Microvast Reports 2024 Financial Results
Microvast Holdings (NASDAQ:MVST) reported strong financial results for FY 2024, achieving record revenue of $379.8 million, up 23.9% year over year. The company's Q4 2024 performance was particularly notable, with record quarterly revenue of $113.4 million, an 8.4% increase from Q4 2023.
Key highlights include significant improvement in gross margin, which increased from 18.7% to 31.5% year over year, with Q4 2024 reaching 36.6%. The company's backlog grew to $401.3 million, reflecting strong regional demand. However, net loss widened to $195.5 million in FY 2024 compared to $106.4 million in 2023.
Looking ahead to 2025, Microvast targets 18-25% revenue growth with guidance of $450-475 million and a 30% gross margin target. The company plans to complete its Huzhou Phase 3.2 expansion in Q4 2025 to meet increasing customer demand.
Microvast Holdings (NASDAQ:MVST) ha riportato risultati finanziari solidi per l'anno fiscale 2024, registrando un fatturato record di 379,8 milioni di dollari, con un aumento del 23,9% rispetto all'anno precedente. La performance del quarto trimestre 2024 è stata particolarmente significativa, con un fatturato trimestrale record di 113,4 milioni di dollari, un incremento dell'8,4% rispetto al quarto trimestre 2023.
I punti salienti includono un miglioramento significativo del margine lordo, che è aumentato dal 18,7% al 31,5% anno su anno, con il quarto trimestre 2024 che ha raggiunto il 36,6%. Il portafoglio dell'azienda è cresciuto fino a 401,3 milioni di dollari, riflettendo una forte domanda regionale. Tuttavia, la perdita netta è aumentata a 195,5 milioni di dollari nell'anno fiscale 2024, rispetto ai 106,4 milioni di dollari del 2023.
Guardando al 2025, Microvast punta a un crescita del fatturato del 18-25% con una previsione di 450-475 milioni di dollari e un obiettivo di margine lordo del 30%. L'azienda prevede di completare l'espansione della Fase 3.2 di Huzhou nel quarto trimestre del 2025 per soddisfare la crescente domanda dei clienti.
Microvast Holdings (NASDAQ:MVST) informó resultados financieros sólidos para el año fiscal 2024, logrando un ingreso récord de 379,8 millones de dólares, un aumento del 23,9% en comparación con el año anterior. El desempeño del cuarto trimestre de 2024 fue particularmente notable, con un ingreso trimestral récord de 113,4 millones de dólares, un incremento del 8,4% respecto al cuarto trimestre de 2023.
Los aspectos destacados incluyen una mejora significativa en el margen bruto, que aumentó del 18,7% al 31,5% año tras año, alcanzando el 36,6% en el cuarto trimestre de 2024. La cartera de la empresa creció a 401,3 millones de dólares, reflejando una fuerte demanda regional. Sin embargo, la pérdida neta se amplió a 195,5 millones de dólares en el año fiscal 2024 en comparación con los 106,4 millones de dólares de 2023.
De cara a 2025, Microvast tiene como objetivo un crecimiento de ingresos del 18-25% con una guía de 450-475 millones de dólares y un objetivo de margen bruto del 30%. La empresa planea completar su expansión de la Fase 3.2 en Huzhou en el cuarto trimestre de 2025 para satisfacer la creciente demanda de los clientes.
마이크로바스트 홀딩스 (NASDAQ:MVST)는 2024 회계연도에 대한 강력한 재무 결과를 보고하며, 3억 7,980만 달러의 기록적인 수익을 달성하여 전년 대비 23.9% 증가했습니다. 2024년 4분기 성과는 특히 주목할 만했으며, 1억 1,340만 달러의 기록적인 분기 수익을 기록하여 2023년 4분기 대비 8.4% 증가했습니다.
주요 하이라이트로는 총 마진의 상당한 개선이 있으며, 이는 전년 대비 18.7%에서 31.5%로 증가하고, 2024년 4분기에는 36.6%에 도달했습니다. 회사의 백로그는 4억 1,130만 달러로 증가하여 강한 지역 수요를 반영합니다. 그러나 순손실은 2024 회계연도에 1억 9,550만 달러로 확대되었으며, 이는 2023년의 1억 640만 달러에 비해 증가한 수치입니다.
