Microvast Holdings, Inc. (NASDAQ: MVST) saw its stock price tumble 5.02% in pre-market trading on Tuesday, following the release of its third-quarter 2025 financial results. The electric vehicle battery maker reported mixed results, with strong revenue growth overshadowed by an unexpected net loss and earnings miss that disappointed investors.

Microvast announced record Q3 revenue of $123.3 million, marking a 21.6% increase year-over-year and beating analyst expectations. The company also reported an improved gross margin of 37.6%, up from 33.2% in the same quarter last year. However, these positive developments were outweighed by a net loss of $1.5 million, compared to a net profit of $13.2 million in Q3 2024. Adjusted earnings per share came in at $0.04, falling short of the consensus estimate of $0.05.

The market's negative reaction appears to be driven primarily by concerns about Microvast's profitability and ability to translate top-line growth into bottom-line results. The company's shift from profit to loss year-over-year, even with significant revenue growth, raised questions about cost management and operational efficiency. While Microvast maintained its full-year 2025 revenue growth target of 18% to 25%, the earnings shortfall has clearly dampened investor sentiment, leading to the sharp decline in stock price during pre-market trading.