--- title: "Microvast | 8-K: FY2026 Q2 Revenue Misses Estimate at USD 87.26 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/295517742.md" datetime: "2026-08-11T10:09:05.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/295517742.md) - [en](https://longbridge.com/en/news/295517742.md) - [zh-HK](https://longbridge.com/zh-HK/news/295517742.md) generator: "portal-rs" --- # Microvast | 8-K: FY2026 Q2 Revenue Misses Estimate at USD 87.26 M Revenue: As of FY2026 Q2, the actual value is USD 87.26 M, missing the estimate of USD 94.4 M. EPS: As of FY2026 Q2, the actual value is USD -0.03. EBIT: As of FY2026 Q2, the actual value is USD -11.39 M. ### Q2 2026 Financial Results #### Revenue Microvast Holdings, Inc. reported revenues of $87.3 million for Q2 2026, a decrease of 4.5% compared to $91.3 million in Q2 2025, primarily due to a - $2.7 million IEEPA tariff refund recorded as a reduction to revenue. #### Gross Margin Gross margin for Q2 2026 decreased to 29.5% from 34.7% in Q2 2025. Non-GAAP adjusted gross margin decreased to 29.6% from 34.8% in Q2 2025. The decline was mainly attributed to higher raw material prices and lower production utilization, partially offset by IEEPA tariff refunds. #### Operating Expenses Operating expenses increased to $27.5 million in Q2 2026 from $23.7 million in Q2 2025. Non-GAAP adjusted operating expenses were $26.7 million, compared to $22.9 million in Q2 2025. General and administrative (G&A) expenses were - $13,886 thousand in Q2 2026, compared to - $11,184 thousand in 2025, primarily due to higher legal and professional service fees. Research and development (R&D) expenses were - $8,860 thousand, up from - $7,719 thousand in 2025, due to expanded investment in new product development. Selling and marketing (S&M) expenses increased to - $4,743 thousand from - $3,424 thousand in 2025, mainly due to customer retention initiatives. #### Profit/(Loss) from Operations Profit/(loss) from operations for Q2 2026 was - $1,720 thousand, compared to $9,027 thousand in 2025. #### Net Income Microvast Holdings, Inc. reported a net loss of - $12.0 million for Q2 2026, a significant improvement from a net loss of - $106.1 million in Q2 2025, mainly due to a reduction in negative impacts from changes in the fair value of warrant liability and convertible loan. Non-GAAP adjusted net loss was - $5.3 million, compared to a non-GAAP adjusted net profit of $16.3 million in Q2 2025. #### Non-GAAP Adjusted EBITDA Non-GAAP adjusted EBITDA was $3.6 million in Q2 2026, down from $25.9 million in Q2 2025. #### Capital Expenditures Capital expenditures for Q2 2026 were $11.3 million, an increase from $7.4 million in Q2 2025. #### Cash, Cash Equivalents and Restricted Cash As of June 30, 2026, cash, cash equivalents, and restricted cash totaled $143.1 million, a - $26.2 million decrease from the beginning of the period. This compares to $169.2 million as of December 31, 2025, and $138.8 million as of June 30, 2025. ### Six Months Ended June 30, 2026 (YTD 2026) Financial Results #### Revenue Revenues for YTD 2026 were $147.9 million, a 28.8% decrease from $207.8 million in YTD 2025. This decrease was primarily due to evolving regulatory and geopolitical dynamics, a shift in demand towards lower-cost products, OEM platform ramp-up delays, and a - $2.7 million IEEPA tariff refund. #### Revenue by Region (Six Months Ended June 30) APAC revenue was $53,748 thousand, a -45% year-over-year decrease. Europe revenue was $95,625 thousand, a -3% year-over-year decrease. USA revenue was - $1,499 thousand, a -113% year-over-year decrease. #### Gross Margin Gross margin for YTD 2026 decreased to 30.4% from 36.0% in YTD 2025. Non-GAAP adjusted gross margin also decreased to 30.4% from 36.0% in YTD 2025. The primary reasons for this