Microvast Holdings, Inc. (MVST): Business Model Canvas [Dec-2025 Updated]

You're digging into the nuts and bolts of a high-growth battery player, trying to see past the stock ticker to the real engine driving value. Honestly, looking at the late 2025 picture for Microvast Holdings, Inc., the story is about execution and a clear geographic bet. They hit a record $123.3 million in Q3 revenue, pushing their gross margin up to a healthy 37.6%, largely thanks to their massive 64% revenue slice coming from the EMEA region. This canvas breaks down exactly how they are turning ultra-fast charging tech and massive capacity expansion-like the Huzhou Phase 3.2 build-into a revenue stream guided between $450 million and $475 million for the full year. It's a blueprint showing their reliance on OEM partnerships and their race to scale; read on to see the full nine blocks.

Microvast Holdings, Inc. (MVST) - Canvas Business Model: Key Partnerships

You're looking at the relationships Microvast Holdings, Inc. (MVST) relies on to execute its battery technology strategy. These alliances are critical for market access and securing the supply chain needed to meet its growth targets. Honestly, managing these external dependencies is as important as the tech itself.

SKODA Group for European Rail and Public Transport Applications

Microvast Holdings, Inc. (MVST) has locked in a strategic partnership with SKODA Group, a major European manufacturer in rail and public transport. This collaboration focuses on co-developing and producing next-generation battery systems. The initial phase zeroes in on battery-electric multiple units (BEMUs) for rail applications. The design intent is that these systems will also be adaptable for other public transport vehicles, like electric buses. The goal is to present the first vehicle equipped with the jointly developed battery system by the end of 2026.

• Focus: Rail applications initially.
• Expansion path: Electric buses and trolleybuses.
• Validation: Partnership confirms Microvast Holdings, Inc. (MVST) technology for extreme-duty, high-safety use cases.

Raw Material Suppliers for Vertical Integration of Battery Components

Microvast Holdings, Inc. (MVST) is renowned for its deep vertical integration, which means it controls more of the production process than many competitors. This strategy directly involves key raw material suppliers because Microvast Holdings, Inc. (MVST) has proprietary technologies that span the entire battery system. This control is a strategic advantage, especially when managing material costs and quality.

Here's a look at the scope of this integration:

• Core Chemistry Control: Cathode, anode, electrolyte, and separator.
• System Assembly: Extends through modules and packs.
• Experience: Over 19+ Years of experience manufacturing lithium-ion batteries.
• Intellectual Property: Backed by over 810+ Patents & Patent Applications.

Strategic OEM Partners in the Commercial Vehicle Sector

Securing agreements with Original Equipment Manufacturers (OEMs) is how Microvast Holdings, Inc. (MVST) translates its technology into revenue. The company is known globally for supplying batteries to the commercial vehicle space. For instance, Microvast Holdings, Inc. (MVST) acts as the cell supplier for FPT Industrial batteries, which are adopted by Iveco's electric buses, covering both city and intercity models. The business context supporting these partnerships shows strong recent performance:

Metric (As of Q3 2025)	Value	Unit
Record Quarterly Revenue	$123.3 million	USD
Year-over-Year Revenue Growth (Q3)	21.6%	Percentage
Gross Profit Margin (Q3)	37.6%	Percentage
2025 Full-Year Revenue Guidance	$450 million to $475 million	USD

This execution helps solidify relationships with major vehicle builders, showing a path to scale. If onboarding takes 14+ days, churn risk rises.

Financial Institutions for Managing Debt Obligations

Managing the balance sheet requires ongoing engagement with financial institutions to service and structure debt. Microvast Holdings, Inc. (MVST) carries a substantial debt load, which necessitates careful cash management and lender relations. As of late 2025 reporting periods, the company has a specific debt figure that needs servicing.

The financial structure involves specific liabilities:

• Reported Debt Obligation Amount: $118.8 million.
• Short-Term Portion Due: $84.4 million due within the next 12 months.
• Total Liabilities (Q3 2025): Near $655 million.
• Total Equity (Q3 2025): Roughly $358 million.

The company's increased cash position, reported at $142.6 million, helps alleviate some prior going concern risks associated with this debt structure. Finance: draft 13-week cash view by Friday.

