Business
Microvast Reports Second Quarter 2024 Financial Results
Record company Q2 revenue, increased 11.6% year over year to $83.7 million Gross margin increased from 15.3% to 32.5%, a 17.2 percentage point improvement
About this update from Microvast Holdings, Inc.
[{"type":"text","content":"\n\nRecord company Q2 revenue, increased 11.6% year over year to $83.7 million\n\n\n\nGross margin increased from 15.3% to 32.5%, a 17.2 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, 2024 (“Q2 2024”).\n\n\nResults for Q2 2024\n\n\n\nRevenue of $83.7 million, compared to $75.0 million in Q2 2023, an increase of 11.6%\n\n\n\nGross margin increased to 32.5% from gross margin of 15.3% in Q2 2023; Non-GAAP adjusted gross margin increased to 34.3%, up from 17.3% in Q2 2023\n\n\n\nOperating expenses of $103.6 million, compared to $39.0 million in Q2 2023; Adjusted operating expenses of $92.9 million, compared to $22.7 million in Q2 2023\n\n\n\nNet loss of $78.4 million, compared to net loss of $26.1 million in Q2 2023; Non-GAAP adjusted net loss of $64.7 million, compared to non-GAAP adjusted net loss of $8.3 million in Q2 2023\n\n\n\nNet loss per share of $0.25 compared to net loss per share of $0.08 in Q2 2023; Non-GAAP adjusted net loss per share of $0.21, compared to non-GAAP adjusted net loss per share of $0.02 in Q2 2023\n\n\n\nAdjusted EBITDA of negative $55.3 million in Q2 2024, compared to Adjusted EBITDA of negative $4.2 million in Q2 2023\n\n\n\nCapital expenditures of $2.9 million, compared to $57.7 million in Q2 2023\n\n\n\nCash, cash equivalents, restricted cash and short-term investments of $104.5 million as of June 30, 2024, compared to $93.8 million as of December 31, 2023, and $195.8 million as of June 30, 2023\n\n\n\nPlease refer to the tables at the end of this press release for reconciliations of gross profit to non-GAAP adjusted gross profit, and net loss to non-GAAP adjusted net loss and non-GAAP adjusted EBITDA.\n\n\nQ3 2024 Outlook\n\n\n\nFor Q3 2024, the Company is targeting a revenue growth of 6% to 12% year over year and revenue guidance of $85 million to $90 million\n\n\n\nTargeting operational efficiencies, providing a Company gross margin target of 25%\n\n\n\nOngoing R&D progress towards new product development, including launching the Company’s latest product, the 565Ah lithium iron phosphate (LFP...