# EDGAR Filing Document

**Accession Number:** 0001760689
**File Stem:** 0001628280-25-051130
**Filing Date:** 2025-11
**Character Count:** 58213
**Document Hash:** 7b8d9345d6a11af7521e240aaa87b8a1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-051130.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0001628280-25-051130

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20251110

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251110

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Microvast Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001760689
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 832530757
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38826
- **FILM NUMBER:** 251467119

**BUSINESS ADDRESS:**
- **STREET 1:** 12603 SOUTHWEST FREEWAY, SUITE 210
- **CITY:** STAFFORD
- **STATE:** TX
- **ZIP:** 77477
- **BUSINESS PHONE:** (281) 491-9595

**MAIL ADDRESS:**
- **STREET 1:** 12603 SOUTHWEST FREEWAY, SUITE 210
- **CITY:** STAFFORD
- **STATE:** TX
- **ZIP:** 77477

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Tuscan Holdings Corp.
- **DATE OF NAME CHANGE:** 20181204

?xml version='1.0' encoding='ASCII'? mvst-20251110

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): November 10, 2025**

**Microvast Holdings, Inc.**

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-38826** | **83-2530757** |
| **(State or other jurisdiction<br>of incorporation)** | **(Commission File Number)** | **(IRS. Employer<br>Identification No.)** |

---

**12603 Southwest Freeway, Suite 300**

**Stafford, Texas 77477**

**(Address of principal executive offices, including zip code)**

**281-491-9505**

**(Registrant's telephone number, including area code)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **Common stock, par value $0.0001 per share** | **MVST** | **The NASDAQ Stock Market LLC** |
| **Redeemable warrants, exercisable for shares of common stock at an exercise price of $11.50 per share** | **MVSTW** | **The NASDAQ Stock Market LLC** |

---

------

**Item 2.02 Results of Operations and Financial Condition.**

On November 10, 2025, Microvast Holdings, Inc. (the "Company") issued a press release announcing its unaudited condensed consolidated financial results for the period ended September 30, 2025. In addition, the Company posted an accompanying slideshow presentation to its website summarizing its results for the same period. The full text of the press release is furnished as Exhibit 99.1 and the slideshow presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K. Exhibits 99.1 and 99.2 are hereby incorporated into this Item 2.02 by reference.

The information furnished in this Current Report on Form 8-K and Exhibits 99.1 and 99.2 attached hereto shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: November 10, 2025 | **MICROVAST HOLDINGS, INC.** | **MICROVAST HOLDINGS, INC.** |
|  | By: | /s/ Rodney Worthen |
|  | Name: | Rodney Worthen |
|  | Title: | Interim Chief Financial Officer  |

---

**Item 9.01 Financial Statements and Exhibits.**

**(d)*Exhibits***

---

| | |
|:---|:---|
| **Exhibit No.**  | **Description**  |
| 99.1 | <u>[Press Release](mvst2025q3ex991earningspre.htm)</u> (Q3 2025) dated November 10, 2025 |
| 99.2 | <u>[Presentation](finalq32025erslides.htm)</u> (Q3 2025) dated November 10, 2025 |

---

## Exhibit 99.1

**Exhibit 99.1**

**Microvast Reports Third Quarter 2025 Financial Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Record Q3 revenue of $123.3 million, up 21.6% year over year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gross margin increased from 33.2% to 37.6%, a 4.4 percentage point improvement year over year

STAFFORD, Texas, USA — Microvast Holdings, Inc. (NASDAQ:MVST) ("Microvast" or the "Company"), a global leader in advanced battery technologies, announced today its unaudited condensed consolidated financial results for the third quarter ended September 30, 2025 ("Q3 2025").

"Microvast is on an impressive trajectory, achieving a record third quarter with revenue of $123.3 million, a 21.6% increase year-over-year. Our gross margin rose to 37.6%, reflecting continued improvements in efficiency and product mix. While we booked a GAAP net loss of $1.5 million, we also delivered a positive adjusted EBITDA of $21.9 million, demonstrating the growing demand for our innovative battery solutions and the tangible results of our focus on profitability and operational excellence," said Yang Wu, Microvast's Founder, Chairman, and Chief Executive Officer.

**Results for Q3 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Record third quarter revenue of $123.3 million, compared to $101.4 million in Q3 2024, an increase of 21.6%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gross margin increased to 37.6% from 33.2% in Q3 2024; Non-GAAP adjusted gross margin increased to 37.7%, up from 33.9% in Q3 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating expenses of $33.5 million, compared to $27.5 million in Q3 2024; Non-GAAP adjusted operating expenses of $32.8 million, compared to $22.0 million in Q3 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loss of $1.5 million, compared to net profit of $13.2 million in Q3 2024; Non-GAAP adjusted net profit of $11.9 million, compared to non-GAAP adjusted net profit of $16.8 million in Q3 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loss per share of $0.00 compared to net profit per share of $0.04 in Q3 2024; Non-GAAP adjusted net profit per share of $0.04, compared to non-GAAP adjusted net profit per share of $0.05 in Q3 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-GAAP adjusted EBITDA of positive $21.9 million in Q3 2025, compared to non-GAAP adjusted EBITDA of positive $28.6 million in Q3 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital expenditures of $17.4 million, compared to $30.6 million in Q3 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash, cash equivalents and restricted cash of $142.6 million as of September 30, 2025, compared to $109.6 million as of December 31, 2024, and $115.0 million as of September 30, 2024

**Results for Nine Months Ended September 30, 2025 ("YTD 2025")**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue of $331.1 million, compared to $266.4 million in the nine months ended September 30, 2024 ("YTD 2024"), an increase of 24.3%

