Microvast Holdings, Inc.MVST财报

Report of Independent Registered Public Accounting Firm F - 2 Consolidated Balance Sheets as of December 31, 2024 and 2023 F- 5 Consolidated Statements of Operations for the Years Ended December 31, 2024, 2023 and 2022 F- 7 Consolidated Statements of Comprehensive Loss for the Years Ended December 31, 2024, 2023 and 2022 F- 8 Consolidated Statements of Changes in Shareholders’ (Deficit)/Equity for the Years Ended December 31, 2024, 2023 and 2022 F- 9 Consolidated Statements of Cash Flows for the Years Ended December 31, 2024, 2023 and 2022 F- 12 Notes to Consolidated Financial Statements F- 14 F-1 Table of Contents REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Shareholders and Board of Directors of Microvast Holdings, Inc.

Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Microvast Holdings, Inc. and its subsidiaries (the “ Company ”) as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive loss, changes in shareholders’ equity, and cash flows, for each of the three years in the period ended December 31, 2024, and the related notes and the schedule listed in Schedule I (collectively referred to as the “ financial statements ”).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated March 31, 2025, expressed an adverse opinion on the Company’s internal control over financial reporting because of a material weakness identified.

Basis for Opinion These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits.

We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.

The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Going concern – refer to Note 2 of the Financial Statements Critical Audit Matter Description As discussed in Note 2 to the financial statements, there are conditions and events that raise substantial doubt about the Company’s ability to continue as a going concern.

Management's plans including generation of cash inflows from operations and refinancing of short-term bank borrowings in the next twelve months since the date of issuance of the financial statements to alleviate the substantial doubt are also described in Note 2.

We identified the evaluation of the Company's assessment of its ability to continue as a going concern as a critical audit matter because a high degree of auditor judgment was required to evaluate the reasonableness of management’s estimates and assumptions related to the Company’s cash flow forecast used in its going concern analysis.

F-2 Table of Contents How the Critical Audit Matter Was Addressed in the Audit Our audit procedures related to the Company’s going concern included the following, among others: • We tested the effectiveness of internal controls over the Company's going concern assessment and forecasted cash flows. • We performed a retrospective review to compare the Company's historical forecasted cash flows to actual results to assess the Company's ability to accurately forecast. • We assessed the reasonableness of the underlying data and assumptions included in management's forecasted cash flows. • We performed sensitivity analyses to assess the impact of changes in the key assumptions such as revenue growth rate and gross margin ratio. • We inspected the terms of loan agreements to determine whether any covenants have been breached and whether the repayment within the next twelve months are properly included in the forecast. • We evaluated the reasonableness of the Company’s assessment that the management plans are probable to alleviate the substantial doubt. • We reviewed subsequent events to identify those that represent additional conditions and events to be considered in aggregate and whether any contradictory evidence exists.

Impairment of Long-lived assets – refer to Note 2 and Note 6 of the Financial Statements.

Critical Audit Matter Description As discussed in Note 2 and 6 to the financial statements, during the year ended December 31, 2024, the Company paused the construction of the battery plant in Clarksville, Tennessee, the United States, until additional funding for the remaining capital expenditure is secured.

As of December 31, 2024, the Company’s net value of the building and auxiliary equipment in Clarksville (“Clarksville Property”) is approximately $140 million. The Company assessed and concluded that the undiscounted cash flows indicate that the carrying value of Clarksville Property will not be recoverable.

As a result, the Company utilized the residual method to estimate its fair value, with the assistance of an independent valuer. The Company recognized $57 million impairment of the Clarksville Property equaling the excess of the Clarksville Property’s carrying amount over its estimated fair value for the year ended December 31, 2024.

Auditing the Company's impairment assessment was complex due to the significant estimation and judgement required to evaluate the market and economic conditions as well as the degree of subjectivity involved in determining the indicative market value of the asset group. The Company developed its significant assumptions such as gross development value, indirect cost, development profit.

How the Critical Audit Matter Was Addressed in the Audit Our audit procedures related to the impairment of property, plant and equipment included the following, among others: • We tested the effectiveness of the key controls over the impairment assessment of this property, plant and equipment. • We evaluated the independent valuer’s objectivity, competence and capabilities. • With the involvement of our fair value specialists, we performed the following: i.

Assessed the appropriateness of the valuation methodology and significant assumptions, such as gross development value, indirect cost, development profit. ii. Tested the accuracy of mathematical calculation. • We assessed the reasonableness of the underlying data used by the Company such as remaining capital expenditure to complete the construction.

