07% -10.15% -19.10%
Return on Assets (ROA)		 -15.98% -10.22% -19.08%
Return on Common Equity (ROCE)		 -24.34% -18.08% -41.06%
Return on Equity Simple (ROE_SIMPLE)		 -25.81% -18.86% -50.39%
Net Operating Profit after Tax (NOPAT)		 -111 -74 -137
NOPAT Margin		 -54.18% -24.21% -35.98%
Net Nonoperating Expense Percent (NNEP)		 24.26% 11.72% 15.41%
SG&A Expenses to Revenue		 32.36% 22.31% 16.74%
Operating Expenses to Revenue		 177.86% 134.36% 151.44%
Earnings before Interest and Taxes (EBIT)		 -159 -106 -196
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -139 -83 -165
Valuation Ratios		 - - -
Price to Book Value (P/BV)		 0.77 0.79 1.73
Price to Tangible Book Value (P/TBV)		 0.77 0.79 1.74
Price to Revenue (P/Rev)		 2.32 1.44 1.76
Price to Earnings (P/E)		 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.46 0.77 1.21
Enterprise Value to Revenue (EV/Rev)		 1.83 2.26 2.58
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 348.46
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00
Leverage & Solvency		 - - -
Debt to Equity		 0.33 0.61 1.08
Long-Term Debt to Equity		 0.12 0.15 0.49
Financial Leverage		 0.30 0.46 0.80
Leverage Ratio		 1.52 1.77 2.15
Compound Leverage Factor		 1.51 1.78 2.15
Debt to Total Capital		 24.94% 37.70% 51.98%
Short-Term Debt to Total Capital		 16.02% 28.10% 28.60%
Long-Term Debt to Total Capital		 8.92% 9.60% 23.38%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00%
Common Equity to Total Capital		 75.06% 62.30% 48.02%
Debt to EBITDA		 -1.47 -4.13 -2.55
Net Debt to EBITDA		 0.71 -3.06 -1.88
Long-Term Debt to EBITDA		 -0.53 -1.05 -1.15
Debt to NOPAT		 -1.84 -4.58 -3.07
Net Debt to NOPAT		 0.89 -3.40 -2.27
Long-Term Debt to NOPAT		 -0.66 -1.17 -1.38
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00%
Liquidity Ratios		 - - -
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 -53 -163 -39
Operating Cash Flow to CapEx		 -35.74% -40.67% 15.88%
Free Cash Flow to Firm to Interest Expense		 -15.92 -62.17 -4.02
Operating Cash Flow to Interest Expense		 -16.23 -28.65 0.29
Operating Cash Flow Less CapEx to Interest Expense		 -61.63 -99.10 -1.53
Efficiency Ratios		 - - -
Asset Turnover		 0.21 0.30 0.37
Fixed Asset Turnover		 0.66 0.63 0.68
Capital & Investment Metrics		 - - -
Invested Capital		 817 906 808
Invested Capital Turnover		 0.24 0.36 0.44
Increase / (Decrease) in Invested Capital		 -58 89 -98
Enterprise Value (EV)		 375 696 981
Market Capitalization		 473 443 670
Book Value per Share		 $1.98 $1.78 $1.20
Tangible Book Value per Share		 $1.98 $1.77 $1.19
Total Capital		 817 906 808
Total Debt		 204 341 420
Total Long-Term Debt		 73 87 189
Net Debt		 -98 253 310
Capital Expenditures (CapEx)		 151 185 18
Net Nonoperating Expense (NNE)		 47 32 59
Net Nonoperating Obligations (NNO)		 204 341 420
Total Depreciation and Amortization (D&A)		 20 23 31
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 ($0.52) ($0.34) ($0.61)
Adjusted Weighted Average Basic Shares Outstanding		 303.28M 310.91M 318.46M
Adjusted Diluted Earnings per Share		 ($0.52) ($0.34) ($0.61)
Adjusted Weighted Average Diluted Shares Outstanding		 303.28M 310.91M 318.46M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 309.41M 317.21M 325.21M
Normalized Net Operating Profit after Tax (NOPAT)		 -111 -76 -17
Normalized NOPAT Margin		 -54.47% -24.56% -4.60%
Pre Tax Income Margin		 -77.40% -34.59% -51.40%
Debt Service Ratios		 - - -
EBIT to Interest Expense		 -47.88 -40.22 -20.14
NOPAT to Interest Expense		 -33.32 -28.34 -14.09
EBIT Less CapEx to Interest Expense		 -93.29 -110.67 -21.97
NOPAT Less CapEx to Interest Expense		 -78.72 -98.79 -15.91
Payout Ratios		 - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Microvast

This table displays calculated financial ratios and metrics derived from Microvast's official financial filings.

