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Microvast Holdings, Inc. MVST PRC — Operating loss carried forward

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Other financials

Income statement

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Revenue$60.6M-48.0%
Gross profit$19.2M-55.5%
Operating income-$7.9M-152%
Net income$48.2M-22.0%
EPS (diluted)-$0.04-180%

Balance sheet

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Cash & equivalents$126.1M+2.5%
Total debt$93.3M-65.4%
Total equity$466.1M+2.6%
Total assets$987.5M+0.5%

Cash flow

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Operating cash flow-$22.8M-418%
CapEx$2.9M+21.7%
Free cash flow-$25.7M-632%

Valuation

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Market cap$291.45M-70.4%
Enterprise value$258.58M-79.3%
P/E118.8×
P/S0.8×-1.5×

Profitability

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Gross margin26.4%-8.6pp
Operating margin9.7%+5.4pp
Net margin-28.8%-5.3pp
FCF margin6.9%

Returns & leverage

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Return on equity-30.3%+5.7pp
Debt / equity0.2×-0.4×
Current ratio-0.4×

Where this comes from

Reported directly by Microvast Holdings, Inc. in its filing.

Tagged under the XBRL concept us-gaap:OperatingLossCarryforwards.

The source filing: Microvast Holdings, Inc.’s 10-K, filed March 16, 2026.

Filed
Mar 16, 2026, 5:21 PM EDT
Fiscal year
FY2025
Accession
0001628280-26-018264

As of December 31, 2025, the Company had $320,438 operating loss carried forward. The operating loss carried forward for the Company’s PRC subsidiaries amounted to $193,775, which will expire on various dates from 2026 to 2035. The Company also had U.S. federal net operating loss carryforwards of $38,745, which may be carried forward indefinitely. In addition, the Company had U.S. state net operating loss carryforwards of $55,755, of which $20,440 may be carried forward indefinitely. The remaining state net operating loss carryforwards will begin to expire in 2026, with the majority expiring between 2033 and 2044, if not utilized. The Company also had German net operating loss carryforwards of $30,681 and U.K. net operating loss carryforwards of $1,482, each of which may be carried forward indefinitely under applicable tax law.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FAQ

What is Microvast Holdings, Inc.'s PRC — operating loss carried forward?
Microvast Holdings, Inc. (MVST) reported PRC — operating loss carried forward of $193.78M in Q4 2025.
What does PRC — operating loss carried forward mean?
The cumulative amount of operating losses incurred in the PRC that can be applied against future taxable income to reduce future tax liabilities. This represents a potential tax asset that can improve future cash flows as the segment reaches profitability.

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