Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K ____________________________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from___________to___________ Commission File Number: 001-38826 ____________________________________ ...

Microvast Holdings, Inc. (NASDAQ:MVST) Q3 2022 Earnings Conference Call November 10, 2022 6:00 PM ET Company Participants Monica Gould - Investor Relations Sascha Kelterborn - President & Chief Revenue Officer Craig Webster - CFO Conference Call Participants Colin Rusch - Oppenheimer Operator Thank you for standing by. This is your conference operator. Welcome to the Microvast Third Quarter 2022 Earnings Call. [Operator Instructions]. I would now like to turn the conference over to Monica Gould, Investor R ...

[PART I. FINANCIAL INFORMATION](index=5&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section presents the unaudited condensed consolidated financial statements and management's discussion and analysis for the period ended September 30, 2022 [Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section provides the unaudited condensed consolidated financial statements, including balance sheets, statements of operations, and cash flows, along with their accompanying notes [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of September 30, 2022, total assets slightly decreased to $972.9 million, driven by a reduction in cash and cash equivalents, while total liabilities increased and shareholders' equity decreased Condensed Consolidated Balance Sheet Data (in thousands of U.S. dollars) | Account | Sep 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $295,816 | $480,931 | | Inventories | $82,262 | $53,424 | | Property, plant and equipment, net | $286,346 | $253,057 | | **Total Assets** | **$972,928** | **$995,291** | | **Liabilities & Equity** | | | | Total Current Liabilities | $231,835 | $175,594 | | **Total Liabilities** | **$357,072** | **$308,593** | | **Total Shareholders' Equity** | **$615,856** | **$686,698** | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the nine months ended September 30, 2022, revenue increased by 64.0% to $139.7 million, resulting in a gross profit of $6.8 million and a narrowed net loss of $124.5 million Statement of Operations Highlights (in thousands of U.S. dollars, except per share data) | Metric | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | | :--- | :--- | :--- | | Revenues | $139,698 | $85,204 | | Gross (loss)/profit | $6,847 | $(43,896) | | Loss from operations | $(125,320) | $(146,471) | | Net loss | $(124,502) | $(159,844) | | Net loss per share (Basic & Diluted) | $(0.41) | $(1.27) | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2022, net cash used in operating activities increased to $58.6 million, while net cash from financing activities significantly decreased from the prior year Cash Flow Summary (in thousands of U.S. dollars) | Cash Flow Activity | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | | :--- | :--- | :--- | | Net cash used in operating activities | $(58,595) | $(24,653) | | Net cash used in investing activities | $(84,719) | $(40,718) | | Net cash generated from financing activities | $34,226 | $634,370 | [Notes to Unaudited Condensed Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section details the company's business, accounting policies, significant events, and capital commitments, including a new loan facility and a DOE grant - The company's primary business involves developing, manufacturing, and selling electronic power products for electric vehicles, mainly in the Asia & Pacific region and Europe[29](index=29&type=chunk) - In September 2022, the company secured a new **$111 million (RMB 800 million) loan facility** to fund manufacturing capacity expansion in Huzhou, China[61](index=61&type=chunk) - Capital commitments for construction and purchase of property, plant, and equipment totaled **$260.5 million** as of September 30, 2022[117](index=117&type=chunk) - In October 2022, the company was selected by the U.S. Department of Energy (DOE) to negotiate and receive **$200 million in grant funding** for a new polyaramid separator manufacturing facility in the U.S[118](index=118&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=35&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section discusses the company's financial performance, liquidity, and capital resources, highlighting revenue growth, gross margin improvement, and strategic initiatives - The company's order backlog increased to approximately **$140.6 million (477.4 MWh)** as of September 30, 2022, indicating strong customer