Metric Q1 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 3/31/2022 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 - 16.35% -17.54% 32.36% 18.84% 107.19% 58.00% 66.49% 7.69% 21.29% 17.27%
EBITDA Growth		 - 71.59% 27.36% 36.14% 46.17% 33.18% 45.76% 29.88% -347.69% 199.24% -361.61%
EBIT Growth		 - 68.59% 26.17% 32.45% 40.98% 28.38% 31.04% 16.05% -289.43% 150.62% -245.56%
NOPAT Growth		 - 68.60% 28.32% 32.45% 40.98% 28.38% 26.98% 16.05% -289.43% 172.31% -234.91%
Net Income Growth		 - 68.63% 27.75% 32.45% 40.98% 28.38% 27.03% 16.05% -289.43% 150.62% -234.77%
EPS Growth		 - 75.51% -25.00% 33.33% 46.67% 33.33% 20.00% 20.00% -300.00% 137.50% -200.00%
Operating Cash Flow Growth		 - 151.31% 122.89% 55.18% 22.73% -693.97% -206.13% 118.19% 100.37% 81.50% 223.18%
Free Cash Flow Firm Growth		 - 107.71% 104.91% 102.80% 109.45% -110.60% -409.73% -263.55% -148.60% 446.47% 137.88%
Invested Capital Growth		 - -8.84% -6.61% -4.42% -8.87% -1.56% 10.88% 1.24% -5.56% -0.79% -10.80%
Revenue Q/Q Growth		 - -39.45% 69.23% -28.71% 58.65% 5.56% 29.06% -22.97% 2.62% 18.89% 24.78%
EBITDA Q/Q Growth		 - 18.86% 5.69% 17.94% 14.28% -1.91% 23.45% -4.52% -447.29% 129.37% -456.06%
EBIT Q/Q Growth		 - 17.29% 5.30% 14.56% 11.81% -1.30% 8.80% -2.96% -309.09% 116.76% -722.62%
NOPAT Q/Q Growth		 - 17.29% 7.88% 12.16% 11.81% -0.36% 6.08% -0.99% -309.09% 124.13% -535.01%
Net Income Q/Q Growth		 - 17.29% 7.79% 12.25% 11.81% -0.36% 6.04% -0.95% -309.09% 116.89% -721.45%
EPS Q/Q Growth		 - 20.00% 16.67% 0.00% 20.00% 0.00% 0.00% 0.00% -300.00% 112.00% -900.00%
Operating Cash Flow Q/Q Growth		 - 112.79% -5.53% -339.25% -167.26% 1.68% 83.12% 141.01% -94.53% -4,990.99% 212.38%
Free Cash Flow Firm Q/Q Growth		 - 108.80% -35.84% -51.01% 241.85% -109.87% -1,774.75% 56.45% -1.59% 156.32% 104.95%
Invested Capital Q/Q Growth		 - -4.53% 0.31% -0.85% -4.02% 3.13% 12.98% -4.95% -10.47% 5.03% 1.59%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 - -81.69% -45.52% -51.10% -27.61% -26.35% -15.63% -21.52% -114.78% 21.56% -61.51%
EBIT Margin		 - -94.40% -52.83% -61.74% -34.32% -32.63% -23.06% -31.13% -124.11% 13.62% -67.95%
Profit (Net Income) Margin		 - -94.40% -51.44% -61.74% -34.32% -32.63% -23.76% -31.13% -124.11% 13.62% -67.82%
Tax Burden Percent		 - 100.00% 100.10% 100.00% 100.00% 100.00% 100.04% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 - 100.00% 97.27% 100.00% 100.00% 100.00% 102.99% 100.00% 100.00% 100.00% 99.81%
Effective Tax Rate		 - 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 - -16.90% -8.69% -11.36% -6.77% -7.67% -5.94% -9.08% -39.70% 6.18% -21.07%
ROIC Less NNEP Spread (ROIC-NNEP)		 - -22.75% -13.87% -15.86% -10.72% -11.30% -8.65% -12.20% -52.49% 6.18% -27.56%
Return on Net Nonoperating Assets (RNNOA)		 - -6.40% -4.18% -4.94% -3.44% -4.13% -4.00% -5.06% -24.17% 3.19% -22.04%
Return on Equity (ROE)		 - -23.29% -12.87% -16.30% -10.22% -11.80% -9.94% -14.14% -63.87% 9.37% -43.11%
Cash Return on Invested Capital (CROIC)		 - -4.81% -6.26% -7.64% -1.53% -8.44% -18.97% -9.97% -10.69% -9.25% -4.55%
Operating Return on Assets (OROA)		 - -20.99% -10.90% -13.43% -8.01% -8.90% -6.81% -10.34% -43.75% 4.90% -25.22%
Return on Assets (ROA)		 - -20.99% -10.62% -13.43% -8.01% -8.90% -7.02% -10.34% -43.75% 4.90% -25.18%
Return on Common Equity (ROCE)		 - -23.29% -12.87% -16.28% -10.20% -11.78% -9.94% -14.11% -63.75% 9.35% -43.11%
