← Microvast Holdings, Inc.
| Annual Trend | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash and cash equivalents | $18k | $140k | $136k | $480.9m | $231.4m | $44.5m | $73.0m | $105.0m | |
| Accounts receivable (net of allowance for credit losses of $4,693 and $5,090 as of December 31, 2025 and 2024, respectively) | — | — | $76.3m | $88.7m | $119.3m | $138.7m | $120.6m | $155.8m | |
| Notes receivable | — | — | $20.8m | $11.1m | $2.2m | $23.7m | $7.6m | $5.6m | |
| Inventories, net | — | — | $45.0m | $53.4m | $84.3m | $149.7m | $143.3m | $89.4m | |
| Prepaid expenses and other current assets | $25 | $186k | $22k | $17.1m | $12.1m | $25.8m | $27.0m | $17.2m | |
| Total Current Assets | $18k | $396k | $158k | $706.6m | $545.1m | $425.6m | $428.0m | $448.7m | |
| Property, plant and equipment, net | — | — | $198.0m | $253.1m | $335.1m | $620.7m | $478.2m | $508.1m | |
| Acquired intangible assets, net | — | — | $2.3m | $1.9m | $1.6m | $3.1m | $2.6m | $2.2m | |
| Operating lease right-of-use assets | — | — | $14.0m | $14.0m | $16.4m | $19.5m | $17.6m | $17.3m | |
| Restricted cash | — | — | $19.7m | $55.2m | $70.7m | $37.5m | $36.6m | $0 | |
| Assets held for sale | — | — | — | — | — | $0 | $19.9m | $11.5m | |
| Land use rights, net | — | — | — | $14.0m | $12.6m | $12.0m | $11.4m | $11.6m | |
| Deferred tax assets | — | — | — | — | — | — | $0 | $5.4m | |
| Other non-current assets | — | — | $890k | $19.7m | $73.6m | $9.7m | $14.0m | $12.2m | |
| Notes payable | — | — | $35.8m | $61.0m | $68.4m | $63.4m | $51.8m | $78.3m | |
| Accrued expenses and other current liabilities | — | — | $60.6m | $58.7m | $66.7m | $148.3m | $98.5m | $123.3m | |
| Advance from customers | — | — | $2.4m | $1.5m | $54.2m | $43.1m | $43.7m | $5.6m | |
| Amounts due to related parties | — | — | — | — | — | $0 | $5k | $2k | |
| Convertible loan measured at fair value | — | — | — | — | — | — | $104.6m | $0 | |
| Short-term bank borrowings | — | — | $12.2m | $13.3m | $17.4m | $35.4m | $70.7m | $93.1m | |
| Income tax payables | — | — | $664k | $666k | $658k | $655k | $652k | $99k | |
| Warrant liability | — | — | — | $1.1m | $126k | $67k | $290k | $0 | |
| Long-term bank borrowings | — | — | — | $0 | $29.0m | $43.8m | $41.1m | $13.2m | |
| Long-term bonds payable | — | — | $73.1m | $73.1m | $43.9m | $43.2m | $43.2m | $41.7m | |
| Share-based compensation liability | — | — | — | $18.9m | $131k | $199k | $98k | $98k | |
| Operating lease liabilities | — | — | — | $0 | $14.3m | $17.1m | $14.6m | $14.5m | |
| Other non-current liabilities | — | — | $110.6m | $39.8m | $32.1m | $24.9m | $30.0m | $37.1m | |
| Statutory reserves | — | — | $6.0m | $6.0m | $6.0m | $6.0m | $6.0m | $6.0m | |
| Total Equity | — | — | ($384.6m) | $686.7m | $613.0m | $564.2m | $387.9m | $410.5m | |
| Total Assets | $101k | $280.5m | $282.4m | $995.3m | $985.0m | $1.1b | $951.9m | $1.0b | |
| Accounts payable | $450 | $269k | $42.0m | $40.4m | $45.0m | $112.6m | $64.9m | $47.0m | |
| Total Current Liabilities | $76k | $269k | $646k | $175.6m | $252.4m | $403.4m | $330.2m | $488.3m | |
| Total Liabilities | $76k | $296k | $867k | $308.6m | $372.0m | $532.5m | $564.0m | $594.9m | |
| Common Stock ($0.0001 par value, 750,000,000 shares authorized; 333,473,938 and 324,831,634 shares issued, and 331,786,438 and 323,144,134 shares outstanding as of December 31, 2025 and 2024) | 720 | 836 | 840 | 30k | 31k | 32k | 33k | 34k | |
| Preferred stock ($0.0001 par value, 50,000,000 shares authorized; none issued and outstanding as of December 31, 2025 and 2024) | — | — | — | — | — | — | 0 | 0 | |
| Additional paid-in capital | $25k | $1.6m | $257k | $1.3b | $1.4b | $1.5b | $1.5b | $1.5b | |
| Accumulated deficit | ($792) | $3.4m | $4.7m | ($632.1m) | ($791.2m) | ($897.5m) | ($1.1b) | ($1.1b) | |
| Accumulated other comprehensive loss | — | — | $7.4m | $6.7m | ($18.1m) | ($25.6m) | ($38.2m) | ($17.2m) | |
| Total Liabilities and Equity | $101k | $280.5m | $282.4m | $995.3m | $985.0m | $1.1b | $951.9m | $1.0b |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.