2025년을 바라보며, 마이크로바스트는 18-25%의 수익 성장을 목표로 하며, 4억 5천만에서 4억 7천5백만 달러의 지침과 30%의 총 마진 목표를 설정하고 있습니다. 이 회사는 고객 수요 증가에 대응하기 위해 2025년 4분기까지 후저우 3.2단계 확장을 완료할 계획입니다.
Microvast Holdings (NASDAQ:MVST) a rapporté de solides résultats financiers pour l'exercice 2024, atteignant un chiffre d'affaires record de 379,8 millions de dollars, en hausse de 23,9 % par rapport à l'année précédente. La performance du quatrième trimestre 2024 a été particulièrement remarquable, avec un chiffre d'affaires trimestriel record de 113,4 millions de dollars, soit une augmentation de 8,4 % par rapport au quatrième trimestre 2023.
Les points forts incluent une amélioration significative de la marge brute, qui est passée de 18,7 % à 31,5 % d'une année sur l'autre, le quatrième trimestre 2024 atteignant 36,6 %. Le carnet de commandes de l'entreprise a augmenté pour atteindre 401,3 millions de dollars, reflétant une forte demande régionale. Cependant, la perte nette s'est creusée à 195,5 millions de dollars pour l'exercice 2024, contre 106,4 millions de dollars en 2023.
En regardant vers 2025, Microvast vise une croissance des revenus de 18-25% avec une prévision de 450-475 millions de dollars et un objectif de marge brute de 30 %. L'entreprise prévoit de terminer son expansion de la phase 3.2 à Huzhou au quatrième trimestre 2025 pour répondre à la demande croissante des clients.
Microvast Holdings (NASDAQ:MVST) hat für das Geschäftsjahr 2024 starke finanzielle Ergebnisse gemeldet und einen Rekordumsatz von 379,8 Millionen Dollar erzielt, was einem Anstieg von 23,9 % im Vergleich zum Vorjahr entspricht. Die Leistung im vierten Quartal 2024 war besonders bemerkenswert, mit einem Rekordumsatz von 113,4 Millionen Dollar im Quartal, was einem Anstieg von 8,4 % gegenüber dem vierten Quartal 2023 entspricht.
Zu den wichtigsten Highlights gehört eine signifikante Verbesserung der Bruttomarge, die von 18,7 % auf 31,5 % im Jahresvergleich gestiegen ist, wobei das vierte Quartal 2024 36,6 % erreichte. Der Auftragsbestand des Unternehmens wuchs auf 401,3 Millionen Dollar, was die starke regionale Nachfrage widerspiegelt. Allerdings hat sich der Nettoverlust im Geschäftsjahr 2024 auf 195,5 Millionen Dollar ausgeweitet, verglichen mit 106,4 Millionen Dollar im Jahr 2023.
Für 2025 strebt Microvast ein Umsatzwachstum von 18-25% an, mit einer Prognose von 450-475 Millionen Dollar und einem Ziel von 30 % Bruttomarge. Das Unternehmen plant, die Erweiterung der Phase 3.2 in Huzhou im vierten Quartal 2025 abzuschließen, um der steigenden Kundennachfrage gerecht zu werden.
- Record quarterly revenue of $113.4M in Q4 2024, up 8.4% YoY
- Strong FY 2024 revenue growth of 23.9% to $379.8M
- Significant gross margin improvement to 31.5% from 18.7%
- Growing backlog of $401.3M indicating strong demand
- Positive 2025 revenue guidance of $450-475M
- Generated $2.8M cash from operations in Q4 2024
- Net loss widened to $195.5M from $106.4M in 2023
- Operating expenses increased to $238.3M from $165.9M
- Adjusted EBITDA declined to -$44.8M from -$19.6M in 2023
- Net loss per share increased to $0.61 from $0.34
Insights
Microvast's Q4 and full-year 2024 results show a mixed but ultimately encouraging financial picture. The 23.9% annual revenue growth to
However, this revenue growth came with significantly higher operating expenses (
The growing
The improved cash position (
- Revenue increased
23.9% year over year to$379.8 million in FY 2024 - Record quarterly revenue of
$113.4 million , up8.4% year over year in Q4 2024 - Gross margin increased from
18.7% to31.5% , a 12.8 percentage point improvement year over year, with Q4 2024 gross margin of36.6% compared to22.0% in Q4 2023
STAFFORD, Texas, March 31, 2025 (GLOBE NEWSWIRE) -- Microvast Holdings, Inc. (NASDAQ:MVST) (“Microvast” or the “Company”), a global leader in advanced battery technologies, announced today its consolidated financial results for the fourth quarter and full fiscal year ended December 31, 2024 (“Q4 2024” and “FY 2024,” respectively).