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gross margin increased to 36.6% from 29.3% in YTD 2024; Non-GAAP adjusted gross margin increased to 36.6%, up from 30.6% in YTD 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating expenses of $75.5 million, compared to $195.1 million in YTD 2024; Non-GAAP adjusted operating expenses of $73.4 million, compared to $168.1 million in YTD 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loss of $45.8 million, compared to net loss of $113.1 million in YTD 2024; Non-GAAP adjusted net profit of $47.5 million, compared to non-GAAP adjusted net loss of $84.1 million in YTD 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loss per share of $0.14 compared to net loss per share of $0.36 in YTD 2024; Non-GAAP adjusted net profit per share of $0.15, compared to non-GAAP adjusted net loss per share of $0.27 in YTD 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-GAAP adjusted EBITDA of positive $76.3 million in YTD 2025, compared to non-GAAP adjusted EBITDA of negative $53.5 million in YTD 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital expenditures of $31.4 million, compared to $43.8 million in YTD 2024

Please refer to the tables at the end of this press release for reconciliations of gross profit to non-GAAP adjusted gross profit, operating expenses to non-GAAP adjusted operating expenses, net profit/(loss) to non-GAAP adjusted net profit/(loss), net profit/(loss) per share to non-GAAP adjusted net profit/(loss) per share, net profit/(loss) to non-GAAP adjusted EBITDA and gross margin to non-GAAP adjusted gross margin.

**2025 Outlook**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company maintains its initial target revenue growth of 18% to 25% year over year and revenue guidance of $450 million to $475 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company is updating gross margin outlook for full year 2025 from 32% to a target range of 32% to 35%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company expects to finish installation and commissioning of production equipment for our Huzhou Phase 3.2 expansion by year-end with initial production to follow, increasing our capacity to meet strong customer demand

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company intends to maintain focus on attracting new customers and broadening our presence in new market segments

**Webcast Information**

Company management will host a conference call and webcast on November 10, 2025, at 4:00 p.m. Central Time, to discuss the Company's financial results. The live webcast and accompanying slide presentation will be accessible from the Events & Presentations section of Microvast's investor relations website (https://ir.microvast.com/events-presentations/events). A replay will be available following the conclusion of the event.

**About Microvast**

------

Microvast is a global leader in providing battery technologies for electric vehicles and energy storage solutions. With a legacy of over 19 years, Microvast has consistently delivered cutting-edge battery systems that empower a cleaner and more sustainable future. The Company's innovative approach and dedication to excellence have positioned it as a trusted partner for customers around the world. Founded in 2006 in Stafford, Texas, Microvast holds more than 810 patents and patent applications that enable solutions for today's electrification needs.

For more information, please visit www.microvast.com or follow us on LinkedIn (@microvast).

**Contact:**

Investor Relations

ir@microvast.com

**Cautionary Statement Regarding Forward-Looking Statements**

This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about our future results of operations and financial position, our operational performance, our anticipated growth and business strategy, our future capital expenditures and debt service obligations, the projected costs, prospects and plans and objectives of management for future operations, including regarding expected growth and demand for our batteries and energy storage solutions and introduction of new batteries and energy storage solutions, the adoption of such offerings by customers, our expectations relating to backlog, pipeline and contracted backlog, our ability to implement our remediation plan in connection with the material weakness in our internal control over financial reporting, current expectations relating to legal proceedings and anticipated impacts and benefits from the Inflation Reduction Act of 2022 as well as any other proposed or recently enacted legislation. In some cases, you may also identify forward-looking statements by words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "objective," "plan," "project," "predict," "outlook" "should," "will," "would," or the negative of these terms, or other comparable terminology intended to identify statements about the future. Such forward-looking statements are based upon the current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements.

Many factors could cause actual results and the timing of events to differ materially from the anticipated results or other expectations expressed in the forward-looking statements, including, among others: (1) our ability to remain a going concern; (2) risk that we may not be able to execute our growth strategies or achieve profitability; (3) risk that we will be unable to meet our future capital requirements and we may require additional capital to support our business growth, and this capital might not be available on acceptable terms or at all; (4) potential difficulties in maintaining manufacturing capacity and establishing expected mass manufacturing capacity in the future; (5) risks relating to delays, disruptions and quality control problems in our manufacturing operations; (6) restrictions in our existing and any future credit facilities; (7) risks of operations in China; (8) the effects of mechanics liens filed by contractors that we do not have sufficient funds to pay; (9) the effects of existing and future litigation; (10) changes in general economic conditions, including increases in interest rates and associated Federal Reserve policies, a potential economic recession, and the impact of inflation on our business; (11) changes in the highly competitive market in which we compete, including with respect to our competitive landscape, technology evolution or regulatory changes; (12) changes in availability and price of raw materials; (13) labor relations, including the ability to attract, hire and retain key employees and contract personnel; (14) heightened awareness of environmental issues and concern about global warming and climate change; (15) risk that we are

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unable to secure or protect our intellectual property; (16) risk that our customers or third-party suppliers are unable to meet their obligations fully or in a timely manner; (17) risks related to possible future reductions in pricing or order volume or loss of one or more of our significant customers; (18) risks relating to our status as a relatively low-volume purchaser as well as from supplier concentration and limited supplier capacity; (19) risk that our customers will adjust, cancel or suspend their orders for our products; (20) risk of product liability or regulatory lawsuits or proceedings relating to our products or services; (21) our ability to maintain and enhance our reputation and brand recognition; (22) the effectiveness of our information technology and operational technology systems and practices to detect and defend against evolving cyberattacks; (23) changing laws regarding cybersecurity and data privacy, and any cybersecurity threat or event; (24) the effects and associated cost of compliance with existing and future laws and governmental regulations, such as the Inflation Reduction Act; (25) risks relating to whether renewable energy technologies are suitable for widespread adoption or if sufficient demand for our offerings does not develop or takes longer to develop than we anticipate; (26) economic, financial and other impacts such as a pandemic, including global supply chain disruptions; (27) the impact of geopolitical events, including the ongoing conflicts between Russia and Ukraine and in the Middle East; and (28) Tariffs imposed on products of the PRC into the United States may lead to increased costs and impact our business. Microvast's annual, quarterly and other filings with the U.S. Securities and Exchange Commission identify, address and discuss these and other factors in the sections entitled "Risk Factors."

