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 | | --- | --- | ...

[Financial Performance Overview](index=1&type=section&id=Financial%20Performance%20Overview) This section summarizes the company's financial performance for 2023, including management insights, key results, and the Q1 2024 outlook [Management Commentary](index=1&type=section&id=Management%20Commentary) Management highlighted record Q4 2023 revenue, driving 49.9% full-year growth, with strategic focus on EMEA, APAC, and Clarksville facility financing - The company achieved **record revenue in Q4 2023**, leading to **49.9% full-year revenue growth**[3](index=3&type=chunk) - Strong revenue growth is expected to continue in the EMEA region in 2024, with the possibility of **reaching breakeven**[3](index=3&type=chunk) - The APAC region is operating **profitably** and is **self-funding** following the completion of the Huzhou Phase 3.1 expansion[3](index=3&type=chunk) - A key priority is securing financing to complete the **Clarksville Phase 1A facility** in the U.S[3](index=3&type=chunk) - The adjusted net loss was **significantly reduced**, driven by revenue growth, a **14.3 percentage point gross margin improvement**, and an **11% increase in adjusted operating costs**[3](index=3&type=chunk) [Full Year 2023 Financial Highlights](index=1&type=section&id=Full%20Year%202023%20Financial%20Highlights) For full year 2023, Microvast reported a **49.9% revenue increase to $306.6 million**, significantly improving gross margin and narrowing net and adjusted EBITDA losses Full Year 2023 Key Financial Metrics (in millions) | Metric | FY 2023 | FY 2022 | Change | | :--- | :--- | :--- | :--- | | Revenue | $306.6M | $204.5M | +49.9% | | Gross Margin | 18.7% | 4.4% | +14.3 p.p. | | Adjusted Gross Margin (Non-GAAP) | 20.7% | 8.2% | +12.5 p.p. | | Net Loss | ($106.4M) | ($158.2M) | +32.7% | | Adjusted Net Loss (Non-GAAP) | ($41.6M) | ($77.3M) | +46.2% | | Net Loss per Share | ($0.34) | ($0.52) | +34.6% | | Adjusted EBITDA (Non-GAAP) | ($19.6M) | ($56.7M) | +65.4% | | Capital Expenditures | $186.8M | $150.9M | +23.8% | - Cash, cash equivalents, restricted cash, and short-term investments **decreased to $93.8 million** as of December 31, 2023, from **$327.7 million** a year prior, largely due to capital expenditures for manufacturing expansion in the U.S. and China[6](index=6&type=chunk) [Fourth Quarter 2023 Financial Highlights](index=2&type=section&id=Fourth%20Quarter%202023%20Financial%20Highlights) Microvast achieved **record quarterly revenue of $104.6 million** in Q4 2023, marking a **61.4% increase** and substantial gross margin improvement Fourth Quarter 2023 Key Financial Metrics (in millions) | Metric | Q4 2023 | Q4 2022 | Change | | :--- | :--- | :--- | :--- | | Revenue | $104.6M | $64.8M | +61.4% | | Gross Margin | 22.0% | 3.4% | +18.6 p.p. | | Adjusted Gross Margin (Non-GAAP) | 23.5% | 6.4% | +17.1 p.p. | | Net Loss | ($24.6M) | ($33.7M) | +27.0% | | Adjusted Net Loss (Non-GAAP) | ($11.4M) | ($15.9M) | +28.3% | | Net Loss per Share | ($0.08) | ($0.11) | +27.3% | | Adjusted EBITDA (Non-GAAP) | ($2.6M) | ($11.8M) | +78.0% | [Q1 2024 Outlook](index=2&type=section&id=Q1%202024%20Outlook) For Q1 2024, the company projects **revenue of $65 million to $75 million** and a **gross margin of 20% to 25%**, alongside strategic financing and customer acquisition goals - Targeting Q1 