0001628280-26-033590 | 10-Q | XBRL Viewer

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COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands						3 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Dec. 03, 2025 USD ($)	Feb. 19, 2025 USD ($)	Nov. 14, 2024 USD ($)	Jul. 15, 2024 USD ($)	Jun. 20, 2024 USD ($)	Mar. 31, 2026 USD ($) action	Dec. 31, 2025 USD ($)	Jul. 01, 2024 USD ($)	May 28, 2024 USD ($)
Commitments and Contingencies (Details) [Line Items]
Loss contingency, new claims filed \| action						3
Liens amount						$ 2,300
Property, plant and equipment, net						510,050	$ 508,057
Decrease to liens						21,300
Bank Acceptance Note
Commitments and Contingencies (Details) [Line Items]
Property, plant and equipment, net						20,500
Inventories
Commitments and Contingencies (Details) [Line Items]
Purchase obligation						29,100
Capital Commitments
Commitments and Contingencies (Details) [Line Items]
Capital commitments						$ 17,300
DPR Construction GP
Commitments and Contingencies (Details) [Line Items]
Loss contingency, damages sought, value					$ 19,900
Loss contingency, damages sought, retainage					$ 1,600
Faith Technologies, Inc.
Commitments and Contingencies (Details) [Line Items]
Loss contingency, damages sought, value				$ 1,700
Bernhard MCC, LLC. vs. U.S. Engineering Innovations, LLC, DPR Construction, Microvast, Inc. and the Industrial Development Board of the County of Montgomery
Commitments and Contingencies (Details) [Line Items]
Liens amount									$ 5,700
Virginia Transformer Corp. v. Microvast, Inc.and the Industrial Development Board of the County of Montgomery, Tennessee
Commitments and Contingencies (Details) [Line Items]
Liens amount								$ 1,800
Grupo Basan Barba Santana, S.A. De C.V.
Commitments and Contingencies (Details) [Line Items]
Gain contingency, damages sought		$ 2,600
Underlying deposit		3,500
Litigation settlement, termination costs		$ 2,400
Clenera Battery Holdco LLC v. Microvast, Inc.
Commitments and Contingencies (Details) [Line Items]
Litigation settlement, refund sought	$ 42,900		$ 36,000
Litigation settlement interest, percent	9.00%

INVENTORIES, NET - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Inventory Disclosure [Abstract]
Provision for obsolete inventories	$ 1.6	$ 0.0

ACCOUNTS RECEIVABLE

3 Months Ended

Mar. 31, 2026

Receivables [Abstract]

ACCOUNTS RECEIVABLE

Accounts receivable consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Accounts receivable	$	127,620	$	160,456
Allowance for credit losses	(4,028)		(4,693)
Accounts receivable, net	$	123,592	$	155,763

Change in allowance for credit losses was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Balance at beginning of the period	$	4,693	$	5,090
(Reversal) provision of credit loss expenses	(799)		1,358
Recoveries of credit losses	87		—
Exchange difference	47		75
Balance at end of the period	$	4,028	$	6,523

BACKGROUND AND BASIS OF PRESENTATION	3 Months Ended
BACKGROUND AND BASIS OF PRESENTATION	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BACKGROUND AND BASIS OF PRESENTATION	BACKGROUND AND BASIS OF PRESENTATION Organization Microvast, Inc. was incorporated under the laws of the State of Texas in the United States of America on October 12, 2006 and re-domiciled to the State of Delaware on December 31, 2015. On July 23, 2021 , Microvast, Inc. and Tuscan Holdings Corp. (“Tuscan”) consummated the merger (the “Merger” or the “Business Combination”, pursuant to the Agreement and Plan of Merger (the “Merger Agreement”) dated February 1, 2021, between Tuscan, Microvast, Inc. and TSCN Merger Sub Inc., a Delaware corporation (“Merger Sub”). Pursuant to the Merger Agreement, the Merger Sub merged with and into Microvast, Inc., with Microvast, Inc. surviving the Merger. As a result of the Merger, Tuscan was renamed “Microvast Holdings, Inc.” (the “Company”). The Merger was accounted for as a reverse recapitalization as Microvast, Inc. was determined to be the accounting acquirer. The Company and its subsidiaries are primarily engaged in developing, manufacturing, and selling lithium-ion battery technologies for use in commercial electric vehicles and battery energy storage systems across the globe. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2025. In our opinion, all adjustments, consisting only of normal recurring items, which are considered necessary for a fair presentation of the consolidated financial statements, have been included. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of results to be expected for any future interim period or the year ending December 31, 2026. Certain reclassifications have been made to conform prior period information to the current presentation. The reclassifications did not have a material effect on the Company's financial position, results of operations, or cash flows. In the first quarter of 2026, the Company changed the presentation of foreign currency transaction gains and losses previously presented as general and administrative expenses to be presented as foreign exchange (loss) gain, which did not change net income or otherwise materially change the consolidated financial statements. The accompanying consolidated financial statements of the Company have been prepared on a going concern basis, which assumes that the Company will continue to realize its assets and settle its liabilities in the ordinary course of business. As of March 31, 2026, the Company had stockholders' equity of $466.1 million, including an accumulated deficit of $1,074.0 million, cash and cash equivalents of $126.1 million, restricted cash of $47.9 million and other current assets of $251.8 million. As of March 31, 2026, the Company had outstanding borrowings of $138.8 million, with $111.2 million due within the next 12 months, a bond payable of $41.7 million that matures in January 2027, a convertible loan with repayment amount of $26.7 million that matures in May 2026, and other current liabilities of $214.8 million. Additionally, as of March 31, 2026, the Company had $29.1 million in purchase commitments primarily related to inventory, and $17.3 million in capital commitments with $15.0 million due within the next 12 months. Based on the Company's current business plan, the existing cash and assets held for sale may not be sufficient to fund operations through the next twelve months. These conditions and events raise substantial doubt about the Company's ability to continue as a going concern. The Company's primary plans to alleviate the substantial doubt include 1) obtaining sufficient funding through operations; it is anticipated that the Company will generate cash through operations in the forecasted period in consideration of the existing contract backlog and anticipated market conditions; and 2) refinancing short-term borrowings; historically, the Company, on an as needed basis, has rolled over or obtained replacement borrowings from existing creditors for its short-term bank loans upon the maturity date of the loans. During the three months ended March 31, 2026, the Company refinanced $30.1 million of short-term borrowings and anticipates that it will continue to be able to do so for the next twelve months. The Company has concluded it is probable that the execution of these plans will alleviate the substantial doubt about the Company's ability to continue as a going concern. The consolidated financial statements have been prepared on a going concern basis and do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary in the event the Company can no longer continue as a going concern. Recent Accounting Standards Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures” (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amended guidance requires disaggregation of certain expense captions into specified natural expense categories in the disclosures within the notes to the financial statements. In addition, the guidance requires disclosure of selling expenses and its definition. The new guidance is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The guidance can be applied either prospectively or retrospectively. The Company continues to evaluate the impact of this guidance on its disclosures, but plan to adopt this guidance prospectively and conform with the disclosure requirements when it becomes mandatorily effective for the Company's annual report for the year ending December 31, 2027. In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which provides updated guidance on how to recognize, measure, and present government grants. The ASU will be effective for annual reporting periods beginning after December 15, 2028, including interim periods within those fiscal years with early adoption permitted. The Company continues to evaluate the impact of this guidance on its disclosures.

LEASES - Summary of the Annual Undiscounted Cash Flows for Lease Liabilities Maturity Analysis (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Leases [Abstract]
Nine-month period ending December 31, 2026	$ 2,795
2027	3,063
2028	2,196
2029	1,756
2030	1,749
2031	1,749
Thereafter	7,144
Total future lease payments	20,452
Discount to present value	(3,649)
Present value of operating lease liabilities	$ 16,803

CONVERTIBLE LOAN MEASURED AT FAIR VALUE - Fair Value Measurement Inputs and Valuation Techniques (Details) - Related Party	Mar. 31, 2026 $ / shares yr
Market price of public stock
Related Party Transaction [Line Items]
Convertible debt and warrants, fair value	1.50
Exercise price
Related Party Transaction [Line Items]
Convertible debt and warrants, fair value	0.50
Expected term (years)
Related Party Transaction [Line Items]
Convertible debt and warrants, fair value \| yr	0.16
Volatility
Related Party Transaction [Line Items]
Convertible debt and warrants, fair value	0.5739
Risk-free interest rate
Related Party Transaction [Line Items]
Convertible debt and warrants, fair value	0.0365
Dividend rate
Related Party Transaction [Line Items]
Convertible debt and warrants, fair value	0.0000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

SUBSEQUENT EVENTS (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
SUBSEQUENT EVENTS (Details) - USD ($) $ in Millions	May 07, 2026	Mar. 31, 2026
Subsequent Event [Line Items]
Short-term debt, refinanced, amount		$ 30.1
Subsequent Event
Subsequent Event [Line Items]
Short-term debt, refinanced, amount	$ 10.1

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accrued Liabilities and Other Liabilities [Abstract]
Advance from customer	$ 20,865	$ 35,865
Payables for purchase of property, plant and equipment	35,560	30,182
Other current liabilities	10,562	9,934
Product warranty, current	10,597	10,357
Accrued expenses	15,671	15,632
Accrued payroll and welfare	6,913	9,460
Tax payable	5,722	8,953
Operating lease liabilities, current	2,819	2,788
Interest payable	763	258
Total	$ 109,472	$ 123,429

OTHER NON-CURRENT LIABILITIES

3 Months Ended

Mar. 31, 2026

Other Liabilities, Noncurrent [Abstract]

OTHER NON-CURRENT LIABILITIES

Other non-current liabilities consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Product warranty - non-current	$	29,621	$	28,612
Deferred subsidy income- non-current	5,984		6,190
Other non-current payable	98		2,396
Total	$	35,703	$	37,198

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS From March 31, 2026 to the date of issuance of the consolidated financial statements in this report, the Company has refinanced $10.1 million in short-term bank borrowings.

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2026

Accrued Liabilities and Other Liabilities [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Advance from customer (1)	$	20,865	$	35,865
Payables for purchase of property, plant and equipment	35,560		30,182
Other current liabilities	10,562		9,934
Product warranty, current	10,597		10,357
Accrued expenses	15,671		15,632
Accrued payroll and welfare	6,913		9,460
Tax payable	5,722		8,953
Operating lease liabilities, current	2,819		2,788
Interest payable	763		258
Total	$	109,472	$	123,429

(1) See Note 16 – Commitments and Contingencies.

