Microvast Holdings (MVST) has posted its latest FY 2025 numbers with Q3 revenue at US$123.3 million, basic EPS at a loss of US$0.00 per share, and net income at a loss of US$1.5 million, while the trailing twelve months show revenue of US$444.5 million and a loss per share of US$0.40. The company has seen quarterly revenue range from US$83.7 million to US$123.3 million over the last six reported periods. Over the same period, basic EPS has swung between a profit of US$0.19 and losses of up to US$0.33 per share, keeping margins in clear focus for investors assessing the path from current losses toward the company’s stated profitability targets.

See our full analysis for Microvast Holdings.

With the latest figures on the table, the next step is to see how this earnings profile lines up with the widely followed narratives about Microvast Holdings, and where the numbers start to challenge those stories.

Q3 revenue nears US$123 million while TTM losses stay above US$128 million

• Q3 2025 revenue came in at US$123.3 million, and over the last twelve months the company generated US$444.5 million of revenue while recording a net loss of US$128.1 million and a loss per share of US$0.40.
• Consensus narrative expects revenue to grow 19.8% per year with margins moving from a loss of around 26% to a 10.9% profit margin within three years. However, the latest trailing twelve month loss of US$128.1 million and recent swings in quarterly net income between a profit of US$61.8 million and losses above US$100 million mean investors are comparing those growth ambitions against a business that is still loss making today.
  • Analysts see a path to US$78.9 million of earnings by around 2028, but the recent twelve month record still shows no positive net margin, so the gap between current results and the narrative is wide.
  • The consensus view assumes Microvast can support a 29.7x P/E multiple at that stage, while the current share price of US$1.52 is being weighed against a company that remains in loss territory on a trailing basis.

EPS swings from US$0.19 profit to US$0.33 loss within six quarters

• Across the last six reported quarters, basic EPS ranged from a profit of US$0.19 per share in Q1 2025 to losses of roughly US$0.33 per share in Q2 2024 and Q2 2025, with Q3 2025 close to breakeven at a US$0.00 loss per share.
• Bulls argue that forecast earnings growth of 156.28% per year and a move to US$56.0 million of earnings by around 2028 point to a clear profit story. Yet the earnings path so far has included repeated quarters where losses greater than US$100 million appeared right after profitable periods, which keeps execution risk in focus even for an optimistic view.
  • Supporters of the bullish case often point to expected margin improvement from a loss of 26.2% today to a 6.3% margin, but the trailing twelve month figures still show the company in a meaningful loss, so the margin shift has not yet shown up in the reported net income pattern.
  • The bullish narrative also leans on revenue growth assumptions of 28.7% per year, while the historical quarterly revenue range between US$83.7 million and US$123.3 million shows growth but not yet the kind of smooth acceleration that would fully back those higher assumptions.

Some investors see these wide EPS swings as the early stages of a genuine profit turn, while others worry they signal a business that is still very sensitive to one off items and timing effects. To see how bullish investors connect these numbers to their long term view, check out 🐂 Microvast Holdings Bull Case

P/S of 1.7x sits between industry and peer averages

• Microvast currently trades on a P/S of 1.7x, which is described as cheaper than the wider US Machinery industry average of 2.1x but more expensive than a narrower peer group at 0.8x. This sits alongside forecasts for 13.4% annual revenue growth and 156.28% annual earnings growth while the business remains loss making on a trailing basis.
• Bears highlight that the company is still unprofitable with trailing twelve month losses of US$128.1 million, and argue that paying a higher P/S than peers could be hard to justify if earnings or margins do not progress as forecast, especially given the reliance on subsidies, exposure to supply chain risks, and the possibility of battery technology from larger competitors squeezing both pricing and market share.
  • The cautious view points to the company’s need for ongoing investment in capacity and R&D, together with current losses, as factors that could pressure future funding costs and limit the upside implied by revenue forecasts.
  • At the same time, the comparison with the broader industry at a 2.1x P/S shows the market is not assigning a top tier valuation either, which lines up with analysts flagging a mixed valuation picture rather than a clear discount or premium.

If you are weighing whether these valuation gaps justify the risk of a loss making business, it helps to also see the detailed arguments from the more cautious side of the market in one place 🐻 Microvast Holdings Bear Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Microvast Holdings on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

If the mix of optimism and caution here feels finely balanced, treat that as your cue to look at the underlying numbers yourself and move fast to form your own take. To see what is driving the more optimistic arguments around the company, start with the 2 key rewards

Explore Alternatives

Microvast Holdings is still reporting sizeable losses with volatile EPS and margins, which makes the current valuation debate hinge on future execution rather than proven profitability.

If that level of earnings uncertainty feels uncomfortable, shift your focus to businesses already pairing quality with attractive pricing by checking out the 48 high quality undervalued stocks

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.