Disclaimer Actual results, performance or achievements may differ materially, and potentially adversely, from any projections and forward-looking statements and the assumptions on which those forward-looking statements are based. All information set forth herein speaks only as of the date hereof and we disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication. Forecasts and estimates regarding Microvast's industry ...

Microvast Holdings, Inc. (MVST) came out with a quarterly loss of $0.04 per share versus the Zacks Consensus Estimate of a loss of $0.05. This compares to loss of $0.04 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 20%. A quarter ago, it was expected that this company would post a loss of $0.03 per share when it actually produced a loss of $0.04, delivering a surprise of -33.33%.Over the last four quarters, the company has s ...

OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to________________ Microvast Holdings, Inc. Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 (Exact name of registrant as specified in its charter) | Delaware | 001-38826 | 83-2530757 | | --- | --- | ...

Microvast Holdings, Inc. (NASDAQ:MVST) Q4 2023 Earnings Conference Call April 1, 2024 5:00 PM ET Company Participants Yang Wu - Founder, Chairman and CEO Craig Webster - Chief Financial Officer Conference Call Participants Colin Rusch - Oppenheimer Sean Milligan - Janney Montgomery Scott Derek Soderberg - Cantor Fitzgerald Operator Thank you for standing by, and welcome to Microvast Fourth Quarter 2023 and Full Year Conference Call. [Operator Instructions] I would now like to hand the call over to Microvast ...

Microvast Reports 2023 Financial Results STAFFORD, Texas, USA, April 1, 2024 – Microvast Holdings, Inc. (NASDAQ:MVST) ("Microvast" or the "Company"), a technology innovator that designs, develops and manufactures lithium-ion battery solutions, announced today its consolidated financial results for the fourth quarter and full fiscal year ended December 31, 2023 ("Q4 2023" and "FY 2023," respectively). Exhibit 99.1 "We achieved record revenue in the fourth quarter of 2023 bringing our full year revenue growth ...