“We achieved record quarterly revenue in the fourth quarter of 2024, beating revenue guidance. This brings our full year revenue growth to
Full Year 2024 Highlights
- Record yearly revenue of
$379.8 million , compared to$306.6 million in 2023, an increase of23.9%
- Gross margin increased to
31.5% from18.7% in 2023; Non-GAAP adjusted gross margin increased to32.4% , up from20.7% in 2023
- Operating expenses of
$238.3 million , compared to$165.9 million in 2023; Non-GAAP adjusted operating expenses of$210.9 million , compared to$107.1 million in 2023
- Net loss of
$195.5 million , compared to net loss of$106.4 million in 2023; Non-GAAP adjusted net loss of$84.6 million , compared to non-GAAP adjusted net loss of$41.6 million in 2023
- Net loss per share of
$0.61 compared to net loss per share of$0.34 in 2023; Non-GAAP adjusted net loss per share of$0.27 , compared to non-GAAP adjusted net loss per share of$0.13 in 2023
- Adjusted EBITDA of negative
$44.8 million , compared to adjusted EBITDA of negative$19.6 million in 2023
- Capital expenditures of
$49.9 million , compared to$186.8 million in 2023, and were driven by investments in manufacturing capacity expansions in Huzhou, China.
- Cash, cash equivalents, restricted cash and short-term investment of
$109.6 million as of December 31, 2024, compared to$93.8 million as of December 31, 2023
Fourth Quarter 2024 Highlights
- Record quarterly revenue of
$113.4 million , compared to$104.6 million in the fourth quarter of 2023, an increase of8.4%
- Gross margin increased to
36.6% from22.0% in Q4 2023; Non-GAAP adjusted gross margin increased to36.7% , up from23.5% in Q4 2023
- Generated
$2.8 million cash from operations due to operational efficiency gains and non-cash adjustments
- Operating expenses of
$43.2 million , compared to$46.0 million in Q4 2023; Non-GAAP adjusted operating expenses of$42.8 million , compared to$34.3 million in Q4 2023
- Net loss of
$82.3 million , compared to net loss of$24.6 million in Q4 2023; Non-GAAP adjusted net loss of$0.6 million , compared to non-GAAP adjusted net loss of$11.4 million in Q4 2023
- Net loss per share of
$0.26 compared to net loss per share of$0.08 in Q4 2023; Non-GAAP adjusted net loss per share of$0.01 , compared to non-GAAP adjusted net loss per share of$0.04 in Q4 2023
- Adjusted EBITDA of
$8.6 million , compared to adjusted EBITDA of negative$2.6 million in Q4 2023
Please refer to the tables at the end of this press release for reconciliations of gross profit to non-GAAP adjusted gross profit, net loss to non-GAAP adjusted net loss, non-GAAP EBITDA to non-GAAP adjusted EBITDA.
2025 Outlook
- For 2025, the Company is targeting a revenue growth of
18% to25% year over year and revenue guidance of$450 million to$475 million
- Continued regional efficiencies and utilization increases, providing a Company gross margin target of
30%
- Targeting Huzhou Phase 3.2 production in Q4 2025, increasing our production capacity to meet strong customer demand
- Focus on new customer wins that will continue to expand our presence in differentiated commercial vehicle markets as OEM product lines and segments continue to electrify
Webcast Information
Company management will host a conference call and webcast on March 31, 2025, at 4:00 p.m. Central Time, to discuss the Company's financial results. The live webcast and accompanying slide presentation will be accessible from the Events & Presentations section of Microvast’s investor relations website (https://ir.microvast.com/events-presentations/events). A replay will be available following the conclusion of the event.
About Microvast
Microvast is a global leader in providing battery technologies for electric vehicles and energy storage solutions. With a legacy of over 18 years, Microvast has consistently delivered cutting-edge battery systems that empower a cleaner and more sustainable future. The company's innovative approach and dedication to excellence have positioned it as a trusted partner for customers around the world. Founded in 2006 in Stafford, Texas, Microvast holds more than 775 patents that enable solutions for today’s electrification needs.