F-3 Table of Contents /s/ Deloitte Touche Tohmatsu Certified Public Accountants LLP Beijing, the People’s Republic of China March 31, 2025 We have served as the Company’s auditor since 2011. F-4 Table of Contents MICROVAST HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS (In thousands of U.S. dollars, except share and per share data, or as otherwise noted) December 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 73,007 $ 44,541 Restricted cash, current 36,572 37,477 Short-term investments — 5,634 Accounts receivable (net of allowance for credit losses of $5,090 and $4,571 as of December 31, 2024 and 2023, respectively) 120,626 138,717 Notes receivable 7,579 23,736 Inventories, net 143,327 149,749 Prepaid expenses and other current assets 27,019 25,752 Assets held for sale 19,896 — Total Current Assets 428,026 425,606 Restricted cash, non-current 22 6,171 Property, plant and equipment, net 478,189 620,667 Land use rights, net 11,371 11,984 Acquired intangible assets, net 2,607 3,136 Operating lease right-of-use assets 17,628 19,507 Other non-current assets 14,024 9,661 Total Assets $ 951,867 $ 1,096,732 Liabilities Current liabilities: Accounts payable $ 64,940 $ 112,618 Notes payable 51,756 63,374 Accrued expenses and other current liabilities 98,456 148,284 Advance from customers 43,678 43,087 Amounts due to related parties 5 — Short-term bank borrowings 70,666 35,392 Income tax payables 652 655 Total Current Liabilities 330,153 403,410 Long-term bank borrowings 41,062 43,761 Long-term bonds payable 43,157 43,157 Warrant liability 290 67 Share-based compensation liability 98 199 Convertible loan with shareholder measured at fair value 104,613 — Operating lease liabilities 14,596 17,087 Other non-current liabilities 30,003 24,861 Total Liabilities $ 563,972 $ 532,542 Commitments and contingencies (Note 28) Shareholders’ Equity F-5 Table of Contents MICROVAST HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS - continued (In thousands of U.S. dollars, except share and per share data, or as otherwise noted) December 31, 2024 December 31, 2023 Common Stock (par value of US$0.0001 per share, 750,000,000 shares authorized as of December 31, 2024 and 2023; 324,831,634 and 316,694,442 shares issued, and 323,144,134 and 315,006,942 shares outstanding as of December 31, 2024 and 2023) $ 33 $ 32 Additional paid-in capital 1,512,982 1,481,241 Statutory reserves 6,032 6,032 Accumulated deficit (1,092,958) (897,501) Accumulated other comprehensive loss (38,194) (25,614) Total Equity $ 387,895 $ 564,190 Total Liabilities and Equity $ 951,867 $ 1,096,732 The accompanying notes are an integral part of these consolidated financial statements.

CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands of U.S. dollars, except share and per share data, or as otherwise noted) Year Ended December 31, 2024 2023 2022 Revenues $ 379,801 $ 306,617 $ 204,495 Cost of revenues (260,249) (249,390) (195,422) Gross profit 119,552 57,227 9,073 Operating expenses: General and administrative expenses (81,486) (96,787) (102,774) Research and development expenses (41,065) (45,004) (43,508) Selling and marketing expenses (22,576) (23,614) (22,611) Impairment loss of long-lived assets (93,173) (504) (1,798) Total operating expenses (238,300) (165,909) (170,691) Subsidy income 2,658 1,953 1,672 Loss from operations (116,090) (106,729) (159,946) Other income and expenses: Interest income 742 3,609 3,179 Interest expense (9,711) (2,628) (3,323) Changes in fair value of warrant liability and convertible loan (79,960) 59 979 Gain on debt restructuring 9,406 — — Other income (expense), net 156 (713) 944 Loss before provision for income tax (195,457) (106,402) (158,167) Income tax expense — (10) (33) Net loss $ (195,457) $ (106,412) $ (158,200) Less: Net loss attributable to noncontrolling interest — (76) — Net loss attributable to Microvast Holdings, Inc. $ (195,457) $ (106,336) $ (158,200) Net loss per share attributable to common stock shareholders of Microvast Holdings, Inc.

Basic and diluted $ (0.61) $ (0.34) $ (0.52) Weighted average shares used in calculating net loss per share of common stock: Basic and diluted 318,462,843 310,909,379 303,279,188 The accompanying notes are an integral part of these consolidated financial statements. F-7 Table of Contents MICROVAST HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (In thousands of U.S. dollars, except share and per share data, or as otherwise noted) Year Ended December 31, 2024 2023 2022 Net loss $ (195,457) $ (106,412) $ (158,200) Foreign currency translation adjustment (12,580) (7,621) (24,782) Comprehensive loss $ (208,037) $ (114,033) $ (182,982) Comprehensive loss attributable to noncontrolling interests — (164) — Total comprehensive loss attributable to Microvast Holdings, Inc. $ (208,037) $ (113,869) $ (182,982) The accompanying notes are an integral part of these consolidated financial statements.

