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Jun 30, 2025
Microvast Q2 2025 Earnings Report
Reported record Q2 revenue with margin expansion and positive adjusted profitability despite a GAAP net loss from fair value changes.
Key Takeaways
Microvast posted record Q2 2025 revenue of 91,339,000 USD, up 9.2% year-over-year, with gross margin improving to 34.7% and adjusted EBITDA turning positive at 25,881,000 USD. The company recorded a GAAP net loss of 106,058,000 USD, primarily due to fair value changes in a convertible loan and warrant liability.
Achieved record quarterly revenue of 91,339,000 USD, a 9.2% increase year-over-year.
Gross margin improved to 34.7%, adjusted gross margin to 34.8%.
Generated positive operating income of 16,214,000 USD.
Positive adjusted EBITDA of 25,881,000 USD despite GAAP net loss of 106,058,000 USD.
Forward Guidance
Maintained 2025 revenue guidance of 450,000,000–475,000,000 USD, raised targeted gross margin to 32%, and expects Huzhou Phase 3.2 expansion completion by year-end with initial production to follow.
Positive Outlook
- Reaffirmed 2025 revenue guidance of 450,000,000–475,000,000 USD.
- Raised full-year targeted gross margin from 30% to 32%.
- Huzhou Phase 3.2 expansion installation completion expected by year-end.
- Initial production at new capacity to follow completion.
- Continuing focus on new customer wins in expanding market segments.
Challenges Ahead
- No specific EPS or net income guidance provided.
- Initial production from new expansion will start only after year-end.
- Revenue guidance implies growth but no range increase.
- Execution depends on timely completion of capacity installation.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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