Microvast Holdings, Inc. 2024年度报告

FORM10-K____________________________________________________ (Mark One)☒ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year endedDecember31, 2024 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from___________to___________Commission File Number:001-38826____________________________________________________ Microvast Holdings, Inc.(Exact name of registrant as specified in its charter)____________________________________________________ Delaware83-2530757 (State or other jurisdiction ofincorporation or organization)(I.R.S. EmployerIdentification No.) 12603 Southwest Freeway,Suite 300Stafford,Texas77477(Address of principal executive office)(Zip Code) (281)491-9505(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☐No☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrantwas required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reportingcompany” and “emerging growth company” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectivenessof its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered publicaccounting firm that prepared or issued its audit report.☒ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financialstatements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐The aggregate market value of the common voting stock held by non-affiliates of the registrant as of June30, 2024, based on theclosing price on that date of $0.456, was $104.1million. As of March24, 2025, the registrant had325,209,085shares of the Company’s common stock, par value $0.0001, issued andoutstanding. TABLE OF CONTENTS Item 1.Business1Item 1A.Risk Factors13Item 1B.Unresolved Staff Comments52Item 1C.Cybersecurity52Item 2.Properties54Item 3.Legal Proceedings55Item 4.Mine Safety Disclosures55 Item 5.Market for the Registrant’s Common Equity and Related Matters56Item 6.[Reserved]57Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations57Item 7A.Quantitative and Qualitative Disclosures about Market Risk70Item 8.Financial Statements and Supplementary DataF-1Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure76Item 9A.Controls and Procedures76Item 9B.Other Information79Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections79 Item 10.Directors, Executive Officers and Corporate Governance80Item 11.Executive Compensation83Item 12.Security Ownership of Certain Beneficial Owners and Management92Item 13.Certain Relationships and Related Transactions, and Director Independence94Item 14.Principal Accountant Fees and Services95 PART IV Item 15.Exhibits and Financial Statement Schedules97Item 16.Form 10-K Summary99 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This annual report on Form 10-K (the “Annual Report”) contains “forward-looking statements” within the m