BACKGROUND AND BASIS OF PRESENTATION - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Product Information [Line Items]
Stockholder's equity	$ 466,106	$ 410,513	$ 454,235	$ 387,895
Accumulated deficit	(1,073,965)	(1,122,176)
Cash and cash equivalents	126,129	104,963	90,898
Restricted cash	47,865	64,275
Other assets, current	251,800
Outstanding borrowings	138,769	106,279	$ 127,543	$ 111,728
Short-term bank borrowings	111,200
Bonds payable	41,693	$ 0
Convertible debt	26,700
Other accrued liabilities, current	214,800
Short-term debt, refinanced, amount	30,100
Capital Commitments
Product Information [Line Items]
Capital commitments	17,300
Capital commitments payable	15,000
Inventories
Product Information [Line Items]
Purchase obligation	$ 29,100

WARRANTS (Tables)

3 Months Ended

Mar. 31, 2026

Warrants [Abstract]

Schedule of Under the Binomial-Lattice Model (“BLM”) that Assumes Optimal Exercise of the Company’s Redemption Option

The Private Warrants were valued using a Monte Carlo simulation with the following assumptions:


	March 31, 2026
Market price of public stock	$	1.50
Exercise price	$	11.50
Expected term (years)	0.32
Volatility	96.73		%
Risk-free interest rate	3.64		%
Dividend rate	0.00		%

CONVERTIBLE LOAN MEASURED AT FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Measurement Inputs and Valuation Techniques

The significant input of the discounted cash flow model for the bond component is the discount rate. Below are the key inputs used in the Black-Scholes-Merton model for the conversion option:


	March 31, 2026
Market price of public stock	$	1.50
Exercise price	$	0.50
Expected term (years)	0.16
Volatility	57.39		%
Risk-free interest rate	3.65		%
Dividend rate	0.00		%

LEASES (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information of the leases were as follows (in thousands):


	Three Months Ended March 31, 2026
Cash payments for operating leases	$	775
Right-of-use assets obtained in exchange for new operating lease liabilities	658

Summary of the Annual Undiscounted Cash Flows for Lease Liabilities Maturity Analysis

Maturity of operating lease liabilities are as follows (in thousands):


	As of March 31, 2026
Nine-month period ending December 31, 2026	$	2,795
2027	3,063
2028	2,196
2029	1,756
2030	1,749
2031	1,749
Thereafter	7,144
Total future lease payments	$	20,452
Discount to present value	$	(3,649)
Present value of operating lease liabilities	$	16,803

FAIR VALUE MEASUREMENT (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

As of March 31, 2026 and December 31, 2025, information about inputs for the fair value measurements of the Company’s assets and liabilities that are measured at fair value on a recurring basis in periods subsequent to their initial recognition is as follows (in thousands):


	Fair Value Measurement as of March 31, 2026
	Quoted Prices in Active Market for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Cash and cash equivalents	$	126,129	—	—	$	126,129
Restricted cash	47,865		—	—	47,865
Total financial asset	$	173,994	—	—	$	173,994
Warrant liability	$	—	—	—	$	—
Convertible loan measured at fair value	—		—	76,456	76,456
Total financial liability	$	—	—	76,456	$	76,456


	Fair Value Measurement as of December 31, 2025
	Quoted Prices in Active Market for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Cash and cash equivalents	$	104,963	—	—	$	104,963
Restricted cash	64,275		—	—	64,275
Total financial asset	$	169,238	—	—	$	169,238
Warrant liability	$	—	—	15	$	15
Convertible loan measured at fair value	—		—	140,929	140,929
Total financial liability	$	—	—	140,944	$	140,944

Schedule of Reconciliation of the Beginning and Ending Balances for Level 3 Warrant Liability

The following is a reconciliation of the beginning and ending balances for Level 3 warrant liability during the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026		2025
Balance at beginning of the period	$	15	$	290
Changes in fair value	(15)		(226)
Balance at end of the period	$	—	$	64

The following is a reconciliation of the beginning and ending balances for Level 3 Convertible Loan during the three months ended March 31, 2026 (in thousands):


	Three Months Ended March 31,
	2026		2025
Balance at beginning of the period	$	140,929	$	104,613
Interest paid during the period	(650)		(683)
Changes in fair value	(63,823)		(42,934)
Balance at end of the period	$	76,456	$	60,996

INVENTORIES, NET

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

INVENTORIES, NET

Inventories consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Work in process	$	50,799	$	41,757
Raw materials	15,654		20,055
Finished goods	28,584		27,599
Total	$	95,037	$	89,411

The Company wrote-down inventories to net realizable value and incurred losses of $1.6 million and nil on battery inventory for the three months ended March 31, 2026 and 2025, respectively. The write-downs were primarily related to technology development or product upgrade.

BANK BORROWINGS (Tables)

3 Months Ended

Mar. 31, 2026

Bank Borrowings [Abstract]

Schedule of Bank Borrowings Repayment

As of March 31, 2026, MPS had outstanding borrowings of $43.5 million under the 2022 Facility Agreement with the following repayment schedule:


Repayment Date						Repayment Amount
April 14, 2026						$6.8 million (RMB46.9 million)
April 15, 2026						$8.2 million (RMB56.3 million)
April 20, 2026						$6.8 million (RMB46.7 million)
December 10, 2026						$21.7 million (RMB149.9 million)

As of March 31, 2026, MPS had outstanding borrowings of $14.1 million under this agreement with the following repayment schedule:


Repayment Date						Repayment Amount
June 19, 2026						$362 thousand (RMB2.5 million)
December 19, 2026						$362 thousand (RMB2.5 million)
June 19, 2027						$13.4 million (RMB92.5 million)

As of March 31, 2026, MPS had outstanding borrowings of $14.5 million under this agreement with the following repayment schedule:


Repayment Date						Repayment Amount
September 18, 2026						$145 thousand (RMB1.0 million)
March 18, 2027						$145 thousand (RMB1.0 million)
September 18, 2027						$145 thousand (RMB1.0 million)
March 18, 2028						$14.1 million (RMB97.0 million)

Schedule of Bank Borrowings

Changes in bank borrowings were as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Beginning balance	$	106,279	$	111,728
Proceeds from bank borrowings	51,721		28,187
Repayments of principal	(20,804)		(13,062)
Exchange difference	1,573		690
Ending balance	$	138,769	$	127,543

Schedule of Banking Facilities and Aggregate Carrying Amount

The aggregate carrying amount of the assets pledged by MPS as of March 31, 2026 and December 31, 2025 is as follows (in thousands):


	March 31, 2026		December 31, 2025
Buildings	$	117,825	$	117,855
Machinery and equipment	54,114		54,975
Land use rights	11,654		11,570
Total	$	183,593	$	184,400

NET PROFIT (LOSS) PER SHARE (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss Per Share

The following table sets forth the computation of basic and diluted net profit (loss) per share for the periods indicated (in thousands, except per share data):


	Three Months Ended March 31,
	2026		2025

Net profit - basic	$	48,211	$	61,790
Changes in fair value of convertible loan	(63,823)		(42,934)
Net (loss) profit - diluted	$	(15,612)	$	18,856

Weighted average common stock used in computing basic net profit per share	332,360		323,431
Weighted-average effect of dilutive securities:

Diluted effect of shares issuable upon exercise of stock options	—		11
Diluted effect of shares issuable upon exercise of non-vested shares	—		983
Diluted effect of shares issuable upon conversion of convertible loan	52,912		50,000
Weighted average common stock used in computing diluted net (loss) profit per share	385,272		374,425

Net profit per share - basic	$	0.15	$	0.19
Net (loss) profit per share - diluted	$	(0.04)	$	0.05

Schedule of Shares Outstanding Were Excluded from the Calculation of Diluted Net Loss Per Ordinary Share

Potentially dilutive securities not included in the diluted net profit (loss) per share computations because their effect would have been anti-dilutive were as follows (in thousands):


	Three Months Ended March 31,
	2026	2025
Shares issuable upon exercise of stock options	548	30,876
Shares issuable upon vesting of non-vested shares	1,472	884
Shares issuable upon exercise of warrants	933	33,937
Shares issuable that may be subject to cancellation	—	1,688

INVENTORIES, NET - Schedule of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Work in process	$ 50,799	$ 41,757
Raw materials	15,654	20,055
Finished goods	28,584	27,599
Total	$ 95,037	$ 89,411

INVENTORIES, NET (Tables)

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Work in process	$	50,799	$	41,757
Raw materials	15,654		20,055
Finished goods	28,584		27,599
Total	$	95,037	$	89,411

LEASES - Supplemental Cash Flow Information Related to Leases (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Leases [Abstract]
Cash payments for operating leases	$ 775
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 658

REVENUE - Narrative (Details) $ in Millions	Mar. 31, 2026 USD ($)
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, amount	$ 6.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-05-01
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, amount	$ 3.4
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

SEGMENT INFORMATION

The Company’s business includes the design, development, manufacturing, sales and leasing of battery components and systems primarily for electric commercial vehicles and energy storage systems. Revenue, classified by major geographic region in which the customers are located, is disclosed in Note 12. The Chief Executive Officer (“CEO”), as the CODM, organizes the Company as a single operating and reportable segment. The CODM uses operating income to allocate operating and capital resources and assesses performance by comparing actual operating income results to historical results and previously forecasted financial information. The measure of operating income is reported on the consolidated statements of operations as operating income. The segment assets are reported on the consolidated balance sheets as total assets.

Long-lived assets, classified by major geographic regions, are as follows (in thousands, except percentages):


Geographic regions	March 31, 2026				December 31, 2025
	Amount		%		Amount		%
China	$	345,751	66	%	$	345,148	66	%
Asia & Pacific	345,751		66	%	345,148		66	%
Germany	14,560		3	%	15,291		3	%
United Kingdom	17		—	%	20		—	%
Europe	14,577		3	%	15,311		3	%
United States	161,376		31	%	159,168		31	%
Total	$	521,704	100	%	$	519,627	100	%

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

SHARE-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Classification of Stock-based Compensation

For the three months ended March 31, 2026 and 2025, the Company recognized share-based compensation expense related to all share-based awards as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Cost of revenues	$	41	$	62
General and administrative expenses	823		437
Research and development expenses	106		150
Selling and marketing expenses	38		54
Total	$	1,008	$	703

REVENUE - Revenue by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Revenues	$ 60,612	$ 116,491
Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
%	100.00%	100.00%
Asia & Pacific
Disaggregation of Revenue [Line Items]
Revenues	$ 17,142	$ 50,051
Asia & Pacific \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
%	29.00%	43.00%
China
Disaggregation of Revenue [Line Items]
Revenues	$ 14,877	$ 44,126
China \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
%	25.00%	38.00%
Other Asia & Pacific countries
Disaggregation of Revenue [Line Items]
Revenues	$ 2,265	$ 5,925
Other Asia & Pacific countries \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
%	4.00%	5.00%
Europe
Disaggregation of Revenue [Line Items]
Revenues	$ 43,236	$ 60,050
Europe \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
%	71.00%	52.00%
Italy
Disaggregation of Revenue [Line Items]
Revenues	$ 31,313	$ 36,587
Italy \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
%	52.00%	31.00%
France
Disaggregation of Revenue [Line Items]
Revenues	$ 11,680	$ 18,363
France \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
%	19.00%	16.00%
Other European countries
Disaggregation of Revenue [Line Items]
Revenues	$ 243	$ 5,100
Other European countries \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
%	0.00%	5.00%
United States
Disaggregation of Revenue [Line Items]
Revenues	$ 234	$ 6,390
United States \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
%	0.00%	5.00%

PRODUCT WARRANTY - Schedule of Warranty Cost (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Product Warranties Disclosures [Abstract]
Product warranty – current	$ 10,597	$ 10,357
Product warranty – non-current	29,621	28,612
Total	$ 40,218	$ 38,969

FAIR VALUE MEASUREMENT

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENT

Measured or Disclosed at Fair Value on a Recurring Basis

The Company measured its financial assets and liabilities, including cash and cash equivalents, restricted cash, warrant liability and Convertible Loan at fair value on a recurring basis. Cash and cash equivalents and restricted cash are classified within Level 1 of the fair value hierarchy because they are valued based on the quoted market price in an active market. The fair value of the warrant liability and Convertible Loan are based on significant unobservable inputs, which represent Level 3 measurements within the fair value hierarchy. In determining the fair value of the warrant liability, the Company used a Monte Carlo simulation as described in Note 9 – Warrants. See Note 14 – Convertible Loan measured at fair value for assumptions utilized in measuring the fair value of the Convertible Loan.