decrease were higher raw material prices and lower production utilization. #### Operating Expenses Operating expenses increased to $54.6 million in YTD 2026, compared to $52.9 million in YTD 2025. Non-GAAP adjusted operating expenses were $52.8 million, up from $51.4 million in YTD 2025. #### Profit/(Loss) from Operations Profit/(loss) from operations for YTD 2026 was - $9,654 thousand, compared to $24,292 thousand in 2025. #### Net Income Microvast Holdings, Inc. reported a net profit of $36.2 million for YTD 2026, a significant improvement from a net loss of - $44.3 million in YTD 2025, mainly due to a reduction in negative impacts from changes in the fair value of warrant liability and convertible loan. Non-GAAP adjusted net loss was - $19.9 million, compared to a non-GAAP adjusted net profit of $35.6 million in YTD 2025. #### Non-GAAP Adjusted EBITDA Non-GAAP adjusted EBITDA was - $1.9 million in YTD 2026, a decrease from $54.4 million in YTD 2025. #### Capital Expenditures Capital expenditures for YTD 2026 were $15.5 million, compared to $14.0 million in YTD 2025. #### Cash Flow from Operating Activities Net cash used in operating activities for YTD 2026 was - $33.3 million, a decrease of $77.6 million compared to $44.3 million generated in the same period of 2025. #### Cash Flow from Investing Activities Net cash used in investing activities for YTD 2026 was - $3.3 million, primarily for the purchase of a U.S. office building and capital expenditures for the Huzhou Phase 3.2 manufacturing facility expansion, an improvement from - $5.1 million used in YTD 2025. #### Cash Flow from Financing Activities Net cash generated from financing activities for YTD 2026 was $8.2 million, contrasting with net cash used in financing activities of - $6.8 million in YTD 2025. #### Operational Metrics Installation and commissioning of production equipment for Huzhou Phase 3.2 are complete, with production capacity ramping up to provide up to an additional 2 GWh of annual capacity. Microvast Holdings, Inc. has fabricated and cycled an early 17-layer all-solid-state bipolar prototype, achieving an integrated stack voltage of approximately 72 V and retaining about 88.5% of its discharge capacity after 200 cycles. The company is also exploring an all-solid-state silicon-sulfur chemistry, with early laboratory testing showing a specific capacity of 1,134 mAh g⁻¹ at the second discharge, retaining 90.2% after 15 cycles. ### 2026 Outlook & Forward-Looking Information Microvast Holdings, Inc. targets a stable gross margin profile through operational discipline and premium product positioning. The company anticipates the ramp-up of Huzhou Phase 3.2 production capacity to 2 GWh and expects R&D progress on new product launches, including the KAF™ integrated electric powertrain solution in 2026. Additionally, localized pack assembly at the Clarksville facility remains on schedule, with initial operations expected to commence by year-end to support the domestic strategy for North American commercial vehicle and transit partners. ### Related Stocks - [MVST.US](https://longbridge.com/en/quote/MVST.US.md) ## Related News & Research - [08:41 ETShareholders who lost money in shares of Microvast Holdings, Inc. (NASDAQ: MVST) Should Contact Wolf Haldenstein Immediately](https://longbridge.com/en/news/296230335.md) - [23:30 ETMicrovast Holdings, Inc. (MVST) Shareholders Who Lost Money Have Opportunity to Lead Securities Fraud Lawsuit](https://longbridge.com/en/news/295989699.md) - [18:39 ETMVST Deadline: MVST Investors Have Opportunity to Lead Microvast Holdings, Inc. Securities Fraud Lawsuit](https://longbridge.com/en/news/296276150.md) - [MVST UPCOMING DEADLINE: SueWallSt Alerts Microvast Holdings, Inc. 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