Shares of Microvast Holdings, Inc. (NASDAQ: MVST) are set to open lower on Tuesday, plummeting 5.02% in pre-market trading following the release of the company's disappointing third-quarter 2025 financial results. The electric vehicle battery maker reported mixed results after Monday's market close, with strong revenue growth overshadowed by an unexpected net loss and earnings miss.

Microvast announced record Q3 revenue of $123.3 million, marking a 21.6% increase year-over-year and beating analyst estimates. The company also reported an improved gross margin of 37.6%, up from 33.2% in the same quarter last year. However, investors appear to be focusing on the bottom-line disappointment, as Microvast swung to a net loss of $1.5 million, compared to a net profit of $13.2 million in Q3 2024. The company's adjusted earnings per share came in at $0.04, falling short of the $0.05 consensus estimate.

Despite maintaining its full-year 2025 revenue growth target of 18% to 25%, the market's negative reaction suggests that investors are concerned about Microvast's profitability and ability to translate top-line growth into bottom-line results. The unexpected shift from profit to loss, even with significant revenue growth, has raised questions about the company's cost management and operational efficiency. As trading begins, investors will be closely watching to see if the stock can recover from this pre-market plunge or if concerns about profitability will continue to weigh on Microvast's shares.