Microvast Holdings, Inc. (MVST) - Canvas Business Model: Key Activities

You're looking at the core engine driving Microvast Holdings, Inc.'s strategy right now, which is all about making and selling advanced battery systems where they control the whole process. Here's the quick math on what they are actively doing to hit their 2025 targets.

Manufacturing and commissioning the Huzhou Phase 3.2 expansion

The focus here is on getting the new capacity online to meet demand. They are pushing to complete the installation and commissioning of production equipment for the Huzhou Phase 3.2 expansion by the end of 2025. This expansion is set to add nearly 2 GWh of annual production capacity. Still, initial production operations are guided to start in the first quarter of 2026, so there's a tight window for final setup.

The capital commitment to this expansion is clear in their recent spending:

Period	Total Capital Expenditure (CapEx)	Allocation to Huzhou Phase 3.2
Q3 2025	$17.4 million	$15.5 million
Q1 2025	$6.6 million	Not specified

The management expects this scalability to help drive their projected 2025 revenue increase of 18-25%. If onboarding takes longer than planned, that timeline definitely gets tricky.

Continuous R&D on advanced cell technology, like all-solid-state batteries

Research and development is a major activity, positioning Microvast Holdings, Inc. for future product cycles. They hold a substantial intellectual property portfolio of more than 810 patents and patent applications. This R&D engine is what they believe will secure sustained positive cash flow.

Here's a look at the investment in innovation leading up to late 2025:

• For the nine months ended September 30, 2025, the company spent $23.7 million on research and development (R&D).
• R&D expenses for Q2 2025 were reported as $10.107 million.
• R&D expenses for Q1 2025 were $8.248 million.

The technology focus includes advancements in silicon-based cells and the highly anticipated all-solid-state battery technology.

Global sales and customer acquisition, especially in EMEA

Driving sales is critical to realizing the investment in capacity. Microvast Holdings, Inc. maintains a full-year 2025 revenue guidance target between $450 million and $475 million. The EMEA region is currently the strongest sales driver.

Sales performance metrics show significant regional strength:

Period	Revenue	Year-over-Year Growth	EMEA Share of Revenue
Q3 2025	$123.3 million	21.6%	64% (up from 59% last year)
Q1 2025	$116.5 million (record)	43.2%	52% (with sales surging 108% y/y)
9 Months YTD 2025	$331 million	Not specified	Not specified

The company is actively working to expand its product footprint globally, with a stated goal to increase revenue year-over-year in the Americas as well.

Managing a vertically integrated supply chain from chemistry to pack

Microvast Holdings, Inc. manages the entire supply chain, from the core battery chemistry-the cathode, anode, electrolyte, and separator-all the way to the final battery module and pack assembly. This vertical integration is a direct lever for quality control and operational efficiency, reducing reliance on external suppliers for critical components.

The tangible financial result of this operational control is evident in margin improvement:

• Gross profit margin improved to 37.6% in Q3 2025, up from 33.2% in Q3 2024.
• Q1 2025 gross margin reached 36.9%, a substantial jump from 21.2% in Q1 2024.
• The company raised its full-year 2025 gross margin target to a range of 32% to 35%.

This control is what management points to when explaining the improved gross profit, which for Q3 2025 was $46.4 million. Finance: draft 13-week cash view by Friday.

Microvast Holdings, Inc. (MVST) - Canvas Business Model: Key Resources

You're looking at the core assets that allow Microvast Holdings, Inc. to operate and compete in the advanced battery space. These aren't just line items; they are the actual engines driving their business forward, especially as they scale up production.

The intellectual property base is substantial. Microvast Holdings, Inc. holds over 810 patents and patent applications that cover the technology enabling their various electrification solutions. This deep well of proprietary knowledge is a critical barrier to entry for competitors.

Operationally, the company relies heavily on its vertically integrated manufacturing facilities. The focus right now is definitely on the expansion in Huzhou, China. This Phase 3.2 project is set to add up to +2 GWh/year of capacity, targeted for their flagship NMC 53.5 Ah cell technology, with initial production expected around Q4 2025 or Q1 2026. This integration helps them control quality and cost, which you see reflected in their financial performance.