The foregoing list of factors is not exhaustive and new factors may emerge from time to time that could also affect actual performance and results. For more information, please see the risk factors included in our Annual Report on Form 10-K for the year ended December 31, 2024 in Part I, Item 1A.

Actual results, performance or achievements may differ materially, and potentially adversely, from any forward-looking statements and the assumptions on which those forward-looking statements are based. There can be no assurance that the data contained herein is reflective of future performance to any degree. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as forward-looking statements are based on estimates and assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond our control.

All information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date hereof except as may be required under applicable securities laws. Forecasts and estimates regarding our industry and end markets are based on sources we believe to be reliable, however, there can be no assurance these forecasts and estimates will prove accurate in whole or in part.

*All references to the "Company," "we," "us" or "our" refer to Microvast Holdings, Inc. and its consolidated subsidiaries other than certain historical information which refers to the business of Microvast prior to the consummation of the Business Combination.*

**Non-GAAP Financial Measures**

To provide investors with additional information regarding our financial results, Microvast has disclosed in this earnings release non-GAAP financial measures, including non-GAAP adjusted gross profit, non-GAAP adjusted EBITDA, non-GAAP adjusted operating expenses, non-GAAP adjusted net profit/(loss), net profit/(loss) per share to non-GAAP adjusted net profit/(loss) per share, and non-GAAP adjusted gross margin which are non-GAAP financial measures as defined under the rules of the SEC. These are intended as supplemental measures of our financial performance that are not required by, or presented in accordance with U.S. generally accepted accounting principles ("GAAP").

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Reconciliations to the most comparable GAAP measures, gross profit, gross margin, operating expenses, net profit/(loss), and net profit/(loss) per share, are contained in tabular form in the unaudited financial statements below. Non-GAAP adjusted gross profit is GAAP gross profit as adjusted for non-cash share-based compensation expense included in cost of revenues. Non-GAAP adjusted net profit/(loss) is GAAP net profit/(loss) as adjusted for non-cash share-based compensation expense and change in valuation of warrant liability and convertible loan. Non-GAAP adjusted net profit/(loss) per common share is GAAP net profit/(loss) per common share as adjusted for non-cash share-based compensation expense and change in valuation of warrant liability and convertible loan per common share. Non-GAAP adjusted EBITDA is defined as net profit/(loss) excluding depreciation and amortization, non-cash settled share-based compensation expense, interest expense, interest income, change in fair value of our warrant liability and convertible loan and income tax expense or benefit. Non-GAAP adjusted operating expenses is defined as operating expenses excluding non-cash share-based compensation expense. Non-GAAP adjusted gross margin is defined as GAAP gross margin as adjusted for non-cash share-based compensation expense included in cost of revenues.

We use non-GAAP adjusted gross profit, non-GAAP adjusted EBITDA, non-GAAP adjusted operating expenses, non-GAAP adjusted net profit/(loss), non-GAAP net profit/(loss) per share and non-GAAP adjusted gross margin for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We consider them to be important measures because they help illustrate underlying trends in our business and our historical operating performance on a more consistent basis. We believe that these non-GAAP financial measures, when taken together with their most directly comparable GAAP measures provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our recurring core business operating results.

We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management's internal comparisons to our historical performance. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business. Accordingly, we believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team and board of directors.

Non-GAAP financial measures have limitations as an analytical tool, and you should not consider them in isolation, or as a substitute for, financial information prepared in accordance with GAAP. For example, our calculation of non-GAAP adjusted EBITDA may differ from similarly titled non-GAAP measures, if any, reported by our peer companies, or our peer companies may use other measures to calculate their financial performance, and therefore our use of non-GAAP adjusted EBITDA may not be directly comparable to similarly titled measures of other companies. The principal limitation of non-GAAP adjusted EBITDA is that it excludes significant expenses and income that are required by GAAP to be recorded in our financial statements. In addition, it is subject to inherent limitations as it reflects the exercise of judgments by management about which expense and income are excluded or included in determining this non-GAAP financial measure. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. In addition, such financial information is unaudited and does not conform to SEC Regulation S-X and as a result, such information may be presented differently in our future filings with the SEC. For example, with respect to the warrant liability resulting from the July 23, 2021 business combination with Tuscan Holdings Corp., we now exclude changes in fair value from net profit/(loss) in our non-GAAP adjusted

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EBITDA and non-GAAP adjusted net profit/(loss) calculation, which had not been done in prior periods.

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**MICROVAST HOLDINGS, INC.**

**UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS**

**(In thousands of U.S. dollars, except share and per share data, or as otherwise noted)**

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| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| **Assets** | | |
| Current assets: |  |  |
| Cash and cash equivalents | $90748 | $73007 |
| Restricted cash, current | 51879 | 36572 |
| Accounts receivable (net of allowance for credit losses of $5,202 and $5,090 as of September 30, 2025 and December 31, 2024, respectively) | 149274 | 120626 |
| Notes receivable | 1497 | 7579 |
| Inventories, net | 126942 | 143327 |
| Prepaid expenses and other current assets | 24925 | 27019 |
| Assets held for sale |  | 19896 |
| **Total Current Assets** | **445265** | **428026** |
| Restricted cash, non-current |  | 22 |
| Property, plant and equipment, net | 524016 | 478189 |
| Land use rights, net | 11439 | 11371 |
| Acquired intangible assets, net | 2281 | 2607 |
| Operating lease right-of-use assets | 18116 | 17628 |
| Other non-current assets | 12490 | 14024 |
| **Total Assets** | $**1013607** | $**951867** |
| **Liabilities** |  |  |
| Current liabilities: |  |  |
| Accounts payable | $59797 | $64940 |
| Notes payable | 57197 | 51756 |
| Advance from customers | 5678 | 43678 |
| Accrued expenses and other current liabilities | 128770 | 98456 |
| Amounts due to related parties |  | 5 |
| Convertible loan measured at fair value | 193474 |  |
| Income tax payables | 655 | 652 |
| Short-term bank borrowings | 84390 | 70666 |
| **Total Current Liabilities** | **529961** | **330153** |
| Long-term bonds payable | 41693 | 43157 |
| Long-term bank borrowings | 34396 | 41062 |
| Warrant liability | 287 | 290 |
| Share-based compensation liability | 98 | 98 |
| Operating lease liabilities | 15076 | 14596 |
| Convertible loan measured at fair value |  | 104613 |
| Other non-current liabilities | 33984 | 30003 |
| **Total Liabilities** | $**655495** | $**563972** |
| **Stockholders' Equity** |  |  |
| Common Stock (par value of U.S. Dollar $0.0001 per share, 750,000,000 and 750,000,000 shares authorized as of September 30, 2025 and December 31, 2024; 325,453,729 and 324,831,634 shares issued, and 323,766,229 and 323,144,134 shares outstanding as of September 30, 2025 and December 31, 2024) | $33 | $33 |
| Additional paid-in capital | 1515285 | 1512982 |
| Statutory reserves | 6032 | 6032 |
| Accumulated deficit | (1138715) | (1092958) |
| Accumulated other comprehensive loss | (24523) | (38194) |
| **Total Equity** | $**358112** | $**387895** |
| **Total Liabilities and Equity** | $**1013607** | $**951867** |

---

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**MICROVAST HOLDINGS, INC.**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

**(In thousands of U.S. dollars, except share and per share data, or as otherwise noted)**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenues | $123287 | $101388 | $331117 | $266414 |
| Cost of revenues | (76875) | (67776) | (209966) | (188382) |
| **Gross profit** | **46412** | **33612** | **121151** | **78032** |
| **Operating expenses:** |  |  |  |  |
| General and administrative expenses | (19663) | (11841) | (34113) | (59146) |
| Research and development expenses | (7757) | (10692) | (23724) | (32291) |
| Selling and marketing expenses | (6006) | (4963) | (16229) | (15580) |
| Impairment loss of long-lived assets | (36) | (12) | (1400) | (88039) |
| **Total operating expenses** | **(33462)** | **(27508)** | **(75466)** | **(195056)** |
| Subsidy income | 44 | 1082 | 2455 | 2351 |
| **Profit/(loss) from operations** | **12994** | **7186** | **48140** | **(114673)** |
| **Other income and expenses:** |  |  |  |  |
| Interest income | 236 | 186 | 611 | 551 |
| Interest expense | (1255) | (4290) | (3695) | (8116) |
| Changes in fair value of warrant liability and convertible loan | (12641) | 2766 | (91002) | 1240 |
| Gain on debt restructuring |  | 7709 | 792 | 8157 |
| Other (expense) income, net | (84) | (310) | 356 | (293) |
| **(Loss)/profit before provision for income taxes** | **(750)** | **13247** | **(44798)** | **(113134)** |
| Income tax expense | (739) |  | (959) |  |
| **Net (loss)/profit** | $**(1489)** | $**13247** | $**(45757)** | $**(113134)** |
| **Net (loss)/profit attributable to Microvast Holdings, Inc.'s stockholders** | $**(1489)** | $**13247** | $**(45757)** | $**(113134)** |
| **Net (loss)/profit per common share** |  |  |  |  |
| Basic | $— | $0.04 | $(0.14) | $(0.36) |
| Diluted | $— | $0.03 | $(0.14) | $(0.36) |
| Weighted average shares used in calculating net (loss)/profit per share of common stock |  |  |  |  |
| Basic | 323755691 | 320545388 | 323611063 | 317153113 |
| Diluted | 323755691 | 367031181 | 323611063 | 317153113 |

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**MICROVAST HOLDINGS, INC.**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(In thousands of U.S. dollars, except share and per share data, or as otherwise noted)**

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| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| Cash flows from operating activities |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(45757) | $(113134) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Loss on disposal of property, plant and equipment | 412 | 810 |
| &nbsp;&nbsp;&nbsp;Gain on debt restructuring | (792) | (8157) |
| &nbsp;&nbsp;&nbsp;Interest expense |  | 2248 |
| &nbsp;&nbsp;&nbsp;Depreciation of property, plant and equipment | 24169 | 22442 |
| &nbsp;&nbsp;&nbsp;Amortization of land use right and intangible assets | 578 | 581 |
| &nbsp;&nbsp;&nbsp;Noncash lease expenses | 1962 | 2004 |
| &nbsp;&nbsp;&nbsp;Share-based compensation | 2277 | 30289 |
| &nbsp;&nbsp;&nbsp;Changes in fair value of warrant liability and convertible loan | 91002 | (1240) |
| &nbsp;&nbsp;&nbsp;Allowance of credit losses | 1844 | (237) |
| &nbsp;&nbsp;&nbsp;Write-down for obsolete inventories | 4724 | 3032 |
| &nbsp;&nbsp;&nbsp;Impairment loss from long-lived asset | 1400 | 88039 |
| &nbsp;&nbsp;&nbsp;Product warranty | 13376 | 10353 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Notes receivable | (18270) | 9162 |
| &nbsp;&nbsp;&nbsp;Accounts receivable | (22960) | 18157 |
| &nbsp;&nbsp;&nbsp;Inventories | 17382 | (4144) |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 7568 | 2340 |
| &nbsp;&nbsp;&nbsp;Amounts due to related parties | (5) |  |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | (621) | (1821) |
| &nbsp;&nbsp;&nbsp;Other non-current assets | 1070 | 9037 |
| &nbsp;&nbsp;&nbsp;Notes payable | 4225 | (7490) |
| &nbsp;&nbsp;&nbsp;Accounts payable | (6813) | (46882) |
| &nbsp;&nbsp;&nbsp;Advance from customers | (38176) | (197) |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 20289 | (25289) |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | (1181) | (869) |
| &nbsp;&nbsp;&nbsp;Other non-current liabilities | 1783 | 7679 |
| **Net cash generated from/(used in) operating activities** | **59486** | **(3287)** |
| Cash flows from investing activities |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property, plant and equipment | (19191) | (27366) |
| &nbsp;&nbsp;&nbsp;Proceeds on disposal of property, plant and equipment | 3736 | 9830 |
| &nbsp;&nbsp;&nbsp;Proceeds from maturity of short-term investments |  | 5564 |
| **Net cash used in investing activities** | **(15455)** | **(11972)** |

