## Microvast Holdings (MVST) Q1 2025 Earnings Summary
**Highlights**
– Record quarterly revenue of $116.5 million, up 43.2% year-over-year compared to $81.4 million in Q1 2024[1][4][5].
– Returned to profitability with net income of $61.8 million versus a net loss of $24.8 million in the prior year (a 348.9% positive swing)[4][5].
– Earnings per share (EPS) reached $0.19, reversing a loss of $0.08 per share in Q1 2024[5].
– Non-GAAP adjusted net profit of $19.3 million, compared to a loss of $13 million last year[4].
– Adjusted earnings per share of $0.06, above consensus estimates[4].
– Gross margin expanded to 36.9% (non-GAAP: 37%), up from 22.6%[4].
– Adjusted EBITDA of $28.5 million, positive versus last year[4].
– Adjusted operating expenses declined to $24.9 million, from $30.1 million in Q1 2024[4].
**Company & Outlook**
– Leadership attributes the strong results to rising demand for advanced battery solutions and operational efficiency[4][5].
– The company continues to expand, particularly in the EMEA region, and has introduced new products to market[5].
– MVST reaffirmed full-year 2025 guidance:
– Revenue growth target: 18%–25% year-over-year
– 2025 revenue forecast: $450 million to $475 million[4].
**Key Financial Metrics Table**
| Metric | Q1 2025 | Q1 2024 | Year-over-Year Change |
|————————|—————–|—————-|———————-|
| Revenue | $116.5 million | $81.4 million | +43.2% |
| Net Income | $61.8 million | -$24.8 million | +348.9% |
| EPS | $0.19 | -$0.08 | +337.5% |
| Adj. Gross Margin | 36.9%–37% | 22.6% | Significant Increase |
| Adj. Net Profit | $19.3 million | -$13 million | — |
| Adj. Op. Expenses | $24.9 million | $30.1 million | Declined |
| Adj. EBITDA | $28.5 million | — | Positive |
**Summary**
Microvast’s Q1 2025 results significantly exceeded expectations, highlighted by surging revenue, a major turnaround in profitability, and expanding margins. The company remains on track with its ambitious growth projections, driven by robust demand and continuous operational improvements[1][4][5].