Microvast Reports Second Quarter 2022 Financial Results

Rhea-AI Summary

Microvast Holdings reported Q2 2022 revenues of $64.4 million, a 93.0% increase from Q2 2021's $33.4 million. For YTD 2022, revenue soared 109.2% to $101.1 million. Gross profit also improved, reaching $4.8 million versus a loss of $6.8 million in Q2 2021, driven by increased sales volume despite rising raw material costs. However, operating expenses rose significantly to $50.4 million due to share-based compensation. Microvast maintains a revenue growth outlook of 35% to 45% for FY 2022, with a backlog of $105.3 million.

Positive

• Revenue of $64.4 million in Q2 2022, up 93.0% from Q2 2021
• YTD 2022 revenue increased 109.2% to $101.1 million
• Gross profit of $4.8 million in Q2 2022 versus a loss of $6.8 million in Q2 2021
• Backlog increased to $105.3 million, up 51.9% year-over-year
• Reaffirms revenue growth guidance of 35% to 45% for FY 2022

Negative

• Net loss of $44.2 million in Q2 2022 compared to $27.1 million in Q2 2021
• Operating expenses rose to $50.4 million in Q2 2022 from $15.8 million in Q2 2021, mainly due to share-based compensation
• Non-GAAP adjusted net loss of $14.9 million in Q2 2022 compared to a loss of $23.8 million in Q2 2021

STAFFORD, Texas--(BUSINESS WIRE)-- Microvast Holdings, Inc. (NASDAQ:MVST) (“Microvast” or the “Company”), a technology innovator that designs, develops and manufactures lithium-ion battery solutions, today announced unaudited condensed consolidated financial results for the second quarter ended June 30, 2022 (“Q2 2022”).

“Second quarter revenue performance of $64.4 million is a solid achievement, especially considering our main export hub in Shanghai was locked down during the first half of Q2 2022,” said Craig Webster, Microvast’s Chief Financial Officer. “We are beginning to see leverage from higher volumes of sales, which contributed to gross margin improvement during Q2 2022 despite higher raw material prices compared to the prior year period. Gross margins will remain a focus as we prepare for significantly higher customer deliveries in 2023 from our new production line in Huzhou.”

“I am proud of the achievements of our global team in Q2 2022,” said Sascha Kelterborn, Microvast’s President and Chief Revenue Officer. “Our team pulled together and again delivered an impressive revenue performance. Q2 2022 marks the sixth quarter in a row that we have delivered substantial revenue growth compared to the same quarter in the prior year period, despite ongoing macroeconomic and geopolitical headwinds over the same time period. We are excited to finally bring our additional production capacity online in 2023, which we expect to further accelerate our growth.”

Results for Q2 2022 and the Six Months Ended June 30, 2022 (“YTD 2022”)

Microvast generated revenue of $64.4 million in Q2 2022, compared to $33.4 million for the second quarter ended June 30, 2021 (“Q2 2021”), an increase of 93.0%. Microvast generated revenue of $101.1 million for YTD 2022, compared to $48.3 million for the six months ended June 30, 2021 (“YTD 2021”), an increase of 109.2%.

Gross profit was $4.8 million in Q2 2022, compared to a gross loss of $6.8 million in Q2 2021, resulting in a 27.8 percentage point improvement in gross margin from (20.3)% in Q2 2021 to 7.5% in Q2 2022. Non-GAAP adjusted gross profit was $6.7 million in Q2 2022, compared to non-GAAP adjusted gross loss of $6.8 million in Q2 2021, resulting in a 30.7 percentage point improvement in non-GAAP adjusted gross margin from (20.3)% in Q2 2021 to 10.4% in Q2 2022.

Gross profit was $4.9 million for YTD 2022, compared to a gross loss of $8.0 million for YTD 2021, resulting in a 21.4 percentage point improvement in gross margin to 4.8% for YTD 2022 from (16.6)% for YTD 2021. Non-GAAP adjusted gross profit was $8.6 million for YTD 2022, compared to non-GAAP adjusted gross loss of $8.0 million for YTD 2021, resulting in a 25.1 percentage point improvement in non-GAAP adjusted gross margin to 8.5% for YTD 2022 from (16.6)% for YTD 2021.

Operating expenses were $50.4 million in Q2 2022 compared to $15.8 million in Q2 2021. The change in operating expenses was largely due to share-based compensation expense of $28.5 million in Q2 2022 as well as increased headcount and other expenditures to support the Company’s growth initiatives and other expenses related to operating as a public company.