Company Classification and Growth - The company is classified as an "emerging growth company" under the JOBS Act, which allows it to provide only two years of audited financial statements and reduced disclosure obligations [333]. - The company will maintain its status as an emerging growth company until it reaches total annual gross revenue of $1.235 billion or other specified conditions [334]. Dividend Policy - The company does not intend to pay dividends on common stock for the foreseeable future, opting to retain funds for business development and growth [347]. Stock Performance and Market Risks - The trading price of the common stock is expected to be volatile, influenced by various factors including market conditions and company performance [342]. - The company’s ability to attract research coverage from securities analysts is crucial, as unfavorable commentary could negatively impact the stock price [348]. Compliance and Legal Risks - The company faces risks related to compliance with anti-corruption laws, particularly in China, which could adversely affect its business and financial condition [349]. - The company has implemented safeguards to prevent unauthorized payments in compliance with anti-corruption laws, but risks remain [349]. - The company’s stockholder litigation provisions may limit stockholders' ability to bring claims in favorable judicial forums, which could discourage lawsuits [336]. Economic and Operational Challenges - The ongoing effects of the COVID-19 pandemic have led to significant volatility in the global economy and disruptions in the supply chain, impacting vehicle sales [353]. - The sales cycle for the company's products can be lengthy, sometimes exceeding four years, making revenue forecasting challenging [355]. - Revenue and operating results are expected to fluctuate significantly due to external factors such as economic conditions and customer order changes [356]. Financial Performance Overview - Revenues for the year ended December 31, 2023, were $204,495 million, a significant increase from $151,976 million in 2022, representing a growth of approximately 34.5% [501]. - The gross profit for 2023 was $9,073 million, a recovery from a gross loss of $42,743 million in 2022 [501]. - Operating expenses increased to $170,691 million in 2023 from $157,448 million in 2022, reflecting a rise of about 8.0% [501]. - The net loss attributable to common stock shareholders decreased to $158,200 million in 2023 from $234,103 million in 2022, indicating an improvement of approximately 32.4% [501]. - The comprehensive loss for 2023 was $114,033 million, down from $182,982 million in 2022, showing a reduction of about 37.5% [504]. - Basic and diluted net loss per share improved to $(0.52) in 2023 from $(1.26) in 2022 [501]. Cash Flow and Liquidity - As of December 31, 2023, cash and cash equivalents decreased to $44.541 million from $231.420 million in 2022, a decline of approximately 81.7% [496]. - Total cash, cash equivalents, and restricted cash decreased to $88,189 thousand in 2023 from $302,617 thousand in 2022, showing a significant decline in available cash resources [515]. - The company reported a net cash used in operating activities of $75,303 thousand for 2023, compared to $53,928 thousand in 2022, indicating increased cash outflows from operations [513]. - Management has concluded that existing cash and cash equivalents will not be sufficient to fund operations and capital expenditures for the next twelve months [531]. Assets and Liabilities - Total assets rose from $984.957 million in 2022 to $1.096732 billion in 2023, an increase of approximately 11.3% [496]. - Total liabilities increased significantly from $371.980 million in 2022 to $532.542 million in 2023, representing a rise of about 43.1% [496]. - The accumulated deficit grew from $791.165 million in 2022 to $897.501 million in 2023, indicating an increase of approximately 13.4% [498]. - The company’s total shareholders' equity as of December 31, 2023, was $564,190 thousand, a decrease from $612,977 thousand at the end of 2022, indicating a decline in net worth [510]. Research and Development - Research and development expenses rose to $43,508 million in 2023, compared to $34,385 million in 2022, marking an increase of approximately 26.3% [501]. - The Group's research and development expenses primarily consist of salaries, raw materials, and general expenses associated with R&D activities [572]. Inventory and Receivables - Accounts receivable increased from $119,304 million in 2022 to $138,717 million in 2023, reflecting a growth of about 16.3% [496]. - Total inventories rose significantly from $84,252 in 2022 to $149,749 in 2023, marking an increase of about 77.6% [617]. Capital Expenditures and Investments - The company incurred $186,788 thousand in capital expenditures for property, plant, and equipment in 2023, up from $150,880 thousand in 2022, indicating ongoing investment in growth [514]. - The Group completed a capacity expansion project in China with a total project amount of $168,467 in Q3 2023 [621]. Funding and Financing - An estimated additional funding of $150,000 to $170,000 is required to complete the Tennessee capacity expansion [529]. - The Group is pursuing a Proposed Term Loan of $150,000 to support the Tennessee capacity expansion, with a maturity term of four years [534]. - The Group is evaluating various funding initiatives, including debt or equity issuance and the sale of non-core U.S. real estate assets [535]. - The Group has engaged an investment bank to assess strategic alternatives and solicit additional financing from third-party sources [536]. Warrants and Shareholder Equity - The Company assumed 27,600,000 Public Warrants and 837,000 Private Warrants upon the Merger, with an exercise price of $11.50 per share [647]. - None of the Public Warrants or Private Warrants have been exercised during the year ended December 31, 2023 [647]. - The Public Warrants will expire five years after the completion of the Merger or earlier upon redemption or liquidation [648].

