Microvast Holdings, Inc. Q3 2024 Earnings Conference Call November 12, 2024 5:00 PM ET Company Participants Yang Wu - Founder, Chairman and CEO Fariyal Khanbabi - CFO Conference Call Participants Operator Thank you for standing by. This is the conference operator. Welcome to the Microvast Third Quarter 2024 Earnings Call. As a reminder, all participants are in listen-only mode and the conference is being recorded. I would now like to turn the conference over to Microvast Investor Relations. Please go ahead. ...

Q3 2024 Disclaimer 2 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, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as "will likely result," "are expected to," "will continue," "is antic ...

Exhibit 99.1 Microvast Reports Third Quarter 2024 Financial Results • Record company Q3 revenue, increased 26.6% year over year to $101.4 million • Gross margin increased from 22.3% to 33.2%, a 10.9 percentage point improvement year over year STAFFORD, Texas, USA, November 12, 2024 — Microvast 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 re ...

Revenue Growth and Geographic Expansion - Revenue for the quarter ended September 30, 2024 increased by 27% to $101.4 million compared to $80.1 million in the same period in 2023[164] - Revenue from Europe increased significantly to $59.5 million (59% of total revenue) in 2024, up from $19.0 million (24%) in 2023, reflecting geographic expansion[187] - Revenue from the U.S. grew to $2.6 million (3% of total revenue) in 2024, up from $0.2 million in 2023, indicating early market penetration[187] - Total revenues increased from $202.0 million in 2023 to $266.4 million in 2024, with Europe contributing 51% ($135.1 million) and Asia & Pacific contributing 47% ($125.4 million)[188] - Revenues for the three months ended September 30, 2024, increased by 26.6% to $101.4 million, driven by a sales volume increase from 319.2 MWh to 434.0 MWh[205] - Revenues increased by 31.9% to $266.4 million for the nine months ended September 30, 2024, driven by a sales volume increase from 722.0 MWh to 1,088.9 MWh[214] Profitability and Cost Efficiency - Gross profit margin improved from 22.3% in 2023 to 33.2% in 2024 due to better economies of scale, favorable product mix, and lower raw material prices[207] - Gross margin improved significantly from 16.9% to 29.3% due to better economies of scale, favorable product mix, and lower raw material prices[216] - Net profit attributable to shareholders improved significantly from a loss of $26.1 million in 2023 to a profit of $13.2 million in 2024[204] - LFP batteries are generally 20-40% less expensive per kilowatt-hour compared to NMC batteries, offering cost efficiency and reduced reliance on scarce minerals like cobalt[167] Operational and Strategic Shifts - The company completed a 2 GWh cell, module, and tray capacity expansion for its 53.5Ah cell technology in Huzhou, China, which is now operational and generating revenue[179] - The company plans to shift production at its Tennessee facility from 53.5Ah NMC cells to LFP cells for energy storage solutions, leveraging cost benefits and regulatory compliance[166][180] - The company's ESS products previously assembled in Colorado are now planned to be assembled at the Tennessee facility, pending financing for capital expenditures[180] - Operating expenses increased by 43.4% to $171.9 million, primarily due to a $64.9 million impairment loss related to the strategic shift towards LFP technology in the U.S.[218] - The company recorded a $64.9 million impairment loss on long-lived assets for the nine months ended September 30, 2024, compared to $0.5 million in the same period of 2023[244] Financial Health and Liquidity - The company faces substantial doubt about its ability to continue as a going concern due to liquidity uncertainties, as per ASC Topic 205-40[174] - The company faces substantial doubt about its ability to continue as a going concern due to insufficient cash to fund operations and capital expenditures over the next twelve months[223][224] - The company secured a $29.9 million bank loan in Q3 2024, with an additional $9.9 million received in October 2024[225] - The company is actively pursuing the sale of non-core U.S. real estate assets to increase liquidity without affecting core operations[226] - The company has $119.6 million in bank borrowings and $43.2 million in convertible bonds outstanding as of September 30, 2024[228] - Purchase commitments as of September 30, 2024, amount to $52.3 million, mostly short-term[235] - Net cash used in operating activities for the nine months ended September 30, 2024 was $3.3 million, a significant improvement from $70.4 million in the same period of 2023[237][238] - Net cash used in investing activities for the nine months ended September 30, 2024 was $12.0 million, primarily for capital expenditures related to manufacturing facility expansion[240] - Net cash generated from financing activities for the nine months ended September 30, 2024 was $46.6 million, driven by $70.4 million in bank borrowings and $25.0 million from a convertible loan[241] Expense Management - General and administrative expenses decreased by 52.6% ($13.1 million) in 2024, primarily due to reduced share-based compensation and expenditure control[209] - Research and development expenses decreased by 19.3% ($2.5 million) in 2024, driven by reduced share-based compensation and cost control measures[209] - Selling and marketing expenses decreased by 17.7% ($1.1 million) in 2024, mainly due to reduced share-based compensation and expenditure control[208] - Cost of revenues increased by 8.9% ($5.5 million) in 2024, primarily due to higher sales volume, partially offset by reduced share-based compensation[206] Other Financial Highlights - Other income for the three months ended September 30, 2024, included a $7.7 million gain on payable concession, contributing to a total of $7.4 million in other income[210] - The company recorded a $2.8 million gain from changes in the fair value of warrants and convertible loans in 2024[211] - Net loss increased by 10.0% to $90.0 million, with a $7.0 million increase in operating loss[213] - A 10% adverse change in foreign exchange rates on RMB-denominated accounts as of September 30, 2024 would result in a $15.6 million foreign currency loss[248] - A hypothetical 100 basis points increase in the expected loss rate on the financing receivables portfolio would increase the allowance for credit losses by approximately $0.5 million as of September 30, 2024[250] Order Backlog and Market Demand - Order backlog as of September 30, 2024 stands at $277.7 million for EV battery systems, representing approximately 1,144.1 MWh, with over 58% of orders from Europe and U.S. markets[164] Regulatory and Incentive Compliance - The company's ESS solutions are expected to qualify for U.S. domestic content requirements and Inflation Reduction Act Section 45X energy efficiency incentives[170] Capital Expenditures and Investments - Capital expenditures for 2022 and 2023 were $150.9 million and $186.8 million, respectively, primarily for manufacturing facilities in Huzhou, China, and Clarksville, Tennessee[230]

