Microvast Holdings, Inc. Q4 FY2025 earnings call

• Core mission: Founded in 2006 in Texas, MicroVAS is a global leader in advanced battery technologies, driving the global energy transition. • 2025 results: Record annual revenue of $427.5 million, 12.6% y-o-y increase; annual gross margin 28.6%, impacted by inventory impairment charge; GAAP net loss $29.2 million, non-GAAP adjusted net profit $13 million, non-GAAP adjusted EBITDA $44.7 million. • Product launches: 55A cell combining high power and high energy; next generation LTO cell with high power output and fast charging capability suitable for rail, tram, etc. • Huzhou Phase 3.2 expansion: Progressing well, clean rooms and utility equipment in operation, production for 55-ampere cell begun; expected to add up to two gigawatt hour of annual production capacity. • Technology applications: HPTO 55 ampere cell for high energy needs in various segments; HPTO 37 ampere cell for ultra-fast charging and high power performance in rail, AGVs, etc. • All solid-state battery milestones: Entering new phase of development focused on high-voltage bipolar integration; 12-layer monolithic stack surpassed 200 cycles with 99.97% acclimatic efficiency; 72-volt monolithic stack achieved using proprietary architecture, showing potential for scaling high-voltage all-solid-state platform.

In 2025, MicroVAS achieved record annual revenue of $427.5 million, a 12.6% year-over-year increase. The GAAP net loss for the year was $29.2 million, while on a non-GAAP basis, an adjusted net profit of $13 million was achieved. Non-GAAP adjusted EBITDA was $44.7 million. By region, U.S. revenue grew 173% year-over-year from $14.4 million in 2024 to $39.3 million in 2025, contributing to 9% of total revenue mix; EMEA had a 13% year-over-year revenue increase, growing to $211.9 million in 2025, accounting for approximately half of total revenue; Asia-Pacific revenue declined slightly from $177.7 million in 2024 to $176.3 million in 2025, a 1% year-over-year decrease.

• 2026 profile assessed against involving tariff structures and shifting geopolitical dynamics. • Priorities: Focus on high-margin deliveries; strategy built on three pillars - innovate, expand, capture. • Huzhou Phase 3.2: On track to achieve serial production in 2026, critical for meeting upcoming demand for next-generation cell technology. • Global pipeline: Robust interest across EMEA, North America, and APAC; business development teams focused on high barrier to entry segments like heavy industrial and transit. • Goals: Achieve production ramp-up milestones, protect margins despite market volatility, diversify customer base into stable, high-value market.

• Actual results may differ materially from expectations due to a variety of risks and uncertainties. • More information on material risks and other important factors that could affect financial results can be found in filings with the SEC.