← Microvast Holdings, Inc.
| Annual Trend | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| Net loss | $3.4m | ($33.6m) | ($206.5m) | ($158.2m) | ($106.4m) | ($195.5m) | ($29.2m) | — | |
| Depreciation of property, plant and equipment | $14.7m | $16.1m | $20.0m | $19.8m | $22.1m | $30.1m | $32.4m | $33.2m | |
| Amortization of land use rights and intangible assets | $711k | $695k | $738k | $554k | $787k | $775k | $773k | — | |
| Deferred tax benefit | $27k | ($6k) | — | — | $0 | $0 | ($5.4m) | — | |
| Share-based compensation | — | $0 | $82.9m | $90.8m | $65.0m | $30.8m | $3.1m | $3.4m | |
| Impairment loss of long-lived assets | — | — | — | $1.8m | $504k | $93.2m | $4.1m | — | |
| Accounts receivable | $46.9m | ($3.6m) | ($11.8m) | ($38.9m) | ($21.8m) | $8.8m | ($27.3m) | ($5.0m) | |
| Write-down for obsolete inventories | $4.2m | $1.3m | $18.3m | $4.8m | $3.6m | $3.3m | $33.7m | — | |
| Inventories | $10.4m | $13.6m | ($25.9m) | ($43.7m) | ($74.4m) | ($546k) | $27.1m | $4.3m | |
| Accounts payable | ($12.9m) | $3.8m | ($2.5m) | $7.1m | $68.6m | ($44.5m) | ($20.2m) | ($12.9m) | |
| Accrued expenses and other liabilities | ($1.5m) | $2.3m | ($5.9m) | ($24.7m) | $6.6m | ($16.5m) | $20.6m | — | |
| Prepaid expenses and other current assets | ($186k) | $164k | ($11.0m) | $3.6m | ($14.3m) | $3.3m | $8.9m | — | |
| Net cash generated in operating activities | ($1.6m) |
($706k)
+56.80%
|
($45.0m)
-6279.52%
|
($53.9m)
-19.74%
|
($75.3m)
-39.64%
|
$2.8m
+103.74%
|
$75.9m
+2597.51%
|
$45.9m
-39.48%
|
|
| Loss on disposal of property, plant and equipment | ($458k) | $207k | $13k | ($14k) | $1.9m | $844k | $414k | — | |
| Purchases of property, plant and equipment | ($20.3m) | ($18.6m) | ($87.9m) | ($150.9m) | ($186.8m) | ($27.7m) | ($19.8m) | — | |
| Proceeds on disposal of property, plant and equipment | $24k | $13k | $0 | $5k | $1.6m | $10.0m | $3.8m | — | |
| Deferred payment related to purchases of property, plant and equipment | $23.5m | $15.1m | $18.5m | $0 | $0 | ($22.2m) | ($18.9m) | — | |
| Payable for purchase of property, plant and equipment | $23.5m | $15.1m | $18.5m | $29.2m | $96.3m | $46.0m | $30.2m | — | |
| Notes receivable in exchange for property, plant and equipment | $24k | $13k | $2.4m | $5k | $3.2m | $9.3m | $29.6m | — | |
| Purchase of short-term investments | ($20.4m) | ($4.6m) | $0 | ($25.1m) | ($6.0m) | $0 | $0 | — | |
| Proceeds from maturity of short-term investments | $36.6m | $5.6m | $0 | $0 | $25.5m | $5.6m | $0 | — | |
| Net cash used in investing activities | ($275.1m) | $512k | ($87.9m) | ($175.9m) | ($165.6m) | ($12.2m) | ($16.0m) | ($16.5m) | |
| Gain on debt restructuring | — | — | — | $0 | $0 | ($9.4m) | ($1.3m) | — | |
| Proceeds from bank borrowings | — | $17.3m | $38.9m | $58.7m | $47.9m | $101.5m | $85.7m | — | |
