Microvast Holdings, Inc. · NASDAQ:MVST
Microvast — Q1 2023 Earnings Presentation
15 slides from Microvast's earnings presentation, May 9, 2023
Slide 1: Microvast
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Slide 2: Disclaimer
— Disclaimer Forward-Looking Statements This communication contains ‘forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, our plans, objectives
Slide 3: Q1 Highlights
e ©,° Microvast | HIGHLIGHTS
Slide 4: Q1:23 Overview
Q1:23 Overview $47M Q1 revenue >3x = $486.7M Year over year driven by energy storage 28.1% increase increase in business in the U.S and strong year over year backlog position demand in Europe 13.5% adjusted gross margin 270% Year over year European revenue growth an increase of 8.3 percentage points
Slide 5: 53.5Ah Expansion – Huzhou 3.1
Q1 2023 53.5Ah Expansion – Huzhou 3.1 Capacity expansion expected to unlock significant incremental revenue and double-digit margin potential, which is de-risked by contracted pipeline with existing OEM customers Servicing a Worldwide Customer Base 2GWh 53.5 Ah of Additional Cell, CAPEX Investment C
Slide 6: Record-High Q1 Revenue
Q1 2023 Record-High Q1 Revenue CHALLENGES Q1 KEY STATS ▪ $47.0M $486.7M Revenue Sales Backlog ▪ 28.1% $62.7M ▪ YoY Revenue Order Intake Growth in Q1 HIGHLIGHTS Increasing orders 6
Slide 7: Major Product Developments
Q1 2023 Major Product Developments in the Global Commercial Vehicle Market OEM Iveco Bus Crossway Full Electric Hybrid Truck 49T Hybrid Tractor Vehicle Skateboard Platform HpCO-53.5Ah HpCO-53.5Ah MpCO-17.5Ah MpCO-21Ah Battery Type MV-I Gen1 pack MV-C Gen 4 pack MV-B/C Gen 3 pack MV-B/C Gen 3 pack Hi
Slide 8: Growth in EMEA
Q1 2023 Growth in EMEA EMEA presented exponential growth as Iveco and other European customers have started serial production. Anticipated 2023 EMEA Growth Key Accounts EMEA Q1 YoY Growth (as % of revenue) E-Bus LCV Class 1-2 MD/HD Truck Class 3-8 Specialty Vehicles, Off-road Europe Rest of World ▪
Slide 9: Financials
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Slide 10: Q1 2023 P&L
Q1 2023 Q1 2023 P&L Three-Months Ended March 31 ($ in thousands) GAAP Income Statement 2022 2023 YoY(%) Revenue 36,668 46,973 28% Cost of revenues (36,655) (42,115) 15% Gross Profit 13 4,858 37,269% Gross Margin 0.0% 10.3% 29,071% Selling and marketing expenses (5,998) (4,988) -17% General and admin
Slide 11: Q1 2023 Adjusted Financials – Non-GAAP
Q1 2023 Q1 2023 Adjusted Financials – Non-GAAP ($ in thousands) Cost of Sales Adjustments Three-Month Ended March 31 Three-Month Ended March 31 2022 2023 2022 2023 Non-Cash Settled SBC 1,899 1,504 Revenue 36,668 46,973 Adjusted Cost of sales (non-GAAP) (34,756) (40,611) Adjusted gross (loss) / profi
Slide 12: Revenue by Region
Q1 2023 Revenue by Region Three-Month Ended March 31 ($ in thousands) Revenue by region 2022 2023 YoY % APAC (Excluding China) 13,404 3,149 -77% China 19,838 32,612 64% EMEA 2,751 10,185 270% USA 675 1,027 52% Total 36,668 46,973 28% ➢ ➢ ➢ 12
Slide 13: Q1 Financial Highlights
Q1 2023 Q1 Financial Highlights $285.8M $486.7M $35.9M Cash position Order Backlog Total Capex HpCO-53.5Ah HpCO-53.5Ah cell 13
Slide 14: Outlook
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Slide 15: 2023 Outlook
2023 Outlook Strong Backlog & Technology Supports Multi-Year High Growth Phase 70%-80% $486.7M backlog HpCO-53.5Ah cell accounts for revenue growth from 2022 supported by energy storage business in the U.S. and strong demand in Europe >75% backlog due to superior technical performance Clarksville, T