For more information, please visit www.microvast.com or follow us on LinkedIn (@microvast).
Contact:
Investor Relations
ir@microvast.com
Cautionary Statement Regarding Forward-Looking Statements
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about our future results of operations and financial position, our operational performance, our anticipated growth and business strategy, our future capital expenditures and debt service obligations, the projected costs, prospects and plans and objectives of management for future operations, including regarding expected growth and demand for our batteries and energy storage solutions and introduction of new batteries and energy storage solutions, the adoption of such offerings by customers, our expectations relating to backlog, pipeline and contracted backlog, our ability to implement our remediation plan in connection with the material weakness in our internal control over financial reporting, current expectations relating to legal proceedings and anticipated impacts and benefits from the Inflation Reduction Act of 2022 as well as any other proposed or recently enacted legislation. In some cases, you may also identify forward-looking statements by words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “objective,” “plan,” “project,” “predict,” “outlook” “should,” “will,” “would,” or the negative of these terms, or other comparable terminology intended to identify statements about the future. Such forward-looking statements are based upon the current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements.
Many factors could cause actual results and the timing of events to differ materially from the anticipated results or other expectations expressed in the forward-looking statements, including, among others: (1) our ability to remain a going concern; (2) risk that we may not be able to execute our growth strategies or achieve profitability; (3) risk that we will be unable to raise additional capital to execute our business plan or pay our debts as they come due, which may not be available on acceptable terms or at all; (4) potential difficulties in maintaining manufacturing capacity and establishing expected mass manufacturing capacity in the future; (5) risks relating to delays, disruptions and quality control problems in our manufacturing operations; (6) restrictions in our existing and any future credit facilities; (7) risks of operations in China; (8) the effects of mechanics liens filed by contractors that we do not have sufficient funds to pay; (9) the effects of existing and future litigation; (10) changes in general economic conditions, including increases in interest rates and associated Federal Reserve policies, a potential economic recession, and the impact of inflation on our business; (11) changes in the highly competitive market in which we compete, including with respect to our competitive landscape, technology evolution or regulatory changes; (12) changes in availability and price of raw materials; (13) labor relations, including the ability to attract, hire and retain key employees and contract personnel; (14) heightened awareness of environmental issues and concern about global warming and climate change; (15) risk that we are unable to secure or protect our intellectual property; (16) risk that our customers or third-party suppliers are unable to meet their obligations fully or in a timely manner; (17) risks related to possible future reductions in pricing or order volume or loss of one or more of our significant customers; (18) risks relating to our status as a relatively low-volume purchaser as well as from supplier concentration and limited supplier capacity; (19) risk that our customers will adjust, cancel or suspend their orders for our products; (20) risk of product liability or regulatory lawsuits or proceedings relating to our products or services; (21) our ability to maintain and enhance our reputation and brand recognition; (22) the effectiveness of our information technology and operational technology systems and practices to detect and defend against evolving cyberattacks; (23) changing laws regarding cybersecurity and data privacy, and any cybersecurity threat or event; (24) the effects and associated cost of compliance with existing and future laws and governmental regulations, such as the Inflation Reduction Act; (25) risks relating to whether renewable energy technologies are suitable for widespread adoption or if sufficient demand for our offerings does not develop or takes longer to develop than we anticipate; (26) economic, financial and other impacts such as a pandemic, including global supply chain disruptions; and (27) the impacts of geopolitical events, including the ongoing conflicts between Russia and Ukraine and between Israel and Hamas. Microvast’s annual, quarterly and other filings with the U.S. Securities and Exchange Commission identify, address and discuss these and other factors in the sections entitled “Risk Factors.”
Actual results, performance or achievements may differ materially, and potentially adversely, from any forward-looking statements and the assumptions on which those forward-looking statements are based. There can be no assurance that the data contained herein is reflective of future performance to any degree. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as forward-looking statements are based on estimates and assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond our control.
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 hereof except as may be required under applicable securities laws. Forecasts and estimates regarding our industry and end markets are based on sources we believe to be reliable, however, there can be no assurance these forecasts and estimates will prove accurate in whole or in part.