---

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**MICROVAST HOLDINGS, INC.**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS-Continued**

**(In thousands of U.S. dollars, except share and per share data, or as otherwise noted)**

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** |
| Cash flows from financing activities |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from borrowings | 70050 | 70373 |
| &nbsp;&nbsp;&nbsp;Repayment of bank borrowings | (65965) | (31824) |
| &nbsp;&nbsp;&nbsp;Convertible loan |  | 25000 |
| &nbsp;&nbsp;&nbsp;Repayment of bonds payable | (1375) |  |
| &nbsp;&nbsp;&nbsp;Payment for debt issue costs |  | (525) |
| &nbsp;&nbsp;&nbsp;Deferred payment related to purchases of property, plant and equipment | (12254) | (16389) |
| **Net cash (used in)/ generated from financing activities** | **(9544)** | **46635** |
| Effect of exchange rate changes | (1461) | (4598) |
| Increase in cash, cash equivalents and restricted cash | 33026 | 26778 |
| **Cash, cash equivalents and restricted cash at beginning of the period** | **109601** | **88189** |
| **Cash, cash equivalents and restricted cash at end of the period** | $**142627** | $**114967** |

---

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** |
| Reconciliation to amounts on consolidated balance sheets |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $90748 | $63585 |
| &nbsp;&nbsp;Restricted cash | 51879 | 51382 |
| &nbsp;&nbsp;**Total cash, cash equivalents and restricted cash** | $**142627** | $**114967** |

---

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**MICROVAST HOLDINGS, INC.<br>RECONCILIATION OF GROSS PROFIT TO ADJUSTED GROSS PROFIT<br>(Unaudited, in thousands of U.S. dollars)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenues | $123287 | $101388 | $331117 | $266414 |
| Cost of revenues | (76875) | (67776) | (209966) | (188382) |
| **Gross profit (GAAP)** | $**46412** | $**33612** | $**121151** | $**78032** |
| Gross margin | 37.6% | 33.2% | 36.6% | 29.3% |
| Non-cash settled share-based compensation (included in cost of revenues) | 60 | 771 | 184 | 3390 |
| **Adjusted gross profit (non-GAAP)** | $**46472** | $**34383** | $**121335** | $**81422** |
| Adjusted gross margin (non-GAAP) | 37.7% | 33.9% | 36.6% | 30.6% |

---

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**MICROVAST HOLDINGS, INC.**

**RECONCILIATION OF OPERATING EXPENSES TO ADJUSTED OPERATING EXPENSES**

**(Unaudited, in thousands of U.S. dollars)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| General and administrative expenses | (19663) | (11841) | (34113) | (59146) |
| Research and development expenses | (7757) | (10692) | (23724) | (32291) |
| Selling and marketing expenses | (6006) | (4963) | (16229) | (15580) |
| Impairment loss of long-lived assets | (36) | (12) | (1400) | (88039) |
| **Operating expenses (GAAP)** | $**(33462)** | $**(27508)** | $**(75466)** | $**(195056)** |
| Non-cash settled share-based compensation (included in operating expenses) | 668 | 5530 | 2093 | 26908 |
| **Adjusted operating expenses (non-GAAP)** | $**(32794)** | $**(21978)** | $**(73373)** | $**(168148)** |

---

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**MICROVAST HOLDINGS, INC.**

**RECONCILIATION OF NET (LOSS)/ PROFIT TO ADJUSTED NET PROFIT/ (LOSS)**

**(Unaudited, in thousands of U.S. dollars, except per share data, or as otherwise noted)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Net (loss)/profit (GAAP)** | $**(1489)** | $**13247** | $**(45757)** | $**(113134)** |
| Changes in fair value of warrant liability and convertible loan\* | 12641 | (2766) | 91002 | (1240) |
| Non-cash settled share-based compensation\* | 728 | 6301 | 2277 | 30298 |
| **Adjusted net profit/ (loss) (non-GAAP)** | $**11880** | $**16782** | $**47522** | $**(84076)** |

---

\*The tax effect of the adjustments was nil.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Net (loss)/profit per common share-Basic (GAAP)** | $**—** | $**0.04** | $**(0.14)** | $**(0.36)** |
| Changes in fair value of warrant liability and convertible loan per common share | 0.04 | (0.01) | 0.28 |  |
| Non-cash settled share-based compensation per common share |  | 0.02 | 0.01 | 0.09 |
| **Adjusted net profit/ (loss) per common share-Basic (non-GAAP)** | $**0.04** | $**0.05** | $**0.15** | $**(0.27)** |

---

------

**MICROVAST HOLDINGS, INC.<br>RECONCILIATION OF NET LOSS TO EBITDA AND ADJUSTED EBITDA <br>(Unaudited, in thousands of U.S. dollars)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Net (loss)/profit (GAAP)** | $**(1489)** | $**13247** | $**(45757)** | $**(113134)** |
| Interest expense (income), net | 1019 | 4104 | 3084 | 7565 |
| Income tax expense | 739 |  | 959 |  |
| Depreciation and amortization | 8272 | 7724 | 24747 | 23023 |
| **EBITDA (non-GAAP)** | $**8541** | $**25075** | $**(16967)** | $**(82546)** |
| Changes in fair value of warrant liability and convertible loan | 12641 | (2766) | 91002 | (1240) |
| Non-cash settled share-based compensation | 728 | 6301 | 2277 | 30298 |
| **Adjusted EBITDA (non-GAAP)** | $**21910** | $**28610** | $**76312** | $**(53488)** |