Return on Equity Simple (ROE_SIMPLE)		 - -27.79% 0.00% -23.85% -21.79% -20.43% 0.00% -18.62% -38.93% -23.58% 0.00%
Net Operating Profit after Tax (NOPAT)		 - -26 -24 -21 -18 -18 -17 -17 -71 13 -58
NOPAT Margin		 - -66.08% -35.97% -43.22% -24.02% -22.84% -16.62% -21.79% -86.88% 13.62% -47.47%
Net Nonoperating Expense Percent (NNEP)		 - 5.85% 5.18% 4.51% 3.95% 3.63% 2.71% 3.12% 12.79% 0.00% 6.49%
SG&A Expenses to Revenue		 - 43.96% 24.03% 33.09% 20.27% 24.03% 17.48% 21.42% 18.49% 16.09% 12.99%
Operating Expenses to Revenue		 - 194.40% 152.83% 161.74% 134.32% 132.63% 123.06% 131.13% 224.11% 86.38% 167.95%
Earnings before Interest and Taxes (EBIT)		 - -37 -35 -30 -26 -26 -24 -25 -102 13 -82
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 - -32 -30 -24 -21 -21 -16 -17 -94 21 -75
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 - 0.89 0.77 0.64 0.86 1.06 0.79 0.49 0.32 0.17 1.73
Price to Tangible Book Value (P/TBV)		 - 0.89 0.77 0.64 0.86 1.06 0.79 0.49 0.32 0.17 1.74
Price to Revenue (P/Rev)		 - 2.51 2.32 1.76 2.15 2.20 1.44 0.78 0.42 0.22 1.76
Price to Earnings (P/E)		 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 - 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 - 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 - 0.45 0.46 0.41 0.67 0.93 0.77 0.55 0.44 0.36 1.21
Enterprise Value to Revenue (EV/Rev)		 - 1.68 1.83 1.51 2.28 2.75 2.26 1.34 0.93 0.79 2.58
Enterprise Value to EBITDA (EV/EBITDA)		 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 348.46
Enterprise Value to Free Cash Flow (EV/FCFF)		 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 - 0.32 0.33 0.34 0.34 0.41 0.61 0.50 0.61 0.64 1.08
Long-Term Debt to Equity		 - 0.13 0.12 0.12 0.13 0.13 0.15 0.16 0.20 0.25 0.49
Financial Leverage		 - 0.28 0.30 0.31 0.32 0.37 0.46 0.41 0.46 0.52 0.80
Leverage Ratio		 - 1.47 1.52 1.59 1.60 1.68 1.77 1.77 1.89 1.91 2.15
Compound Leverage Factor		 - 1.47 1.48 1.59 1.60 1.68 1.82 1.77 1.89 1.91 2.15
Debt to Total Capital		 - 24.36% 24.94% 25.18% 25.41% 29.22% 37.70% 33.38% 38.01% 38.87% 51.98%
Short-Term Debt to Total Capital		 - 14.31% 16.02% 16.16% 15.77% 19.89% 28.10% 22.87% 25.66% 23.65% 28.60%
Long-Term Debt to Total Capital		 - 10.05% 8.92% 9.02% 9.64% 9.32% 9.60% 10.51% 12.35% 15.21% 23.38%
Preferred Equity to Total Capital		 - 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 - 0.00% 0.00% 0.27% 0.26% 0.25% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 - 75.64% 75.06% 74.55% 74.33% 70.54% 62.30% 66.62% 61.99% 61.13% 48.02%
Debt to EBITDA		 - -1.32 -1.47 -1.63 -1.85 -2.44 -4.13 -3.63 -1.88 -3.68 -2.55
Net Debt to EBITDA		 - 1.20 0.71 0.45 -0.25 -1.51 -3.06 -2.51 -1.19 -2.44 -1.88
Long-Term Debt to EBITDA		 - -0.55 -0.53 -0.58 -0.70 -0.78 -1.05 -1.14 -0.61 -1.44 -1.15
Debt to NOPAT		 - -1.65 -1.84 -2.02 -2.24 -2.90 -4.58 -3.85 -2.25 -3.85 -3.07
Net Debt to NOPAT		 - 1.51 0.89 0.56 -0.31 -1.79 -3.40 -2.66 -1.42 -2.56 -2.27
Long-Term Debt to NOPAT		 - -0.68 -0.66 -0.72 -0.85 -0.92 -1.17 -1.21 -0.73 -1.51 -1.38
Noncontrolling Interest Sharing Ratio		 - 0.00% 0.00% 0.17% 0.17% 0.17% 0.00% 0.19% 0.20% 0.19% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 - 53 34 17 57 -5.66 -106 -27 -28 20 40
Operating Cash Flow to CapEx		 - 29.39% 7.05% -31.38% -51.99% -49.14% -15.27% 20.13% 3.81% -119.85% 3,389.44%