All references to the “Company,” “we,” “us” or “our” refer to Microvast Holdings, Inc. and its consolidated subsidiaries other than certain historical information which refers to the business of Microvast prior to the consummation of the Business Combination.
Non-GAAP Financial Measures
To provide investors with additional information regarding our financial results, Microvast has disclosed in this earnings release non-GAAP financial measures, including non-GAAP adjusted gross profit (loss), non-GAAP adjusted EBITDA, non-GAAP adjusted operating expenses and non-GAAP adjusted net loss, which are non-GAAP financial measures as defined under the rules of the SEC. These are intended as supplemental measures of our financial performance that are not required by, or presented in accordance with U.S. generally accepted accounting principles (“GAAP”).
Reconciliations to the most comparable GAAP measures, gross profit and net income (loss), are contained in tabular form in the unaudited financial statements below. Non-GAAP adjusted gross profit is GAAP gross profit as adjusted for non-cash stock-based compensation expense included in cost of revenues. Non-GAAP adjusted net loss is GAAP net loss as adjusted for non-cash stock-based compensation expense and change in valuation of warrant and Convertible loan. Non-GAAP adjusted net loss per common share is GAAP net loss per common share as adjusted for non-cash stock-based compensation expense and change in valuation of warrant and Convertible loan per common share. Non-GAAP adjusted EBITDA is defined as net loss excluding depreciation and amortization, non-cash settled share-based compensation expense, interest expense, interest income, changes in fair value of our warrant and Convertible loan and income tax expense or benefit. Non-GAAP adjusted operating expenses is defined as operating expenses excluding non-cash stock-based compensation expense.
We use non-GAAP adjusted gross profit, non-GAAP adjusted EBITDA, non-GAAP adjusted operating expenses and non-GAAP adjusted net loss for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We consider them to be important measures because they help illustrate underlying trends in our business and our historical operating performance on a more consistent basis. We believe that these non-GAAP financial measures, when taken together with their most directly comparable GAAP measures, gross profit and net income (loss), provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our recurring core business operating results.
We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to our historical performance. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business. Accordingly, we believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team and board of directors.
Non-GAAP financial measures have limitations as an analytical tool, and you should not consider them in isolation, or as a substitute for, financial information prepared in accordance with GAAP. For example, our calculation of non-GAAP adjusted EBITDA may differ from similarly titled non-GAAP measures, if any, reported by our peer companies, or our peer companies may use other measures to calculate their financial performance, and therefore our use of non-GAAP adjusted EBITDA may not be directly comparable to similarly titled measures of other companies. The principal limitation of non-GAAP adjusted EBITDA is that it excludes significant expenses and income that are required by GAAP to be recorded in our financial statements. In addition, it is subject to inherent limitations as it reflects the exercise of judgments by management about which expense and income are excluded or included in determining this non-GAAP financial measure. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. In addition, such financial information is unaudited and does not conform to SEC Regulation S-X and as a result, such information may be presented differently in our future filings with the SEC. For example, with respect to the warrant liability resulting from the merger, we now exclude changes in fair value from net loss in our non-GAAP adjusted EBITDA and non-GAAP adjusted net loss calculation, which had not been done in prior periods.