---

## Exhibit 99.2

![](finalq32025erslides001.jpg)

Q 3 2 0 2 5

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![](finalq32025erslides002.jpg)

2 Disclaimer Forward-Looking Statements This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about our future results of operations and financial position, our operational performance, our anticipated growth and business strategy, our future capital expenditures and debt service obligations, the projected costs, prospects and plans and objectives of management for future operations, including regarding expected growth and demand for our batteries and energy storage solutions and introduction of new batteries and energy storage solutions, the adoption of such offerings by customers, our expectations relating to backlog, pipeline and contracted backlog, our ability to implement our remediation plan in connection with the material weakness in our internal control over financial reporting, current expectations relating to legal proceedings and anticipated impacts and benefits from the Inflation Reduction Act of 2022 as well as any other proposed or recently enacted legislation. In some cases, you may also identify forward-looking statements by words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "objective," "plan," "project," "predict," "outlook" "should," "will," "would," or the negative of these terms, or other comparable terminology intended to identify statements about the future. Such forward-looking statements are based upon the current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements. Actual results, performance or achievements may differ materially, and potentially adversely, from any forward-looking statements and the assumptions on which those forward-looking statements are based. There can be no assurance that the data contained herein is reflective of future performance to any degree. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as forward-looking statements are based on estimates and assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond our control. All information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date hereof except as may be required under applicable securities laws. Forecasts and estimates regarding our industry and end markets are based on sources we believe to be reliable, however, there can be no assurance these forecasts and estimates will prove accurate in whole or in part. Microvast's annual, quarterly and other filings with the U.S. Securities and Exchange Commission identify, address and discuss these and other factors in the sections entitled "Risk Factors." Non-GAAP Financial Measures This presentation contains adjusted EBITDA and adjusted net profit/loss, which are non-GAAP financial measures. Non-GAAP adjusted EBITDA is defined as net profit/loss excluding depreciation and amortization, non-cash settled share-based compensation ("SBC") expense, interest expense, interest income, changes in fair value of our warrant and convertible loan and income tax expense or benefit. Adjusted net profit/loss is GAAP net profit/loss as adjusted for non-cash stock-based compensation expense and changes to the valuation of warrant liabilities and convertible loan. In addition to Microvast's results determined in accordance with GAAP, Microvast's management uses these non-GAAP financial metrics to evaluate the company's ongoing operations and for internal planning and forecasting purposes. We believe that this non-GAAP financial information, when taken collectively, may be helpful to investors in assessing Microvast's operating performance. We believe that the use of these non-GAAP metrics provides an additional tool for investors to use in evaluating ongoing operating results and trends because it eliminates the effect of financing, non-recurring items, capital expenditures, and non-cash expenses. In addition, our presentation of adjusted EBITDA and adjusted net profit/loss should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Our computation of non-GAAP financial metrics may not be comparable to other similarly titled measures computed by other companies because not all companies calculate these measures in the same fashion. Because of these limitations, these non-GAAP financial metrics should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and using non-GAAP financial metrics on a supplemental basis. Investors should review the reconciliations in this presentation and not rely on any single financial measure to evaluate our business.

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![](finalq32025erslides003.jpg)

3 Click to edit text Microvast Snapshot 19 Years of Innovation in Electrification We strive to be a trusted global leader in sustainable energy technologies and solutions. We aspire to be the company with continued groundbreaking battery innovation across the technology stack. We aim to become a steward of electric mobility and the shift towards a cleaner, greener, and more resilient planet. § 810+ Patents Granted or Pending § Founded in 2006 § Headquartered in Stafford, Texas § NASDAQ: MVST § Electrifying Products Worldwide On the Horizon… All-Solid-State Battery Development § Functional multilayer prototypes successfully demonstrated. § Actively validating voltage stacking and ensuring interface stability. Polyaramid Solid-Electrolyte Membrane Integrating our proprietary aramid separator to unlock next-generation performance for premium EVs by delivering extreme thermal safety and improving longevity.

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![](finalq32025erslides004.jpg)

4 Q3 Overview Realizing Results Q3 Revenue Q3 Gross Profit & Gross Margin § Consistent Revenue Growth – indicates strong market demand for our high-performance products. § Gross Profit Trend – gross profit improvement as we progress towards maturity within our industry. Our focus remains on profitability and efficiency. § Adjusted Bottom Line – adjusted bottom line is improving as we focus on growth and higher margin segments. Record Q3 Revenue $123.3M +21.6% Y/Y Backlog $238M Market Capture Q3 Gross Margin 37.6% +4.4pp Y/Y Q3 Adj. EBITDA $21.9M Strategic Execution Q3 Adjusted Net Profit/(Loss) $38.6 $80.1 $101.4 $123.3 2 0 2 2 2 0 2 3 2 0 2 4 2 0 2 5 M IL LI O N S U SD $(17.4) $(10.3) $16.8 $11.9 2 0 2 2 2 0 2 3 2 0 2 4 2 0 2 5 M IL LI O N S U SD $2 $18 $34 $46 5. 2% 22 .3 % 33 .2 % 37 .6 % 0% 20% 40% 60% 80% 100% $0 $10 $20 $30 $40 $50 2 0 2 2 2 0 2 3 2 0 2 4 2 0 2 5 M IL LI O N S U SD

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![](finalq32025erslides005.jpg)

5 Innovate: Future Focus Capture: Significant Market Share Expand: Supporting Growth § Remain focused on product innovation. § Win entry into new market segments with high-performance products and diversify revenue streams through products and services that support global electrification. § Invest in commercialization of high demand and key future technologies. § Grow sales and maintain a sustainable gross margin. § Leverage operating efficiencies and adapt to new market segments. § Add production capacity to meet growing customer demand. § Continue optimization of core business as we strive to achieve sustained profitability. § Drive excellence in our sales pipeline and regional footprints, growing through geographical and market expansion. Business Strategy Our core focus remains: § Becoming cashflow positive. § Maintaining our strong gross margin profile as we expand to meet customer demands. § Continue our sales growth as we release new products and enter new market segments. We strive to achieve this through continued innovation, developing and capturing new markets, and expanding our capacity and global footprint.