Financially, as of the end of Q3 2025, Microvast Holdings, Inc. maintained a solid liquidity position, reporting total cash, cash equivalents, and restricted cash of $142.6 million. This cash buffer is essential while they invest heavily in capacity expansion, as evidenced by the $15.5 million net outflow from investing activities in Q3 2025, primarily for CapEx at facilities like the one in Huzhou.

The talent pool is the final piece here. Microvast Holdings, Inc. employs specialized engineering talent focused on high-performance battery design, which is necessary to maintain the technological edge that underpins their market position. This expertise is what allows them to achieve metrics like the 37.6% gross margin reported in Q3 2025.

Here's a quick look at how some of these resources translated into recent operational and financial results:

Key Metric	Value/Amount	Context/Period
Total Cash, Cash Equivalents & Restricted Cash	$142.6 million	As of September 30, 2025 (Q3 2025 End)
Q3 2025 Revenue	$123.3 million	Record Quarter
Q3 2025 Gross Margin	37.6%	Up 4.4 percentage points year-over-year
Huzhou Phase 3.2 Capacity Addition	Up to +2 GWh/year	Targeted for NMC 53.5 Ah cells
FY 2025 Revenue Guidance	$450 million to $475 million	Maintained

The engineering capability directly supports the product focus, which is detailed in their operational strategy:

• Proprietary NMC technology for rapid charging.
• Flagship HpCO 53.5 Ah cell production focus.
• Targeting OEMs in buses, trucks, and specialty vehicles.
• Achieved an operating profit of $13.0 million in Q3 2025.

The scale of their intellectual property portfolio is best viewed through its global reach and filing activity:

• Total patents and applications: More than 810.
• Many original filings concentrated in China.
• Claims cover various battery manufacturing aspects.

The physical assets, like the Huzhou plant, are being actively funded to meet future demand, with management guiding for a full-year gross margin target of 32-35% for 2025. Finance: draft 13-week cash view by Friday.

Microvast Holdings, Inc. (MVST) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Microvast Holdings, Inc. (MVST) batteries over the competition as of late 2025. It's all about performance metrics that directly translate to less downtime and longer asset life for commercial operators.

Ultra-fast charging capabilities for commercial electric fleets.

For fleet operators, time spent charging is lost revenue. Microvast Holdings, Inc. (MVST) addresses this head-on with technology that significantly cuts down on idle time. We're talking about getting vehicles back on the road faster, which is a huge operational advantage.

• Batteries in the HpTO, MpCO, and HpCO series achieve up to 80% state of charge in just 15-20 minutes under standard power conditions.
• Specifically highlighted at Smart Energy Week 2025, the next-generation solutions can hit 80% state of charge in only 15 minutes.

High-safety, high-performance batteries for extreme-duty use cases.

Durability and safety aren't abstract concepts here; they are quantified by cycle life and specific application validation. The focus is clearly on heavy-duty, high-utilization scenarios where failure is costly.

Here's a quick look at the longevity and protection features:

Battery System/Cell Type	Maximum Cycle Life	Key Application/Validation
ME6 Energy Storage System (ESS)	Up to 10,000 cycles	Long-term, reliable energy storage
High-Performance Batteries (General)	Up to 8,000 full charge-discharge cycles	Heavy-duty, high-performance applications
HnCO 120Ah Cell	Up to 5,000 cycles	High-utilization scenarios
ME6 ESS Protection	IP55 and C4 protection ratings	Stable performance in damp, dusty, and harsh conditions

Plus, the validation from industry partners reinforces this value. Microvast Holdings, Inc. (MVST) secured a partnership with Škoda Group, which validates the technology specifically for extreme-duty use cases and high-safety rail applications.

High-energy density for extended vehicle range or energy storage.

For electric vehicles, higher energy density means more miles between charges. For stationary storage, it means maximizing power output from a smaller footprint. Microvast Holdings, Inc. (MVST) is delivering concrete numbers across its product lines.

Consider these energy density specifications:

• HnSO-70Ah cell: Achieved 295 Wh/kg energy density.
• New HnSO 70Ah battery: Offers 300 Wh/kg.
• HnCO-120Ah cell: Delivered 270 Wh/kg of energy density.
• New HnCO 120Ah battery: Offers 265 Wh/kg.
• ME6 ESS: Features a high energy density design up to 6 megawatt-hours.
• ME6 BESS (LFP cell): Achieved an energy density of 180Wh/kg.

