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 | | --- | -- ...

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 ...

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, 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. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 ...

Microvast Holdings, Inc. (NASDAQ:MVST) Q4 2022 Earnings Conference Call March 16, 2023 5:00 PM ET Company Participants Cassidy Fuller - Investor Relations Yang Wu - Founder, Chairman, President and Chief Executive Officer Sascha Kelterborn - Chief Revenue Officer Craig Webster - Chief Financial Officer Monica Gould - Investor Relations Conference Call Participants Colin Rusch - Oppenheimer George Gianarikas - Canaccord Genuity Operator Greetings and welcome to the Microvast Holdings’ Fourth Quarter 2022 Ear ...

>3.5x increase in backlog position = 35% revenue growth year over year to $204.5M | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------| ...