Microvast Holdings (MVST) Cash Flow: Operating & Free Cash Flow

Microvast Holdings Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Microvast Holdings, Inc. (MVST) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2024	FY 2023	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018
Period ending	Dec 2025	Mar 2025	Dec 2024	Mar 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018
Operating Activities
Net Income	-29.22	-195.46	-195.46	-106.41	-106.41	-158.20	-206.48	-33.63	-59.66	0.00
Depreciation & Amortization	33.13	30.83	30.83	22.93	22.93	20.37	20.71	16.79	15.39	12.75
Deferred Income Tax	-5.43	0.00	-	0.00	-	0.00	19.00	0.00	0.00	0.00
Stock Based Compensation	3.07	30.84	30.84	64.97	64.97	90.81	82.89	0.00	0.00	0.00
Change in Working Capital	-29.53	-52.76	-52.76	-78.48	-78.48	-30.45	-23.96	27.04	51.71	0.00
Change in Accounts Receivable	-54.60	15.28	15.28	-47.10	-47.10	-35.74	-1.83	10.34	78.76	20.63
Change in Inventory	27.09	-0.55	-0.55	-74.41	-74.41	-43.69	-25.89	13.61	10.45	7.11
Change in Accounts Payable	3.86	-44.52	-44.52	68.58	65.07	7.15	21.66	3.82	-12.88	0.00
Change in Other Working Capital	18.49	-22.97	-6.49	-25.56	15.45	66.51	62.79	-0.74	-24.62	2.06
Other Operating Activities	18.49	189.36	189.36	21.69	15.45	23.55	62.79	5.35	5.93	0.00
Net Cash from Operating Activities	75.91	2.81	2.81	-75.30	-75.30	-53.93	-45.04	15.56	13.37	0.00
Investing Activities
Capital Expenditures	-19.83	-27.72	-27.72	-186.79	-186.79	-150.88	-87.86	-18.65	-20.26	-29.81
Acquisitions	0.00	0.00	-	0.00	-	0.01	-139.04	0.00	0.00	0.00
Purchases of Investments	0.00	0.00	5.56	-5.97	-5.97	-25.07	0.00	-4.64	-20.35	0.00
Sales/Maturities of Investments	0.00	5.56	5.56	25.50	25.50	0.00	0.00	5.59	36.64	0.00
Other Investing Activities	3.79	10.01	-	1.65	-	0.01	139.04	0.01	0.02	185.86
Net Cash from Investing Activities	-16.05	-12.15	-12.15	-165.61	-165.61	-175.95	-87.86	-17.67	-3.95	156.05
Financing Activities
Debt Repayment	-97.45	60.27	-66.25	33.04	-14.81	-29.26	-45.99	-0.51	-19.48	0.08
Common Stock Issued	28.75	0.00	-	0.00	-	0.00	705.13	0.00	0.00	0.03
Other Financing Activities	-19.70	-22.68	-22.68	0.00	-	0.00	566.09	0.00	-32.70	-0.08
Net Cash from Financing Activities	-2.68	37.59	37.59	33.04	33.04	4.97	624.95	-0.51	-52.18	0.02
Summary
Effect of Forex Changes on Cash	2.46	-6.84	-6.84	-6.56	-6.56	-8.59	2.87	2.04	-0.99	-12.62
Net Change in Cash	59.64	21.41	21.41	-214.43	-214.43	-233.49	492.05	-0.59	-43.76	143.44
Cash at Beginning of Period	109.60	88.19	88.19	302.62	302.62	536.11	41.20	41.78	85.54	-143.43
Cash at End of Period	169.24	109.60	109.60	88.19	88.19	302.62	536.11	41.20	41.78	0.02
Free Cash Flow	56.07	-24.91	-24.91	-262.09	-262.09	-204.81	-132.90	-3.09	-6.89	-29.81
Supplemental Disclosures
Interest Paid	-	-	7.44	-	4.37	5.14	2.69	1.97	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Microvast Holdings Cash Flow

What is Microvast Holdings's free cash flow?

Microvast Holdings generated free cash flow of $56.07M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $75.91M minus $19.83M of capital expenditures. Free cash flow equaled 13.1% of revenue.

How much does Microvast Holdings spend on capital expenditures?

Microvast Holdings spent $19.83M on capital expenditures in fiscal 2025, compared with $27.72M a year earlier. That equals 26.1% of operating cash flow.

Does Microvast Holdings pay dividends or buy back shares?

Microvast Holdings's cash flow statement for fiscal 2025 shows no dividend payments or share repurchases.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition