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Here are 1-3 brief analogies to describe Microvast (MVST):

• CATL for commercial electric vehicles: Microvast specializes in designing and manufacturing advanced battery systems primarily for commercial and heavy-duty electric vehicles, much like CATL is a leading global supplier for EV batteries.
• The Cummins of electric vehicle batteries: Similar to how Cummins is a major independent supplier of engines for commercial trucks and industrial equipment, Microvast supplies the critical battery power systems for commercial and specialty electric vehicles.

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• Lithium-ion Battery Cells: Microvast designs and manufactures advanced lithium-ion battery cells known for their high power, long cycle life, and fast-charging capabilities.
• Battery Modules: The company offers robust battery modules, which are pre-assembled groupings of their proprietary battery cells for easier integration into larger systems.
• Battery Packs and Systems: Microvast provides fully integrated, application-specific battery packs and systems, complete with battery management systems (BMS) and thermal management, for electric vehicles and energy storage solutions.

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Microvast (MVST) Major Customers

Microvast (MVST) primarily operates as a Business-to-Business (B2B) supplier, providing advanced battery systems and related technology for commercial electric vehicles and energy storage solutions. Its major customers are typically manufacturers in the commercial vehicle, heavy-duty equipment, and industrial sectors that integrate Microvast's battery technology into their final products.

Major Customer Companies:

• Oshkosh Corporation (Symbol: OSK) - A leading manufacturer of specialty vehicles and vehicle bodies. Microvast has been a significant partner for Oshkosh's electrification initiatives, particularly for severe-duty and specialty vehicles, including involvement in electric prototypes for the U.S. Postal Service Next Generation Delivery Vehicle (NGDV) program and other heavy-duty applications.
• Kalmar (part of Cargotec Corporation) (Symbol: CARG.HE) - A global leader in cargo handling solutions and services. Microvast provides battery systems for Kalmar's electric terminal tractors and other electric port and terminal equipment used in logistics and material handling.
• FPT Industrial (part of CNH Industrial) (Symbol: CNHI) - A global manufacturer of powertrains for on- and off-road vehicles, marine, and power generation applications. Microvast has collaborated with FPT Industrial on developing and supplying battery solutions for various commercial and industrial vehicle applications.
• Navistar (part of TRATON SE) (Symbol: 8TRA.DE) - A major manufacturer of commercial trucks and buses in North America. Microvast has been involved in providing battery solutions for Navistar's electric vehicle programs, supporting the electrification of their truck portfolio.

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Yang Wu, Founder, Chairman, and CEO

Yang Wu is the founder of Microvast and has served as its Chairman, Chief Executive Officer, and director since its inception in October 2006. He is described as a visionary serial entrepreneur, with Microvast being his eighth successful business. Prior to Microvast, Mr. Wu founded Omex Environmental Engineering Co., Ltd., a water treatment company, which was acquired by Dow Chemical Company in 2006, resulting in a 55-fold return on investment in five years. He also founded Omex Engineering and Construction and Worldwide Omex, Inc.

Carl T. "Pat" Schultz, Former Chief Financial Officer

Carl T. "Pat" Schultz was appointed as Microvast's Chief Financial Officer, effective on or about April 21, 2025. However, he ceased to be employed as CFO on July 29, 2025, and as of early August 2025, no replacement or interim CFO had been named. Prior to Microvast, Mr. Schultz spent 10 years at Air Liquide, most recently as CFO of North America. He also worked for 8 years at Genworth Financial in various accounting and financial leadership roles and began his career as an audit associate at KPMG.

Isida Tushe, President, General Counsel, and Corporate Secretary

Isida Tushe was elected to Microvast's board of directors on October 18, 2024. She currently serves as Microvast's President, a role she assumed on April 18, 2024. Ms. Tushe has also served as General Counsel since March 15, 2023, and Corporate Secretary since May 8, 2023. Before joining Microvast, she served as General Counsel and Corporate Secretary at DC Green Bank and mPhase Technologies, Inc., overseeing all legal and compliance matters.

Dr. Shengxian Wu, Chief Operating Officer

Dr. Shengxian Wu assumed the role of Chief Operating Officer on April 18, 2024. He has served as Microvast China's President since January 2021. Prior to joining Microvast China in March 2016, Dr. Wu was the manager of the Commercial Vehicle Research Institute of Zhejiang Geely Holding Group.

Dr. Wenjuan Mattis, Chief Technology Officer

Dr. Wenjuan Mattis was appointed as Microvast's Chief Technology Officer on July 23, 2021. She joined Microvast, Inc. in March 2017 as the Director of Battery Technology. Dr. Mattis holds a Ph.D. in Materials Science and Engineering from the Pennsylvania State University and has over 16 years of experience in the development of lithium-ion battery technology. She has authored 22 papers and holds 117 patents.

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Key Risks to Microvast (MVST) Business

The most pressing risk for Microvast is its **financial health and liquidity challenges**. The company has reported ongoing net losses, including a net loss of $195.5 million for the full fiscal year 2024 and a GAAP net loss of $45.76 million year-to-date through September 30, 2025. Microvast is not yet fully self-funding and may require future capital infusions, which could lead to further debt or shareholder dilution. The company's balance sheet is weak, with a current ratio of only 0.84 and a quick ratio of 0.56 as of Q3 2025. Furthermore, there is an estimated 61.71% probability of Microvast facing financial distress within the next 24 months.

Another significant risk stems from **geopolitical tensions, supply chain disruptions, and raw material dependencies**. Microvast's substantial manufacturing presence in Huzhou, China, exposes it to considerable geopolitical and regulatory uncertainties, including potential new 2025 US tariffs that could increase costs by 58% on core products and challenge its competitiveness in the US market. The company is also vulnerable to global supply chain and trade disruptions, which can affect delivery timelines and raw material costs. High dependency on raw materials like lithium and cobalt makes Microvast susceptible to price fluctuations.

Finally, Microvast operates in a landscape characterized by **intense competition and the risk of rapid technological disruption**. The electric vehicle battery market is highly competitive, with numerous direct and indirect rivals. There is a risk of commoditization of existing battery technologies, which could lead to price-based client losses, especially with the rise of lower-cost alternatives like LFP (Lithium Iron Phosphate) batteries from companies such as BYD and Panasonic. Competitors like QuantumScape and Solid Power are developing similar technologies to Microvast's All-Solid-State Battery (ASSB), requiring Microvast to continuously innovate to maintain its market position and avoid technological obsolescence.

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• Solid-state battery technology: This represents a potential paradigm shift in battery chemistry, promising significantly higher energy density, faster charging times, enhanced safety, and longer lifespan compared to traditional liquid-electrolyte lithium-ion batteries. Major automotive OEMs (e.g., Toyota, Volkswagen, BMW) and battery developers (e.g., QuantumScape, Solid Power) are heavily investing in and progressing towards commercialization of solid-state batteries. Should solid-state batteries achieve mass production viability and cost-competitiveness, they could render Microvast's current liquid-electrolyte lithium-ion offerings less competitive, particularly in high-performance and premium segments of the commercial EV and energy storage markets.
• Rapid commercialization and advancement of sodium-ion battery technology: Companies like CATL have already begun commercializing sodium-ion batteries for certain electric vehicle and stationary storage applications. While current energy density is generally lower than lithium-ion, sodium-ion batteries offer significant cost advantages, superior low-temperature performance, and use more abundant materials, reducing reliance on lithium and cobalt. If sodium-ion technology continues to advance rapidly in performance while maintaining its cost advantage, it could capture a substantial segment of the market, particularly for cost-sensitive commercial vehicles and energy storage systems, thereby eroding Microvast's potential market share and pricing power.

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Microvast (MVST) primarily operates in the electric commercial vehicle and battery energy storage system markets, with a core focus on advanced, including fast-charging, lithium-ion battery technology.

Addressable Markets for Microvast's Products and Services:

1. Electric Commercial Vehicle (ECV) Market

• The global electric commercial vehicle market was valued at approximately USD 72.3 billion in 2024 and is projected to reach USD 675.70 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 23.30% from 2025 to 2033.
• Another estimate places the global ECV market at USD 152.02 billion in 2024, expected to reach USD 1,298.26 billion by 2033, with a CAGR of 25.56% from 2025 to 2033.
• For heavy-duty electric trucks specifically, the global market size was estimated at USD 1.22 billion in 2023 and is projected to reach USD 4.70 billion by 2030, growing at a CAGR of 20.6% from 2024 to 2030. The Asia Pacific region dominated the heavy-duty electric trucks market in 2023, holding a 46.04% share.

