Microvast Q1 revenue $47M (+28% YoY); net loss narrows; raises FY23 guidance to 70-80% growth

Microvast Holdings, Inc.

2023-Q1 EPS reported -$0.10 revenue$46,973,000

Revenue $47.0M (+28.1% YoY); GAAP gross margin 10.3% (vs 0%); adjusted gross margin 13.5%.
Net loss $29.6M vs $43.8M loss YoY; adjusted net loss $11.7M; adjusted EPS -$0.04.
Record backlog $486.7M (+302.9% YoY); >75% for new 53.5Ah cell.
FY23 revenue guidance raised to $348-368M (70-80% growth); Q2 guidance $63-67M.
Huzhou 2GWh expansion started trial production; Clarksville, TN on track for Q4 2023.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Microvast Holdings, Inc. reported first quarter ended March 31, 2023 results: revenue $47.0 million, net income $29.6 million, EPS $0.10. Guidance raised.

Period: first quarter ended March 31, 2023
Revenue: $47.0 million
Net income: $29.6 million
EPS: $0.10
Guidance: raised
Result: reported results

Exact text from the filing

Microvast Reports First Quarter 2023 Financial Results • Revenue increased 28.1% year over year to $47.0 million, exceeding original guidance • Adjusted gross margin increased to 13.5% • Achieved record backlog of $486.7 million

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Microvast Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001760689-23-000018

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