Business
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
About this update from Microvast Holdings, Inc.
[{"type":"text","content":"\n\nRevenue increased 28.1% year over year to $47.0 million, exceeding original guidance\n\n\n\nAdjusted gross margin increased to 13.5%\n\n\n\nAchieved record backlog of $486.7 million\n\n\n\n HOUSTON--(BUSINESS WIRE)--\nMicrovast Holdings, Inc. (NASDAQ:MVST) (“Microvast” or the “Company”), a technology innovator that designs, develops and manufactures lithium-ion battery solutions, today announced unaudited condensed consolidated financial results for the first quarter ended March 31, 2023 (“Q1 2023”).\n\n\n“In the first quarter, we delivered stronger than anticipated year-over-year revenue growth, led by the initial production ramp up of several of our commercial vehicle customers in Europe” said Yang Wu, Microvast’s Founder, Chairman, President and Chief Executive Officer. “We are very pleased to have completed our expansion and have begun trial production in Huzhou, China which adds 2GWh of production capacity for our new 53.5Ah cell. In addition, our Clarksville, Tennessee facility remains on track for start of production in the fourth quarter, bringing our total 53.5Ah capacity additions this year to 4GWh. Customer adoption of our new cell is very strong and over 50% of our new capacity in Huzhou is already under contract.”\n\n\n\"We are pleased to report another quarter of solid growth with improving gross margins and another record backlog of $486.7 million, which really underpins our revenue plan for this year, and gives us the conviction to raise our guidance,” said Craig Webster, Microvast’s Chief Financial Officer. “We are very encouraged by the level of customer engagement and interest in our Clarksville plant, which along with anticipated IRA credits, is providing multiple project finance opportunities.”\n\n\nResults for Q1 2023\n\n\n\nRevenue of $47.0 million, compared to $36.7 million in Q1 2022, an increase of 28.1%\n\n\n\nGross margin increased to 10.3% from gross margin of 0% in Q1 2022; Non-GAAP adjusted gross margin increased to 13.5%, up from 5.2% in Q1 2022\n\n\n\nOperating expenses of $36.2 million, compared to $43.4 million in Q1 2022; Adjusted operating expenses of $19.8 million, compared to $31.1 million in Q1 2022\n\n\n\nNet loss of $29.6 million, compared to net loss of $43.8 million in Q1 2022; Non-GAAP adjusted net loss of $11.7 million, compared to non-GAAP adjusted net loss of $29.1 million in Q...