Microvast (US:MVST)2024-05-10 00:58Financial Data and Key Metrics Changes - The company reported record first quarter revenue of $81.4 million, representing a 73% increase year-over-year from $47 million in Q1 2023 [20] - Gross margin improved to 21.2% in Q1 2024, up from 10.3% in Q1 2023, with adjusted gross margin increasing to 22.6% from 13.5% [8] - GAAP net loss was $24.8 million in Q1 2024, compared to a net loss of $29.6 million in Q1 2023; adjusted net loss was $13 million in Q1 2024, compared to $11.7 million in Q1 2023 [9] Business Line Data and Key Metrics Changes - The company achieved significant sales increases in the APAC and EMEA regions, with APAC sales up 640% year-over-year and EMEA sales up 184% [10][17] - Operating expenses rose to $40.9 million in Q1 2024, a 13% increase from $36.2 million in Q1 2023, primarily due to increased headcount costs [21] Market Data and Key Metrics Changes - APAC accounted for 29% of total revenue in Q1 2024, up from 7% a year ago, while EMEA accounted for 36% of revenue, up from 22% [10] - The company closed the first quarter with a backlog of $348.3 million, indicating strong demand and operational efficiency [18] Company Strategy and Development Direction - The company is focusing on expanding its commercial vehicle footprint in the Americas and Europe, with plans to enter the Canadian market [5][19] - For Q2 2024, the company expects revenue to be in the range of $90 million to $98 million, driven by increased deliveries to APAC and EMEA commercial vehicle customers [24] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in the cleantech industry and U.S. financing hurdles but expressed optimism for continued growth and success [6] - The company aims to maintain target gross margins in the range of 20% to 25% while striving for operational efficiencies [24] Other Important Information - The company is working with new customers in the U.S. specialty vehicle market and European e-trailer market, utilizing advanced cell technology [19] - Significant progress has been made on prototype development for a fuel cell truck to be showcased at IAA 2024 [19] Q&A Session Summary - No specific questions or answers were documented in the provided content, indicating the conclusion of the conference call [28]