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Microvast Holdings, Inc. (NASDAQ: MVST) reported impressive Q1 2024 financial results, with record revenue of $81.4 million, a 73.2% increase YoY. The gross margin improved to 21.2%, operating expenses rose to $40.9 million, and a net loss of $24.8 million was recorded. Despite the positive revenue growth, the company experienced a decrease in cash holdings due to significant capital expenditures. Microvast aims for a revenue growth of 20% to 30% in Q2 2024 and continues to focus on operational efficiencies and financing solutions. The company is also exploring new customer projects in different regions and enhancing its R&D efforts for upcoming products.
Microvast Holdings, Inc. (NASDAQ: MVST) will release its first-quarter 2024 financial results on May 9, 2024. The company specializes in lithium-ion battery solutions and will host a webcast and earnings call to discuss the results and outlook.