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Sep 30
Microvast Q3 2025 Earnings Report
Microvast reported Q3 2025 results with record revenue but posted a small net loss.
Key Takeaways
Microvast achieved record Q3 revenue and higher gross margin, driven by increased product demand and improved operational efficiency, despite recording a small net loss.
Recorded Q3 revenue of $123.3 million, a 21.6% YoY increase
Gross margin improved to 37.6%, up from 33.2% in Q3 2024
Posted a GAAP net loss of $1.5 million but delivered $21.9 million in adjusted EBITDA
Ended the quarter with $142.6 million in cash, cash equivalents, and restricted cash
Microvast
Microvast
Forward Guidance
Microvast reaffirmed its full-year revenue target and raised its gross margin outlook for FY 2025.
Positive Outlook
- Reiterated full-year revenue guidance of $450M to $475M
- Updated full-year gross margin outlook to 32%–35%, up from 32%
- Strong customer demand continues to support production ramp-up
- Huzhou Phase 3.2 equipment installation on track for year-end
- Ongoing expansion into new market segments
Challenges Ahead
- Slight net loss recorded in the quarter
- Decrease in adjusted EBITDA compared to Q3 2024
- Operating expenses increased to $33.5M from $27.5M YoY
- Capital expenditures of $17.4M though down YoY remain significant
- No geographic revenue breakout provided, limiting visibility