demand[123](index=123&type=chunk) - The company plans to spend an additional **$90.0 million to $120.0 million** on capacity expansions for the remainder of 2022, funded by proceeds from the 2021 Business Combination[144](index=144&type=chunk) Revenue by Geography (Nine Months Ended Sep 30) | Region | 2022 Revenue (in thousands) | 2021 Revenue (in thousands) | | :--- | :--- | :--- | | Asia & Pacific | $125,746 | $73,360 | | Europe | $11,062 | $11,466 | | U.S. | $2,890 | $378 | | **Total** | **$139,698** | **$85,204** | [Results of Operations](index=42&type=section&id=Results%20of%20Operations) This section analyzes the drivers behind the 64% revenue growth and the significant improvement in gross margin for the nine months ended September 30, 2022 Comparison of Nine Months Ended Sep 30, 2022 vs 2021 (in thousands) | Metric | 2022 | 2021 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Revenues | $139,698 | $85,204 | $54,494 | 64.0% | | Gross Profit/(Loss) | $6,847 | $(43,896) | $50,743 | 115.6% | | Total Operating Expenses | $(133,400) | $(105,251) | $(28,149) | 26.7% | | Net Loss | $(124,502) | $(159,844) | $35,342 | (22.1)% | - The increase in gross margin for the nine months ended Sep 30, 2022, was primarily due to better economies of scale from higher sales volume and the absence of a **$40.8 million** additional warranty accrual from 2021[181](index=181&type=chunk) - R&D expenses for the nine-month period increased by **$9.8 million (42.3%)** year-over-year, driven by higher share-based compensation, increased personnel costs, and more material usage for experiments[185](index=185&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=45&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company identifies its primary market risks as interest rate risk, foreign currency risk, and credit risk, with foreign currency risk being the most significant - The company's primary market risk is foreign currency exchange risk, particularly with the Chinese Renminbi (RMB), where a hypothetical **10% adverse change** would result in a foreign currency loss of **$2.3 million** as of September 30, 2022[192](index=192&type=chunk) - Interest rate risk is not considered significant, as a **100 basis point change** would not materially affect operating results or financial condition[191](index=191&type=chunk) - The business has historically experienced seasonality, with higher sales in the third and fourth quarters compared to the first and second, partly due to the Chinese Spring Festival holiday[195](index=195&type=chunk) [Controls and Procedures](index=46&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of September 30, 2022, with no material changes to internal control over financial reporting during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were **effective** as of September 30, 2022[196](index=196&type=chunk) - No material changes to the company's internal control over financial reporting occurred during the quarter ended September 30, 2022[197](index=197&type=chunk) [PART II. OTHER INFORMATION](index=47&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, and details on unregistered sales of equity securities [Legal Proceedings](index=47&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any legal proceedings expected to have a material adverse effect on its business, and a previously disclosed lawsuit was dismissed in its favor - The company is not currently involved in any legal proceedings expected to have a material adverse effect on its financial condition[199](index=199&type=chunk) - The lawsuit filed by former employee Matthew Smith was resolved in September 2022 with a unanimous jury verdict in favor of Microvast, and all claims were dismissed with prejudice[116](index=116&type=chunk)[199](index=199&type=chunk) [Risk Factors](index=47&type=section&id=Item%201A.%20Risk%20Factors) The company directs investors to consider the risk factors disclosed in its Annual Report on Form 10-K for the year ended December 31, 2021, and its Registration Statement on Form S-3 - The report refers to previously filed documents, including the Annual Report on Form 10-K and a Registration Statement on Form S-3, for a comprehensive discussion of risk factors[200](index=200&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=47&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds%20from%20Registered%20Securities) The company reported no unregistered sales of its equity securities during the three months ended September 30, 2022 - There were no unregistered sales of equity securities during the third quarter of 2022[201](index=201&type=chunk)

