8-K
filed November 10, 2022, 6:59 PM ET
ticker MVST
CIK 0001760689
earnings
confidence high
sentiment positive
materiality 0.70
Microvast Q3 revenue up 4.7% to $38.6M; gross margin improves to 5.2% from -97.3%
Microvast Holdings, Inc.
2022-Q3 EPS reported
-$0.41
revenue$139,698,000
- Net loss narrowed to $36.5M from $116.5M; non-GAAP adj. net loss $17.4M vs $65.1M.
- Backlog grew 166.8% YoY to $140.6M; FY2022 revenue growth guidance reaffirmed at 35-40%.
- Secured $111M in project financing; received $200M DOE grant with GM for separator facility.
- Capital expenditures expected $90-120M for remainder of FY2022 for capacity expansion.
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.95
Microvast Holdings, Inc. reported the nine months ended September 30, 2022 results: revenue $139.7 million, net income $124.5 million. Guidance reaffirmed.
- Period
- the nine months ended September 30, 2022
- Revenue
- $139.7 million
- Net income
- $124.5 million
- Guidance
- reaffirmed
- Result
- reported results
Exact text from the filing
Microvast generated revenue of $139.7 million for YTD 2022, compared to $85.2 million for the nine months ended September 30, 2021 (“YTD 2021”), an increase of 64.0%. Gross profit was $6.8 million for YTD 2022, compared to a gross loss of $43.9 million for YTD 2021, resulting in a 56.4 percentage point improvement in gross margin to 4.9% for YTD 2022 from negative 51.5% for YTD 2021. Non-GAAP adjusted gross profit was $12.6 million for YTD 2022, compared to non-GAAP adjusted gross loss of $41.6 million for YTD 2021, resulting in a 57.8 percentage point improvement in non-GAAP adjusted gross margin to 9.0% for YTD 2022 from negative 48.8% for YTD 2021. Operating expenses were $133.4 million for YTD 2022 compared to $105.3 million for YTD 2021. The increase in operating expenses was largely due to the increased share-based compensation expense of $16.1 million for YTD 2022 as well as increased headcount and other expenditures to support the Company’s growth initiatives and other expenses
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.95
Microvast Holdings, Inc. reported the third quarter ended September 30, 2022 results: revenue $38.6 million, net income $36.5 million. Guidance reaffirmed.
- Period
- the third quarter ended September 30, 2022
- Revenue
- $38.6 million
- Net income
- $36.5 million
- Guidance
- reaffirmed
- Result
- reported results
Exact text from the filing
Microvast generated revenue of $38.6 million in Q3 2022, compared to $36.9 million for the third quarter ended September 30, 2021 (“Q3 2021”), an increase of 4.7%. Gross profit was $2.0 million in Q3 2022, compared to a gross loss of $35.9 million in Q3 2021, resulting in a 102.5 percentage point improvement in gross margin from negative 97.3% in Q3 2021 to 5.2% in Q3 2022. Non-GAAP adjusted gross profit was $4.0 million in Q3 2022, compared to non-GAAP adjusted gross loss of $33.6 million in Q3 2021, resulting in a 101.3 percentage point improvement in non-GAAP adjusted gross margin from negative 91.1% in Q3 2021 to 10.2% in Q3 2022. Operating expenses were $39.6 million in Q3 2022 compared to $78.0 million in Q3 2021. The change in operating expenses was largely due to share-based compensation expense being $38.7 million lower in Q3 2022 compared to Q3 2021. Net loss was $36.5 million in Q3 2022 compared to net loss of $116.5 million in Q3 2021.
View on SEC.gov
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