Earnings ·
Microvast Holdings, Inc. reported unaudited financial results for the second quarter ended June 30, 2026
MVSTMicrovast Holdings, Inc.
Microvast Holdings, Inc. reported unaudited financial results for the second quarter ended June 30, 2026. Revenue decreased 4.5% year-over-year to $87.3 million from $91.3 million, primarily due to a $2.7 million IEEPA tariff refund issued to a U.S. customer recorded as a revenue reduction. Gross margin contracted to 29.5% from 34.7%, driven by higher raw material prices and lower production utilization that reduced fixed cost absorption. Operating expenses rose to $27.5 million from $23.7 million, resulting in a GAAP net loss of $12.0 million compared to a $106.1 million loss in the prior year period. Year-to-date revenue fell 28.8% to $147.9 million, while GAAP net profit turned positive at $36.2 million versus a $44.3 million loss previously. The company holds $143.1 million in cash and restricted cash as of June 30, 2026. Microvast operates in the advanced battery technology industry, manufacturing energy storage systems for commercial and transit markets.