Financial Data and Key Metrics Changes - Revenue grew by 93% to USD 64.4 million in Q2 2022, up from USD 33.4 million in Q2 2021, marking the sixth consecutive quarter of substantial revenue growth [24][25] - Year-to-date revenue reached USD 101.1 million, a 109.2% increase from USD 48.3 million in the prior six-month period [25] - Gross profit improved to USD 4.8 million in Q2 2022 from a gross loss of USD 6.8 million in the prior period, representing a 171.5% improvement [25] - Adjusted gross profit was USD 6.7 million in Q2 2022, compared to an adjusted gross loss of USD 6.8 million in Q2 2021, resulting in an adjusted gross margin of 10.4% [25][30] Business Line Data and Key Metrics Changes - The order intake for Q2 was USD 47.8 million, with significant contributions from various customers, including an order from JBM Group for over USD 11 million [21] - The company ended Q2 with a strong backlog of USD 105.3 million, driven by healthy order intake [11] Market Data and Key Metrics Changes - The Asia Pacific region (excluding China) saw revenue growth of 231% in Q2 2022 compared to Q2 2021, with India being a major growth driver [31][32] - The China business posted a 57% growth during the quarter, while Europe experienced a 15% growth rate [32] Company Strategy and Development Direction - The company is focusing on expanding its manufacturing capacities and expects order volume to increase as new capacities come online in Huzhou [15][37] - A new subsidiary, Microvast Energy, Inc., has been established to focus on energy storage solutions, which are seen as a significant growth opportunity [40] - The company is reaffirming its guidance of 35% to 45% revenue growth compared to 2021 and is optimistic about increasing forecasted contracted revenue [39] Management's Comments on Operating Environment and Future Outlook - Management highlighted challenges related to elevated raw material prices due to supply chain disruptions and inflation, with expectations for these prices to remain high through 2022 and possibly into 2023 [13][14] - The company is actively monitoring raw material trends and implementing strategies to mitigate impacts, including optimizing supply contracts and increasing selling prices [14] Other Important Information - The company closed the quarter with approximately USD 396.9 million in cash, cash equivalents, and restricted cash, with expectations to end the year with at least USD 250 million in cash [35][36] - Capital expenditures for the second half of the year are estimated to be between USD 180 million to USD 220 million, primarily for capacity expansion projects [35] Q&A Session Summary Question: Customer involvement in sourcing raw materials - Management confirmed that they are working with customers to find joint solutions for acquiring raw materials to enhance bargaining power [47] Question: New customer qualifications - Management indicated that there are at least 10 customers in alignment that are expected to generate revenue within the next 3 to 6 months [48] Question: Raw material cost mechanisms - Management stated that price adjustments can only be made per existing contracts, and provisions for price increases are included in some multiyear contracts [53][54] Question: Hydrogen vs. battery-powered vehicles - Management explained that hydrogen technology is emerging, and while it may involve smaller batteries, they have tested their battery solutions successfully in hydrogen trucks [56][57]

