What Microvast Holdings, Inc. told the SEC could break it.

Microvast's revenue is concentrated in a few key (unnamed) customers that vary period to period — the two largest were 22% and 17% of 2025 net revenue, and a single customer was 39% in 2024 — so loss or reduced orders from a major customer would materially hurt revenue.

“For the year ended December 31, 2025, the two largest customers accounted for 22% and 17% of our net revenues respectively. In 2024, one customer accounted for 39% of our net revenues.”

Microvast sources certain key electrode raw materials and components from single or limited suppliers primarily in Asia — purchasing 18% of its raw materials from one supplier in 2025 — exposing it to supply shortages, price volatility and delivery disruptions.

“We currently purchase certain key raw mat erials for our electrodes and a variety of other components from third parties, some of which we only source from one supplier or from a limited number of supplier s. For the year ended December 31, 2025, we purchased 18% of our raw materials from one supplier.”

Microvast's manufacturing is concentrated in China and Germany with products built from non-U.S. parts/components, while its planned U.S. (Clarksville) expansion depends on additional financing — limiting domestic supply and exposing it to PRC political/economic and cross-border risks.

“Our manufacturing facilities are currently located in China and in Germany, and our current products are manufactured using parts or components procured outside of the United St ates.”

Microvast faces U.S.-China trade tension — new or retaliatory tariffs on PRC goods/Chinese-origin inputs raise its costs, Buy America rules constrain U.S. transit sales, and PRC regulations (e.g., CAC cyber/data security) affect its Chinese operations.

“the imposition of new or retaliatory tariffs against the PRC or covering certain products may affect our competitive position and result in increased costs for products manufactured in the United States using Chinese-origin inputs.”