Microvast Holdings, Inc. (MVST) Form 8-K — Aug 10, 2026
Microvast reported Q2 2026 revenue of $87.3 million, down 4.5% year over year, with gross margin compressing to 29.5% from 34.7% on higher raw material costs and lower production utilization. The quarter included a $2.7 million IEEPA tariff refund issued to a U.S. customer that was recorded as a reduction of revenue. Profitability deteriorated on an adjusted basis: adjusted EBITDA fell to $3.6 million from $25.9 million a year earlier, and the company swung to a $5.3 million adjusted net loss versus a $16.3 million adjusted profit in Q2 2025.
Key figures
- Revenue
- 87300000
- Guidance
- Target stable gross margin profile; Huzhou Phase 3.2 ramp (up to 2 GWh of modular capacity) is the primary 2026 operational milestone; Clarksville, TN localized pack assembly operations anticipated by year-end 2026
- Net Income
- -$12.0M Q2 2026 GAAP net loss (vs -$106.1M in Q2 2025); +$36.2M YTD GAAP net profit driven by $58.0M non-cash fair value gain on warrant liability and convertible loan
- Revenue Yoy
- -4.5% in Q2 2026 (vs $91.3M in Q2 2025); -28.8% YTD ($147.9M vs $207.8M)
- Total Assets
- 952193000
- Cash Position
- 143100000
- Shares Outstanding
- 384534000
- Patents
- more than 890
- Capex q2
- $11.3M (vs $7.4M in Q2 2025)
- Capex ytd
- $15.5M (vs $14.0M YTD 2025)
- Ytd revenue
- $147.9M (vs $207.8M YTD 2025)
- Total equity
- $543.1M as of June 30, 2026
- Usa revenue q2
- -$1.7M (negative after tariff refund, vs $4.8M in Q2 2025)
- Gross margin q2
- 29.5% (vs 34.7% in Q2 2025)
- Ytd gross margin
- 30.4% (vs 36.0%)
- Adjusted ebitda q2
- $3.6M (vs $25.9M in Q2 2025)
- Ytd adjusted ebitda
- -$1.9M (vs +$54.4M YTD 2025)
- Adjusted net loss q2
- $5.3M (vs adjusted net profit of $16.3M in Q2 2025)
- Cash and equivalents
- $127.8M plus $15.3M restricted cash as of June 30, 2026
- Solid state prototype
- 17-layer bipolar stack at ~72V; silicon-sulfur prototype 1,134 mAh/g with 90.2% retention after 15 cycles
- Ytd adjusted net loss
- $19.9M (vs adjusted net profit of $35.6M YTD 2025)
- Adjusted gross margin q2
- 29.6%
- Debt components 20260630
- Notes payable $15.2M; short-term bank borrowings $104.2M; bonds payable $41.7M; long-term bank borrowings $14.4M
- Huzhou phase3 2 capacity
- up to 2 GWh annually
- Operating cash flow h1 2026
- -$33.3M (vs +$44.3M generated in H1 2025)
- Ieepa tariff refunds received
- $4.3M received in May 2026, excluding interest
- Ieepa tariff refunds issued to customer
- $2.7M recorded as a reduction of revenue
Price after filing
Close on the filing date to close N calendar days later (from $0.91). Historical, not a forecast.
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