Microvast Holdings (MVST) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Microvast published the results on November 9, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Microvast reports EPS two ways: GAAP, under the accounting rules every US filer follows, and non-GAAP adjusted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Microvast's management concluded that substantial doubt about its ability to continue as a going concern has not been alleviated. It expects its available cash to be insufficient to meet its obligations over the next twelve months without new financing, refinancing or further cost cuts.
• Q3 2026 results include a $9.3 million inventory write-down and $35.7 million of impairment charges on long-lived assets.
• Microvast's results release gives no revenue or earnings outlook.

Source: Microvast Q3 2026 results, November 9, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Microvast splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Microvast's Asia & Pacific revenue was $13.5 million in Q3 2026, down 65% from $38.8 million in Q3 2025, 29% of total revenue.
• Microvast's Europe revenue was $27.8 million in Q3 2026, down 64% from $77.9 million in Q3 2025, 61% of total revenue.
• Microvast's United States revenue was $4.5 million in Q3 2026, down 31% from $6.6 million in Q3 2025, 10% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Revenues and diluted net income (loss) per share, each as first reported in that quarter's release. Microvast's Q1 2026 release reported basic EPS as a profit of $0.15 and diluted EPS as a loss of $0.04; this table uses the diluted figure.

We do not hold a confirmed date for Microvast's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 9, 2026

Microvast designs and manufactures battery components and systems, primarily for electric commercial vehicles and energy storage systems. Its Q3 2026 revenue fell 62.8% to $45.8 million from $123.3 million, and the company says the main cause was a 62.2% drop in sales volume, from about 501.7 MWh to about 189.6 MWh. (Microvast Form 10-Q, Q3 2026, Nov 9, 2026; Microvast Q3 2026 release, Nov 9, 2026)

Microvast blames softer demand for heavy-duty trucks, port equipment and heavy mining equipment, which cut orders from several long-standing customers in Europe and Asia Pacific, along with regulatory and geopolitical shifts in India and Korea and a move toward lower-cost products in India. U.S. sales fell because its largest customer had brought product forward into 2025 over tariff uncertainty. (Microvast Q3 2026 release, Nov 9, 2026)

Europe is Microvast's biggest market: $27.8 million, or 60% of Q3 2026 revenue, led by Italy at $17.6 million and France at $9.8 million. Asia & Pacific was $13.5 million, 30%, almost all of it China at $12.2 million, and the United States was $4.5 million, 10%. Other European countries fell to $0.5 million from $15.5 million. (Microvast Form 10-Q, Q3 2026, Nov 9, 2026)

Revenue is concentrated in a small number of customers, and Microvast says there is significant uncertainty about future orders from its largest customer after 2026. One of its significant European customers was recently acquired by a third party, and its order backlog at September 30, 2026 was mainly long-term transit and logistics partners in Europe. (Microvast Form 10-Q, Q3 2026, Nov 9, 2026; Microvast Q3 2026 release, Nov 9, 2026)

Microvast lost $76.8 million in Q3 2026, or $0.20 per share, against $1.5 million, or $0.00 per share, a year earlier. Two non-cash charges drove most of it: $35.7 million of impairments on production line and construction assets ($15.0 million in China, $4.4 million in Germany and $16.3 million in the U.S.) and a $9.3 million write-down of obsolete inventory, mostly specialized energy storage components. (Microvast Q3 2026 release, Nov 9, 2026)

Gross margin fell to 5.2% from 37.6%. The inventory write-down took 20.4 percentage points off it, and lower volume, pricing pressure in lithium batteries and weaker absorption of fixed costs accounted for the rest. Operating expenses rose to $69.0 million from $31.6 million, and income tax expense was $5.4 million after Microvast recorded a full valuation allowance against its deferred tax assets. (Microvast Q3 2026 release, Nov 9, 2026; Microvast Form 10-Q, Q3 2026, Nov 9, 2026)

The non-GAAP adjusted net loss was $76.0 million, also $0.20 per share, against an adjusted profit of $11.9 million, or $0.04, a year earlier. Weighted-average shares rose to 384,537 thousand from 323,756 thousand, mainly because 50,000 thousand shares were issued on conversion of a convertible loan, which settled on May 28, 2026. (Microvast Q3 2026 release, Nov 9, 2026; Microvast Form 10-Q, Q3 2026, Nov 9, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Microvast's 2026 Outlook section gives no revenue or earnings figures. It describes cost cuts across the business, reduced or deferred capital spending and targeted workforce reductions while the company negotiates with lenders to refinance, extend or restructure near-term debt. The Phase 3.2 equipment at Huzhou, China is installed but will run below designed capacity unless volumes increase, and full-scale construction at Clarksville depends on new financing or partners. (Microvast Q3 2026 release, Nov 9, 2026)

The near-term obligations Microvast lists include $41.7 million of convertible bonds due on or before January 31, 2027 and $84.0 million of short-term bank loans at its Chinese subsidiaries due within twelve months. Usable cash across all entities was about $71.3 million at October 31, 2026, and Microvast says it cannot currently move cash out of China and Europe to fund U.S. operations. (Microvast Q3 2026 release, Nov 9, 2026)

A consensus figure is the average of the models published by the analysts who cover Microvast, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Microvast's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning MVST is on is MVST a buy or a sell?, what analysts expect next is on the MVST forecast, and what the company does is on the Microvast Holdings (MVST) stock page.

Every number on this page can be traced to a document Microvast published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.