Microvast Holdings (MVST) Cost of Revenue (2020 - 2026)
Microvast Holdings' Cost of Revenue was $61.48 million in Q2 2026, up 3.1% from $59.62 million a year earlier and up 48.3% from the prior quarter.
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Analysis
Microvast Holdings (MVST) Cost of Revenue (2020 - 2026) Analysis & Trends
On a trailing twelve-month basis, Microvast Holdings' Cost of Revenue was $275.26 million through Jun 30, 2026, up 0.9% year-over-year; for FY2025, it was $305.41 million, up 17.4% from FY2024.
- Cost of Revenue has now increased for six consecutive years, with a five-year compound annual growth rate of 27.6% (FY2020 to FY2025).
- In earlier years, Cost of Revenue was $260.25 million in FY2024 (+4.4%), $249.39 million in FY2023 (+27.6%), $195.42 million in FY2022 (+0.4%) and $194.72 million in FY2021 (+115.4%).
- Quarterly Cost of Revenue has moved between $36.62 million (Q3 2022) and $95.44 million (Q4 2025) over five years.
- Compared with a year earlier, Cost of Revenue was higher in six of the last eight quarters, with growth averaging 2.9%.
- The best year-over-year quarter for Cost of Revenue over five years was Q3 2021 (growth of 168.8%); the worst was Q3 2022 (a decline of 49.7%).
- Per Business Quant data, MVST's Cost of Revenue in the three quarters before Q2 2026 was $41.46 million (Q1 2026), $95.44 million (Q4 2025) and $76.88 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | GE Vernova | 263.36 Bn | 224.44 Bn | 2.36 Bn | 8.74 Bn |
| 2 | Bloom Energy | 84.85 Bn | 76.67 Bn | 355.57 Mn | 709.79 Mn |
| 3 | First Solar | 18.77 Bn | 9.72 Bn | 605.00 Mn | 451.19 Mn |
| 4 | Generac Holdings | 12.79 Bn | 11.62 Bn | 521.81 Mn | 651.70 Mn |
| 5 | Nextpower | 12.78 Bn | 8.68 Bn | 335.85 Mn | 599.32 Mn |
| 6 | BWX Technologies | 12.36 Bn | 10.66 Bn | 202.31 Mn | 699.32 Mn |
| 7 | EnerSys | 7.13 Bn | 5.32 Bn | 313.36 Mn | 622.28 Mn |
| 8 | Enphase Energy | 4.42 Bn | -436.70 Mn | 175.01 Mn | 116.84 Mn |
| 9 | Mirion Technologies | 3.57 Bn | 1.46 Bn | 133.10 Mn | 133.70 Mn |
| 10 | Microvast Holdings | 246.10 Mn | -203.57 Mn | 25.78 Mn | 61.48 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 61.48 Mn |
| Mar 31, 2026 | 41.46 Mn |
| Dec 31, 2025 | 95.44 Mn |
| Sep 30, 2025 | 76.88 Mn |
| Jun 30, 2025 | 59.62 Mn |
| Mar 31, 2025 | 73.48 Mn |
| Dec 31, 2024 | 71.87 Mn |
| Sep 30, 2024 | 67.78 Mn |
| Jun 30, 2024 | 56.48 Mn |
| Mar 31, 2024 | 64.13 Mn |
| Dec 31, 2023 | 81.55 Mn |
| Sep 30, 2023 | 62.23 Mn |
| Jun 30, 2023 | 63.49 Mn |
| Mar 31, 2023 | 42.12 Mn |
| Dec 31, 2022 | 62.57 Mn |
| Sep 30, 2022 | 36.62 Mn |
| Jun 30, 2022 | 59.57 Mn |
| Mar 31, 2022 | 36.66 Mn |
| Dec 31, 2021 | 65.62 Mn |
| Sep 30, 2021 | 72.78 Mn |
API Access
Microvast Holdings Cost of Revenue API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=MVST&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "MVST", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=MVST&period=max&api_key=YOUR_API_KEY");
const data = await res.json();