Microvast Q2 revenue falls 4.5% to $87.3 million; net loss narrows to $12.0 million
Microvast reported unaudited second-quarter 2026 results, with revenue of $87.3 million, down 4.5% from $91.3 million a year earlier, partly due to a $2.7 million tariff refund issued to a customer. The GAAP net loss narrowed sharply to $12.0 million, mainly because of smaller fair value losses on warrant liability and convertible loan, but non-GAAP adjusted EBITDA fell to $3.6 million from $25.9 million, so shareholders face weaker operating performance beneath the improved headline loss.
Key points
- Q2 2026 revenue was $87.3 million vs. $91.3 million in Q2 2025; the decline was primarily driven by a $2.7 million IEEPA tariff refund issued to a U.S. customer.
- Gross margin fell to 29.5% from 34.7%, mainly due to higher raw material prices and lower production utilization.
- Net loss was $12.0 million vs. $106.1 million in Q2 2025, primarily due to a reduction in negative impacts from changes in fair value of warrant liability and convertible loan.
- Non-GAAP adjusted EBITDA was $3.6 million vs. $25.9 million; cash, cash equivalents and restricted cash were $143.1 million as of June 30, 2026.
The filing
Written by AI on Nov 9, 2026, 11:43 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on August 10, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.