MICROVAST HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands of U.S. dollars, except share and per share data, or as otherwise noted) | |||||
December 31, 2024 | December 31, 2023 | ||||
Assets | |||||
Current assets: | |||||
Cash and cash equivalents | $ | 73,007 | $ | 44,541 | |
Restricted cash, current | 36,572 | 37,477 | |||
Short-term investments | — | 5,634 | |||
Accounts receivable (net of allowance for credit losses of | 120,626 | 138,717 | |||
Notes receivable | 7,579 | 23,736 | |||
Inventories, net | 143,327 | 149,749 | |||
Prepaid expenses and other current assets | 27,019 | 25,752 | |||
Assets held for sale | 19,896 | — | |||
Total Current Assets | 428,026 | 425,606 | |||
Restricted cash, non-current | 22 | 6,171 | |||
Property, plant and equipment, net | 478,189 | 620,667 | |||
Land use rights, net | 11,371 | 11,984 | |||
Acquired intangible assets, net | 2,607 | 3,136 | |||
Operating lease right-of-use assets | 17,628 | 19,507 | |||
Other non-current assets | 14,024 | 9,661 | |||
Total Assets | $ | 951,867 | $ | 1,096,732 | |
Liabilities | |||||
Current liabilities: | |||||
Accounts payable | $ | 64,940 | $ | 112,618 | |
Advance from customers | 43,678 | 43,087 | |||
Accrued expenses and other current liabilities | 98,456 | 148,284 | |||
Amounts due to related parties | 5 | — | |||
Income tax payables | 652 | 655 | |||
Short-term bank borrowings | 70,666 | 35,392 | |||
Notes payable | 51,756 | 63,374 | |||
Total Current Liabilities | 330,153 | 403,410 | |||
Long-term bank borrowings | 41,062 | 43,761 | |||
Long-term bonds payable | 43,157 | 43,157 | |||
Warrant liability | 290 | 67 | |||
Share-based compensation liability | 98 | 199 | |||
Operating lease liabilities | 14,596 | 17,087 | |||
Convertible loan with shareholder measured at fair value | 104,613 | — | |||
Other non-current liabilities | 30,003 | 24,861 | |||
Total Liabilities | $ | 563,972 | $ | 532,542 | |
Total Equity | $ | 387,895 | $ | 564,190 | |
Total Liabilities and Equity | $ | 951,867 | $ | 1,096,732 | |
MICROVAST HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands of U.S. dollars, except share and per share data, or as otherwise noted) | |||||||
Year Ended December 31, | |||||||
2024 | 2023 | ||||||
Revenues | $ | 379,801 | $ | 306,617 | |||
Cost of revenues | (260,249 | ) | (249,390 | ) | |||
Gross profit | 119,552 | 57,227 | |||||
Operating expenses: | |||||||
General and administrative expenses | (81,486 | ) | (96,787 | ) | |||
Research and development expenses | (41,065 | ) | (45,004 | ) | |||
Selling and marketing expenses | (22,576 | ) | (23,614 | ) | |||
Impairment loss of long-lived assets | (93,173 | ) | (504 | ) | |||
Total operating expenses | (238,300 | ) | (165,909 | ) | |||
Subsidy income | 2,658 | 1,953 | |||||
Loss from operations | (116,090 | ) | (106,729 | ) | |||
Other income and expenses: | |||||||
Interest income | 742 | 3,609 | |||||
Interest expense | (9,711 | ) | (2,628 | ) | |||
Changes in fair value of warrant liability and convertible loan | (79,960 | ) | 59 | ||||
Gain on debt restructuring | 9,406 | — | |||||
Other income (expense), net | 156 | (713 | ) | ||||
Loss before provision for income tax | (195,457 | ) | (106,402 | ) | |||
Income tax expense | — | (10 | ) | ||||
Net loss | $ | (195,457 | ) | $ | (106,412 | ) | |
Less: net loss attributable to noncontrolling interests | — | (76 | ) | ||||
Net loss attributable to Microvast Holdings, Inc.'s shareholders | (195,457 | ) | (106,336 | ) | |||
Net loss per common share | |||||||
Basic and diluted | $ | (0.61 | ) | $ | (0.34 | ) | |
Weighted average shares used in calculating net loss per share of common stock: | |||||||
Basic and diluted | 318,462,843 | 310,909,379 | |||||
MICROVAST HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands of U.S. dollars, except share and per share data, or as otherwise noted) | |||||||
Three Months Ended December 31, | |||||||
2024 | 2023 | ||||||
Revenues | $ | 113,387 | $ | 104,575 | |||
