Microvast Holdings, Inc.
For the period ended Sep 30, 2025. Filed Nov 10, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 10, 2025
MVST$0.22-64.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Unaudited Condensed Consolidated Statements of Cash Flows
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities | ||
| Net loss | $(45,757) | $(113,134) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Loss on disposal of property, plant and equipment | 412 | 810 |
| Gain on debt restructuring | (792) | (8,157) |
| Interest expense | — | 2,248 |
| Depreciation of property, plant and equipment | 24,169 | 22,442 |
| Amortization of land use right and intangible assets | 578 | 581 |
| Noncash lease expenses | 1,962 | 2,004 |
| Share-based compensation | 2,277 | 30,289 |
| Changes in fair value of warrant liability and convertible loan | 91,002 | (1,240) |
| Allowance of credit losses | 1,844 | (237) |
| Write-down for obsolete inventories | 4,724 | 3,032 |
| Impairment loss from long-lived asset | 1,400 | 88,039 |
| Product warranty | 13,376 | 10,353 |
| Changes in operating assets and liabilities: | ||
| Notes receivable | (18,270) | 9,162 |
| Accounts receivable | (22,960) | 18,157 |
| Inventories | 17,382 | (4,144) |
| Prepaid expenses and other current assets | 7,568 | 2,340 |
| Amounts due to related parties | (5) | — |
| Operating lease right-of-use assets | (621) | (1,821) |
| Other non-current assets | 1,070 | 9,037 |
| Notes payable | 4,225 | (7,490) |
| Accounts payable | (6,813) | (46,882) |
| Advance from customers | (38,176) | (197) |
| Accrued expenses and other liabilities | 20,289 | (25,289) |
| Operating lease liabilities | (1,181) | (869) |
| Other non-current liabilities | 1,783 | 7,679 |
| Net cash generated from/(used in) operating activities | 59,486 | (3,287) |
| Cash flows from investing activities | ||
| Purchases of property, plant and equipment | (19,191) | (27,366) |
| Proceeds on disposal of property, plant and equipment | 3,736 | 9,830 |
| Proceeds from maturity of short-term investments | — | 5,564 |
| Net cash used in investing activities | (15,455) | (11,972) |
| Cash flows from financing activities | ||
| Proceeds from borrowings | 70,050 | 70,373 |
| Repayment of bank borrowings | (65,965) | (31,824) |
| Convertible loan | — | 25,000 |
| Repayment of bonds payable | (1,375) | — |
| Payment for debt issue costs | — | (525) |
| Deferred payment related to purchases of property, plant and equipment | (12,254) | (16,389) |
| Net cash (used in)/ generated from financing activities | (9,544) | 46,635 |
| Effect of exchange rate changes | (1,461) | (4,598) |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - continued
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Increase in cash, cash equivalents and restricted cash | 33,026 | 26,778 |
| Cash, cash equivalents and restricted cash at beginning of the period | 109,601 | 88,189 |
| Cash, cash equivalents and restricted cash at end of the period | $142,627 | $114,967 |
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Reconciliation to amounts on unaudited condensed consolidated balance sheets | ||
| Cash and cash equivalents | $90,748 | $63,585 |
| Restricted cash | 51,879 | 51,382 |
| Total cash, cash equivalents and restricted cash | $142,627 | $114,967 |
| Non-cash investing and financing activities | ||
|---|---|---|
| Payable for purchase of property, plant and equipment | $43,249 | $59,408 |
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