Microvast (MVST) — what changed in its 2026 10-K risk factors

Item 1A Risk Factors, 10-K filed 2026-03-16 vs 2025-03-31. The material changes, ranked.

• Escalated Going-concern language now present. New: "existing cash and assets held for sale may not be sufficient to fund operations through the next twelve months." Near-term maturities worsened — "$93.1 million due within the next 12 months" (vs $70.7M prior), plus a $41.7M bond (Jan 2027) and a $26.5M convertible loan (May 2026).
• New Lost smaller-reporting-company status (effective Dec 31 2025) — increased disclosure/reporting obligations, with a new risk that failure to comply "could have an adverse effect."
• Escalated DOE-award fallout still cited, severity softened ("are concerned" → "might be concerned").
• Removed Prior material weakness in internal controls now declared "remediated as of December 31, 2025."
• Removed Specific tariff detail dropped — the named "10% + additional 10% (March 3, 2025)" Chinese-tariff language is gone, obscuring ongoing exposure.