2024 revenue of **$65 million to $75 million**, a **40% to 60% year-over-year increase**[12](index=12&type=chunk) - Company-wide gross margin is targeted to be between **20% and 25%** for Q1 2024[12](index=12&type=chunk) - Strategic goals include finalizing financing for the **Clarksville Phase 1A plant** and securing new long-term domestic customer contracts[12](index=12&type=chunk) - Focus on new customer wins in APAC and EMEA to expand in differentiated commercial vehicle markets as OEMs electrify their product lines[12](index=12&type=chunk) [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's consolidated balance sheets, statements of operations, and cash flows for the reported periods [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of December 31, 2023, Microvast's **total assets increased to $1.10 billion**, while **total liabilities grew to $532.5 million**, leading to a slight decrease in total equity Selected Balance Sheet Data (in thousands) | Account | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Cash and cash equivalents | $44,541 | $231,420 | | Inventories, net | $149,749 | $84,252 | | Property, plant and equipment, net | $620,667 | $335,140 | | **Total Assets** | **$1,096,732** | **$984,957** | | Accounts payable | $112,618 | $44,985 | | Total Current Liabilities | $403,410 | $252,409 | | **Total Liabilities** | **$532,542** | **$371,980** | | **Total Equity** | **$564,190** | **$612,977** | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For full year 2023, revenue grew to **$306.6 million** with significant gross profit improvement, and the loss from operations narrowed for both the full year and Q4 Full Year Statement of Operations (in thousands) | Account | Year Ended Dec 31, 2023 | Year Ended Dec 31, 2022 | | :--- | :--- | :--- | | Revenues | $306,617 | $204,495 | | Gross profit | $57,227 | $9,073 | | Loss from operations | ($106,729) | ($159,946) | | Net loss | ($106,412) | ($158,200) | | Net loss per common share | ($0.34) | ($0.52) | Q4 Statement of Operations (in thousands) | Account | Three Months Ended Dec 31, 2023 | Three Months Ended Dec 31, 2022 | | :--- | :--- | :--- | | Revenues | $104,575 | $64,797 | | Gross profit | $23,024 | $2,226 | | Loss from operations | ($22,216) | ($34,626) | | Net loss | ($24,591) | ($33,698) | | Net loss per common share | ($0.08) | ($0.11) | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For 2023, net cash used in operating activities increased to **$75.3 million**, with significant cash usage in investing activities, resulting in an **$88.2 million** year-end cash balance Statement of Cash Flows Summary (in thousands) | Activity | Year Ended Dec 31, 2023 | Year Ended Dec 31, 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | ($75,303) | ($53,928) | | Net cash used in investing activities | ($165,605) | ($175,945) | | Net cash generated from financing activities | $33,041 | $4,967 | | **Decrease in cash, cash equivalents and restricted cash** | **($214,428)** | **($233,492)** | | **Cash, cash equivalents and restricted cash at end of year** | **$88,189** | **$302,617** | [Non-GAAP Financial Measures and Reconciliations](index=3&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) This section explains the company's non-GAAP financial measures and provides reconciliations to their most directly comparable GAAP counterparts [Explanation of Non-GAAP