Business
Microvast Reports 2022 Financial Results
35% year over year increase in revenue 121% year over year increase in gross profit >3.5x year over year increase in backlog to $410.5 million STAFFORD,
About this update from Microvast Holdings, Inc.
[{"type":"text","content":"\n35% year over year increase in revenue\n\n121% year over year increase in gross profit\n\n>3.5x year over year increase in backlog to $410.5 million\n\n STAFFORD, Texas--(BUSINESS WIRE)--\nMicrovast Holdings, Inc. (NASDAQ:MVST) (“Microvast” or the “Company”), a technology innovator that designs, develops and manufactures lithium-ion battery solutions, announced today its consolidated financial results for the fourth quarter and full fiscal year ended December 31, 2022 (“Q4 2022” and “FY 2022,” respectively).\n\n“I am proud of our accomplishments in 2022,” said Yang Wu, Microvast’s Founder, Chairman, President and Chief Executive Officer. “We reached a number of key milestones, including the launch of our new lithium-ion battery cells and next generation battery pack products, the launch of the Microvast Energy division, followed by an award of a 1.2GWh utility scale ESS contract and a $200 million grant from the U.S. Department of Energy for the construction of a new separator manufacturing facility. We are excited for the year ahead as we bring our new battery technologies to serial production and already have significant demand across our commercial vehicle and energy storage systems customers.”\n\n\"We are pleased to report another quarter of stable growth, and we closed 2022 with a record backlog of $410.5 million, which puts us in a great position to execute our high growth plans for the years ahead,” said Craig Webster, Mircovast’s Chief Financial Officer. “As we bring additional capacity online this year, we will add approximately $1 billion of new revenue potential annually for our new 53.5Ah cell, which already accounts for over 80% of our backlog. We believe that the strong demand we are seeing along with the anticipated benefits of IRA puts us on a path to achieve profitability within the next two to three years.”\n\nFull Year 2022 Highlights\n\n\nRevenue of $204.5 million, compared to $152.0 million in 2021, an increase of 35%\n\n\nGross profit increased by 121% to $9.1 million from gross loss of $42.7 million in 2021; Non-GAAP adjusted gross profit of $16.8 million, compared to non-GAAP adjusted gross loss of $38.5 million in 2021; Non-GAAP adjusted gross margin increased to 8.2%, up from negative 25.3% in 2021\n\n\nOperating expenses of $170.7 million, compared to $157.4 million in 2021; Adjusted operating expens...