Revenue: As of FY2026 Q1, the actual value is USD 60.61 M.

EPS: As of FY2026 Q1, the actual value is USD -0.04.

EBIT: As of FY2026 Q1, the actual value is USD -7.089 M.

Segment Revenue

Microvast Holdings, Inc.’s total revenues for the three months ended March 31, 2026, decreased by $55.9 million, or 48.0%, to $60,612 thousand compared to $116,491 thousand in the same period in 2025, primarily due to a 48.9% reduction in sales volume .

Revenue by geographic region for the three months ended March 31, 2026, and 2025, respectively, was: Asia & Pacific: $17,142 thousand (29%) vs. $50,051 thousand (43%) . China: $14,877 thousand (25%) vs. $44,126 thousand (38%) . Other Asia & Pacific countries: $2,265 thousand (4%) vs. $5,925 thousand (5%) . Europe: $43,236 thousand (71%) vs. $60,050 thousand (52%) . Italy: $31,313 thousand (52%) vs. $36,587 thousand (31%) . France: $11,680 thousand (19%) vs. $18,363 thousand (16%) . Other European countries: $243 thousand (0%) vs. $5,100 thousand (5%) . United States: $234 thousand (0%) vs. $6,390 thousand (5%) .

Operational Metrics

• Gross Profit: Gross profit was $19,156 thousand for Q1 2026, down from $43,016 thousand in the prior year period, with the gross profit margin decreasing to 31.6% from 36.9% due to lower production utilization .
• Cost of Revenues: Cost of revenues decreased by $32.0 million, or 43.6%, to -$41,456 thousand for Q1 2026, compared to -$73,475 thousand in Q1 2025, mainly due to decreased sales volumes .
• Operating Expenses: Total operating expenses decreased by $2,074 thousand, or 7.1%, to -$27,093 thousand for Q1 2026, from -$29,167 thousand in the prior year .
  • General and Administrative Expenses: Decreased by $1.2 million, or 8.3%, to -$12,941 thousand .
  • Research and Development Expenses: Increased by $0.6 million, or 6.8%, to -$8,810 thousand, due to the expansion of domestic R&D presence in the U.S. .
  • Selling and Marketing Expenses: Decreased by $1.5 million, or 21.4%, to -$5,342 thousand .
• Subsidy Income: Decreased from $1,416 thousand in Q1 2025 to $3 thousand in Q1 2026 .
• (Loss) Profit from Operations: The company reported an operating loss of -$7,934 thousand for Q1 2026, compared to an operating profit of $15,265 thousand in Q1 2025, marking a decrease of $23,199 thousand or -152.0% .
• Net Profit: Net profit decreased by $13,579 thousand, or -22.0%, to $48,211 thousand for Q1 2026, from $61,790 thousand in Q1 2025 .
• Foreign Exchange (Loss) Gain: Shifted from a gain of $3,667 thousand in Q1 2025 to a loss of -$6,900 thousand in Q1 2026, primarily due to unfavorable changes in USD and Euro exchange rates relative to RMB .
• Changes in Fair Value of Warrant Liability and Convertible Loan: Recognized a gain of $63,838 thousand in Q1 2026, compared to $43,160 thousand in Q1 2025, driven by the decrease in the Company’s stock price .

Cash Flow

• Net cash (used in) generated from operating activities: Net cash used in operating activities was -$22,796 thousand for Q1 2026, a decrease of $30.0 million compared to $7,169 thousand generated in Q1 2025 .
• Net cash used in investing activities: Net cash used was -$2,804 thousand in Q1 2026, compared to -$2,332 thousand in Q1 2025, primarily for facility expansion and equipment purchases .
• Net cash generated from financing activities: Net cash generated was $29,325 thousand in Q1 2026, an increase of $19.8 million from $9,463 thousand in Q1 2025, mainly due to increased proceeds from bank borrowings .

Unique Metrics

• Sales Volume: Sales volume decreased by 48.9% from approximately 535.7 MWh for Q1 2025 to 273.9 MWh for Q1 2026 .
• Order Backlog: The company has an order backlog of $168.7 million, with the majority expected to be fulfilled in 2026 and 2027 .
• Long-lived Assets by Geographic Region (March 31, 2026 vs. December 31, 2025):
  • China: $345,751 thousand (66%) vs. $345,148 thousand (66%) .
  • Europe: $14,577 thousand (3%) vs. $15,311 thousand (3%) .
  • United States: $161,376 thousand (31%) vs. $159,168 thousand (31%) .

Future Outlook and Strategy

Microvast Holdings, Inc. aims to scale its proprietary battery technologies across high-growth sectors, focusing on electric commercial vehicles and advancing ESS, while shifting commercial priorities towards new commercial vehicle opportunities and a balanced global strategy in Europe and North America to achieve higher gross margins . The company plans to invest in R&D for new products like 290Ah LFP cells and the KAF™ electric powertrain solution for the U.S. school bus market, with commercialization subject to validation and market integration . To address going concern issues, management intends to generate positive net operating cash flow from existing contracts, refinance short-term debt, potentially use its Controlled Equity Offering Sales Agreement for capital, and prioritize capital expenditures towards immediate and profitable commercial vehicle applications .