Cost of revenues | (71,867 | ) | (81,551 | ) | |||
Gross profit | 41,520 | 23,024 | |||||
Operating expenses: | |||||||
General and administrative expenses | (22,340 | ) | (27,913 | ) | |||
Research and development expenses | (8,774 | ) | (11,395 | ) | |||
Selling and marketing expenses | (6,996 | ) | (6,698 | ) | |||
Impairment loss of long-lived assets | (5,134 | ) | (31 | ) | |||
Total operating expenses | (43,244 | ) | (46,037 | ) | |||
Subsidy income | 307 | 797 | |||||
Loss from operations | (1,417 | ) | (22,216 | ) | |||
Other income and expenses: | |||||||
Interest income | 191 | 128 | |||||
Interest expense | (1,595 | ) | (1,191 | ) | |||
Changes in fair value of warrant liability and convertible loan | (81,200 | ) | 84 | ||||
Gain on debt restructuring | 1,249 | — | |||||
Other income (expense), net | 449 | (1,386 | ) | ||||
Loss before provision for income tax | (82,323 | ) | (24,581 | ) | |||
Income tax expense | — | (10 | ) | ||||
Net loss | $ | (82,323 | ) | $ | (24,591 | ) | |
Less: Net loss attributable to noncontrolling interest | — | (55 | ) | ||||
Net loss attributable to Microvast Holdings, Inc.'s shareholders | $ | (82,323 | ) | $ | (24,536 | ) | |
Net loss per common share | |||||||
Basic and diluted | $ | (0.26 | ) | $ | (0.08 | ) | |
Weighted average shares used in calculating net loss per share of common stock | |||||||
Basic and diluted | 322,327,294 | 314,966,888 | |||||
MICROVAST HOLDINGS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands of U.S. dollars, except share and per share data, or as otherwise noted) | |||||||
Year Ended December 31, | |||||||
2024 | 2023 | ||||||
Cash flows from operating activities | |||||||
Net loss | $ | (195,457 | ) | $ | (106,412 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Loss on disposal of property, plant and equipment | 844 | 1,947 | |||||
Gain on debt restructuring | (9,406 | ) | — | ||||
Interest expense | 2,248 | — | |||||
Depreciation of property, plant and equipment | 30,057 | 22,141 | |||||
Amortization of land use rights and intangible assets | 775 | 787 | |||||
Noncash lease expenses | 2,686 | 2,764 | |||||
Share-based compensation | 30,840 | 64,971 | |||||
Changes in fair value of warrant liability and convertible loan | 79,960 | (59 | ) | ||||
Allowance of credit losses | 3,743 | 236 | |||||
Write-down for obsolete inventories | 3,286 | 3,613 | |||||
Impairment loss from long-lived assets | 93,173 | 504 | |||||
Product warranty | 12,826 | 12,688 | |||||
Changes in operating assets and liabilities: | |||||||
Notes receivable | 6,488 | (25,338 | ) | ||||
Accounts receivable | 8,791 | (21,759 | ) | ||||
Inventories | (546 | ) | (74,406 | ) | |||
Prepaid expenses and other current assets | 3,289 | (14,291 | ) | ||||
Amounts due from/to related parties | 5 | — | |||||
Operating lease right-of-use assets | (1,780 | ) | (5,446 | ) | |||
Other non-current assets | (973 | ) | (547 | ) | |||
Notes payable | (9,911 | ) | (3,507 | ) | |||
Accounts payable | (44,523 | ) | 68,576 | ||||
Advance from customers | 836 | (10,949 | ) | ||||
Accrued expenses and other liabilities | (16,486 | ) | 6,602 | ||||
Operating lease liabilities | (1,607 | ) | 2,266 | ||||
Other non-current liabilities | 3,656 | 316 | |||||
Net cash generated from (used in) operating activities | 2,814 | (75,303 | ) | ||||
Cash flows from investing activities | |||||||
Purchases of property, plant and equipment | (27,721 | ) | (186,788 | ) | |||
Proceeds on disposal of property, plant and equipment | 10,005 | 1,649 | |||||
Purchase of short-term investments | — | (5,966 | ) | ||||
Proceeds from maturity of short-term investments | 5,564 | 25,500 | |||||
Net cash used in investing activities | (12,152 | ) | (165,605 | ) | |||
Cash flows from financing activities | |||||||
Proceeds from bank borrowings | 101,517 | 47,852 | |||||
Repayment of bonds payable | — | (692 | ) | ||||
Repayment of bank borrowings | (66,248 | ) | (14,119 | ) | |||
Convertible loan borrowed from a shareholder | 25,000 | — | |||||