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![](finalq32025erslides006.jpg)

6 Phase 3.2 Update Capacity Expansion Expanding our Huzhou facility with Phase 3.2 will allow us to deliver more products to more customers: ü Clean rooms completed. ü Utility equipment installation completed. q Production equipment currently being installed and commissioned, expected completion by year-end. q Initial production anticipated in Q1 2026. Ø Expected to provide up to an additional 2GWh of capacity annually. Ø Anticipated capability of producing both current and upcoming advanced cells such as HpCO-53.5Ah/HpCO-55Ah/HnCO-120Ah.

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![](finalq32025erslides007.jpg)

7 All-Solid-State Battery Updates Cycling Multi-Layer Prototypes 5-Layer Cell: Stable Cycling with High Efficiency Cycling tests at 1C demonstrated a high coulombic efficiency, suggesting robust interfacial integrity and minimal energy loss during charge transfer, which is crucial for battery longevity and performance. 12-Layer Cell: 48-Volt Monolithic Stack for Direct Integration This all-solid-state bipolar cell achieves a total of 48V from a single, integrated stack. The voltage-capacity profile of this functional prototype validates its performance. Cycling tests at 1C demonstrated a high coulombic efficiency, demonstrating feasibility of our scaling approach toward future system integration. Figure 1: 5-layer voltage vs. retention rate at various cycles. Figure 2: 12-Layer voltage vs. retention rate at various cycles.

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![](finalq32025erslides008.jpg)

8 Microvast Advantage Proprietary Differentiator Feature Microvast: Polyaramid Solid- Electrolyte Membrane Competitive Separators (Ceramic/Sulfide) Microvast Advantage Membrane Type Non-melting polyaramid matrix; dense film with infiltrated SSE. Traditional brittle ceramic or binder-heavy film. Non-melting backbone supports high-temp manufacturing & elevated cell operation. Manufacturing Thermal/pressure infiltration + lamination; continuous, low- porosity ion paths. High-relative density sintering or wet coating/pressing. Supports manufacturing processes requiring higher thermal tolerance. Mechanical & Thermal Non-melting; dimensionally stable; flexible. High modulus/brittle (Ceramic) or flexible/stress sensitive (Sulfide). Flexible yet strong for high- pressure cell assembly & enhanced resistance to lithium penetration. Interface Soft matrix conformity; local structuring to reduce polarization. Adhesion/interlayers needed (Ceramic) or polymer contact (Sulfide). Tunable architecture enables efficient ion transport & reduced interfacial resistance.

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![](finalq32025erslides009.jpg)

9 Business Development Chugging Onto the Tracks Microvast / Škoda Group Partnership Highlights § Established a partnership with Škoda Group, a leading European rail and public transport manufacturer. § Partnership validates Microvast's technology for use in extreme-duty, high-safety rail applications. § Joint development focuses on "Made in Europe" battery systems, securing a position in the critical European rail supply chain. § First prototype featuring the new battery system is expected by end of 2026, providing visibility toward a 2027+ revenue pipeline.

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![](finalq32025erslides010.jpg)

Q 3 2 0 2 5 F I N A N C I A L S

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![](finalq32025erslides011.jpg)

11 Q3 2025 P&L ($ in thousands) GAAP Income Statement Three-Months Ended Sept. 30 Nine-Months Ended Sept. 30 2025 2024 2025 2024 Revenue 123,287 101,388 331,117 266,414 Cost of revenues (76,875) (67,776) (209,966) (188,382) Gross Profit 46,412 33,612 121,151 78,032 Gross Margin 37.6% 33.2% 36.6% 29.3% General and administrative expenses (19,663) (11,841) (34,113) (59,146) Research and development expenses (7,757) (10,692) (23,724) (32,291) Selling and marketing expenses (6,006) (4,963) (16,229) (15,580) Impairment loss of long-lived assets (36) (12) (1,400) (88,039) Operating expense (33,462) (27,508) (75,466) (195,056) Subsidy Income 44 1,082 2,455 2,351 Profit/(loss) from operations 12,994 7,186 48,140 (114,673) Change in fair value of warrants and convertible loan (12,641) 2,766 (91,002) 1,240 Others (1,103) 3,295 (1,936) 299 Net profit/(loss) before income tax (750) 13,247 (44,798) (113,134) Income tax (739) - (959) - Net profit/(loss) (1,489) 13,247 (45,757) (113,134) Less: net income attributable to noncontrolling interests - - - - Net profit/(loss) attributable shareholders (1,489) 13,247 (45,757) (113,134) Revenue vs. Prior Year Periods § Revenue rose 21.6% year-over-year ("Y/Y"). Growth of 24.3% for the nine-month period, driven by a ~360 MWh increase in sales. § Gross margin improved by 4.4 pp Y/Y, and 7.3 pp for the nine-month period. Q3 Operating Expenses vs. Prior Year Period § G&A: Increase primarily due to FX loss from Euro/RMB rate and litigation expense, partially offset by reduction in non-cash settled share-based compensation (SBC) Y/Y. § R&D: Decrease primarily due to reduction in non-cash SBC and personnel costs Y/Y. § S&M: Increase primarily due to business development efforts, partially offset by reduction in non-cash SBC Y/Y. Performance § Adjusted net profit of $11.9M for the quarter and $47.5M for the nine-month period. § Adjusted EBITDA for the quarter was $21.9M and $76.3M for the nine-month period.

