Microvast FY2022 revenue up 35% to $204.5M; backlog surges to $410.5M; guides 65-75% growth in 2023

Microvast Holdings, Inc.

FY 2022 revenue $204.5M (+35% YoY); net loss narrowed to $158.2M from $206.5M.
Backlog hit $410.5M (up 258.5% YoY); 53.5Ah cell represents >80% of backlog.
FY 2023 revenue guidance $336M-$358M (65-75% growth); Q1 2023 guided $38M-$40M.
Non-GAAP adjusted gross margin improved to 8.2% from -25.3%; gross profit $9.1M vs -$42.7M.
Capital expenditures $150.9M in 2022; 2023 capex guidance $180-$210M.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Microvast Holdings, Inc. updated its the fourth quarter and year ended December 31, 2022 guidance (raised).

Period: the fourth quarter and year ended December 31, 2022
Guidance: raised
Result: reported results

Exact text from the filing

Microvast Holdings, Inc. issued a press release announcing its consolidated financial results for the fourth quarter and year ended December 31, 2022.

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Source: SEC EDGAR

accession 0001760689-23-000015

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