Quarterly ResultMay 11, 2026, 04:43 PM
Microvast Q1 Revenue Down 48% to $60.6M; Adjusted Net Loss $(14.6)M
AI Summary
Microvast Holdings reported its Q1 2026 financial results, with revenue decreasing 48.0% year-over-year to $60.6 million, primarily due to geopolitical dynamics and OEM platform delays. The company posted a GAAP net profit of $48.2 million but an adjusted net loss of $14.6 million, compared to an adjusted net profit in the prior year. Despite lower volumes, gross margin remained resilient at 31.6%, and the company is focused on strategic initiatives like the Huzhou Phase 3.2 expansion and the launch of new battery packs and e-powertrain solutions, anticipating a revenue recovery through 2026.
Key Highlights
- Revenue decreased 48.0% year-over-year to $60.6 million in Q1 2026.
- Reported a GAAP net profit of $48.2 million, down from $61.8 million in Q1 2025.
- Non-GAAP adjusted net loss was $14.6 million, compared to a $19.3 million profit in Q1 2025.
- Gross margin remained resilient at 31.6%, down from 36.9% in Q1 2025.
- Cash, cash equivalents, and restricted cash increased to $174.0 million as of March 31, 2026.
- APAC revenue declined 66% to $17.1 million; Europe revenue declined 28% to $43.2 million.
- Huzhou Phase 3.2 expansion is expected to add up to 2 GWh capacity in 2026.
- Localized pack assembly operations at Clarksville facility anticipated by year-end.