Financial Data and Key Metrics - Revenue for Q3 2023 was $80.1 million, a 107% increase year-over-year from $38.6 million in Q3 2022, driven by strong demand in Europe and Asia Pacific markets [62][85] - Gross margin improved to 22.3% in Q3 2023 compared to 5.2% in Q3 2022, with adjusted gross margin reaching 24.2%, a 14 percentage point increase year-over-year [4][27] - Adjusted net loss for Q3 2023 was $10.3 million, compared to an adjusted net loss of $17.4 million in Q3 2022, showing progress in narrowing losses [86] - Year-to-date revenue was $202 million, up 45% from $139.7 million in the prior year 9-month period [27] - Adjusted operating expenses year-to-date were $72.8 million, down from $75.1 million in the prior year 9-month period, mainly due to higher share-based compensation in the previous year [10] Business Line Data and Key Metrics - The commercial vehicle business saw a 45% year-to-date revenue growth compared to 2022, driven by strong demand in Europe and Asia Pacific [11][62] - The 53.5 amp hour cell, a key product, is now being produced at over 70% utilization, with a target to reach 90% by year-end [5][29] - The company delivered approximately 100 megawatt hours to JBM Group during the quarter, a major Indian bus OEM [84] - The backlog reached a record $678.7 million, with over 84% of it driven by demand for the 53.5 amp hour cell [4][63] Market Data and Key Metrics - European business showed a 455% year-over-year increase in revenue, accounting for 24% of total revenue in Q3 2023 [106] - The U.S operations are expected to begin meaningful contributions in Q4 2023, with deliveries pushed to early 2024 [87] - The company has a strong presence in South Korea, delivering the 53.5 amp hour Gen 4 pack to Higer Bus for their e-bus platform [8] Company Strategy and Industry Competition - The company is focusing on expanding its gross margins, targeting 20% to 25% adjusted gross margin in Q4 2023 [16][31] - Microvast is rapidly commercializing its 53.5 amp hour cell, with significant progress in yield and utilization, positioning it as a key driver for future growth [5][29] - The company is expanding its U.S operations, with Clarksville Phase 1A expected to start qualified deliveries in Q2 2024, leveraging lessons from the Huzhou Phase 3.1 line [7][81] - Microvast is also investing in a flexible Phase 3.2 line in Huzhou to meet growing demand for both 53.5 amp hour and 48 amp hour cells [70][71] Management Commentary on Operating Environment and Future Outlook - Management highlighted the strong demand trajectory for Microvast battery solutions worldwide, with robust customer orders expected to continue into 2024 [90] - The company expects to finalize significant multiyear contracts in Q4 2023, which will further add to the backlog [26] - Management remains confident in achieving high growth in 2024, supported by a record backlog and improving gross margins [32] Other Important Information - The company has $70 million available for further expansion in Huzhou, with $35 million allocated for the Phase 3.2 expansion [71] - Total debt outstanding is $99.5 million, with only $5 million due in Q4 2023 and $40.2 million due by December 2025, all related to China operations [30] - The company is targeting full-year 2023 revenue in the range of $292 million to $302 million, representing 43% to 48% year-over-year growth [72] Q&A Session Summary Question: What factors are contributing to the gross margin improvement, and what are the targeted gross margins? - The improvement in gross margins is driven by better utilization, yield improvements, and favorable raw material prices [15][16] - The company is targeting 20% to 25% adjusted gross margin in Q4 2023 [16] Question: What is the reason for the delay in Clarksville Phase 1A, and how will it impact the ramp-up? - The delay is due to modifications learned from the Huzhou Phase 3.1 line, which will accelerate the ramp-up in Q2 2024 [17][81] Question: Can you comment on the inventory build-up for the 53.5 amp hour cell? - The company is building inventory to meet Q4 revenue guidance and backlog orders for Q1 2024 [120] Question: What is the outlook for the U.S battery storage market? - The U.S battery storage market remains strong, with Clarksville enabling customers to achieve additional domestic content, which is critical for project financing [103] Question: How is the 53.5 amp hour cell impacting customer deals and pricing? - The proven manufacturing consistency and high yields are improving the company's leverage with customers, potentially driving price increases [55]

Disclaimer Actual results, performance or achievements may differ materially, and potentially adversely, from any projections and forward-looking statements and the assumptions on which those forward-looking statements are based. All information set forth herein speaks only as of the date hereof and we disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication. Forecasts and estimates regarding Microvast's industry ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to________________ Microvast Holdings, Inc. (Exact name of registrant as specified in its charter) | Delaware | 001-38826 | 83-2530757 | | --- | -- ...

E-bus Vehicle MpCO-21Ah MV-B/C Gen 3 pack HpCO-53.5Ah MV-B/C Gen 4 pack Highlights Start hybrid truck development with Gen 4 high power battery Partnership reinforced with over 100-unit delivery in Q2 Q2 FINANCIALS 10 | --- | --- | --- | --- | --- | |-------------------------------------------|-----------------------------------|----------|---------------------------------|-----------| | | Three-Months Ended June 30 \n2022 | 2023 | Six-Months Ended June 30 \n2022 | 2023 | | Revenue | 64,414 | 74,953 | 101,0 ...