Measures](index=3&type=section&id=Explanation%20of%20Non-GAAP%20Measures) Microvast utilizes non-GAAP measures like adjusted gross profit, net loss, and EBITDA to provide a clearer view of underlying business trends by excluding certain non-cash items - Non-GAAP measures disclosed include **adjusted gross profit, adjusted EBITDA, and adjusted net loss**[15](index=15&type=chunk) - Adjustments from GAAP to Non-GAAP typically exclude **non-cash stock-based compensation** and **changes in the fair value of warrant liabilities**[17](index=17&type=chunk) - Management uses these non-GAAP measures to illustrate underlying business trends and for internal performance comparisons, believing they offer greater transparency to investors[18](index=18&type=chunk)[19](index=19&type=chunk) [Reconciliation of Gross Profit to Adjusted Gross Profit](index=10&type=section&id=Reconciliation%20of%20Gross%20Profit%20to%20Adjusted%20Gross%20Profit) For full year 2023, adjusted gross profit reached **$63.3 million** with a **20.7% margin**, while Q4 2023 saw **$24.6 million** in adjusted gross profit at a **23.5% margin** FY 2023 Gross Profit Reconciliation (in thousands) | Metric | FY 2023 | FY 2022 | | :--- | :--- | :--- | | Gross profit (GAAP) | $57,227 | $9,073 | | Non-cash settled share-based compensation | $6,091 | $7,677 | | **Adjusted gross profit (non-GAAP)** | **$63,318** | **$16,750** | | **Adjusted gross margin (non-GAAP)** | **20.7%** | **8.2%** | Q4 2023 Gross Profit Reconciliation (in thousands) | Metric | Q4 2023 | Q4 2022 | | :--- | :--- | :--- | | Gross profit (GAAP) | $23,024 | $2,226 | | Non-cash settled share-based compensation | $1,532 | $1,932 | | **Adjusted gross profit (non-GAAP)** | **$24,556** | **$4,158** | | **Adjusted gross margin (non-GAAP)** | **23.5%** | **6.4%** | [Reconciliation of Net Loss to Adjusted Net Loss](index=11&type=section&id=Reconciliation%20of%20Net%20Loss%20to%20Adjusted%20Net%20Loss) The full-year 2023 GAAP net loss of **$106.4 million** was adjusted to a non-GAAP adjusted net loss of **$41.6 million**, improving adjusted net loss per share to **$0.13** FY 2023 Net Loss Reconciliation (in thousands) | Metric | FY 2023 | FY 2022 | | :--- | :--- | :--- | | Net loss (GAAP) | ($106,412) | ($158,200) | | Gain on changes in fair value of warrant liability | ($59) | ($979) | | Non-cash settled share-based compensation | $64,920 | $81,906 | | **Adjusted Net Loss (non-GAAP)** | **($41,551)** | **($77,273)** | | **Adjusted net loss per share (non-GAAP)** | **($0.13)** | **($0.25)** | [Reconciliation of Net Loss to EBITDA and Adjusted EBITDA](index=12&type=section&id=Reconciliation%20of%20Net%20Loss%20to%20EBITDA%20and%20Adjusted%20EBITDA) For full year 2023, the GAAP net loss of **$106.4 million** was reconciled to an adjusted EBITDA loss of **$19.6 million**, significantly improving from the prior year and Q4 2022 FY 2023 EBITDA Reconciliation (in thousands) | Metric | FY 2023 | FY 2022 | | :--- | :--- | :--- | | Net loss (GAAP) | ($106,412) | ($158,200) | | EBITDA (non-GAAP) | ($84,455) | ($137,658) | | **Adjusted EBITDA (non-GAAP)** | **($19,594)** | **($56,731)** | Q4 2023 EBITDA Reconciliation (in thousands) | Metric | Q4 2023 | Q4 2022 | | :--- | :--- | :--- | | Net loss (GAAP) | ($24,591) | ($33,698) | | EBITDA (non-GAAP) | ($15,826) | ($29,598) | | **Adjusted EBITDA (non-GAAP)** | **($2,592)** | **($11,789)** |