	Fair Value Measurement as of March 31, 2026
	Quoted Prices in Active Market for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Cash and cash equivalents	$	126,129	—	—	$	126,129
Restricted cash	47,865		—	—	47,865
Total financial asset	$	173,994	—	—	$	173,994
Warrant liability	$	—	—	—	$	—
Convertible loan measured at fair value	—		—	76,456	76,456
Total financial liability	$	—	—	76,456	$	76,456


	Fair Value Measurement as of December 31, 2025
	Quoted Prices in Active Market for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)	Total
Cash and cash equivalents	$	104,963	—	—	$	104,963
Restricted cash	64,275		—	—	64,275
Total financial asset	$	169,238	—	—	$	169,238
Warrant liability	$	—	—	15	$	15
Convertible loan measured at fair value	—		—	140,929	140,929
Total financial liability	$	—	—	140,944	$	140,944

The following is a reconciliation of the beginning and ending balances for Level 3 warrant liability during the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026		2025
Balance at beginning of the period	$	15	$	290
Changes in fair value	(15)		(226)
Balance at end of the period	$	—	$	64

The following is a reconciliation of the beginning and ending balances for Level 3 Convertible Loan during the three months ended March 31, 2026 (in thousands):


	Three Months Ended March 31,
	2026		2025
Balance at beginning of the period	$	140,929	$	104,613
Interest paid during the period	(650)		(683)
Changes in fair value	(63,823)		(42,934)
Balance at end of the period	$	76,456	$	60,996

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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+ Details

ACCOUNTS RECEIVABLE- Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Receivables [Abstract]
Accounts receivable	$ 127,620	$ 160,456
Allowance for credit losses	(4,028)	(4,693)
Accounts receivable, net	$ 123,592	$ 155,763

FAIR VALUE MEASUREMENT - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value Measurement (Details) - Schedule of fair value measurements of group’s assets and liabilities of recurring basis [Line Items]
Cash and cash equivalents	$ 126,129	$ 104,963
Restricted cash	47,865	64,275
Total financial asset	173,994	169,238
Warrant liability	0	15
Convertible loan measured at fair value	76,456	140,929
Total financial liability	76,456	140,944
Quoted Prices in Active Market for Identical Assets (Level 1)
Fair Value Measurement (Details) - Schedule of fair value measurements of group’s assets and liabilities of recurring basis [Line Items]
Cash and cash equivalents	126,129	104,963
Restricted cash	47,865	64,275
Total financial asset	173,994	169,238
Warrant liability	0	0
Convertible loan measured at fair value	0	0
Total financial liability	0	0
Significant Other Observable Inputs (Level 2)
Fair Value Measurement (Details) - Schedule of fair value measurements of group’s assets and liabilities of recurring basis [Line Items]
Cash and cash equivalents	0	0
Restricted cash	0	0
Total financial asset	0	0
Warrant liability	0	0
Convertible loan measured at fair value	0	0
Total financial liability	0	0
Significant Unobservable Inputs (Level 3)
Fair Value Measurement (Details) - Schedule of fair value measurements of group’s assets and liabilities of recurring basis [Line Items]
Cash and cash equivalents	0	0
Restricted cash	0	0
Total financial asset	0	0
Warrant liability	0	15
Convertible loan measured at fair value	76,456	140,929
Total financial liability	$ 76,456	$ 140,944

BANK BORROWINGS - Schedule of Banking Facilities and Aggregate Carrying Amount (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Bank Borrowings [Abstract]
Buildings	$ 117,825	$ 117,855
Machinery and equipment	54,114	54,975
Land use rights	11,654	11,570
Total	$ 183,593	$ 184,400

WARRANTS - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	May 28, 2024
Warrants (Details) [Line Items]
Shares issued (in shares)	27,600,000
Initial Lender Warrants \| Loan Agreement \| Related Party
Warrants (Details) [Line Items]
Initial exercise price (in dollars per share)			$ 2.00
Tuscan Holdings Corp and EarlyBirdCapital, Inc.
Warrants (Details) [Line Items]
Shares issued (in shares)	837,000
Warrants
Warrants (Details) [Line Items]
Class of warrant or right, number of securities called by each warrant or right (in shares)	1
Exercise price (in dollars per share)	$ 11.50
Changes in fair value of warrant liability and convertible loan	$ 15	$ 226
Common Stock \| Initial Lender Warrants \| Loan Agreement \| Related Party
Warrants (Details) [Line Items]
Number of securities called by warrants (in shares)			5,500,000

BANK BORROWINGS - Schedule of Bank Borrowings Repayment (Details) - Forecast $ in Thousands, ¥ in Millions	Mar. 18, 2028 USD ($)	Mar. 18, 2028 CNY (¥)	Sep. 18, 2027 USD ($)	Sep. 18, 2027 CNY (¥)	Mar. 18, 2027 USD ($)	Mar. 18, 2027 CNY (¥)	Dec. 19, 2026 USD ($)	Dec. 19, 2026 CNY (¥)	Dec. 10, 2026 USD ($)	Dec. 10, 2026 CNY (¥)	Sep. 18, 2026 USD ($)	Sep. 18, 2026 CNY (¥)	Jun. 19, 2026 USD ($)	Jun. 19, 2026 CNY (¥)	Apr. 20, 2026 USD ($)	Apr. 20, 2026 CNY (¥)	Apr. 15, 2026 USD ($)	Apr. 15, 2026 CNY (¥)	Apr. 14, 2026 USD ($)	Apr. 14, 2026 CNY (¥)
April 14, 2026
Debt Instrument [Line Items]
Repayment amount (in dollars and yuan renminbi)																			$ 6,800	¥ 46.9
April 15, 2026
Debt Instrument [Line Items]
Repayment amount (in dollars and yuan renminbi)																	$ 8,200	¥ 56.3
April 20, 2026
Debt Instrument [Line Items]
Repayment amount (in dollars and yuan renminbi)															$ 6,800	¥ 46.7
December 10, 2026
Debt Instrument [Line Items]
Repayment amount (in dollars and yuan renminbi)									$ 21,700	¥ 149.9
June 19, 2026
Debt Instrument [Line Items]
Repayment amount (in dollars and yuan renminbi)													$ 362	¥ 2.5
December 19, 2026
Debt Instrument [Line Items]
Repayment amount (in dollars and yuan renminbi)							$ 362	¥ 2.5
June 19, 2027
Debt Instrument [Line Items]
Repayment amount (in dollars and yuan renminbi)							$ 13,400	¥ 92.5
September 18, 2026
Debt Instrument [Line Items]
Repayment amount (in dollars and yuan renminbi)											$ 145	¥ 1.0
March 18, 2027
Debt Instrument [Line Items]
Repayment amount (in dollars and yuan renminbi)					$ 145	¥ 1.0
September 18, 2027
Debt Instrument [Line Items]
Repayment amount (in dollars and yuan renminbi)			$ 145	¥ 1.0
March 18, 2028
Debt Instrument [Line Items]
Repayment amount (in dollars and yuan renminbi)	$ 14,100	¥ 97.0

WARRANTS

3 Months Ended

Mar. 31, 2026

Warrants [Abstract]

WARRANTS

The Company has 27.6 million publicly-traded warrants (“Public Warrants”) and 837 thousand private placement warrants issued to Tuscan Holdings Acquisition LLC and EarlyBirdCapital, Inc. (“Private Warrants” and together with the

Public Warrants, the “Warrants”) that entitle the holder to purchase one share of the Company’s common stock at an exercise price of $11.50 per share. During the three months ended March 31, 2026, none of the Warrants were exercised.

The Public Warrants are only exercisable for cash, however, if the Company were to not maintain the effectiveness of the registration statement covering the shares of common stock issuable upon exercise of the Public Warrants, the Public Warrants would be exercisable on a net-share settlement basis. The Public Warrants will expire on July 23, 2026.

The Private Warrants are identical to the Public Warrants, except that the Private Warrants are exercisable for cash or on a net-share settlement basis, at the holder’s option, and be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. The Private Warrants will expire on July 23, 2026.

The exercise price and number of shares of common stock issuable upon exercise of the Warrants may be adjusted in certain circumstances including in the event of a stock dividend, recapitalization, reorganization, merger or consolidation. However, the Warrants will not be adjusted for the issuance of common stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the Warrants.

The Private Warrant liability was remeasured at fair value as of March 31, 2026 and 2025, resulting in gain of $15 thousand and $226 thousand for the three months ended March 31, 2026 and 2025 respectively and is classified within changes in fair value of warrant liability in the consolidated statements of operations.

The Private Warrants were valued using a Monte Carlo simulation with the following assumptions:


	March 31, 2026
Market price of public stock	$	1.50
Exercise price	$	11.50
Expected term (years)	0.32
Volatility	96.73		%
Risk-free interest rate	3.64		%
Dividend rate	0.00		%

On May 28, 2024, the Company also issued a warrant exercisable for 5.5 million shares of common stock at an initial exercise price of $2.00 per share. The Warrant expires on May 28, 2029. See further discussion in Note 14 – Convertible Loan measured at fair value.