F-8 Table of Contents MICROVAST HOLDINGS, INC. CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (In thousands of U.S. dollars, except share and per share data, or otherwise noted) Year Ended December 31, 2024 Common Stock Additional paid-in capital Accumulated deficit Accumulated other Comprehensive (loss) /income Statutory reserves Total Microvast Holdings, Inc.

Shareholders’ Equity Shares Amount Balance as of December 31, 2023 315,006,942 $ 32 $ 1,481,241 $ (897,501) $ (25,614) $ 6,032 $ 564,190 Net loss — — — (195,457) — — (195,457) Issuance of common stock in connection with vesting of share-based awards 8,137,192 1 (1) — — — — Share-based compensation(Note 21) — — 30,963 — — — 30,963 Issuance of warrants(Note 26) — — 779 — — — 779 Foreign currency translation adjustments — — — — (12,580) — (12,580) Balance as of December 31, 2024 323,144,134 $ 33 $ 1,512,982 $ (1,092,958) $ (38,194) $ 6,032 $ 387,895 The accompanying notes are an integral part of these consolidated financial statements.

F-9 Table of Contents MICROVAST HOLDINGS, INC. CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY - Continued (In thousands of U.S. dollars, except share and per share data, or otherwise noted) Year Ended December 31, 2023 Common Stock Additional paid-in capital Accumulated deficit Accumulated other comprehensive income/(loss) Statutory reserve Total Microvast Holdings, Inc.

Shareholders’ Equity Noncontrolling Interests Total Equity Shares Amount Balance as of December 31, 2022 307,628,511 $ 31 $ 1,416,160 $ (791,165) $ (18,081) $ 6,032 $ 612,977 $ — $ 612,977 Net loss — — — (106,336) — — (106,336) (76) (106,412) Capital contribution from noncontrolling interests — — — — — — — 2,174 2,174 Reduction of noncontrolling interest — — (164) — — — (164) (2,010) (2,174) Issuance of common stock in connection with vesting of share-based awards 7,378,431 1 (1) — — — — — — Share-based compensation(Note 21) — — 65,246 — — — 65,246 — 65,246 Foreign currency translation adjustments — — — — (7,533) — (7,533) (88) (7,621) Balance as of December 31, 2023 315,006,942 $ 32 $ 1,481,241 $ (897,501) $ (25,614) $ 6,032 $ 564,190 $ — $ 564,190 The accompanying notes are an integral part of these consolidated financial statements.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY - Continued (In thousands of U.S. dollars, except share and per share data, or as otherwise noted) Year Ended December 31, 2022 Common Stock Additional paid-in capital Accumulated deficit Accumulated other comprehensive income Statutory reserve Total Microvast Holdings, Inc. shareholders’ Equity Shares Amount Balance as of December 31, 2021 298,843,016 $ 30 $ 1,306,034 $ (632,099) $ 6,701 $ 6,032 $ 686,698 Net loss — — — (158,200) — — (158,200) Cumulative effect adjustment related to opening retained earnings for adoption of ASU2016-13 , Financial instruments- Credit losses (Topic 326) — — — (866) — — (866) Issuance of common stock in connection with vesting of share-based awards 8,785,495 1 (1) — — — — Share-based compensation(Note 21) — — 110,127 — — — 110,127 Foreign currency translation adjustments — — — — (24,782) — (24,782) Balance as of December 31, 2022 307,628,511 $ 31 $ 1,416,160 $ (791,165) $ (18,081) $ 6,032 $ 612,977 The accompanying notes are an integral part of these consolidated financial statements.

CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands of U.S. dollars, except share and per share data, or as otherwise noted) Year Ended December 31, 2024 2023 2022 Cash flows from operating activities Net loss $ (195,457) $ (106,412) $ (158,200) Adjustments to reconcile net loss to net cash used in operating activities: Loss /(gain) on disposal of property, plant and equipment 844 1,947 (14) Gain on debt restructuring (9,406) — — Interest expense 2,248 — — Depreciation of property, plant and equipment 30,057 22,141 19,811 Amortization of land use rights and intangible assets 775 787 554 Noncash lease expenses 2,686 2,764 2,214 Share-based compensation 30,840 64,971 90,808 Changes in fair value of warrant liability and convertible loan 79,960 (59) (979) Allowance of credit losses 3,743 236 1,640 Write-down for obsolete inventories 3,286 3,613 4,789 Impairment loss from long-lived assets 93,173 504 1,798 Product warranty 12,826 12,688 14,097 Changes in operating assets and liabilities: Notes receivable 6,488 (25,338) 3,187 Accounts receivable 8,791 (21,759) (38,924) Inventories (546) (74,406) (43,694) Prepaid expenses and other current assets 3,289 (14,291) 3,628 Amounts due from/to related parties 5 — 85 Operating lease right-of-use assets (1,780) (5,446) (19,375) Other non-current assets (973) (547) (282) Notes payable (9,911) (3,507) 13,490 Accounts payable (44,523) 68,576 7,146 Advance from customers 836 (10,949) 53,022 Accrued expenses and other liabilities (16,486) 6,602 (24,674) Operating lease liabilities (1,607) 2,266 14,999 Other non-current liabilities 3,656 316 946 Net cash generated from (used in) operating activities 2,814 (75,303) (53,928) Cash flows from investing activities Purchases of property, plant and equipment (27,721) (186,788) (150,880) Proceeds on disposal of property, plant and equipment 10,005 1,649 5 Purchase of short-term investments — (5,966) (25,070) Proceeds from maturity of short-term investments 5,564 25,500 — Net cash used in investing activities (12,152) (165,605) (175,945) Cash flows from financing activities Proceeds from bank borrowings 101,517 47,852 58,708 F-12 Table of Contents MICROVAST HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS - continued (In thousands of U.S. dollars, except share and per share data, or as otherwise noted) Year Ended December 31, 2024 2023 2022 Repayment of bonds payable — (692) (29,259) Repayment of bank borrowings (66,248) (14,119) (24,482) Convertible loan borrowed from a shareholder 25,000 — — Payment for debt issue costs (525) — — Deferred payment related to purchases of property, plant and equipment (22,155) — — Net cash generated from financing activities 37,589 33,041 4,967 Effect of exchange rate changes (6,839) (6,561) (8,586) Increase/ (decrease) in cash, cash equivalents and restricted cash 21,412 (214,428) (233,492) Cash, cash equivalents and restricted cash at beginning of the year 88,189 302,617 536,109 Cash, cash equivalents and restricted cash at end of the year $ 109,601 $ 88,189 $ 302,617 Reconciliation to amounts on consolidated balance sheets Cash and cash equivalents $ 73,007 $ 44,541 $ 231,420 Restricted cash 36,594 43,648 71,197 Total cash, cash equivalents and restricted cash $ 109,601 $ 88,189 $ 302,617 Supplemental disclosure of cash flow information Interest paid $ 7,440 $ 4,373 $ 5,135 Income tax paid $ — $ — $ — Non-cash investing and financing activities Payable for purchase of property, plant and equipment $ 45,983 $ 96,350 $ 29,183 The accompanying notes are an integral part of these consolidated financial statements.

F-13 Table of Contents MICROVAST HOLDINGS, INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022 (In thousands of U.S. dollars, except share and per share data, or as otherwise noted) 1.

DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Microvast, Inc. was incorporated under the laws of the State of Texas in the United States of America on October 12, 2006 and re-domiciled to the State of Delaware on December 31, 2015.

Pursuant to the Merger Agreement, the Merger Sub merged with and into Microvast, Inc., with Microvast, Inc. surviving the Merger. As a result of the Merger, Tuscan was renamed “Microvast Holdings, Inc.” (the “Company”).

The Merger was accounted for as a reverse recapitalization as Microvast, Inc. was determined to be the accounting acquirer under Financial Accounting Standards Board’s Accounting Standards Codification Topic 805, Business Combinations (“ASC 805”). As of December 31, 2024, details of the Company’s major subsidiaries are as follows: Subsidiaries Place of incorporation Date of incorporation Percentage of ownership Microvast, Inc.

(“ Microvast ”) Delaware, USA October 2006 100 % Microvast Power Solutions, Inc (“ MP Solutions ”) Texas, USA July 2013 100 % Microvast Power Systems Co., Ltd. (“ MPS ”) Huzhou, PRC December 2006 100 % Microvast GmbH (“ MV GmbH ”) Germany May 2016 100 % Huzhou Hongwei New Energy Automobile Co., Ltd.

(“ Hongwei ”) Huzhou, PRC December 2016 100 % Microvast Energy, Inc. (“ MV Energy ”) Colorado, USA July 2022 100 % The Company and its subsidiaries (collectively, the “Group”) are primarily engaged in developing, manufacturing, and selling lithium-ion battery technologies for use in commercial electric vehicles and battery energy storage systems across the globe. 2.