Microvast Holdings shares crashed about 64% on Tuesday 10 November 2026, closing at $0.22, after the battery maker reported a sharp fall in third-quarter revenue and warned that doubts over its survival remain. The shares had already fallen 56% in premarket trading to $0.27.

Revenue fell 62.8% to $45.8 million in the quarter ended 30 September, down from $123.3 million a year earlier and well below the $80.24 million analysts had expected. The company reported an adjusted loss of 20 cents per share, against expectations of a 2 cent profit, while the net loss widened to $76.8 million from $1.5 million a year earlier. Gross margin collapsed to 5.2% from 37.6% after a $9.3 million inventory write-down, and sales volume fell 62.2% to about 190 megawatt-hours.

Going concern warning stays in place

The company said in its third-quarter release that substantial doubt about its ability to continue as a going concern has not been alleviated, and it gave no numerical guidance for the rest of the year. Cash and restricted cash fell to $124.4 million at the end of September, against total debt of $177.0 million, according to Kalkine.

Chief executive Yang Wu blamed weak commercial vehicle demand in Europe and Asia-Pacific, along with pricing pressure, for the damage to revenue, margins and liquidity. US revenue fell 31% to $4.5 million, mainly because a major customer moved purchases into 2025 amid tariff uncertainty, while Asia-Pacific revenue dropped 65% to $13.5 million. China also introduced a 2% consumption tax on domestic lithium battery sales on 1 September 2026.

Microvast said it is scrambling to restructure its debt, cut costs and postpone capital spending. The stock now trades below $1, and sharp one-day moves in small, heavily indebted stocks can reverse quickly.