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Microvast Holdings, Inc. cash flow statement

In fiscal 2025, Microvast Holdings, Inc.'s operations generated $75.9m of cash; it spent $19.8m on capital projects, leaving free cash flow of $56.1m.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Cash from operations1316−45−54−75376−2
Stock-based pay—08391653133
Capital spending201988151187282029
Free cash flow−7−3−133−205−262−2556−31
Free cash flow after stock pay—−3−216−296−327−5653−34
Shares issued————0029—

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Microvast Holdings, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Microvast Holdings, Inc.