Microvast Reports First Quarter 2025 Financial Results

Core Viewpoint - Microvast Holdings, Inc. reported record financial results for Q1 2025, showcasing significant revenue growth and improved profitability metrics, driven by increasing demand for advanced battery solutions [2][8]. Financial Performance - Q1 2025 revenue reached $116.5 million, marking a 43.2$81.4 million in Q1 2024 [8][26]. - Gross margin improved to 36.9%, up from 21.2% year over year, reflecting a 15.7 percentage point increase [7][8]. - The company achieved a net profit of $61.8 million, compared to a net loss of$24.8 million in Q1 2024 [8][27]. - Adjusted EBITDA for Q1 2025 was positive at $28.5 million, a significant turnaround from a negative$3.7 million in Q1 2024 [8][36]. Cost Management - Operating expenses decreased to $25.5 million from$40.9 million in Q1 2024, indicating effective cost control measures [8][27]. - Non-GAAP adjusted operating expenses were $24.9 million, down from$30.1 million in the same period last year [8][32]. Cash Position - As of March 31, 2025, the company had cash, cash equivalents, restricted cash, and short-term investments totaling $123.0 million, an increase from$109.6 million at the end of 2024 [8][28]. 2025 Outlook - The company targets revenue growth of 18% to 25% year over year, with revenue guidance set between $450 million and$475 million for the year [9]. - A gross margin target of 30% is set for the remainder of 2025, supported by regional efficiencies and increased utilization [9].