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![](finalq32025erslides012.jpg)

12 Q3 2025 Revenue by Region ($ in thousands) Revenue by region Three-Months Ended Sept. 30 2025 2024 Y/Y % APAC 38,810 39,266 -1% EMEA 77,907 59,479 31% USA 6,570 2,643 149% Total 123,287 101,388 22% Three-Months Ended Sept. 30 Revenue by region Nine-Months Ended Sept. 30 2025 2024 Y/Y % APAC 136,519 125,405 9% EMEA 176,842 135,145 31% USA 17,756 5,864 203% Total 331,117 266,414 24% Nine-Months Ended Sept. 30 APAC, 31% EMEA, 64% USA, 5% 2025 APAC, 38% EMEA, 59% USA, 3% 2024 APAC, 42% EMEA, 53% USA, 5% 2025 APAC, 47% EMEA, 51% USA, 2% 2024

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![](finalq32025erslides013.jpg)

13 Cash Flow Statement ($ in thousands) Operating Cash Flow § Net loss for the nine-month period was primarily offset by a $17.4 million decrease in inventory, non-cash adjustments of $24.7 million in D&A and $91.0 million from changes in fair value of warrant liability and convertible loan. § Decreased by a $41.2 million increase in net receivables and a $12.3 million decrease in net liabilities and accrued expenses. Investing Activities § Net outflow of $15.5M, due to net PP&E primarily related to Huzhou operations, including our Phase 3.2 expansion. Financing Activities § $9.5M net outflow, related to re-financing and repayments. Foreign Exchange Impact § $1.5M negative impact from exchange rate changes, reflecting global business and international exposure. Cash Position § Ended the period with $143M in cash (including restricted cash), a $33M increase, showing improved financial stability despite ongoing investments and growth. Condensed & Consolidated Cashflow Nine-Months Ended Sept. 30 2025 GAAP net profit/(loss) (45,757) Operating activities: Impairment, disposal, write downs 6,536 Changes in fair value of warrant liability and convertible loan 91,002 Other operating activities 16,834 D&A 24,747 Non-cash settled share-based compensation 2,277 Net receivables (41,230) Inventory 17,382 Net liabilities & expenses (12,305) Net cash from operating activities 59,486 Investing activities: Net PP&E (15,455) Short-term investments - Net cash from investing activities (15,455) Financing activities: Proceeds 70,050 Repayments (79,594) Net cash from financing activities (9,544) Exchange rate changes (1,461) Increase (decrease) in cash, cash equivalents and restricted cash 33,026 Cash, cash equivalents and restricted cash at beginning of the period 109,601 Cash, cash equivalents and restricted cash at end of the period 142,627

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![](finalq32025erslides014.jpg)

O U T L O O K

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![](finalq32025erslides015.jpg)

15 Global Maintain revenue growth and margin profile as catalysts to achieve improved liquidity and profitability. 2025 Outlook $450-475M Revenue Guidance 18-25% Target Revenue Growth APAC 32% - 35% Updated Target Gross Margin Range Targeting Phase 3.2 installation by Q4, followed by initial production. Expect strong growth in 2025. EMEA Developing new markets. Emphasis on securing new strategic partners and next generation product sales. Americas Targeting positive quarterly EBITDA and operating profits. Profitability focus driving regional efficiency and growth. Anticipate >50% Y/Y revenue growth for 2025. Continue customer acquisition efforts, new business opportunities, and assessing financing needs.

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![](finalq32025erslides016.jpg)

A P P E N D I X

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![](finalq32025erslides017.jpg)

17 Non-GAAP Reconciliations ($ in thousands) Three-Months Ended Sept. 30 Nine-Months Ended Sept. 30 2025 2024 2025 2024 Revenues 123,287 101,388 331,117 266,414 Cost of revenues (76,875) (67,776) (209,966) (188,382) Gross profit (GAAP) 46,412 33,612 121,151 78,032 Gross margin 37.6% 33.2% 36.6% 29.3% Non-cash settled share-based compensation (included in cost of revenues) 60 771 184 3,390 Adjusted gross profit (non-GAAP) 46,472 34,383 121,335 81,422 Adjusted gross margin (non-GAAP) 37.7% 33.9% 36.6% 30.6% Three-Months Ended Sept. 30 Nine-Months Ended Sept. 30 2025 2024 2025 2024 General and administrative expenses (19,663) (11,841) (34,113) (59,146) Research and development expenses (7,757) (10,692) (23,724) (32,291) Selling and marketing expenses (6,006) (4,963) (16,229) (15,580) Impairment loss of long-lived assets (36) (12) (1,400) (88,039) Operating expenses (GAAP) (33,462) (27,508) (75,466) (195,056) Non-cash settled share-based compensation (included in Operating expenses) 668 5,530 2,093 26,908 Adjusted operating expenses (non-GAAP) (32,794) (21,978) (73,373) (168,148)

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![](finalq32025erslides018.jpg)

18 Non-GAAP Reconciliations ($ in thousands) Three-Months Ended Sept. 30 Nine-Months Ended Sept. 30 2025 2024 2025 2024 Net profit/loss (GAAP) (1,489) 13,247 (45,757) (113,134) Changes in fair value of warrant and convertible loan\* 12,641 (2,766) 91,002 (1,240) Non-cash settled share-based compensation\* 728 6,301 2,277 30,298 Adjusted net profit/loss (non-GAAP) 11,880 16,782 47,522 (84,076) \*The tax effect of the adjustments was nil. Three-Months Ended Sept. 30 Nine-Months Ended Sept. 30 2025 2024 2025 2024 Net profit/loss (GAAP) (1,489) 13,247 (45,757) (113,134) Interest expense, net 1,019 4,104 3,084 7,565 Income tax expense 739 - 959 - Depreciation and amortization 8,272 7,724 24,747 23,023 EBITDA (non-GAAP) 8,541 25,075 (16,967) (82,546) Changes in fair value of warrant liability and convertible loan 12,641 (2,766) 91,002 (1,240) Non-cash settled share-based compensation 728 6,301 2,277 30,298 Adjusted EBITDA (non-GAAP) 21,910 28,610 76,312 (53,488)

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