---
title: "Microvast Reports Record $427.5M 2025 Revenue; FY Net Loss $29.2M, Non-GAAP Profit $13.0M"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/279323741.md"
description: "Microvast reported a record revenue of $427.5 million for fiscal 2025, a 12.6% increase from 2024, despite a GAAP net loss of $29.2 million. The company achieved a non-GAAP adjusted profit of $13.0 million and a positive EBITDA of $44.7 million. Gross margin stood at 28.6%, affected by a $32.5 million inventory impairment. The company is focusing on expanding production capacity and targeting U.S. operations while navigating regulatory challenges in South Korea and delays in EMEA."
datetime: "2026-03-16T20:53:01.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/279323741.md)
  - [en](https://longbridge.com/en/news/279323741.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/279323741.md)
---

# Microvast Reports Record $427.5M 2025 Revenue; FY Net Loss $29.2M, Non-GAAP Profit $13.0M

Microvast reported record full-year revenue of $427.5 million for fiscal 2025, a 12.6% increase year-over-year, and a GAAP net loss of $29.2 million while reporting a non-GAAP adjusted net profit of $13.0 million. Gross margin for the year was 28.6% (impacted by a $32.5 million inventory impairment) and non-GAAP adjusted EBITDA was positive $44.7 million. The company ended 2025 with $169.2 million in cash, cash equivalents and restricted cash and is focused on ramping Huzhou Phase 3.2 production in 2026.

**Financial Highlights**

-   Revenue (FY 2025): $427.5 million, up 12.6% from $379.8 million in 2024.
-   Gross profit (GAAP, FY 2025): $122.1 million; gross margin 28.6% (includes $32.5 million energy storage system inventory impairment).
-   Operating expenses (FY 2025): $118.3 million; non-GAAP adjusted operating expenses: $115.4 million.
-   Net loss (GAAP, FY 2025): $(29.2) million; Non‑GAAP adjusted net profit: $13.0 million.
-   Non-GAAP adjusted EBITDA (FY 2025): $44.7 million; cash, cash equivalents and restricted cash at year-end: $169.2 million.

**Business Highlights**

-   Recorded annual revenue growth driven by continued demand for Microvast battery technologies, with 2025 marking a company revenue record.
-   Experienced near-term headwinds in Q4 2025 from evolving regulatory shifts in South Korea and customer platform ramp delays in EMEA, which reduced Q4 revenue to $96.4 million.
-   Investing in capacity expansion: Huzhou Phase 3.2 expansion underway, expected to achieve serial production during 2026 following ramp-up.
-   Progress on U.S. operations: targeting pack line operations in Clarksville by year-end to serve U.S. commercial vehicle customers.
-   Strategic focus on high-barrier-to-entry segments (heavy industrials and transit) and expanding customer pipeline across EMEA, North America and APAC.

Original SEC Filing: Microvast Holdings, Inc. \[ MVST \] - 8-K - Mar. 16, 2026

**Disclaimer**

This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.

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