Microvast: Growth Story At Risk As Backlog Continues To Shrink

Microvast Holdings suffered a sharp stock decline after a weak Q4, missing revenue estimates and reporting a significant impairment charge. Despite annual revenue growth of 12.6% and a swing to non-GAAP profitability, MVST's backlog halved, raising concerns about future revenue growth. Management offered minimal guidance for 2026, further unsettling investors amid ongoing backlog declines and uncertainty around new contract wins.