Payment for debt issue costs | (525 | ) | — | ||||
Deferred payment related to purchases of property, plant and equipment | (22,155 | ) | — | ||||
Net cash generated from financing activities | 37,589 | 33,041 | |||||
Effect of exchange rate changes | (6,839 | ) | (6,561 | ) | |||
Increase/ (decrease) in cash, cash equivalents and restricted cash | 21,412 | (214,428 | ) | ||||
Cash, cash equivalents and restricted cash at beginning of the year | 88,189 | 302,617 | |||||
Cash, cash equivalents and restricted cash at end of the year | $ | 109,601 | $ | 88,189 | |||
MICROVAST HOLDINGS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS - continued (In thousands of U.S. dollars, except share and per share data, or as otherwise noted) | |||||
Year Ended December 31, | |||||
2024 | 2023 | ||||
Reconciliation to amounts on consolidated balance sheets | |||||
Cash and cash equivalents | $ | 73,007 | $ | 44,541 | |
Restricted cash | 36,594 | 43,648 | |||
Total cash, cash equivalents and restricted cash | $ | 109,601 | $ | 88,189 | |
MICROVAST HOLDINGS, INC. RECONCILIATION OF GROSS PROFIT (LOSS) TO ADJUSTED GROSS PROFIT (LOSS) (In thousands of U.S. dollars, except share and per share data, or as otherwise noted) | |||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Revenues | $ | 113,387 | $ | 104,575 | $ | 379,801 | $ | 306,617 | |||||||
Cost of revenues | (71,867 | ) | (81,551 | ) | (260,249 | ) | (249,390 | ) | |||||||
Gross profit (GAAP) | $ | 41,520 | $ | 23,024 | $ | 119,552 | $ | 57,227 | |||||||
Gross margin | 36.6 | % | 22.0 | % | 31.5 | % | 18.7 | % | |||||||
Non-cash settled share-based compensation (included in cost of revenues) | 89 | 1,532 | 3,479 | 6,091 | |||||||||||
Adjusted gross profit (non-GAAP) | $ | 41,609 | $ | 24,556 | $ | 123,031 | $ | 63,318 | |||||||
Adjusted gross margin (non-GAAP) | 36.7 | % | 23.5 | % | 32.4 | % | 20.7 | % | |||||||
MICROVAST HOLDINGS, INC. RECONCILIATION OF NET LOSS TO ADJUSTED NET LOSS (In thousands of U.S. dollars, except share and per share data, or as otherwise noted) | |||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Net loss (GAAP) | $ | (82,323 | ) | $ | (24,591 | ) | $ | (195,457 | ) | $ | (106,412 | ) | |||
Changes in fair value of warrant and convertible loan* | 81,200 | (84 | ) | 79,960 | (59 | ) | |||||||||
Non-cash settled share-based compensation* | 551 | 13,318 | 30,849 | 64,920 | |||||||||||
Adjusted Net Loss (non-GAAP) | $ | (572 | ) | $ | (11,357 | ) | $ | (84,648 | ) | $ | (41,551 | ) | |||
*The tax effect of the adjustments was nil.
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Net loss per common share-Basic and diluted (GAAP) | $ | (0.26 | ) | $ | (0.08 | ) | $ | (0.61 | ) | $ | (0.34 | ) | |||
Changes in fair value of warrant and convertible loan per common share | 0.25 | — | 0.25 | — | |||||||||||
Non-cash settled share-based compensation per common share | — | 0.04 | 0.09 | 0.21 | |||||||||||
Adjusted net loss per common share-Basic and diluted (non-GAAP) | $ | (0.01 | ) | $ | (0.04 | ) | $ | (0.27 | ) | $ | (0.13 | ) | |||
MICROVAST HOLDINGS, INC. RECONCILIATION OF NET LOSS TO EBITDA AND ADJUSTED EBITDA (In thousands of U.S. dollars, except share and per share data, or as otherwise noted) | |||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Net loss (GAAP) | $ | (82,323 | ) | $ | (24,591 | ) | $ | (195,457 | ) | $ | (106,412 | ) | |||
Interest expense, net | 1,404 | 1,063 | 8,969 | (981 | ) | ||||||||||
Income tax expense | — | 10 | — | 10 | |||||||||||
Depreciation and amortization | 7,809 | 7,692 | 30,832 | 22,928 | |||||||||||
EBITDA (non-GAAP) | $ | (73,110 | ) | $ | (15,826 | ) | $ | (155,656 | ) | $ | (84,455 | ) | |||
Changes in fair value of warrant and convertible loan | 81,200 | (84 | ) | 79,960 | (59 | ) | |||||||||
Non-cash settled share-based compensation | 551 | 13,318 | 30,849 | 64,920 | |||||||||||
Adjusted EBITDA (non-GAAP) | $ | 8,641 | $ | (2,592 | ) | $ | (44,847 | ) | $ | (19,594 | ) |