Free Cash Flow to Firm to Interest Expense		 - 68.98 39.92 36.56 117.79 -11.53 -89.08 -15.85 -13.31 4.57 25.19
Operating Cash Flow to Interest Expense		 - 6.38 5.44 -24.33 -61.28 -59.76 -4.16 1.17 0.05 -1.27 3.83
Operating Cash Flow Less CapEx to Interest Expense		 - -15.33 -71.67 -101.85 -179.14 -181.37 -31.40 -4.65 -1.34 -2.32 3.71
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 - 0.22 0.21 0.22 0.23 0.27 0.30 0.33 0.35 0.36 0.37
Fixed Asset Turnover		 - 0.82 0.66 0.59 0.56 0.63 0.63 0.63 0.68 0.67 0.68
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 - 814 817 810 777 802 906 820 734 795 808
Invested Capital Turnover		 - 0.26 0.24 0.26 0.28 0.34 0.36 0.42 0.46 0.45 0.44
Increase / (Decrease) in Invested Capital		 - -79 -58 -37 -76 -13 89 10 -43 -6.36 -98
Enterprise Value (EV)		 - 367 375 329 524 745 696 454 321 286 981
Market Capitalization		 - 548 473 384 495 598 443 265 145 81 670
Book Value per Share		 - $2.04 $1.98 $1.95 $1.87 $1.79 $1.78 $1.73 $1.43 $1.50 $1.20
Tangible Book Value per Share		 - $2.03 $1.98 $1.94 $1.86 $1.78 $1.77 $1.72 $1.43 $1.49 $1.19
Total Capital		 - 814 817 810 777 802 906 820 734 795 808
Total Debt		 - 198 204 204 197 234 341 274 279 309 420
Total Long-Term Debt		 - 82 73 73 75 75 87 86 91 121 189
Net Debt		 - -181 -98 -57 27 145 253 190 176 205 310
Capital Expenditures (CapEx)		 - 17 66 36 57 60 32 10 2.92 4.53 0.18
Net Nonoperating Expense (NNE)		 - 11 10 8.87 7.82 7.85 7.38 7.45 30 0.00 25
Net Nonoperating Obligations (NNO)		 - 198 204 204 197 234 341 274 279 309 420
Total Depreciation and Amortization (D&A)		 - 4.92 4.78 5.10 5.10 5.04 7.69 7.66 7.64 7.72 7.81
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 - ($0.12) ($0.10) ($0.10) ($0.08) ($0.08) ($0.08) ($0.08) ($0.32) $0.04 ($0.25)
Adjusted Weighted Average Basic Shares Outstanding		 - 305.98M 303.28M 307.71M 307.74M 313.11M 310.91M 315.37M 315.51M 320.55M 318.46M
Adjusted Diluted Earnings per Share		 - ($0.12) ($0.10) ($0.10) ($0.08) ($0.08) ($0.08) ($0.08) ($0.32) $0.03 ($0.24)
Adjusted Weighted Average Diluted Shares Outstanding		 - 305.98M 303.28M 307.71M 307.74M 313.11M 310.91M 315.37M 315.51M 367.03M 318.46M
Adjusted Basic & Diluted Earnings per Share		 - $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 - 309.29M 309.41M 309.43M 316.31M 316.53M 317.21M 317.20M 323.82M 323.82M 325.21M
Normalized Net Operating Profit after Tax (NOPAT)		 - -26 -23 -21 -18 -18 -17 -18 -9.31 1.41 4.50
Normalized NOPAT Margin		 - -67.83% -35.69% -44.51% -24.34% -22.93% -16.76% -22.18% -11.38% 1.45% 3.71%
Pre Tax Income Margin		 - -94.40% -51.39% -61.74% -34.32% -32.63% -23.75% -31.13% -124.11% 13.62% -67.82%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 - -47.21 -40.34 -64.42 -53.55 -53.30 -20.04 -14.33 -48.50 3.09 -51.71
NOPAT to Interest Expense		 - -33.05 -27.47 -45.10 -37.48 -37.31 -14.45 -10.03 -33.95 3.09 -36.13
EBIT Less CapEx to Interest Expense		 - -68.93 -117.44 -141.95 -171.41 -174.92 -47.28 -20.16 -49.89 2.03 -51.82
NOPAT Less CapEx to Interest Expense		 - -54.76 -104.57 -122.62 -155.35 -158.93 -41.69 -15.86 -35.34 2.03 -36.24
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 - 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 - 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Key Financial Trends

