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Microvast (MVST) - 2024 Q4 - Annual Results
MVSTMicrovast (MVST)2025-03-31 20:46

Revenue Performance - Full year revenue increased by 23.9% year over year to 379.8millioninFY2024,comparedto379.8 million in FY 2024, compared to 306.6 million in 2023[4] - Record quarterly revenue of 113.4millioninQ42024,up8.4113.4 million in Q4 2024, up 8.4% year over year from 104.6 million in Q4 2023[10] - Revenues for the year ended December 31, 2024, increased to 379,801thousand,up24379,801 thousand, up 24% from 306,617 thousand in 2023[26] Profitability and Loss - Net loss for FY 2024 was 195.5million,comparedtoanetlossof195.5 million, compared to a net loss of 106.4 million in 2023, with a net loss per share of 0.61[5]−Grossmarginimprovedsignificantlyfrom18.70.61[5] - Gross margin improved significantly from 18.7% in 2023 to 31.5% in FY 2024, with Q4 2024 gross margin at 36.6% compared to 22.0% in Q4 2023[5] - The company reported a gross profit of 41,520 thousand for Q4 2024, with a gross margin of 36.6%, compared to 23,024thousandand22.023,024 thousand and 22.0% in Q4 2023[27][33] - Adjusted gross profit for the year ended December 31, 2024, was 123,031 thousand, compared to 63,318thousandin2023,withanadjustedgrossmarginof32.463,318 thousand in 2023, with an adjusted gross margin of 32.4%[33] - For the three months ended December 31, 2024, Microvast reported a net loss of 82,323 thousand, compared to a net loss of 24,591thousandforthesameperiodin2023,representinganincreaseof23424,591 thousand for the same period in 2023, representing an increase of 234%[34] - The adjusted net loss for the twelve months ended December 31, 2024, was 84,648 thousand, which is a 103% increase from the adjusted net loss of 41,551thousandin2023[34]−ThetotalnetlossforthetwelvemonthsendedDecember31,2024,was41,551 thousand in 2023[34] - The total net loss for the twelve months ended December 31, 2024, was 195,457 thousand, which is an 84% increase from the net loss of 106,412thousandin2023[34]CashFlowandAssets−Cashandcashequivalentsattheendof2024were106,412 thousand in 2023[34] Cash Flow and Assets - Cash and cash equivalents at the end of 2024 were 73,007 thousand, up from 44,541thousandattheendof2023[30]−Thecompanygeneratednetcashfromoperatingactivitiesof44,541 thousand at the end of 2023[30] - The company generated net cash from operating activities of 2,814 thousand in 2024, compared to a cash used of 75,303thousandin2023[30]−TotalcurrentassetsasofDecember31,2024,were75,303 thousand in 2023[30] - Total current assets as of December 31, 2024, were 428,026 thousand, slightly up from 425,606thousandin2023[25]LiabilitiesandExpenses−Totalliabilitiesincreasedto425,606 thousand in 2023[25] Liabilities and Expenses - Total liabilities increased to 563,972 thousand as of December 31, 2024, compared to 532,542thousandin2023[25]−OperatingexpensesfortheyearendedDecember31,2024,totaled532,542 thousand in 2023[25] - Operating expenses for the year ended December 31, 2024, totaled 238,300 thousand, an increase from 165,909thousandin2023[26]−Non−cashsettledshare−basedcompensationforthetwelvemonthsendedDecember31,2024,amountedto165,909 thousand in 2023[26] - Non-cash settled share-based compensation for the twelve months ended December 31, 2024, amounted to 30,849 thousand, down from 64,920thousandin2023,reflectingareductionof5264,920 thousand in 2023, reflecting a reduction of 52%[34] - The company incurred interest expenses of 1,404 thousand for the three months ended December 31, 2024, compared to 1,063thousandinthesameperiodof2023,markinganincreaseof321,063 thousand in the same period of 2023, marking an increase of 32%[36] - Depreciation and amortization expenses for the twelve months ended December 31, 2024, were 30,832 thousand, up from 22,928thousandin2023,representinga3422,928 thousand in 2023, representing a 34% increase[36] Future Outlook - The company anticipates revenue growth of 18% to 25% year over year for 2025, targeting revenue between 450 million and 475million[10]−Backloghasgrownto475 million[10] - Backlog has grown to 401.3 million, indicating strong regional demand for the company's technology[2] - Huzhou Phase 3.2 production is expected to come online in Q4 2025 to meet increasing customer demand[10] Adjusted Performance Metrics - Adjusted EBITDA improved to negative 44.8millioninFY2024fromnegative44.8 million in FY 2024 from negative 19.6 million in 2023[5] - The company’s adjusted EBITDA for the three months ended December 31, 2024, was 8,641thousand,asignificantimprovementfromanadjustedEBITDAof8,641 thousand, a significant improvement from an adjusted EBITDA of (2,592) thousand in the same period of 2023[36] - The adjusted net loss per common share for the twelve months ended December 31, 2024, was (0.27),comparedto(0.27), compared to (0.13) for the same period in 2023, indicating a worsening in per-share adjusted performance[35] - The net loss per common share for the three months ended December 31, 2024, was (0.26),comparedto(0.26), compared to (0.08) for the same period in 2023, indicating a deterioration in per-share performance[35] Changes in Fair Value - Changes in the fair value of warrants and convertible loans contributed 81,200thousandtothenetlossforthethreemonthsendedDecember31,2024,comparedto81,200 thousand to the net loss for the three months ended December 31, 2024, compared to (84) thousand in the same period of 2023[36]