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, 2022 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 Holdings, Inc. (NASDAQ:MVST) Q1 2022 Earnings Conference Call May 16, 2022 6:00 PM ET Company Participants Sarah Alexander - General Counsel Yang Wu - CEO Craig Webster - CFO Sascha Kelterborn - President Leon Zheng - former CFO Conference Call Participants Adam Jonas - Morgan Stanley' Operator Thank you for standing by. This is the conference operator. Welcome to the Microvast First Quarter 2022 Earnings Call. [Operator Instructions]. I would now like to turn the conference over to Sarah Alexande ...

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, 2022 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 Holdings, Inc. (NASDAQ:MVST) Q4 2021 Earnings Conference Call March 29, 2022 6:00 PM ET Company Participants Sarah Alexander - General Counsel, Corporate Secretary, Compliance Officer & Head, IR Yang Wu - Founder, Chairman, CEO & President Leon Zheng - CFO & Director Shane Smith - Chief Operation Officer Sascha Kelterborn - Chief Revenue Officer Wenjuan Mattis - Chief Technology Officer Conference Call Participants Adam Jonas - Morgan Stanley Gabe Daoud - Cowen Operator Thank you for standing by. ...

Tax and Regulatory Environment - The PRC subsidiary benefits from a preferential enterprise income tax rate of 15% due to its qualification as a high and new technology enterprise, which is reassessed every three years [142]. - The discontinuation of preferential tax treatments could materially and adversely affect operational results [142]. - The company believes it is not a PRC resident enterprise for tax purposes, but uncertainties remain, which could lead to unfavorable tax consequences if determined otherwise [169]. - The company is subject to federal, state, and local taxes in the U.S., as well as taxes in certain foreign jurisdictions, which may lead to additional tax liabilities due to uncertainties in tax positions and potential audits [294]. - Changes in U.S. tax laws could impact the company's financial position and results of operations, particularly regarding foreign earnings [293]. Foreign Exchange and Currency Risks - Restrictions on currency exchange may limit the ability to utilize sales revenue effectively, particularly for funding business activities outside the PRC [143]. - The RMB has depreciated against the U.S. dollar from approximately RMB 6.83 per U.S. dollar in June 2010 to approximately RMB 7.15 per U.S. dollar as of September 29, 2019, and further to approximately RMB 6.37 per U.S. dollar as of December 31, 2021 [148]. - Limited hedging transactions are available in the PRC, which may magnify foreign currency exchange losses [149]. Market and Competitive Landscape - The company’s growth is highly dependent on the adoption of electric vehicles, particularly in the PRC, Europe, and North America, where market development may not meet expectations [181]. - The company faces intense competition from other battery manufacturers, many with greater resources, which may lead to a decline in average selling prices and gross profit margins [206]. - The demand for batteries is influenced by the attractiveness of fossil fuel alternatives, with low oil prices potentially reducing demand for electric vehicles [204]. - The company is expanding sales in the U.S. and Europe while seeking to grow its presence in Asia, facing regulatory and market entry risks [276]. Financial Performance and Projections - The company reported revenues of $76.4 million, $107.5 million, and $152.0 million for the years ended December 31, 2019, 2020, and 2021, respectively, indicating a growth trend [199]. - The company incurred a net loss of approximately $206.5 million for the year ended December 31, 2021, with an accumulated deficit of approximately $632.1 million since its inception in 2006 [200]. - The company expects to continue incurring operating and net losses until significant production of higher energy cell products begins, anticipated in 2024 or later [200]. - The company anticipates substantial operating expenses without generating sufficient revenues for several years, necessitating additional capital through various financing methods [203]. Operational Risks and Challenges - The company identified a material weakness in its internal controls over financial reporting, which could lead to significant misstatements in future financial statements if not addressed [192]. - The sales cycle for the company's products can be lengthy, sometimes exceeding four years, making revenue forecasting challenging [255]. - The ability to fulfill customer orders may be compromised if manufacturing output cannot be increased due to various risks, including supplier delays [232]. - The company may face challenges in developing and commercializing new products, which could adversely affect overall profitability if product or geographic mix differs from expectations [227]. Supply Chain and Raw Material Risks - Key raw materials are sourced from a limited number of suppliers, with 17%, 12%, and 12% of raw materials purchased from one supplier in 2019, 2020, and 2021 respectively [245]. - Rising prices and availability of raw materials have been impacted by macroeconomic factors, affecting the company's results of operations [247]. - Supply shortages or changes in availability of raw materials can delay production and increase manufacturing costs, negatively impacting operational results [249]. Legal and Compliance Risks - The company is subject to the Foreign Corrupt Practices Act and other anti-corruption laws, with potential liabilities affecting business operations and financial condition [174]. - The company is subject to various legal compliance risks, including environmental regulations, which could lead to significant fines and operational restrictions [281]. - The company faces risks associated with acquiring or investing in other companies, including potential dilution and operational disruptions [264]. Intellectual Property and Technology Risks - The company relies on its ability to obtain, maintain, and protect its intellectual property rights, including trademarks and patents, which are crucial for distinguishing its products from competitors [318]. - The validity and enforceability of patents can be uncertain, and third parties may hold blocking patents that could prevent the company from marketing its products [320]. - The company may face challenges in protecting its intellectual property rights in the PRC, where enforcement of such rights has historically been deficient [323]. Stock and Shareholder Risks - Issuing additional shares of common stock or other equity could dilute existing stockholders' ownership and potentially depress the market price of common stock [333]. - The potential resale of shares by the Sponsor Group and PIPE investors could increase stock price volatility [336]. - The exercise of warrants could adversely affect the market price of common stock due to increased share availability [337].

m ı c r o v a s t INVESTOR PRESENTATION February 2021 Important Notice This presentation (the "presentation") is for informational purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase any equity, debt or other financial instruments of Tuscan Holdings Corp. ("Tuscan") or Microvast, Inc. ("Microvast") or any of their respective affiliates. The presentation has been prepared to assist parties in making their own evaluation with respect to th ...