Business
Microvast Reports Second Quarter 2023 Financial Results
Revenue increased 16.4% year over year to $75.0 million, exceeding guidance Achieved record backlog of $675.9 million, up 541.9% year over year Gross margin
About this update from Microvast Holdings, Inc.
[{"type":"text","content":"\n\nRevenue increased 16.4% year over year to $75.0 million, exceeding guidance\n\n\n\nAchieved record backlog of $675.9 million, up 541.9% year over year\n\n\n\nGross margin increased from 7.5% to 15.3%, a 7.8 percentage point improvement year over year\n\n\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, today announced unaudited condensed consolidated financial results for the second quarter ended June 30, 2023 (“Q2 2023”).\n\n\n“In the second quarter, we delivered strong year-over-year revenue growth, led by the continued production ramp up of our commercial vehicle customers in Europe and Asia Pacific.” said Yang Wu, Microvast’s Founder, Chairman, President and Chief Executive Officer. “We are incredibly pleased to have begun shipping qualified 53.5Ah cells from our 2GWh Huzhou, China facility during the second quarter. With Huzhou now in ramp-up phase, our execution focus for the remainder of the year is to bring Clarksville into trial production in Q4.”\n\n\n\"The stand-out performance from the quarter is the improving gross margin and backlog setting a new record of $675.9 million,” said Craig Webster, Microvast’s Chief Financial Officer. “We anticipate further upticks in our backlog through the rest of the year supported by new energy storage and commercial vehicle projects, which would lead to very high utilization rates on our new capacity expansions.”\n\n\nResults for Q2 2023\n\n\n\nRevenue of $75.0 million, compared to $64.4 million in Q2 2022, an increase of 16.4%\n\n\n\n\nBacklog as of June 30, 2023 was $675.9 million, representing a growth of 541.9% compared to $105.3 million in backlog as of June 30, 2022 and sequential growth of 38.9% compared to $486.7 million in backlog at March 31, 2023\n\n\n\n\nGross margin increased to 15.3% from gross margin of 7.5% in Q2 2022; Non-GAAP adjusted gross margin increased to 17.3%, up from 10.4% in Q2 2022\n\n\n\n\nOperating expenses of $39.0 million, compared to $50.4 million in Q2 2022; Adjusted operating expenses of $22.7 million, compared to $21.7 million in Q2 2022\n\n\n\n\nNet loss of $26.1 million, compared to net loss of $44.2 million in Q2 2022; Non-GAAP adjusted net loss of $8.3 million, compared to non-GAAP adj...