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	May 04, 2026
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-38826
Entity Registrant Name	Microvast Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-2530757
Entity Address, Address Line One	12603 Southwest Freeway
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Stafford
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77477
City Area Code	(281)
Local Phone Number	491-9505
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		333,157,384
Entity Central Index Key	0001760689
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	MVST
Security Exchange Name	NASDAQ
Warrants
Entity Information [Line Items]
Title of 12(b) Security	Redeemable warrants, exercisable for shares of common stock
Trading Symbol	MVSTW
Security Exchange Name	NASDAQ

PRODUCT WARRANTY - Schedule of Movement of Product Warranty (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Balance at beginning of the period	$ 38,969	$ 33,107
Provided during the period	2,417	4,825
Utilized during the period	(1,486)	(3,630)
Exchange difference	318	359
Balance at end of the period	$ 40,218	$ 34,661

REVENUE

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

REVENUE

Revenues by major geographic regions in which the Company's customers are located are as follows (in thousands, except percentages):


Geographic regions	Three Months Ended March 31,
	2026				2025
	Amount		%		Amount		%
China	$	14,877	25	%	$	44,126	38	%
Other Asia & Pacific countries	2,265		4	%	5,925		5	%
Asia & Pacific	17,142		29	%	50,051		43	%
Italy	31,313		52	%	36,587		31	%
France	11,680		19	%	18,363		16	%
Other European countries	243		—	%	5,100		5	%
Europe	43,236		71	%	60,050		52	%
United States	234		—	%	6,390		5	%
Total	$	60,612	100	%	$	116,491	100	%

Contract Balances

Contract balances include accounts receivable and advances from customers. Accounts receivable represent cash not received from customers and are recorded when the rights to consideration are unconditional. The allowance for credit losses reflects the best estimate of probable losses inherent to the accounts receivable balance (see Note 2). Contract liabilities, recorded in advance from customers in the consolidated balance sheets, represent payment received in advance or payment received related to a material right provided to a customer to acquire additional goods or services at a discount in a future period.

The following table reflects the changes in our contract liabilities (in thousands):


	Three Months Ended March 31,
	2026		2025
Balance at beginning of the period	$	5,605	$	43,678
Cash received but not yet recognized in revenue	3,788		3,625
Revenue recognized from prior period deferral	(2,808)		(3,163)
Exchange difference	78		64
Balance at end of the period	$	6,663	$	44,204

As of March 31, 2026, total transaction price allocated to performance obligations that were unsatisfied or partially unsatisfied was $6.7 million. Of this amount, we expect to recognize $3.4 million over the next 12 months and the remainder over the remaining performance obligation period.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details

BANK BORROWINGS - Narrative (Details) $ in Thousands, ¥ in Millions		3 Months Ended
	Sep. 27, 2022 USD ($)	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Mar. 31, 2026 CNY (¥)	Jun. 30, 2025 CNY (¥)	Sep. 27, 2022 CNY (¥)
Debt Instrument [Line Items]
Interest costs capitalized		$ 162	$ 278
Debt instrument, interest rate, stated percentage		12.00%		12.00%
Interest expense, debt		$ 428	390
Maximum
Debt Instrument [Line Items]
Long-term debt, term		12 months		12 months
Long-term debt, percentage bearing variable interest, percentage rate		4.85%		4.85%
Minimum
Debt Instrument [Line Items]
Long-term debt, percentage bearing variable interest, percentage rate		2.40%		2.40%
2022 Facility Agreement
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 111,500					¥ 800
Debt instrument, basis spread on variable rate	1.15%
Long-term line of credit		$ 43,500
Long-Term Agreement \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity \| ¥					¥ 100
Long-term line of credit		14,100
Long-term debt, term					2 years
Debt instrument, interest rate, stated percentage					2.70%
Interest expense, debt		97	$ 0
Long-Term Agreement March 2026 \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity \| ¥				¥ 100
Long-term line of credit		$ 14,500
Long-term debt, term		2 years		2 years
Debt instrument, interest rate, stated percentage		2.80%		2.80%

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Litigation Corporate Governance Actions Stephen Vogel, Ruth Epstein, Stefan Selig, Richard Rieger, Amy Butte, Yang Wu and Yanzhuan Zheng have been named as defendants in litigation filed in the Court of Chancery captioned Matt Jacob v. Stephen A. Vogel, et al., C.A. No. 2022-0600-PAF (Del. Ch.) (filed July 7, 2022). The plaintiff is seeking to certify the litigation as a stockholder class action. The complaint alleges that Stephen Vogel, Ruth Epstein, Stefan Selig, Richard Rieger and Amy Butte breached their fiduciary duties in connection with Tuscan's acquisition of Microvast, Inc., including by making inadequate disclosures concerning the projected earnings of Microvast, Inc. The complaint further alleges that once the earnings of the combined company became public, the Company's stock dropped, causing losses to investors. The complaint also alleges that Yang Wu and Yanzhuan Zheng aided and abetted these purported breaches. Amy Butte, Yang Wu, and Yanzhuan Zheng filed motions to dismiss the complaint. On March 7, 2026, the Court dismissed the claims against Messrs. Wu and Zheng, without prejudice but denied Ms. Butte's motion to dismiss. On March 30, 2026, the plaintiff served initial discovery requests on the remaining defendants. Amy Butte filed an answer to the complaint on April 15, 2026. On December 13, 2023, in response to a stockholder litigation demand, the Company filed a petition in the Court of Chancery pursuant to Section 205 of the Delaware General Corporation Law seeking validation of an amendment to the Company’s Amended Certificate of Incorporation, the Business Combination and the issuance of the shares issued pursuant thereto, and the Company’s Second Amended and Restated Certificate of Incorporation adopted in connection with the Business Combination (collectively, the “Acts”) to resolve any uncertainty with respect to those matters, which action was captioned In re Microvast Holdings Inc., C.A. No. 2023-1245-PAF. On March 18, 2024, the Court of Chancery granted the petition, validating and declaring effective each Act as of the time and date such Act was originally taken. The Company, the directors of the Company predecessor, Tuscan, and certain former and current Company officers and directors have also been named as defendants in litigation filed in the Court of Chancery captioned Denish Bhavsar v. Stephen Vogel, et al., Case No. 2024-0137-PAF (Del. Ch.) (filed Feb. 14, 2024). The plaintiff purports to assert derivative claims on behalf of the Company. The complaint alleges that the individual defendants breached their fiduciary duties in connection with Tuscan’s acquisition of Microvast, Inc., including by making inadequate disclosures concerning Microvast, Inc.’s earnings and alleged conflicts of interest that existed between certain directors and Company stockholders. Certain defendants filed motions to dismiss, which are fully briefed. The Company, and certain former and current Company officers and directors have also been named as defendants in a litigation filed in the Court of Chancery captioned Henry Park v. Yang Wu, et al., C.A. No. 2024-0868-PAF (Del. Ch.) (filed August 19, 2024). The plaintiff purports to assert derivative claims on behalf of the Company. The complaint alleges that certain individual defendants breached their fiduciary duties in connection with Tuscan’s acquisition of Microvast, Inc., including by making inadequate disclosures concerning Microvast, Inc.’s earnings and by refusing to investigate a litigation demand. On October 14, 2024, the Company and other defendants filed a motion to dismiss. That motion has been fully briefed. Following an April 7, 2026 telephonic status conference on the Bhavsar and Park cases, the parties agreed to stay the cases pending disposition of the Jacob litigation. Stipulations were filed and so-ordered by the court in Bhavsar on April 24, 2026 and in Park on April 27, 2026. The Company has received additional demands from purported Company stockholders, requesting that the Company’s Board of Directors investigate whether current and former directors and officers of the Company and its predecessors, Tuscan and Microvast Inc., breached their fiduciary duties by allegedly making material misrepresentations about inter alia (1) Microvast Inc.’s performance and financial health in connection with the merger between Tuscan and Microvast, Inc., and (2) the Company’s loss of a conditional grant from the United States Department of Energy. The Company has responded to the demands. The Company has also received and responded to stockholder demands for books and records made pursuant to Section 220 of the Delaware General Corporation Law that purportedly seek to investigate the (i) loss of the DOE grant, and (ii) Company's bases for denying one of the referenced stockholder demands. Securities Litigation The Company and certain of its officers have also been named as defendants in a putative class action complaint by a stockholder of the Company in the U.S. District Court for the Southern District of Texas under the caption Schelling v. Microvast Holdings, Inc., Case No. 4:23-cv-04565 (S.D. Tex.) (filed Dec. 5, 2023) (the “Schelling Action”). The complaint alleges that defendants violated certain federal securities laws by making misleading statements regarding the receipt of a conditional grant from the United States Department of Energy, the Company’s profitability, the nature of Company-associated operations in China, and the status and progress of the construction of a facility owned by the Company. On March 1, 2024, the court appointed Co-Lead Plaintiffs and Co-Lead Counsel for the proposed class of Company investors. Plaintiffs amended their complaint on May 13, 2024, and Defendants filed a motion to dismiss on June 20, 2024. On August 22, 2025, the Court granted in part and denied in part the motion to dismiss. Defendants filed their Answer on October 14, 2025. The lawsuit is currently in the discovery phase. Briefing on the class certification is scheduled to take place from June to October 2026, and briefing on dispositive motions from April to July 2027. The case has not yet been set for trial. Jury selection for the trial of the case is set to begin on November 8, 2027. The Company and certain of its officers and directors have also been named as defendants in three derivative actions filed in the Southern District of Texas under the captions Bhavsar v. Wu et al., No. 4:24-cv-00372 (S.D. Tex.) (filed Jan. 31, 2024), Marti et al v. Wu et al, Case No. 4:24-cv-00633 (S.D. Tex.) (filed Feb. 23, 2024), Gidaro v. Wu et al, Case No. 4:24-cv-00828 (S.D. Tex.) (filed Mar. 6, 2024). The complaints allege that the officer and director defendants violated the federal securities laws by making inadequate disclosures substantially similar to those alleged in the Schelling Action. The complaints further allege that these inadequate disclosures resulted from, and constituted, breaches of the officer and director defendants’ fiduciary duties. On February 24, 2024, the court entered in an order in the first-filed case, Bhavsar v. Wu et al., No. 4:24-cv-00372, consolidating the Bhavsar case and Marti et al v. Wu et al, Case No. 4:24-cv-00633. The consolidated derivative litigation (the “Consolidated Derivative Action”) is captioned In re Microvast Holdings, Inc. Derivative Litigation, Lead Case No. 4:24-cv-00372 (S.D. Tex.). The parties in the Gidardo action filed a stipulation to consolidate the Gidaro case into the Consolidated Derivative Action. The Consolidated Derivative Action is currently stayed. The allegations in the Consolidated Derivative Action are substantially similar to the allegations raised in the Securities Class Action. On March 18, 2024, the parties in the Derivative Action filed a joint motion to stay the proceedings pending a ruling in the Securities Class Action on the anticipated motion to dismiss. The Court granted the motion to stay on March 24, 2024. As of March 9, 2026, the stay remained in effect. A fourth derivative complaint was filed on November 19, 2025 in the United States District Court (S.D. Tex) under the caption Richard Swenson and Lori Swenson v. Yang Wu, et al., No. 4:25-cv-05561. Following entry of a stipulation to consolidate the Swenson action with already-pending cases, the Swenson case was voluntarily dismissed on January 27, 2026. Pursuant to the Company's governing documents and indemnification agreements entered into by the Company with certain of the named defendants, in the above-described actions, the Company has indemnified those defendants for all expenses and losses related to the litigation subject to the terms of those indemnification agreements. While the lawsuits are being vigorously defended, other reported lawsuits of this type have resulted in a broad range of outcomes, with each case being dependent on its own unique set of facts and circumstances. Litigation of this kind can lead to settlement negotiations, including negotiations prompted by pre-trial civil court procedures. The outcome of any litigation is inherently uncertain, and there is always the possibility that a court rules in a manner that is adverse to the interests of the Company and the individual defendants. However, the amount of any such loss in that scenario, which could be material, cannot be reasonably estimated at this time. Other Matters Deidra Milan is an ex-employee of Microvast, and is the putative representative of a class of more than 100 individual employees who were let go from their jobs at a plant in Clarksville, Tennessee. She has filed Civil Action No. 3:24-cv-00627, Deidra Milan, Plaintiff v. Microvast, Inc. and Microvast Holdings, Inc. in the U.S. District Court for the Middle District of Tennessee. The Company filed an answer to the suit on July 19, 2024. The class action complaint is brought under the Worker Adjustment and Notification Act, 29 U.S.C. §§2101-2109 (the “WARN Act”), which requires advance notice before certain types of plant closings and mass layoffs. Plaintiff alleges that defendants failed to give proper advance notice of a mass layoff in violation of the WARN Act. Plaintiffs seek backpay, medical expenses, attorney’s fees and statutory penalties in an unspecified amount. Class counsel and the Company have agreed on the terms of a class action settlement agreement subject to court approval. The Court has granted preliminary court approval of the class action settlement. Potential class members will now receive notice of the settlement and an opportunity to object to the settlement terms or opt out of the settlement. The court will then need to rule on any objections and finally approve the settlement for all class members who do not opt out of the class settlement. The Court has set a hearing on Plaintiff's unopposed motion for final approval for May 21, 2026. Microvast, Inc., a subsidiary of the Company, has been named as a defendant in a contract dispute litigation filed in Montgomery County Chancery Court for the State of Tennessee under the caption DPR Construction, GP vs. Microvast, Inc., et al, Case No. CD-24-31 (Tenn. Ch.) (filed June 20, 2024) (the "DPR Litigation"). The Plaintiff alleged that the Company failed to pay it for construction work that is performed on a Microvast facility in Tennessee, and sought damages of $19.9 million in progress billings, the additional sum of $1.6 million being held as retainage on Plaintiff's progress billings under the contract, lost profits on the work yet to be performed under the contract plus certain fees and expenses, and foreclosure on the facility to satisfy the payment allegedly owed. The parties entered into a settlement agreement on November 11, 2024, and an agreed order of dismissal was filed on February 9, 2026. Microvast, Inc. was named as a defendant in a contract dispute litigation filed in Montgomery County Chancery Court for the State of Tennessee under the caption Faith Technologies, Inc. v. Microvast, Inc. et al., Case No. CD-24-36 (Tenn. Ch.) (filed on July 15, 2024). Plaintiff asserts claims for damages related to its subcontract with DPR Construction, GP under which Plaintiff provided fire protection system services on a Microvast facility in Tennessee, and seeks damages of $1.7 million plus cost of court and attorneys and prejudgment interest. The parties entered into a settlement agreement and this matter has been stayed by order of the court. The parties entered into a settlement agreement, and the court dismissed the case with prejudice on March 4, 2026. Microvast, Inc. was named as a defendant in an action filed in Montgomery County Chancery Court for the State of Tennessee under the caption Bernhard MCC, LLC. v. U.S. Engineering Innovations, LLC, DPR Construction, Microvast, Inc. and the Industrial Development Board of the County of Montgomery, Case No. CD-24-27 (Tenn. Ch.) (filed on May 28, 2024 ) brought by a subcontractor on the Microvast Facility in Tennessee for lien enforcement of $5.7 million. The Parties entered into a settlement agreement and this matter has been stayed by order of the court on November 11, 2024. The court entered the order dismissing the case with prejudice on March 12, 2026. Microvast, Inc. was named as a defendant in an action filed in Montgomery County Chancery Court for the State of Tennessee under the caption Virginia Transformer Corp. v. Microvast, Inc.and the Industrial Development Board of the County of Montgomery, Tennessee, Case No. RE-24-32 (Tenn. Ch.) (filed on July 01, 2024) brought by a prime contractor on the Microvast Facility in Tennessee for lien enforcement of $1.8 million. The parties entered into a settlement agreement, but after defendant made one settlement payment, a dispute arose when a third party hacked plaintiff’s email system and directed defendant to wire settlement payments to a fictitious bank account. Plaintiff amended its complaint to add a claim for breach of the settlement agreement, and defendant amended its answer to assert a counterclaim for plaintiff's breach of the settlement agreement. Defendant also filed a motion to compel arbitration of the entire matter based on an arbitration provision in the parties' underlying contract, which the trial court denied. Defendant has appealed the trial court’s order denying arbitration, resulting in a stay of the trial court proceedings pending the appeal. Briefing has just commenced, with Microvast filing its initial brief. The parties have agreed on a mediation that is scheduled for May 19, 2026. Microvast, Inc. has initiated a lawsuit as a plaintiff in an action filed in the 11th Judicial District Court, Harris County, Texas under the caption Microvast, Inc. v. Grupo Basan Barba Santana, S.A. De C.V., Cause No. 2025-11326 (filed on February 19, 2025). Microvast claims it is entitled to the $2.6 million balance of its $3.5 million deposit. Grupo Basan has counterclaimed for $2.4 million in additional compensation for products and for expenses, which claims Microvast contends are prohibited by the contract. Microvast filed a summary judgment motion to dispose of Grupo Basan's claims which will be heard at approximately the end of July. Grupo Basan's attorneys have withdrawn. It is unknown at this time whether Grupo Basan will retain new counsel. Discovery is proceeding and trial is set for September 2026. On November 14, 2024, Microvast Energy, Inc. was named as a defendant in breach of contract action filed before the American Arbitration Association (“AAA”) under the caption Clenera Battery Holdco LLC v. Microvast, Inc.., Case No. 01-24-0008-7288. Clenera asserted a claim for breach of a supply agreement between Microvast and Clenera for custom-made battery containers. Clenera alleges that Microvast must refund approximately $36 million due to Microvast's failure to deliver the containers by the contractual deadline, per the terms of the supply agreement. Clenera also seeks interest and attorneys’ fees. On November 15, 2024, Clenera filed an action for the same claim against Microvast Holdings, Inc. in the Supreme Court of the State of New York, County of New York, under the caption Clenera Battery Holdco LLC v. Microvast Holdings, Inc., Index No. 659103/2024. The guaranty action was consolidated into the arbitration. On December 3, 2025, the AAA issued the final award to Clenera of approximately $42.9 million, plus 9% interest for any amounts unsatisfied after December 3, 2025. This award was amended on January 6, 2026 and January 16, 2026. On February 12, 2026, the parties entered into a confidential settlement agreement. The Company made the first payment to Clenera, and the agreement contemplates a second payment to be made on or before July 15, 2026. The Company is also involved in other litigation, claims, and proceedings. The Company evaluates the status of each legal matter and assesses the potential financial exposure. If the potential loss from any legal proceedings or litigation is considered probable and the amount can be reasonably estimated, the Company accrues a liability for the estimated loss. Significant judgment is required to determine the probability of a loss and whether the amount of the loss is reasonably estimated. As of March 31, 2026 and December 31, 2025, based on the information currently available, the Company believes that any loss contingencies that may arise as a result of currently pending legal proceedings cannot be accurately quantified at this time and thus cannot determine whether they will have a material adverse effect on the Company’s business, results of operations, financial condition, and cash flows. Capital Commitments Capital commitments for construction of property and purchase of property, plant and equipment were $17.3 million as of March 31, 2026. Purchase Commitments Purchase commitments for non-cancelable contractual obligations primarily related to purchases of inventory were $29.1 million as of March 31, 2026. Pledged Assets Other than those disclosed in Note 6 - Bank Borrowings, the Company may pledge certain assets to banks to secure the issuance of bank acceptance notes for the Company. As of March 31, 2026, certain of the Company's machinery and equipment with a carrying value of $20.5 million has been pledged to secure the issuance of such notes. Liens As of March 31, 2026, the Company had $2.3 million of liens, a decrease of $21.3 million from December 31, 2025 due in part to the settlement of the DPR Litigation.

SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Long-Lived Assets by Geographic Areas

Long-lived assets, classified by major geographic regions, are as follows (in thousands, except percentages):


Geographic regions	March 31, 2026				December 31, 2025
	Amount		%		Amount		%
China	$	345,751	66	%	$	345,148	66	%
Asia & Pacific	345,751		66	%	345,148		66	%
Germany	14,560		3	%	15,291		3	%
United Kingdom	17		—	%	20		—	%
Europe	14,577		3	%	15,311		3	%
United States	161,376		31	%	159,168		31	%
Total	$	521,704	100	%	$	519,627	100	%

ACCOUNTS RECEIVABLE - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of the period	$ 4,693	$ 5,090
(Reversal) provision of credit loss expenses	(799)	1,358
Recoveries of credit losses	87	0
Exchange difference	47	75
Balance at end of the period	$ 4,028	$ 6,523

SHARE-BASED COMPENSATION

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

The Company has granted restricted stock and restricted stock units (collectively, “Restricted Stock”), as well as unrestricted stock and stock options, to employees and directors under the 2021 Equity Incentive Plan. Upon vesting of Restricted Stock, shares of common stock are released to the grantee.

As of March 31, 2026, the Company had approximately 2.3 million shares of service-based Restricted Stock and approximately 134 thousand shares of performance-based Restricted Stock outstanding. The Company also had approximately 25.6 million stock options outstanding, of which 24.2 million stock options were exercisable as of March 31, 2026.

For the three months ended March 31, 2026 and 2025, the Company recognized share-based compensation expense related to all share-based awards as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Cost of revenues	$	41	$	62
General and administrative expenses	823		437
Research and development expenses	106		150
Selling and marketing expenses	38		54
Total	$	1,008	$	703

PRODUCT WARRANTY (Tables)

3 Months Ended

Mar. 31, 2026

Product Warranties Disclosures [Abstract]

Schedule of Movement of Product Warranty

Changes in product warranty were as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Balance at beginning of the period	$	38,969	$	33,107
Provided during the period	2,417		4,825
Utilized during the period	(1,486)		(3,630)
Exchange difference	318		359
Balance at end of the period	$	40,218	$	34,661

Schedule of Warranty Cost


	March 31, 2026		December 31, 2025
Product warranty – current	$	10,597	$	10,357
Product warranty – non-current	29,621		28,612
Total	$	40,218	$	38,969

PRODUCT WARRANTY

3 Months Ended

Mar. 31, 2026

Product Warranties Disclosures [Abstract]

PRODUCT WARRANTY

Changes in product warranty were as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Balance at beginning of the period	$	38,969	$	33,107
Provided during the period	2,417		4,825
Utilized during the period	(1,486)		(3,630)
Exchange difference	318		359
Balance at end of the period	$	40,218	$	34,661


	March 31, 2026		December 31, 2025
Product warranty – current	$	10,597	$	10,357
Product warranty – non-current	29,621		28,612
Total	$	40,218	$	38,969

REVENUE - Changes in Contract Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Contract With Customer, Liability [Roll Forward]
Balance at beginning of the period	$ 5,605	$ 43,678
Cash received but not yet recognized in revenue	3,788	3,625
Revenue recognized from prior period deferral	(2,808)	(3,163)
Exchange difference	78	64
Balance at end of the period	$ 6,663	$ 44,204