The fourth-generation MV-B (high-energy) packs are designed to deliver approximately 20% more energy within similar dimensions compared to previous generations.

Improving gross margin, reaching 37.6% in Q3 2025.

This financial metric shows the company is successfully executing on its strategy to focus on higher-margin segments and improve operational efficiency. It's a clear sign that the product mix and cost controls are working.

The financial performance in Q3 2025 demonstrates this tangible improvement:

Metric	Q3 2025 Value	Comparison Point
Gross Profit Margin	37.6%	Up from 33.2% in Q3 2024
Gross Profit Margin Change	Up 4.4 percentage points year-over-year	Reflects operational execution and higher margin mix
Q3 2025 Revenue	$123.3 million	Up 21.6% year-over-year
Year-to-Date Gross Margin	36.6%	Up 7.3 percentage points year-over-year

Management affirmed the full-year revenue guidance at $450 million to $475 million, while raising the full-year gross margin target to a range of 32% to 35%.

Microvast Holdings, Inc. (MVST) - Canvas Business Model: Customer Relationships

You're looking at how Microvast Holdings, Inc. (MVST) manages its connections with the customers driving its growth, which is key since they are pushing hard for commercialization of advanced products. Honestly, their strategy leans heavily on deep, long-term partnerships, especially in the commercial vehicle space, which is their primary engine for expansion. They aren't just selling batteries; they are embedding their technology into major vehicle platforms.

Dedicated sales teams for large-scale OEM and utility contracts

Microvast Holdings, Inc. structures its engagement to support large-scale Original Equipment Manufacturer (OEM) and utility contracts through dedicated regional support. This focus is clearly reflected in their geographic revenue mix, showing where their sales efforts are landing. For instance, in the third quarter of 2025, the EMEA business accounted for a significant 64% of quarterly revenue, up from 59% in the prior year period. The company is actively pursuing new strategic partnerships to support its product lines in this high-growth region. Also, the U.S. revenue share increased from 3% to 5% for the quarter when compared to the prior year period, showing direct engagement to secure new domestic wins.

Strategic, long-term relationships with key commercial vehicle manufacturers

The strength of Microvast Holdings, Inc.'s customer relationships is visible in their existing agreements and the backlog they are working to fulfill. They have a legacy relationship, like the Industrial and Commercial Cooperation Agreement entered into with Iveco Group back in 2019, which is still yielding results with successful deployments in platforms like the IVECO eDaily. As of the end of 2024, their battery systems backlog stood at about $276.4 million, with nearly 84% attributable to the U.S. and Europe, which they expected to fulfill within 2024 and 2025. This commitment to existing partners is balanced by a sustained focus on new customer wins to expand their presence in differentiated commercial vehicle markets.

Here's a quick look at the geographic distribution of their customer base, which shows where the current revenue relationship strength lies, based on the latest available data:

Metric	Q3 2025 Revenue Share	9-Month YTD 2025 Revenue (in millions)	Backlog Allocation (End of 2024)
EMEA	64%	Data not explicitly stated for 9-month YTD revenue in this region alone	~41% of $276.4 million backlog
APAC	Not explicitly stated for Q3 2025 share	$136.5 million (up 9% YOY)	Remaining portion of backlog not in US/Europe
U.S.	5%	$17.8 million (YTD)	~43% of $276.4 million backlog

Technical support and training centers, like the one in EMEA

To support these long-term deployments, Microvast Holdings, Inc. maintains a structure of regional after-sales support teams. This isn't just a phone number; they have physical service team locations to back up their technology, which is crucial when dealing with large commercial fleets or utility-scale energy storage systems. They have established service teams for North America, APAC, and EMEA. Specifically for the EMEA Commercial Vehicle Service Team, they list service locations in Ludwigsfelde, Germany, and Swanley, Kent, United Kingdom, supported by email contacts like service.emea@microvast.com. This infrastructure helps them manage customer needs and reinforces their position as a reliable technology provider, which is backed by holding more than 810 patents and patent applications.

