Microvast Q1 revenue surges 73% to $81.4M; gross margin doubles to 21.2%

Microvast Holdings, Inc.

2024-Q1 EPS reported -$0.08 revenue$81,351,000

Revenue $81.4M (+73.2% YoY); gross margin 21.2% vs 10.3% in Q1 2023.
Net loss $24.8M improved from $29.6M; non-GAAP adj. net loss $13.0M.
Q2 revenue guidance $90-$98M (20-30% YoY growth); gross margin target 20-25%.
Cash & equivalents $86.7M, down from $93.8M in Dec 2023; capex $10.2M vs $35.9M YoY.
Record quarterly revenue driven by strong demand in commercial vehicle battery solutions.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Microvast Holdings, Inc. reported the period ended March 31, 2024 results: revenue $81.4 million, net income Net loss of $24.8 million, EPS Net loss per share of $0.08. Guidance initiated.

Period: the period ended March 31, 2024
Revenue: $81.4 million
Net income: Net loss of $24.8 million
EPS: Net loss per share of $0.08
Guidance: initiated
Result: reported results

Exact text from the filing

Chief Financial Officer --- EX-99.1 (EX-99.1) --- Microvast Reports First Quarter 2024 Financial Results • Record company Q1 revenue, increased 73.2% year over year to $81.4 million • Gross margin increased from 10.3% to 21.2%, a 10.9 percentage point improvement year over year STAFFORD, Texas, USA, May 9, 2024 — Microvast Holdings, Inc. (NASDAQ: MVST)

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Source: SEC EDGAR

accession 0001760689-24-000019

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