BANK BORROWINGS - Schedule of Bank Borrowings (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Bank Borrowing [Roll Forward]
Beginning balance	$ 106,279	$ 111,728
Proceeds from bank borrowings	51,721	28,187
Repayments of principal	(20,804)	(13,062)
Exchange difference	1,573	690
Ending balance	$ 138,769	$ 127,543

SHARE-BASED COMPENSATION - Narrative (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2026 shares
Service-Based Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share options (in shares)	2,300
Performance-Based Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share options (in shares)	134
Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share options (in shares)	25,600
Number of shares, exercised (in shares)	24,200

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-Topic 718
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

OTHER NON-CURRENT LIABILITIES - Schedule of Other Non-Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Other Liabilities, Noncurrent [Abstract]
Product warranty - non-current	$ 29,621	$ 28,612
Deferred subsidy income- non-current	5,984	6,190
Other non-current payable	98	2,396
Other non-current liabilities	$ 35,703	$ 37,198

BONDS PAYABLE - Schedule of Bonds Payable (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Schedule of Bonds Payable [Line Items]
Total	$ 41,693	$ 41,693
Huzhou Saiyuan
Schedule of Bonds Payable [Line Items]
Total	$ 41,693	$ 41,693

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 126,129	$ 104,963
Restricted cash	47,865	64,275
Accounts receivable (net of allowance for credit losses of $4,028 and $4,693 as of March 31, 2026 and December 31, 2025, respectively)	123,592	155,763
Notes receivable	5,511	5,590
Inventories, net	95,037	89,411
Prepaid expenses and other current assets	16,189	17,221
Assets held for sale	11,500	11,500
Total Current Assets	425,823	448,723
Property, plant and equipment, net	510,050	508,057
Land use rights, net	11,654	11,570
Acquired intangible assets, net	2,077	2,183
Operating lease right-of-use assets	16,769	17,336
Deferred tax assets	5,429	5,429
Other non-current assets	15,694	12,150
Total Assets	987,496	1,005,448
Liabilities
Accounts payable	46,370	47,003
Notes payable	52,263	78,321
Accrued expenses and other current liabilities	109,472	123,429
Advance from customers	6,663	5,605
Convertible loan measured at fair value	76,456	140,929
Short-term bank borrowings	111,152	93,052
Bonds payable	41,693	0
Total Current Liabilities	444,086	488,341
Long-term bonds payable	0	41,693
Long-term bank borrowings	27,617	13,227
Operating lease liabilities	13,984	14,476
Other non-current liabilities	35,703	37,198
Total Liabilities	521,390	594,935
Commitments and contingencies (Note 16)
Stockholders’ Equity
Common Stock ($0.0001 par value, 750,000 shares authorized; 334,845 and 333,474 shares issued, and 333,157 and 331,786 shares outstanding as of March 31, 2026 and December 31, 2025)	34	34
Preferred Stock ($0.0001 par value, 50,000 shares authorized; none issued and outstanding as of March 31, 2026 and December 31, 2025)	0	0
Additional paid-in capital	1,544,805	1,543,797
Statutory reserves	6,032	6,032
Accumulated deficit	(1,073,965)	(1,122,176)
Accumulated other comprehensive loss	(10,800)	(17,174)
Total Equity	466,106	410,513
Total Liabilities and Equity	987,496	1,005,448
Related Party
Liabilities
Other current liabilities	$ 17	$ 2

WARRANTS - Schedule of Under the Binomial-Lattice Model (“BLM”) that Assumes Optimal Exercise of the Company’s Redemption Option (Details) - Warrants	Mar. 31, 2026 $ / shares
Warrants [Line Items]
Market price of public stock (in dollars per share)	$ 1.50
Exercise price (in dollars per share)	$ 11.50
Expected term (years)	3 months 25 days
Volatility	96.73%
Risk-free interest rate	3.64%
Dividend rate	0.00%

CONVERTIBLE LOAN MEASURED AT FAIR VALUE - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended
	Jul. 31, 2024	May 31, 2024	Mar. 31, 2026	Mar. 31, 2025	May 28, 2024
Related Party Transaction [Line Items]
Proceeds from bank borrowings			$ 51,721	$ 28,187
Debt instrument, interest rate, stated percentage			12.00%
Net gain (loss) within net earnings (loss)			$ 63,800	$ (42,900)
Loan Agreement \| Related Party
Related Party Transaction [Line Items]
Loan amount					$ 25,000
Initial conversion rate			2
Loan Agreement \| Related Party \| Initial Lender Warrants
Related Party Transaction [Line Items]
Initial exercise price (in dollars per share)					$ 2.00
Warrants outstanding			5,500,000
Loan Agreement \| Related Party \| Initial Lender Warrants \| Common Stock
Related Party Transaction [Line Items]
Number of securities called by warrants (in shares)					5,500,000
Loan Agreement \| Related Party \| Delayed Draw Term Loan (DDTL)
Related Party Transaction [Line Items]
Proceeds from bank borrowings	$ 13,000
Debt instrument, interest rate, stated percentage			9.75%
Paid in kind, interest rate			3.75%
Loan Agreement \| Related Party \| Secured Debt
Related Party Transaction [Line Items]
Loan amount			$ 12,000
Proceeds from bank borrowings		$ 12,000

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Revenues	$ 60,612	$ 116,491
Cost of revenues	(41,456)	(73,475)
Gross profit	19,156	43,016
Operating expenses:
General and administrative expenses	(12,941)	(14,120)
Research and development expenses	(8,810)	(8,248)
Selling and marketing expenses	(5,342)	(6,799)
Total operating expenses	(27,093)	(29,167)
Subsidy income	3	1,416
(Loss) profit from operations	(7,934)	15,265
Other income and expenses:
Interest income	382	177
Interest expense	(1,227)	(1,188)
Changes in fair value of warrant liability and convertible loan	63,838	43,160
Foreign exchange (loss) gain	(6,900)	3,667
Other income, net	52	709
Net profit	$ 48,211	$ 61,790
Earnings Per Share [Abstract]
Net profit per share - Basic (in dollars per share)	$ 0.15	$ 0.19
Net profit per share - Diluted (in dollars per share)	$ (0.04)	$ 0.05
Weighted Average Number of Shares Outstanding, Basic [Abstract]
Weighted average shares outstanding - Basic (in shares)	332,360,000	323,431,000
Weighted average shares outstanding - Diluted (in shares)	385,272,000	374,425,000

BONDS PAYABLE

3 Months Ended

Mar. 31, 2026

Bonds Payable [Abstract]

BONDS PAYABLE

Bonds payable consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Huzhou Saiyuan	$	41,693	$	41,693
Total	$	41,693	$	41,693

Huzhou Saiyuan Loan

On December 29, 2018, MPS signed an agreement with Huzhou Saiyuan, an entity established by the local government, to issue convertible bonds to Huzhou Saiyuan for a total consideration of $87.8 million (RMB600 million). The Company pledged its 12.39% equity holding over MPS to Huzhou Saiyuan to facilitate the issuance of these convertible bonds.

If the subscribed bonds are not repaid by the maturity date, Huzhou Saiyuan has the right to dispose of the equity interests pledged by the Company in proportion to the amount of matured bonds, or convert the bonds into equity interests of MPS within 60 days after the maturity date. If Huzhou Saiyuan decides to convert the bonds into equity interests of MPS, the equity interests pledged would be released and the convertible bonds would be converted into equity interest of MPS based on an entity value of MPS of $950.0 million.

In September 2020 and 2022, MPS entered into two supplemental agreements with Huzhou Saiyuan, respectively, to change the repayment schedule as follows: (i) $14.6 million (RMB100 million) was repaid, together with interest accrued, on or before November 10, 2022, (ii) $14.6 million (RMB100 million) was repaid, together with interest accrued, on or before December 31, 2022 and (iii) the remaining $43.9 million (RMB300 million) will be repaid, together with interest accrued, on or before January 31, 2027. The applicable interest rate will be increased to 12% if the Company is in default on the repayment of the bonds at the due date. The remaining terms and conditions of the convertible bonds were unchanged. The Company has fully complied with the amended repayment schedule. With $692 thousand (RMB5 million) repaid in 2023 and $1.4 million (RMB10 million) repaid in 2025, the subscription and outstanding balance of the convertible bonds was $41.7 million (RMB285 million) as of March 31, 2026.

SEGMENT INFORMATION - Narrative (Details)	3 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Operating segment	1
Reporting segment.	1

BANK BORROWINGS

3 Months Ended

Mar. 31, 2026

Bank Borrowings [Abstract]

BANK BORROWINGS

On September 27, 2022, Microvast Power Systems Co., Ltd. (“MPS”), one of the Company’s subsidiaries, entered into a $111.5 million (RMB800 million) loan facilities agreement with a group of lenders led by a bank in China (the “2022 Facility Agreement”). The interest rate is prime plus 115 basis points where prime is based on the Loan Prime Rate published by the National Inter-bank Funding Center of China and is payable on a quarterly basis. The loan facilities can only be used for the manufacturing capacity expansion at the Company’s facility located in Huzhou, China. The 2022 Facility Agreement contains certain customary restrictive covenants, including but not limited to disposal of assets and dividend distribution without the consent of the lender, and certain customary events of default.

As of March 31, 2026, MPS had outstanding borrowings of $43.5 million under the 2022 Facility Agreement with the following repayment schedule:


Repayment Date						Repayment Amount
April 14, 2026						$6.8 million (RMB46.9 million)
April 15, 2026						$8.2 million (RMB56.3 million)
April 20, 2026						$6.8 million (RMB46.7 million)
December 10, 2026						$21.7 million (RMB149.9 million)

Capitalized interest, which was recorded in construction in progress, was $162 thousand and $278 thousand for the three months ended March 31, 2026 and 2025, respectively.

In June 2025, MPS entered into a long-term loan agreement with a Chinese bank for a facility of RMB100 million to be used for working capital. The maturity period for this loan is two years with an interest rate of 2.70%. The interest expense under this long-term loan agreement for the three months ended March 31, 2026 and 2025 was $97 thousand and nil, respectively. As of March 31, 2026, MPS had outstanding borrowings of $14.1 million under this agreement with the following repayment schedule:


Repayment Date						Repayment Amount
June 19, 2026						$362 thousand (RMB2.5 million)
December 19, 2026						$362 thousand (RMB2.5 million)
June 19, 2027						$13.4 million (RMB92.5 million)

In March 2026, MPS entered into a long-term loan agreement and bank facility with a Chinese bank for RMB100 million to be used for working capital purposes and to refinance a portion of the loans with higher interest rates. The maturity period for this loan is two years with an interest rate of 2.80%. As of March 31, 2026, MPS had outstanding borrowings of $14.5 million under this agreement with the following repayment schedule:


Repayment Date						Repayment Amount
September 18, 2026						$145 thousand (RMB1.0 million)
March 18, 2027						$145 thousand (RMB1.0 million)
September 18, 2027						$145 thousand (RMB1.0 million)
March 18, 2028						$14.1 million (RMB97.0 million)

The Company's PRC subsidiaries have also entered into short-term loan agreements and bank facilities with certain banks in China. The original terms of these loans are with a maximum maturity of 12 months and the interest rates range from 2.40% to 4.85% per annum. The amount of interest expense was $428 thousand and $390 thousand for the three months ended March 31, 2026 and 2025, respectively.