Direct engagement to secure new contract wins and expand market share

Management has stated a clear, ongoing objective: a sustained focus on new customer wins to expand their presence as commercial vehicle segments continue to electrify. This direct engagement is necessary to meet the growing demand, which is why they are expanding capacity; the Huzhou Phase 3.2 expansion is targeting first qualified production in the fourth quarter of 2025. The financial results show this is working: year-to-date revenue (for the nine months ending September 30, 2025) reached $331 million, a 24.3% increase year-over-year, and they are maintaining a full-year revenue guidance between $450 million and $475 million. Securing these wins is what drives the top-line growth, which saw Q2 2025 revenue hit a record $91.3 million. They are definitely making inroads domestically, as the U.S. revenue share grew to 5% of quarterly revenue in Q3 2025.

The company's customer relationship strategy is clearly tied to operational execution and capacity expansion to capture market share.

• Maintain focus on new customer wins.
• Huzhou Phase 3.2 capacity coming online in Q4 2025.
• Year-to-date revenue growth of 24.3% (9 months 2025).
• Achieved positive operating cash flow of $44.3 million for the 6-month period ending June 30, 2025.
• Targeting full-year 2025 revenue between $450 million and $475 million.

Microvast Holdings, Inc. (MVST) - Canvas Business Model: Channels

You're looking at how Microvast Holdings, Inc. gets its advanced battery technology into the hands of customers, and it's a globally distributed effort built on direct relationships. The company markets and sells its products through a direct sales force spanning three main geographic regions: Europe, Middle East and Africa (EMEA); North and South America; and Asia & Pacific (APAC). This direct engagement is crucial because sales cycles with electric vehicle and drivetrain manufacturers typically involve an extensive development and qualification period before commercial production starts.

The core of the sales channel is the direct engagement with Original Equipment Manufacturers (OEMs) for electric commercial vehicles and utility-scale energy storage systems integrators. Microvast Holdings, Inc. has systematically cultivated a broad ecosystem of OEM partners to ensure consistent revenue flow and risk diversification. For instance, they supply battery modules to Iveco Group for various European commercial vehicles and bus platforms, and have a general purchase agreement with JBM Group for up to 1,000 electric buses.

The regional sales performance shows a clear concentration in Europe. For the third quarter of 2025, the EMEA business was the dominant revenue driver, accounting for 64% of quarterly revenue. This is an increase from 59% in the prior-year period, showing deepening penetration there. To be fair, the Americas segment is targeted for significant growth, with management aiming for over 50% year-over-year revenue growth in that region for 2025. The US revenue share itself saw a modest uptick to 5% of the total for the quarter, up from 3% year-over-year.

Here's a quick look at the revenue geography based on the latest reported quarter:

Region	Q3 2025 Revenue Share	Q3 2025 Revenue vs. Prior Year
EMEA	64%	Revenue growth was 31% over the nine-month period in this region.
Americas (including US)	Approx. 31% (Implied)	Targeting >50% YoY growth for full year 2025.
US Share Only	5%	Up from 3% in Q3 2024.

The physical channel relies on a global manufacturing and distribution network to support these sales. Microvast Holdings, Inc. maintains manufacturing facilities across key global regions to serve local demand and manage logistics. Specifically, they have production sites in the United States, China (Huzhou), and Germany (Ludwigsfelde). The company is actively expanding capacity, with the Huzhou Phase 3.2 expansion (adding up to 2 GWh/year) targeted to complete installation by year-end 2025, with initial production slated for Q1 2026. This vertical integration, controlling development from core cell chemistry to system assembly, helps them offer custom solutions reliably.

Finally, the investor channel is managed through public disclosures. Microvast Holdings, Inc. trades on the NASDAQ Stock Exchange under the ticker symbol MVST. You can track all official communications, including the Q3 2025 earnings release on November 10, 2025, and subsequent updates, via the Investor Relations section of their website. The company affirmed its full-year 2025 revenue guidance to be between $450-$475 million.

The distribution footprint includes serving customers in all main global bus markets, working with entities like FPT Industrial, SAFRA, Foton, Higer, JBM Group, Ashok Leyland, and others in APAC and Europe. For port equipment, they continue to supply Kalmar based on a long-term agreement scheduled to run until 2026.

You should track the conversion of the US pipeline as a key upside lever, given the current low 5% revenue share from that region.

