Microvast Holdings, Inc. · NASDAQ:MVST
Microvast — Q4 2023 Earnings Presentation
15 slides from Microvast's earnings presentation, Apr 1, 2024
Slide 1: Microvast Q4 2023
e ot microvast” Q4 2023
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements Non-GAAP Financial Measures This communication contains “forward-looking statements” within the meaning of This presentation contains adjusted gross profit, adjusted operating loss and adjusted net loss, the Private Securities Litigation Reform Act of 1995. Such
Slide 3: 2023 Overview: Steady Growth, Narrowing Losses
2023 Overview Steady Growth, Narrowing Losses EMEA FY23 Revenue Revenues $307M $84M >400% increase Y/Y Gross Margin Adj. GM Top Line 18.7% Adj. GM 20.7% 50% increase Y/Y +12.5 percentage points Y/Y 2GWh 2GWh Automated line for 53.5Ah Construction phase nearly complete Successful industrialization Re
Slide 4: Q4 2023 Highlights
e ot microvast” Q4 2023 HIGHLIGHTS
Slide 5: Record Revenue Quarter
Record Revenue Quarter Expanding Commercial Vehicle Segment Successes Challenges Q4 2023 Key Stats Preparing to kick off serial delivery Higher rate environment and demanding to major U.S. specialty vehicle OEM underwriting presented financing challenges for Clarksville project $104.6M $276.4M
Slide 6: Commercial Vehicle Developments
Commercial Vehicle Developments Growing Our Footprint OEM YONGXING NEW ENERGY Vehicle e-Shuttle e-Boat Hybrid Mining Truck e-Mining Truck Battery MpCO-37Ah HpCO-53.5Ah MpCO-48Ah Gen 4 pack MpCO-17.5Ah Type F3 low floor pack Gen4 MV-I pack MpCO-17.5Ah Gen 3 pack Gen3 pack/module/cell Order received;
Slide 7: APAC Update
APAC Update Key Driver of Gross Margin Improvement Production • Huzhou Phase 3.1 automated cell, module, and pack line completed and delivering 53.5Ah cells • No further significant CAPEX requirements on Phase 3.1 expected in 2024 Financials & Outlook • 2023 Revenues of $219M, up 18% Y/Y • 2023 Gros
Slide 8: EMEA Update
EMEA Update Electrifying Revenue Growth in 2023 Production • Localized production of VDA modules, with expected increase in volumes Financials & Outlook • 2023 Revenues of $84M, >400% increase Y/Y • 2024 Expected revenue expansion Y/Y • Narrowed losses in 2023, breakeven possible in 2024 with higher
Slide 9: U.S. Update
U.S. Update Clarksville Phase 1A Delay Challenging Financing Environment Outlook • Clarksville Phase 1A has been funded to date from • The pace of expanding our U.S. operations depends on balance sheet, pending securing project financing. timing to secure funds. • Due to challenges in the current U.
Slide 10: Q4 2023 Financials
e ot microvast” Q4 2023 FINANCIALS
Slide 11: Q4 2023 P&L
Q4 2023 P&L ($ in thousands) Three-Months Ended Dec. 31 Twelve-Months Ended Dec. 31 GAAP Income Statement 2022 2023 Y/Y (%) 2022 2023 Y/Y (%) Revenue 64,797 104,575 61% 204,495 306,617 50% Cost of revenues (62,571) (81,551) 30% (195,422) (249,390) 28% Gross Profit 2,226 23,024 934% 9,073 57,227 531%
Slide 12: Q4 2023 Adjusted Financials – Non-GAAP
Q4 2023 Adjusted Financials – Non-GAAP ($ in thousands) Three-Months Ended Dec. 31 Twelve-Months Ended Dec. 31 Cost of Sales Adjustments 2022 2023 2022 2023 Three-Months Ended Dec. 31 Twelve-Months Ended Dec. 31 Revenue 64,797 104,575 204,495 306,617 2022 2023 2022 2023 Adjusted Cost of sales (non-G
Slide 13: 2023 Revenue by Region
2023 Revenue by Region ($ in thousands) 12-Months 2022 APAC (Ex. China), 2023 USA, 2% 25% USA, 1% APAC (Ex. China), 21% EMEA, 8% EMEA, 27% Twelve-Months Ended Dec. 31 Revenue by region 2022 2023 Y/Y % APAC (Ex. China) 52,566 62,653 19% China 132,469 156,480 18% EMEA 15,809 84,358 434% USA 3,651 3,12
Slide 14: Outlook
e ot microvast” OUTLOOK
Slide 15: 2024 Outlook
2024 Outlook 40-60% $65-75M 20-25% Targeted Q1 Revenue Targeted Q1 Gross Growth Y/Y Q1 Revenue Guidance Margin APAC EMEA U.S. Huzhou Phases 1, 2, & 3 Germany facility delivering Clarksville facility slowing CAPEX delivering qualified products. qualified products. & OPEX until funding secured. Target