Changes in bank borrowings were as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Beginning balance	$	106,279	$	111,728
Proceeds from bank borrowings	51,721		28,187
Repayments of principal	(20,804)		(13,062)
Exchange difference	1,573		690
Ending balance	$	138,769	$	127,543

Certain assets of the Company have been pledged to secure the above bank facilities granted to the Company. The aggregate carrying amount of the assets pledged by MPS as of March 31, 2026 and December 31, 2025 is as follows (in thousands):


	March 31, 2026		December 31, 2025
Buildings	$	117,825	$	117,855
Machinery and equipment	54,114		54,975
Land use rights	11,654		11,570
Total	$	183,593	$	184,400

NET PROFIT (LOSS) PER SHARE

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

NET PROFIT (LOSS) PER SHARE

The following table sets forth the computation of basic and diluted net profit (loss) per share for the periods indicated (in thousands, except per share data):


	Three Months Ended March 31,
	2026		2025

Net profit - basic	$	48,211	$	61,790
Changes in fair value of convertible loan	(63,823)		(42,934)
Net (loss) profit - diluted	$	(15,612)	$	18,856

Weighted average common stock used in computing basic net profit per share	332,360		323,431
Weighted-average effect of dilutive securities:

Diluted effect of shares issuable upon exercise of stock options	—		11
Diluted effect of shares issuable upon exercise of non-vested shares	—		983
Diluted effect of shares issuable upon conversion of convertible loan	52,912		50,000
Weighted average common stock used in computing diluted net (loss) profit per share	385,272		374,425

Net profit per share - basic	$	0.15	$	0.19
Net (loss) profit per share - diluted	$	(0.04)	$	0.05

Potentially dilutive securities not included in the diluted net profit (loss) per share computations because their effect would have been anti-dilutive were as follows (in thousands):


	Three Months Ended March 31,
	2026	2025
Shares issuable upon exercise of stock options	548	30,876
Shares issuable upon vesting of non-vested shares	1,472	884
Shares issuable upon exercise of warrants	933	33,937
Shares issuable that may be subject to cancellation	—	1,688

LEASES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
LEASES - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Leases [Abstract]
Operating lease, cost	$ 904	$ 857
Short-term lease, cost	16	46
Present value of operating lease liabilities	16,803
Operating lease liabilities, current	$ 2,819		$ 2,788
Operating lease, weighted average remaining lease term	8 years 6 months
Operating lease, weighted average discount rate, percent	5.00%
Sales-type lease revenue	$ 46	$ 4,100
Net investment in lease, after allowance for credit loss	5,600
Net investment in lease, after allowance for credit loss, current	$ 3,800

REVENUE (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue from External Customers by Geographic Areas

Revenues by major geographic regions in which the Company's customers are located are as follows (in thousands, except percentages):


Geographic regions	Three Months Ended March 31,
	2026				2025
	Amount		%		Amount		%
China	$	14,877	25	%	$	44,126	38	%
Other Asia & Pacific countries	2,265		4	%	5,925		5	%
Asia & Pacific	17,142		29	%	50,051		43	%
Italy	31,313		52	%	36,587		31	%
France	11,680		19	%	18,363		16	%
Other European countries	243		—	%	5,100		5	%
Europe	43,236		71	%	60,050		52	%
United States	234		—	%	6,390		5	%
Total	$	60,612	100	%	$	116,491	100	%

Contract with Customer, Contract Asset, Contract Liability, and Receivable

The following table reflects the changes in our contract liabilities (in thousands):


	Three Months Ended March 31,
	2026		2025
Balance at beginning of the period	$	5,605	$	43,678
Cash received but not yet recognized in revenue	3,788		3,625
Revenue recognized from prior period deferral	(2,808)		(3,163)
Exchange difference	78		64
Balance at end of the period	$	6,663	$	44,204

BONDS PAYABLE (Tables)

3 Months Ended

Mar. 31, 2026

Bonds Payable [Abstract]

Schedule of Bonds Payable

Bonds payable consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Huzhou Saiyuan	$	41,693	$	41,693
Total	$	41,693	$	41,693

SEGMENT INFORMATION - Schedule of Long-lived Assets, Classified by Major Geographic Regions (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Revenues from External Customers and Long-Lived Assets [Line Items]
Amount	$ 521,704	$ 519,627
Geographic Concentration Risk \| Long-Lived Assets, Geographic Area
Revenues from External Customers and Long-Lived Assets [Line Items]
%	100.00%	100.00%
Asia & Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Amount	$ 345,751	$ 345,148
Asia & Pacific \| Geographic Concentration Risk \| Long-Lived Assets, Geographic Area
Revenues from External Customers and Long-Lived Assets [Line Items]
%	66.00%	66.00%
China
Revenues from External Customers and Long-Lived Assets [Line Items]
Amount	$ 345,751	$ 345,148
China \| Geographic Concentration Risk \| Long-Lived Assets, Geographic Area
Revenues from External Customers and Long-Lived Assets [Line Items]
%	66.00%	66.00%
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Amount	$ 14,577	$ 15,311
Europe \| Geographic Concentration Risk \| Long-Lived Assets, Geographic Area
Revenues from External Customers and Long-Lived Assets [Line Items]
%	3.00%	3.00%
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Amount	$ 17	$ 20
United Kingdom \| Geographic Concentration Risk \| Long-Lived Assets, Geographic Area
Revenues from External Customers and Long-Lived Assets [Line Items]
%	0.00%	0.00%
Germany
Revenues from External Customers and Long-Lived Assets [Line Items]
Amount	$ 14,560	$ 15,291
Germany \| Geographic Concentration Risk \| Long-Lived Assets, Geographic Area
Revenues from External Customers and Long-Lived Assets [Line Items]
%	3.00%	3.00%
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Amount	$ 161,376	$ 159,168
United States \| Geographic Concentration Risk \| Long-Lived Assets, Geographic Area
Revenues from External Customers and Long-Lived Assets [Line Items]
%	31.00%	31.00%

FAIR VALUE MEASUREMENT - Schedule of Reconciliation of the Beginning and Ending Balances for Level 3 Warrant Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Interest paid during the period	$ (650)	$ (683)
Warrant Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of the period	15	290
Changes in fair value	(15)	(226)
Balance at end of the period	0	64
Convertible debt
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of the period	140,929	104,613
Changes in fair value	(63,823)	(42,934)
Balance at end of the period	$ 76,456	$ 60,996

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

3 Months Ended

Mar. 31, 2026

Accrued Liabilities and Other Liabilities [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Advance from customer (1)	$	20,865	$	35,865
Payables for purchase of property, plant and equipment	35,560		30,182
Other current liabilities	10,562		9,934
Product warranty, current	10,597		10,357
Accrued expenses	15,671		15,632
Accrued payroll and welfare	6,913		9,460
Tax payable	5,722		8,953
Operating lease liabilities, current	2,819		2,788
Interest payable	763		258
Total	$	109,472	$	123,429

(1) See Note 16 – Commitments and Contingencies.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities
Net profit	$ 48,211	$ 61,790
Adjustments to reconcile net profit to net cash used in operating activities:
Depreciation of property, plant and equipment	8,082	7,985
Noncash lease expenses	717	666
Share-based compensation	1,008	703
Changes in fair value of warrant liability and convertible loan	(63,838)	(43,160)
(Reversal) provision of credit losses	(799)	1,358
Product warranty	2,417	4,825
Other, net	1,680	(102)
Changes in operating assets and liabilities:
Notes receivable	(3,277)	(5,263)
Accounts receivable	33,464	(14,108)
Inventories	(7,000)	15,783
Prepaid expenses and other current assets	918	(2,402)
Amounts due from/to related parties	15	(5)
Operating lease right-of-use assets	(401)	(654)
Other non-current assets	1,754	(1,388)
Notes payable	(27,045)	(4,150)
Accounts payable	(1,262)	(8,547)
Advance from customers	980	462
Accrued expenses and other liabilities	(16,290)	(6,812)
Operating lease liabilities	(255)	(340)
Other non-current liabilities	(1,875)	528
Net cash (used in) generated from operating activities	(22,796)	7,169
Cash flows from investing activities
Purchases of property, plant and equipment	(2,855)	(2,346)
Proceeds on disposal of property, plant and equipment	51	14
Net cash used in investing activities	(2,804)	(2,332)
Cash flows from financing activities
Proceeds from bank borrowings	51,721	28,187
Repayment of bank borrowings	(20,804)	(13,062)
Repayment of bonds payable	0	(1,375)
Payment for equity issuance costs	(224)	0
Deferred payment related to purchases of property, plant and equipment	(1,368)	(4,287)
Net cash generated from financing activities	29,325	9,463
Effect of exchange rate changes on cash, cash equivalents and restricted cash	1,031	(907)
Increase in cash, cash equivalents and restricted cash	4,756	13,393
Cash, cash equivalents and restricted cash at beginning of the period	169,238	109,601
Cash, cash equivalents and restricted cash at end of the period	173,994	122,994
Cash and cash equivalents	126,129	90,898
Restricted cash	47,865	32,096
Total cash, cash equivalents and restricted cash	173,994	122,994
Non-cash investing and financing activities
Payable for purchase of property, plant and equipment	35,560	51,960
Noncash Or Part Noncash Divestiture, Notes Receivable	$ 3,433	$ 2,530

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional paid-in capital	Accumulated deficit	Accumulated other Comprehensive loss	Statutory reserves
Beginning balance (in shares) at Dec. 31, 2024		323,144
Beginning balance at Dec. 31, 2024	$ 387,895	$ 33	$ 1,512,982	$ (1,092,958)	$ (38,194)	$ 6,032
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net profit	61,790			61,790
Issuance of common stock in connection with vesting of share-based awards (in shares)		385
Share-based compensation	703		703
Foreign currency translation adjustments	3,847				3,847
Ending balance (in shares) at Mar. 31, 2025		323,529
Ending balance at Mar. 31, 2025	$ 454,235	$ 33	1,513,685	(1,031,168)	(34,347)	6,032
Beginning balance (in shares) at Dec. 31, 2025	331,786	331,786
Beginning balance at Dec. 31, 2025	$ 410,513	$ 34	1,543,797	(1,122,176)	(17,174)	6,032
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net profit	48,211			48,211
Issuance of common stock in connection with vesting of share-based awards (in shares)		1,371
Share-based compensation	1,008		1,008
Foreign currency translation adjustments	$ 6,374				6,374
Ending balance (in shares) at Mar. 31, 2026	333,157	333,157
Ending balance at Mar. 31, 2026	$ 466,106	$ 34	$ 1,544,805	$ (1,073,965)	$ (10,800)	$ 6,032