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 ...

Revenue and Growth - Revenue for the period ended September 30, 2023, increased by $41.5 million to $80.1 million, representing a 107% increase compared to the same period in 2022[114] - Revenues increased from approximately $38.6 million in Q3 2022 to approximately $80.1 million in Q3 2023, a growth of 107.5% driven by sales volume rising from approximately 112.2 MWh to approximately 319.2 MWh[143] - For the nine months ended September 30, 2023, revenues increased from approximately $139.7 million to approximately $202.0 million, a growth of 44.6% driven by sales volume rising from approximately 478.7 MWh to approximately 722.0 MWh[151] Order Backlog and Capacity Expansion - As of September 30, 2023, the order backlog for battery systems was approximately $678.7 million, equivalent to about 2,526.1 MWh, with over 90% attributed to the U.S. and Europe[114] - The company expects total capital expenditures for capacity expansions in Huzhou, China, and Clarksville, Tennessee, to be in the range of $460.0 million to $490.0 million, which will add an additional 4 GWh of capacity[124] - The company completed the Phase 3.1 expansion in Huzhou, China, for the production of 53.5Ah cells, modules, and packs, which is expected to reach a design capacity of 2 GWh per year by the end of 2023[167] - The 2 GWh expansion project in Clarksville, Tennessee is anticipated to begin trial production by the end of Q1 2024, with customer shipments expected in Q2 2024[168] - Total capital expenditures for the expansions in Huzhou and Clarksville are estimated to be between $460 million and $490 million, primarily financed through business combination proceeds, bank borrowings, and third-party debt funding[168] Financial Performance - Gross profit for Q3 2023 was approximately $17.9 million, compared to $2.0 million in Q3 2022, resulting in a gross margin increase from 5.2% to 22.3%[145] - The gross margin for the nine months ended September 30, 2023 improved from 4.9% to 16.9% due to better economies of scale and a more favorable product mix[153] - During the nine months ended September 30, 2023, the company reported a net cash used in operating activities of $70.4 million, which included a net loss of $81.8 million[172] - Cash used in investing activities for the same period totaled $153.1 million, primarily for capital expenditures related to manufacturing facility expansions[173] - Cash generated from financing activities during the nine months ended September 30, 2023, was $12.2 million, resulting from $18.4 million in bank borrowings offset by $6.2 million in repayments[174] Research and Development - Research and development expenses rose by $1.8 million, or 15.6%, in Q3 2023, primarily due to increased personnel-related expenses as the research team expanded[148] - The company has expanded its R&D footprint in Orlando by acquiring a 75,000 square foot facility to enhance technology and product innovation[121] Cash and Financing - As of September 30, 2023, the company had cash and cash equivalents totaling $24.6 million, with an additional $0.2 million held by subsidiaries not available for U.S. operations[160] - The company had bank borrowings of $55.7 million with interest rates ranging from 3.40% to 4.8% per annum as of September 30, 2023[161] - The company expects existing cash and cash flows to be sufficient to fund operations for at least the next 12 months[158] - The company plans to fund future capital requirements through bank borrowings and other third-party debt funding[164] - The company has utilized $392.4 million of the net proceeds from the Business Combination to expand manufacturing facilities and for property and equipment purchases[162] Market Trends and Risks - The geographic sales mix shows a shift, with revenue from the U.S. increasing from 3% in Q3 2022 to 0% in Q3 2023, while Europe increased from 9% to 24% in the same period[131] - A hypothetical 100 basis points increase in the expected loss rate on the financing receivables portfolio would have resulted in an increase in the allowance for credit losses of approximately $0.6 million as of September 30, 2023[181] - An immediate 10% adverse change in foreign exchange rates on Renminbi-denominated accounts would result in a foreign currency loss of $8.3 million[179] - The company has historically experienced higher sales during the third and fourth fiscal quarters compared to the first and second quarters[183] Strategic Initiatives - The new energy division, Microvast Energy, was launched on October 3, 2022, focusing on designing and manufacturing energy storage systems (ESS) co-located with solar solutions[115] - The company aims to become a leading global ESS solution provider, addressing the relationship between electric vehicles and renewable energy sources[112] Manufacturing Costs - Manufacturing costs are influenced by fluctuations in raw material prices, and the company aims to manage these costs through productivity improvements and better supplier negotiations[127]

Microvast (MVST) FY 2023 Annual General Meeting September 27, 2023 10:00 AM ET Speaker0Good morning, ladies and gentlemen, and welcome to the twenty twenty three Annual Meeting of Stockholders of Microvias Holdings Inc. I am Young Wu, Founder, Chief Executive Officer and Chairman of the Board of Directors of MicroRust. I will act as a Chairman and preside over this meeting. I would also like to welcome the other members, our executive leadership team, who are with me on the call today. Before we begin, I wo ...

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 ...

Table of Contents (Exact name of registrant as specified in its charter) | Delaware | 001-38826 | 83-2530757 | | --- | --- | --- | | (State or other jurisdiction | (Commission File Number) | (IRS Employer | | of incorporation or organization) | | Identification No.) | | 12603 Southwest Freeway, Suite 300 | | | | Stafford, Texas | | 77477 | | (Address Of Principal Executive Offices) | | (Zip Code) | (281) 491-9505 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY R ...

Microvast Holdings, Inc. (NASDAQ:MVST) Q1 2023 Earnings Conference Call May 9, 2023 6:00 PM ET Company Participants Monica Gould - Investor Relations Yang Wu - Founder, Chairman, President and Chief Executive Officer Sascha Kelterborn - Chief Revenue Officer Craig Webster - Chief Financial Officer Cassidy Fuller - Investor Relations Conference Call Participants Colin Rusch - Oppenheimer Amit Dayal - H.C. Wainwright Operator Thank you for standing by. This is the conference operator. Welcome to the Microvast ...