MVST

On the operating line, FY2025 was Microvast's best year since listing: revenue grew 12.6% to $428M (North America +173.2%), the company crossed into positive operating income of $6.98M, the net loss shrank ~85% to -$29.2M, and — most striking — operating cash flow swung to +$75.9M. Long-term debt was cut 68% to $13.2M and cash rose 44% to $105M. Taken alone, that trajectory (losses of -$206M/-$158M/-$106M/-$195M/-$29.2M) reads like a battery maker finally scaling toward viability, and at $1.12 the stock trades at just 0.9x sales with an $372M cap.

But the filing itself refuses to let you stop at the income statement. Management explicitly lists 'We may be unable to continue as a going concern' and 'we may be unable to meet our current capital requirements... to meet our outstanding accounts payable and current liabilities' among its top risks. The balance sheet corroborates the alarm: current liabilities jumped 47.9% to $488M against $449M of current assets — negative working capital — and the $93.1M current portion of debt (up 31.7%) nearly consumes the entire $105M cash balance. Layered on top is a Chinese operating base from which repatriating cash is costly and restricted ('substantially all of our revenues are currently derived from outside of the U.S.'), so the reported cash may not even be reachable to service U.S. obligations.