Finance: draft 13-week cash view by Friday.

Microvast Holdings, Inc. (MVST) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Microvast Holdings, Inc. as of late 2025. The company's revenue, which is primarily from its Batteries / Battery Systems segment, is targeting a full-year range of $450 million to $475 million for 2025. The year-to-date revenue through Q3 2025 reached $331 million.

The primary driver for this revenue is the sustained demand from electric vehicle makers. Here's how the key segments stack up based on reported activities and product focus.

• Electric commercial vehicle manufacturers: Focus on buses, trucks, and general commercial transport.
• Utility-scale energy storage system (ESS) integrators: Targeting grid-scale projects.
• Industrial and specialty vehicle manufacturers: Including construction machinery.
• European rail and public transport operators: Mentioned as a target application area.

For Electric commercial vehicle manufacturers, Microvast Holdings, Inc. offers solutions designed for heavy-duty, high-performance applications, supporting over one million kilometers of driving through a cycle life of up to 8,000 full charge-discharge cycles. The company has highlighted partnerships with automotive OEMs such as General Motors and BMW. Specific product applications include the eVersum eShuttle, a purpose-built electric bus.

The segment for Utility-scale energy storage system (ESS) integrators is supported by the dedicated Energy Division and products like the ME6 BESS. A past contract involved supplying a US customer with a utility-scale system totaling 1.2GWh. The ME-4300-UL ESS Container delivers an industry-leading usable energy density of 4.3MWh per 20-foot container.

The focus on Industrial and specialty vehicle manufacturers is supported by customized battery solutions, such as the MV-B and MV-C battery packs, designed for unique operating conditions in off-highway vehicles. The company has a global presence spanning over 34 countries.

Regarding European rail and public transport operators, while the company has a global presence, specific 2025 financial breakdowns or contract values tied solely to this segment aren't explicitly detailed in the latest reports, though commercial vehicle demand is strong across regions.

Here's a quick look at the known segments and associated metrics:

Customer Segment Focus	Key Product/Application Metric	Reported Financial/Operational Data Point
Electric Commercial Vehicles	Cycle Life up to 8,000 cycles	Revenue growth fueled by this sector.
Utility-Scale ESS Integrators	Energy Storage Capacity of 1.2GWh (past contract)	ESS Container density of 4.3MWh per container.
Industrial & Specialty Vehicles	Energy Density of 180Wh/kg (for some systems)	Global presence in over 34 countries.
European Rail & Public Transport	N/A	Part of the broader commercial/specialty vehicle market focus.

The company's Q1 2025 revenue was $116.5 million, showing a 43.2% increase year-over-year, indicating strong initial demand across its customer base. Finance: draft 13-week cash view by Friday.

Microvast Holdings, Inc. (MVST) - Canvas Business Model: Cost Structure

You're looking at the cost side of Microvast Holdings, Inc.'s operations as of late 2025, and it's clear that scaling production and managing a significant balance sheet are the primary drains on cash.

The first thing that jumps out is the Cost of Goods Sold (COGS). Even with the company reporting a record third quarter in Q3 2025 with revenue hitting $123.3 million, the gross margin, while improving, still means a large chunk of that revenue is consumed by making the batteries. Honestly, the cost to produce the product remains substantial. To be fair, Microvast Holdings, Inc. is showing progress; the gross margin improved to 37.6% in Q3 2025, which is a solid 4.4 percentage point jump from the 33.2% seen in Q3 2024. That efficiency gain is real, but the underlying cost base for materials and manufacturing is still the biggest expense category.

Next up, you have the heavy investment required to build out future capability. The company is pouring capital into capacity expansion, which they refer to in part as Phase 3.2 CapEx. For the third quarter of 2025 alone, capital expenditures totaled $17.4 million. That's money spent on property, plant, and equipment to get ready for bigger order volumes down the line, not on day-to-day operations.

When we look at the day-to-day running costs, the operating expenses are climbing as the company scales its support functions and deals with other pressures. For Q3 2025, operating expenses were reported at $33.5 million. That's up significantly from the $27.5 million recorded in Q3 2024. What this estimate hides is the specific breakdown, but a large part of that increase was driven by non-operational items, including about $5.6 million in litigation expense and an exchange loss of roughly $3.7 million due to the Euro RMB rate.