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

NET PROFIT (LOSS) PER SHARE- Schedule of Shares Outstanding Were Excluded from the Calculation of Diluted Net Loss Per Ordinary Share (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Shares issuable upon exercise of stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	548,000	30,876,000
Shares issuable upon vesting of non-vested shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	1,472,000	884,000
Shares issuable upon exercise of warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	933,000	33,937,000
Shares issuable that may be subject to cancellation
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	0	1,688,000

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 4,028	$ 4,693
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	750,000	750,000
Common stock, shares issued (in shares)	334,845	333,474
Common stock, shares outstanding (in shares)	333,157	331,786
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	50,000	50,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

ACCOUNTS RECEIVABLE (Tables)

3 Months Ended

Mar. 31, 2026

Receivables [Abstract]

Schedule of Accounts Receivable

Accounts receivable consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Accounts receivable	$	127,620	$	160,456
Allowance for credit losses	(4,028)		(4,693)
Accounts receivable, net	$	123,592	$	155,763

Schedule of Allowance for Credit Losses

Change in allowance for credit losses was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Balance at beginning of the period	$	4,693	$	5,090
(Reversal) provision of credit loss expenses	(799)		1,358
Recoveries of credit losses	87		—
Exchange difference	47		75
Balance at end of the period	$	4,028	$	6,523

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On December 12, 2025, Yang Wu, the Company's Chief Executive Officer, adopted a 10b5-1 trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The 10b5-1 trading plan provides for the sale of an aggregate of up to 10,000,000 shares of the Company's common stock between April 1, 2026 and March 31, 2027. On June 11, 2025, Yixin Pan, director and Chair of the Compensation Committee and Nominating & Governance Committee, adopted a 10b5-1 trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The 10b5-1 trading plan provides for the sale of an aggregate of up to 12,596 shares of the Company's common stock between December 31, 2025 and January 6, 2026.
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

LEASES

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

LEASES

The Company is lessee of office space and warehouses. Certain leases include renewal options and/or termination options, which are factored into the Company's determination of lease payments when appropriate.

Operating lease cost for the three months ended March 31, 2026 and 2025 was $904 thousand and $857 thousand, respectively, which excluded cost of short-term contracts. Short-term lease cost for the three months ended March 31, 2026 and 2025 was $16 thousand and $46 thousand, respectively.

As of March 31, 2026, the Company had operating lease liabilities of $16.8 million, including current portion of $2.8 million, which is presented under accrued expenses and other current liabilities on the consolidated balance sheet. The weighted average remaining lease term was 8.5 years and weighted average discount rate was 5.0%.

Supplemental cash flow information of the leases were as follows (in thousands):


	Three Months Ended March 31, 2026
Cash payments for operating leases	$	775
Right-of-use assets obtained in exchange for new operating lease liabilities	658

Maturity of operating lease liabilities are as follows (in thousands):


	As of March 31, 2026
Nine-month period ending December 31, 2026	$	2,795
2027	3,063
2028	2,196
2029	1,756
2030	1,749
2031	1,749
Thereafter	7,144
Total future lease payments	$	20,452
Discount to present value	$	(3,649)
Present value of operating lease liabilities	$	16,803

Lessor Accounting

For the three months ended March 31, 2026 and 2025, the Company recognized sales-type lease revenue of $46 thousand and $4.1 million respectively, which are included in products sales in the accompanying consolidated statements of operations. As of March 31, 2026, the Company recorded net investment in sales-type leases of $5.6 million including current portion in the amount of $3.8 million, which is presented in accounts receivable on the consolidated balance sheets.

BACKGROUND AND BASIS OF PRESENTATION (Policies)	3 Months Ended
BACKGROUND AND BASIS OF PRESENTATION (Policies)	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2025. In our opinion, all adjustments, consisting only of normal recurring items, which are considered necessary for a fair presentation of the consolidated financial statements, have been included.
Reclassification	Certain reclassifications have been made to conform prior period information to the current presentation. The reclassifications did not have a material effect on the Company's financial position, results of operations, or cash flows. In the first quarter of 2026, the Company changed the presentation of foreign currency transaction gains and losses previously presented as general and administrative expenses to be presented as foreign exchange (loss) gain, which did not change net income or otherwise materially change the consolidated financial statements.
Recent accounting pronouncements not yet adopted	Recent Accounting Standards Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures” (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amended guidance requires disaggregation of certain expense captions into specified natural expense categories in the disclosures within the notes to the financial statements. In addition, the guidance requires disclosure of selling expenses and its definition. The new guidance is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The guidance can be applied either prospectively or retrospectively. The Company continues to evaluate the impact of this guidance on its disclosures, but plan to adopt this guidance prospectively and conform with the disclosure requirements when it becomes mandatorily effective for the Company's annual report for the year ending December 31, 2027. In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which provides updated guidance on how to recognize, measure, and present government grants. The ASU will be effective for annual reporting periods beginning after December 15, 2028, including interim periods within those fiscal years with early adoption permitted. The Company continues to evaluate the impact of this guidance on its disclosures.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net profit	$ 48,211	$ 61,790
Foreign currency translation adjustment	6,374	3,847
Comprehensive income	$ 54,585	$ 65,637

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

OTHER NON-CURRENT LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2026

Other Liabilities, Noncurrent [Abstract]

Schedule of Other Non-Current Liabilities

Other non-current liabilities consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Product warranty - non-current	$	29,621	$	28,612
Deferred subsidy income- non-current	5,984		6,190
Other non-current payable	98		2,396
Total	$	35,703	$	37,198

NET PROFIT (LOSS) PER SHARE - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator (in thousands):
Net profit - basic	$ 48,211	$ 61,790
Changes in fair value of convertible loan	(63,823)	(42,934)
Net (loss) profit - diluted	$ (15,612)	$ 18,856
Denominator (in thousands):
Weighted average shares outstanding - Basic (in shares)	332,360,000	323,431,000
Diluted effect of shares issuable upon conversion of convertible loan (in shares)	52,912,000	50,000,000
Weighted average shares used in calculating net (loss)/profit per share of common stock, diluted (in shares)	385,272,000	374,425,000
Net profit per share - Basic (in dollars per share)	$ 0.15	$ 0.19
Net profit per share - Diluted (in dollars per share)	$ (0.04)	$ 0.05
Stock option
Denominator (in thousands):
Diluted effect of shares issuable upon exercise of non-vested shares (in shares)	0	11,000
Restricted Stock Units (RSUs)
Denominator (in thousands):
Diluted effect of shares issuable upon exercise of non-vested shares (in shares)	0	983,000

BONDS PAYABLE - Narrative (Details) $ in Thousands, ¥ in Millions							3 Months Ended	12 Months Ended				25 Months Ended
	Jan. 31, 2027 USD ($)	Jan. 31, 2027 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Nov. 10, 2022 USD ($)	Nov. 10, 2022 CNY (¥)	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Sep. 30, 2022 agreement	Mar. 31, 2026 CNY (¥)	Dec. 29, 2018 USD ($)	Dec. 29, 2018 CNY (¥)
Schedule of Bonds Payable [Line Items]
Bond loan														$ 87,800	¥ 600
Equity holding pledged percentage														12.39%	12.39%
Debt instrument, convertible amount, threshold period for conversion							60 days
Debt instrument, convertible amount, subsidiary value threshold \| $							$ 950,000
Supplement agreements entered into \| agreement												2
Repayments of convertible debt (in dollars and yuan renminbi)			$ 14,600	¥ 100	$ 14,600	¥ 100		$ 1,400	¥ 10	$ 692	¥ 5
Debt instrument, interest rate, stated percentage							12.00%						12.00%
Subscribed amount (in dollars and yuan renminbi)							$ 41,700						¥ 285
Forecast
Schedule of Bonds Payable [Line Items]
Repayments of convertible debt (in dollars and yuan renminbi)	$ 43,900	¥ 300

SHARE-BASED COMPENSATION - Schedule of Classification of Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]
Cost of revenues	$ 41	$ 62
General and administrative expenses	823	437
Research and development expenses	106	150
Selling and marketing expenses	38	54
Total	$ 1,008	$ 703

CONVERTIBLE LOAN MEASURED AT FAIR VALUE

3 Months Ended

Mar. 31, 2026

CONVERTIBLE LOAN MEASURED AT FAIR VALUE

On May 28, 2024, Microvast Holdings, Inc. entered into a $25.0 million convertible loan agreement (the “Loan Agreement”) with Mr. Yang Wu, the Company’s Chief Executive Officer and Chairman, which was subsequently amended on March 17, 2025 to extend the maturity date to May 28, 2026.

The loan includes an Initial Term Loan of $12.0 million and a Delayed Draw Term Loan of $13.0 million at an initial interest rate equal to the Secured Overnight Financing Rate (“SOFR”), plus an initial Applicable Margin of 9.75% per annum, 3.75% of which shall be paid in kind rather than in cash (collectively, the “Convertible Loan”). The maturity date may be accelerated upon the occurrence and continuance of an event of default in accordance with the terms of the Loan Agreement. The Loan Agreement also provides Mr. Wu with the right to convert the outstanding principal balance of the Convertible Loan, into shares of common stock at an initial conversion rate equal to two shares of common stock per $1.00 of principal amount to be converted.

The Initial Term Loan of $12.0 million was received in May 2024 and the Delayed Draw Term Loan of $13.0 million was received in July 2024.

The Convertible Loan is secured by a first priority security interest in substantially all of the assets of Microvast Holdings, Inc. and all other entities within the Company as guarantors.

The Company elected the fair value option to account for the Convertible Loan. The fair value was determined by using a discounted cash flow model for the bond component and a Black-Scholes-Merton model for the conversion option, which is considered a Level 3 fair value measurement. Subsequent changes in fair value are presented as gains or losses in the consolidated statements of operations. Interest expense related to the Convertible Loan is included in the changes in fair value. During the three months ended March 31, 2026 and 2025, gains of $63.8 million and $42.9 million were recognized, respectively.

The significant input of the discounted cash flow model for the bond component is the discount rate. Below are the key inputs used in the Black-Scholes-Merton model for the conversion option:


	March 31, 2026
Market price of public stock	$	1.50
Exercise price	$	0.50
Expected term (years)	0.16
Volatility	57.39		%
Risk-free interest rate	3.65		%
Dividend rate	0.00		%

The market price of public stock is the quoted market price of the Company’s common stock as of the valuation date. The exercise price is extracted from the warrant agreement. The expected term is assumed to be until the end of expiration based on the loan agreement. The expected volatility is estimated using a blend of the average volatility of peer companies and the Company's historical volatility. The risk-free interest rate was estimated based on the market yield of U.S. Government Bond with maturity close to the expected term of the warrants. The dividend yield was estimated by the Company based on its expected dividend policy over the expected term of the loan.

In connection with the Convertible Loan on May 28, 2024, the Company issued to Mr. Wu a warrant exercisable for 5.5 million shares of common stock at an initial exercise price of $2.00 per share that expires on May 28, 2029. As of March 31, 2026, 5.5 million warrants were outstanding.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details