| Repayment of bank borrowings | ($71.7m) | ($17.8m) | ($37.6m) | ($24.5m) | ($14.1m) | ($66.2m) | ($96.1m) | — | |
| Payment for debt issuance costs | — | — | — | $0 | $0 | ($525k) | $0 | — | |
| Proceeds from sale of common stocks | — | — | — | — | $0 | $0 | $28.8m | — | |
| Net cash (used in)/ provided by financing activities | $276.8m |
$189k
-99.93%
|
$624.9m
+329697.09%
|
$5.0m
-99.21%
|
$33.0m
+565.21%
|
$37.6m
+13.76%
|
($2.7m)
-107.14%
|
— | |
| Increase/ (decrease) in cash, cash equivalents and restricted cash | ($43.8m) | ($588k) | $494.9m | ($233.5m) | ($214.4m) | $21.4m | $59.6m | — | |
| Cash, cash equivalents and restricted cash at beginning of the year | $41.8m | $41.2m | $536.1m | $302.6m | $88.2m | $109.6m | $169.2m | — | |
| Restricted cash | $13.8m | $19.7m | $55.2m | $71.2m | $43.6m | $36.6m | $64.3m | — | |
| Effect of exchange rate changes | ($994k) | $2.0m | $2.9m | ($8.6m) | ($6.6m) | ($6.8m) | $2.5m | $4.4m | |
| Additional Supplementary Disclosures | |||||||||
| Additional Supplementary Disclosures | |||||||||
| Interest expense | — | — | — | $0 | $0 | $2.2m | $0 | — | |
| Noncash lease expenses | — | $0 | $0 | $2.2m | $2.8m | $2.7m | $2.6m | — | |
| Changes in fair value of warrant liability and convertible loan | — | — | — | $979k | $59k | ($80.0m) | $39.1m | — | |
| Allowance of credit losses | — | — | $721k | $1.6m | $236k | $3.7m | $8.0m | — | |
| Product warranty | $3.5m | $3.5m | $52.9m | $14.1m | $12.7m | $12.8m | $17.2m | — | |
| Notes receivable | $31.8m | $13.9m | $10.0m | $3.2m | ($25.3m) | $6.5m | ($27.3m) | — | |
| Amounts due from/to related parties | ($1.2m) | $1.9m | ($84k) | $85k | $0 | $5k | ($3k) | — | |
| Operating lease right-of-use assets | — | $0 | $0 | ($19.4m) | ($5.4m) | ($1.8m) | ($475k) | — | |
| Other non-current assets | $280k | ($139k) | ($2.1m) | ($282k) | ($547k) | ($973k) | $629k | — | |
| Notes payable | ($25.9m) | ($1.6m) | $24.2m | $13.5m | ($3.5m) | ($9.9m) | $24.0m | — | |
| Advance from customers | $2.3m | ($1.4m) | ($971k) | $53.0m | ($10.9m) | $836k | ($38.3m) | — | |
| Operating lease liabilities | — | $0 | $0 | $15.0m | $2.3m | ($1.6m) | ($1.8m) | — | |
| Other non-current liabilities | — | $0 | $2.2m | $946k | $316k | $3.7m | $4.6m | — | |
| Repayment of bonds payable | — | $0 | $0 | ($29.3m) | ($692k) | $0 | ($1.4m) | — | |
| Convertible loan | $87k | $25k | $8.4m | $0 | $0 | $25.0m | $0 | — | |
| Payment for equity issuance costs | — | — | — | — | $0 | $0 | ($809k) | — | |
| Cash and cash equivalents | $140k | $136k | $480.9m | $231.4m | $44.5m | $73.0m | $105.0m | $123.0m | |
| Interest paid | $2.5m | $2.0m | $2.7m | $5.1m | $4.4m | $7.4m | $6.0m | $6.0m | |
| Income tax paid | $938k | $0 | $0 | $0 | $0 | $0 | $1.8m | $1.8m |