Here's a quick look at some of those key Q3 2025 cost and balance sheet figures:

Cost/Financial Metric	Amount (Q3 2025 or Latest)
Record Quarterly Revenue	$123.3 million
Gross Margin	37.6%
Operating Expenses	$33.5 million
Capital Expenditures (Q3 2025)	$17.4 million
Total Debt (as of September 2025)	$0.42 Billion USD
Total Liabilities	$655.5 million

Finally, you can't ignore the costs tied to the balance sheet structure itself. Microvast Holdings, Inc. carries substantial debt and liabilities that require servicing. As of September 2025, the total debt stood at $0.42 Billion USD, leading to a debt-to-equity ratio of 114.8%, which is definitely high. The total liabilities were $655.5 million, with trailing twelve months (TTM) total current liabilities reported around $398.241 million. On the plus side, the company's EBIT interest coverage ratio sits at 9.5x, meaning earnings before interest and taxes cover the annual interest expense nearly ten times over, which helps manage the immediate burden of those debt costs.

You should keep an eye on how these costs translate into cash flow. The structure of these costs points to a few key areas for financial review:

• COGS pressure despite margin gains.
• Sustained high CapEx for future growth.
• Operating expense creep, especially non-recurring items.
• The ongoing management of the $0.42 Billion USD debt load.

Finance: draft 13-week cash view by Friday.

Microvast Holdings, Inc. (MVST) - Canvas Business Model: Revenue Streams

You're looking at how Microvast Holdings, Inc. actually brings in the money, and right now, it's all about the batteries they build. Honestly, the core of their operation is the Sales of Battery/Battery Systems, which is their primary revenue source. This focus on advanced battery technologies for electric vehicles and energy storage solutions is what drives everything else.

The company's outlook for the full fiscal year 2025 remains firm, affirming the initial annual revenue guidance in the range of $450 million to $475 million. This projection implies a year-over-year growth rate between 18% and 25% for 2025. To give you a sense of the momentum leading into the final quarter, Microvast Holdings, Inc. posted a record third quarter in 2025. That quarter saw revenue hit $123.3 million, marking a significant year-over-year increase of 21.6%. For the first nine months of 2025, total revenue reached $331 million, which is a 24.3% increase compared to the same period last year.

It's also worth noting the quality of that revenue is improving. Management raised the full-year gross margin target from the initial 32% up to a new range of 32% to 35%, even though the gross margin through the first nine months was 36.6%. This suggests they anticipate a slight step back in margin for the final quarter or are setting a conservative floor for the full year.

Here's a quick look at the most recent top-line performance data you should track:

Metric	Value (USD)	Period/Context
Record Quarterly Revenue	$123.3 million	Q3 2025
Year-to-Date Revenue	$331 million	Nine Months Ended September 30, 2025
Full-Year 2025 Revenue Guidance	$450 million to $475 million	Full Year 2025
Q3 2025 Revenue YoY Growth	21.6%	Q3 2025 vs. Q3 2024

When you look at where that revenue is coming from geographically, the EMEA region (Europe, the Middle East, and Africa) is a defintely strong driver of growth. This international focus is clearly paying off. For instance, in Q1 2025, EMEA revenue was $60.1 million, which accounted for 52% of the total mix and saw a massive year-over-year growth of +108%. Even looking back at the full-year 2024 results, EMEA revenue growth was an astonishing 123%. More recently, in Q3 2025, the EMEA business was reported to be maintaining its momentum, contributing 64% of that quarter's revenue.

The revenue generation profile is shaped by these key geographic and product factors:

• Primary revenue source is Batteries / Battery Systems.
• EMEA region accounted for 64% of Q3 2025 revenue.
• Q1 2025 EMEA revenue was $60.1 million, up 108% year-over-year.
• The company affirmed its 2025 revenue target of $450 million to $475 million.
• Year-to-date revenue through Q3 2025 reached $331 million.

The partnership with SKODA Group, a European rail and transport manufacturer, is a newer development that validates the technology for extreme-duty use cases, suggesting a future revenue runway outside of the core commercial vehicle segment, though significant revenue from that specific partnership isn't expected until after 2026.