In 2021, the term SPAC became part of the investor's dictionary. SPAC stands for special purpose acquisition company, and it was a way many companies went public in 2020 and 2021. Many of those companies were in the electric vehicle (EV) industry. And not just car manufacturers but any company that impacted the EV supply chain, including battery production. Two of these companies were Microvast Holdings Inc. NASDAQ: MVST and FREYR Battery SA NYSE: FREY. Both Microvast and FREYR Battery are considered busine ...

Microvast Holdings, Inc. (MVST) came out with a quarterly loss of $0.21 per share versus the Zacks Consensus Estimate of a loss of $0.05. This compares to loss of $0.02 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -320%. A quarter ago, it was expected that this company would post a loss of $0.05 per share when it actually produced a loss of $0.04, delivering a surprise of 20%. Over the last four quarters, the company has s ...

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 June 30, 2024 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) | --- | --- | --- | |-------------------------------- ...

Microvast Holdings, Inc. (NASDAQ:MVST) Q2 2024 Earnings Conference Call August 8, 2024 5:00 PM ET Company Participants Yang Wu - Founder, Chairman and CEO Yaser Ali - CFO Conference Call Participants Operator Thank you for standing by. This is the conference operator. Welcome to the Microvast Second Quarter 2024 Earnings Call. As a reminder, all participants are in listen-only mode. And the conference is being recorded. I would now like to turn the conference over to Mr. Yaser Ali, Chief Financial Officer o ...

Q2 2024 Disclaimer 2 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, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as "will likely result," "are expected to," "will continue," "is antic ...

Company Participants Conference Call Participants Thank you, Operator, and thank you everyone for joining us today. With me on todayÂ's call are Mr. Yang Wu, Founder, Chairman and CEO; and Ms. Nancy Smith, Interim CFO. Mr. Wu will start off with a high level overview of the quarter before providing some operational updates. Ms. Smith will then discuss our financials in more detail before handing it back to Mr. Wu to wrap up with our second quarter 2024 outlook. As a reminder, please note that statements mad ...