Microvast Holdings, Inc. (NASDAQ: MVST) has demonstrated several key financial trends over the past three years through 2024 based on its quarterly financial statements.

Revenue and Profitability:

  • Total revenue increased steadily from approximately $65.5 million in Q4 2022 to $121.4 million in Q4 2024, showing business growth.
  • The company reported net losses each quarter, with Q4 2024 net loss at $82.3 million, worsening compared to the Q4 2022 loss of $33.7 million.
  • Net interest expense increased, especially noticeable in 2024, indicating heavier debt costs (Q4 2024 interest expense $1.6 million vs. $0.9 million in Q4 2022).

Expenses:

  • Total non-interest expenses grew significantly, reaching $204 million in Q4 2024 from $100 million in Q4 2022, largely due to increased marketing, operating, and special charges.
  • Marketing expenses hovered around $15 million to $18 million quarterly, indicating a stable investment in market outreach.
  • There were intermittent negative other special charges in some quarters, which suggest occasional releases or reversals, somewhat mitigating total expense impact.

Cash Flow and Capital Structure:

  • Net cash from operating activities was positive $6.1 million in Q4 2024, improving from negative in some previous quarters, which indicates better operational cash management.
  • Investment in property, plant & equipment remains significant but somewhat reduced from peaks seen in 2021 and 2022 (Q4 2024 capex approx. $0.35 million vs. $66 million in Q4 2021).
  • Overall cash and equivalents declined slightly in recent quarters, with Q4 2024 showing a net decrease of $5.4 million, reflecting cash burn despite financing activities.
  • Long-term debt fluctuated but generally remained over $70 million through 2021-2023, increasing to about $121 million by Q3 2024, corresponding to higher interest expenses.

Balance Sheet Highlights:

  • Total assets have grown, driven by increases in premises, equipment, and other assets, rising from around $970 million in Q3 2021 to nearly $1 billion by Q3 2024.
  • Shareholders' equity declined over the period due to accumulated losses, falling from approximately $717 million in Q3 2021 to $486 million in Q3 2024, reflecting the company’s ongoing net losses.

Summary: Microvast is experiencing accelerating revenue growth but is still consistently unprofitable with increasing expenses and net losses, especially during 2024. Cash flow from operations is beginning to improve, though net cash declines continue due to capital spending and financing activities. Debt levels and associated interest expense have increased, putting pressure on profitability. Investors should watch for progress in controlling costs and moving towards sustained profitability while leveraging their asset base for future growth.

09/10/25 03:39 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Microvast's Financials

When does Microvast's fiscal year end?

According to the most recent income statement we have on file, Microvast's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Microvast's net income changed over the last 2 years?

Microvast's net income appears to be on an upward trend, with a most recent value of -$195.46 million in 2024, rising from -$158.20 million in 2022. The previous period was -$106.41 million in 2023. View Microvast's forecast to see where analysts expect Microvast to go next.

How has Microvast's revenue changed over the last 2 years?

Over the last 2 years, Microvast's total revenue changed from $204.35 million in 2022 to $380.24 million in 2024, a change of 86.1%.

How much debt does Microvast have?

Microvast's total liabilities were at $563.97 million at the end of 2024, a 5.9% increase from 2023, and a 51.6% increase since 2022.

How much cash does Microvast have?

In the past 2 years, Microvast's cash and equivalents has ranged from $44.54 million in 2023 to $231.42 million in 2022, and is currently $73.01 million as of their latest financial filing in 2024.

How has Microvast's book value per share changed over the last 2 years?

Over the last 2 years, Microvast's book value per share changed from 1.98 in 2022 to 1.20 in 2024, a change of -39.6%.


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This page (NASDAQ:MVST) was last updated on 9/10/2025 by MarketBeat.com Staff
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