2. Battery Energy Storage System (BESS) Market

• The global Battery Energy Storage System market was valued at USD 12.20 billion in 2024 and is projected to grow at a CAGR of 14.0% from 2025 to 2034.
• Other estimates indicate the global BESS market size was USD 76.69 billion in 2025, and is expected to reach USD 172.17 billion by 2030, at a CAGR of 17.56% during the forecast period (2025-2030).
• The Asia-Pacific region held over 32% of the battery energy storage system market share in 2023. In 2024, Asia-Pacific accounted for the largest share of the BESS market (33% according to one source, 50.4% according to another).

3. Fast Charge Battery Technology Market

• The global fast charge battery market was valued at USD 25.58 billion in 2024 and is expected to reach USD 124.39 billion by 2035, growing at a CAGR of 15.46% from 2025 to 2035.
• Another report states the global fast charge battery market size was valued at $18.3 billion in 2023, and is projected to reach $72.2 billion by 2033, growing at a CAGR of 14.7% from 2024 to 2033.
• The Asia-Pacific region is anticipated to experience the fastest growth in the fast charge battery market. Electric vehicle applications dominate the 6C-rate fast charge battery market, accounting for over 65% of total revenue.

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Expected Drivers of Future Revenue Growth for Microvast (MVST)

• Expansion in the EMEA Region: Microvast anticipates continued strong revenue growth from its European, Middle Eastern, and African (EMEA) business, particularly within the commercial vehicle sector. The company exhibited a 212% year-over-year revenue growth in EMEA in Q3 2024 and targets an 80% year-over-year revenue increase in this region moving forward.
• Strategic Partnerships and OEM Adoption: Growth is expected from strategic alliances and increased adoption of Microvast's battery technologies by Original Equipment Manufacturers (OEMs) in the commercial vehicle and heavy industrial equipment segments. Partnerships with companies like XCMG and LGMG are key to powering heavy industrial equipment, and the company is focused on securing future orders.
• Commercialization of New Battery Technologies: Microvast aims to expand its product portfolio and drive revenue through the development and commercialization of new battery technologies. Key initiatives include the ME6 LFP ESS platform and silicon-enhanced cell technologies, which are considered significant opportunities to strengthen its market position.
• Production Capacity Expansion and Operational Efficiency: Improvements in production capacity, specifically the Phase 3.2 expansion at the Huzhou facility, are expected to be crucial in meeting robust customer demand. Enhanced operational efficiencies and increased utilization are also cited as factors contributing to improved gross margins and overall revenue growth by enabling higher output.

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Capital Allocation Decisions (Last 3-5 Years)

Share Repurchases

• Microvast has not repurchased shares of its common stock.
• The 3-Year Share Buyback Ratio for Microvast Holdings was reported as -2.60%, indicating no repurchases or potential share issuance.

Share Issuance

• Microvast completed its business combination with Tuscan Holdings Corp. on July 23, 2021, which provided $708.4 million in net proceeds.
• Upon the closing of the Business Combination, approximately 210,000,000 Merger Closing Shares and 6,736,106 Bridge Notes Conversion Shares were issued.
• In October 2025, Microvast announced plans for an at-the-market (ATM) equity offering of up to $125 million to be used for general business purposes, including debt reduction, working capital, and strategic acquisitions.

Inbound Investments

• The business combination with Tuscan Holdings Corp. in July 2021 generated $708.4 million in net proceeds for Microvast's growth initiatives.
• In 2024, Microvast secured a $101.5 million bank loan and a $25 million convertible loan to support operations and strategic initiatives.

Capital Expenditures

• Capital expenditures were $87.9 million in 2021, $150.9 million in 2022, and $186.8 million in 2023.
• Capital expenditures for 2024 were $49.9 million, primarily driven by manufacturing capacity expansions in Huzhou, China. Year-to-date September 30, 2024, capital expenditures were $43.8 million.
• These investments largely focused on expanding manufacturing capacity in Huzhou, China, and Clarksville, Tennessee, with total planned expenditures for these expansions ranging from $460.0 million to $490.0 million. The China Phase 3.1 expansion was completed in Q3 2023.