Microvast Holdings, Inc. · NASDAQ:MVST
Microvast — Q3 2025 Earnings Presentation
18 slides from Microvast's earnings presentation, 2025
Slide 1: Q3 2025
oe Le J microvast@ Q3 2025
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements Non-GAAP Financial Measures This communication contains “forward-looking statements” within the meaning of the Private Securities This presentation contains adjusted EBITDA and adjusted net profit/loss, which are non-GAAP financial Litigation Reform Act of 1995.
Slide 3: Microvast Snapshot
Microvast Snapshot 19 Years of Innovation in Electrification On the Horizon… § 810+ Patents Granted or Pending Polyaramid Solid-Electrolyte Membrane Integrating our proprietary aramid separator to unlock next-generation performance for premium EVs by delivering extreme thermal safety and § Founded i
Slide 4: Q3 Overview
Q3 Overview Realizing Results Record Q3 Revenue Q3 Gross Margin Backlog Q3 Adj. EBITDA $123.3M 37.6% $238M $21.9M +21.6% Y/Y +4.4pp Y/Y Market Capture Strategic Execution Q3 Revenue Q3 Gross Profit & Gross Margin $50 $46 100% $123.3 MILLIONS USD MILLIONS USD $101.4 $40 $34 80% $80.1 37.6% $30 60% $1
Slide 5: Business Strategy
Business Strategy Innovate: Capture: Expand: Future Focus Significant Market Share Supporting Growth § Remain focused on product innovation. § Invest in commercialization of high demand § Add production capacity to meet growing and key future technologies. customer demand. § Win entry into new marke
Slide 6: Phase 3.2 Update
Phase 3.2 Update Capacity Expansion Expanding our Huzhou facility with Phase 3.2 will allow us to deliver more products to more customers: ü Clean rooms completed. ü Utility equipment installation completed. q Production equipment currently being installed and commissioned, expected completion by ye
Slide 7: All-Solid-State Battery Updates
All-Solid-State Battery Updates Cycling Multi-Layer Prototypes 5-Layer Cell: Stable Cycling with High Efficiency Cycling tests at 1C demonstrated a high coulombic efficiency, suggesting robust interfacial integrity and minimal energy loss during charge transfer, which is crucial for battery longevit
Slide 8: Microvast Advantage
Microvast Advantage Proprietary Differentiator Microvast: Polyaramid Solid- Competitive Separators Feature Microvast Advantage Electrolyte Membrane (Ceramic/Sulfide) Non-melting backbone Non-melting polyaramid matrix; Traditional brittle ceramic or supports high-temp Membrane Type dense film with in
Slide 9: Business Development
Business Development Chugging Onto the Tracks Microvast / Škoda Group Partnership Highlights § Established a partnership with Škoda Group, a leading European rail and public transport manufacturer. § Partnership validates Microvast's technology for use in extreme-duty, high-safety rail applications.
Slide 10: Q3 2025 Financials
oe Le J microvast@ Q3 2025 FINANCIALS
Slide 11: Q3 2025 P&L
Q3 2025 P&L ($ in thousands) Three-Months Ended Sept. 30 Nine-Months Ended Sept. 30 Revenue vs. Prior Year Periods GAAP Income Statement 2025 2024 2025 2024 § Revenue rose 21.6% year-over-year (“Y/Y”). Growth of 24.3% for the nine-month period, Revenue 123,287 101,388 331,117 266,414 driven by a ~36
Slide 12: Q3 2025 Revenue by Region
Q3 2025 Revenue by Region ($ in thousands) Three-Months Ended Sept. 30 Nine-Months Ended Sept. 30 2025 APAC, 31% 2024 2025 2024 APAC, USA, 5% USA, 3% APAC, 38% USA, 5% APAC, USA, 2% 47% 42% EMEA, EMEA, 64% 59% EMEA, EMEA, 53% 51% Revenue by Three-Months Ended Sept. 30 Revenue by Nine-Months Ended Se
Slide 13: Cash Flow Statement
Cash Flow Statement ($ in thousands) Nine-Months Operating Cash Flow Condensed & Consolidated Cashflow Ended Sept. 30 2025 § Net loss for the nine-month period was primarily offset by a GAAP net profit/(loss) (45,757) $17.4 million decrease in inventory, non-cash adjustments of $24.7 million in D&A
Slide 14: Outlook
oe Le J microvast@ OUTLOOK
Slide 15: 2025 Outlook
2025 Outlook 18-25% $450-475M 32% - 35% Target Revenue Growth Revenue Guidance Updated Target Gross Margin Range APAC EMEA Americas Targeting Phase 3.2 installation by Developing new markets. Anticipate >50% Y/Y revenue Q4, followed by initial production. growth for 2025. Expect strong growth in 202
Slide 16: Appendix
oe Le J microvast@ APPENDIX
Slide 17: Non-GAAP Reconciliations
Non-GAAP Reconciliations ($ in thousands) Three-Months Ended Sept. 30 Nine-Months Ended Sept. 30 2025 2024 2025 2024 Revenues 123,287 101,388 331,117 266,414 Cost of revenues (76,875) (67,776) (209,966) (188,382) Gross profit (GAAP) 46,412 33,612 121,151 78,032 Gross margin 37.6% 33.2% 36.6% 29.3% N
Slide 18: Non-GAAP Reconciliations
Non-GAAP Reconciliations ($ in thousands) Three-Months Ended Sept. 30 Nine-Months Ended Sept. 30 2025 2024 2025 2024 Net profit/loss (GAAP) (1,489) 13,247 (45,757) (113,134) Changes in fair value of warrant and convertible loan* 12,641 (2,766) 91,002 (1,240) Non-cash settled share-based compensation