Operating expenses were $93.8 million for YTD 2022 compared to $27.3 million for YTD 2021. The increase in operating expenses was largely due to share-based compensation expense of $54.7 million for YTD 2022 as well as increased headcount and other expenditures to support the Company’s growth initiatives and other expenses related to operating as a public company.

Net loss was $44.2 million in Q2 2022 compared to net loss of $27.1 million in Q2 2021. Non-GAAP adjusted net loss was $14.9 million in Q2 2022 compared to non-GAAP adjusted net loss of $23.8 million in Q2 2021. Non-GAAP adjusted EBITDA was $(9.2) million in Q2 2022 compared to non-GAAP adjusted EBITDA of $(17.3) million in Q2 2021.

Net loss was $88.0 million for YTD 2022 compared to net loss of $43.4 million for YTD 2021. Non-GAAP adjusted net loss was $44.0 million for YTD 2022 compared to non-GAAP adjusted net loss of $36.5 million for YTD 2021. Non-GAAP adjusted EBITDA was $(32.4) million for YTD 2022 compared to non-GAAP adjusted EBITDA of $(23.3) million for YTD 2021.

Please refer to the tables at the end of this press release for reconciliations of gross profit to non-GAAP adjusted gross profit and net loss to non-GAAP adjusted EBITDA and non-GAAP adjusted net loss.

2022 Outlook

Microvast reaffirms revenue guidance for the year ending December 31, 2022 (“FY 2022”) of 35% to 45% growth compared to the year ended December 31, 2021 (“FY 2021”).

The Company’s backlog at the end of Q2 2022 was $105.3 million, an increase of 51.9% compared to $69.3 million at the end of Q2 2021.

Capital expenditures for YTD 2022 were $67.9 million compared to $29.9 million for YTD 2021. The Company expects capital expenditures for the remainder of FY 2022 to be in the range of $180.0 million to $220.0 million, which will be primarily used in connection with the Company’s ongoing manufacturing capacity expansions in Huzhou, China and Clarksville, Tennessee.

Webcast Information

Company management will host a conference call and webcast to discuss the Company’s financial results on August 11, 2022, at 5:00 p.m. Central Time. The live webcast and accompanying slideshow presentation will be accessible from the Events & Presentations tab of Microvast’s investor relations website (https://ir.microvast.com/events-presentations/events). A replay will be available following the conclusion of the event. Investment community professionals interested in participating in the Q&A session may join the call by dialing +1 (201) 493-6784.

About Microvast

Microvast is a technology innovator that designs, develops and manufactures lithium-ion battery solutions. Microvast is renowned for its cutting-edge cell technology and its vertical integration capabilities which extend from core battery chemistry (cathode, anode, electrolyte, and separator) to modules and packs. By integrating the process from raw material to system assembly, Microvast has developed a family of products covering a breadth of market applications, including electric vehicles, energy storage and battery components. Microvast was founded in 2006 and is headquartered near Houston, Texas. For more information, please visit www.microvast.com or follow us on LinkedIn or Twitter (@microvast).

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 future financial and operating results, our plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “believe,” “intend,” “plan,” “projection,” “guidance,” “outlook” or words of similar meaning. These forward-looking statements include, but are not limited to, statements regarding Microvast’s industry and market sizes, future opportunities for Microvast and Microvast’s estimated future results. Such forward-looking statements are based upon the current beliefs and expectations of our 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 anticipated results or other expectations expressed in the forward-looking statements, including, among others: (1) risks of operations in the People’s Republic of China; (2) the impact of the ongoing COVID-19 pandemic; (3) the conflict between Russia and Ukraine and any restrictive actions that have been or may be taken by the United States and/or other countries in response thereto, such as sanctions or export controls; (4) risks related to cybersecurity and data privacy; (5) the impact of inflation and rising interest rates; (6) changes in the availability and price of raw materials; (7) the highly competitive market in which Microvast competes, including with respect to its hiring abilities, our competitive landscape, technology evolution or regulatory changes; (8) changes in the markets that Microvast targets; (9) heightened awareness of environmental issues and concern about global warming and climate change; (10) the risk that Microvast may not be able to execute its growth strategies or achieve profitability; (11) the risk that Microvast is unable to secure or protect its intellectual property; (12) the risk that Microvast may experience effects from global supply chain challenges, including delays in delivering its products to its customers; (13) the risk that Microvast’s customers or third-party suppliers are unable to meet their obligations fully or in a timely manner; (14) the risk that Microvast’s customers will adjust, cancel or suspend their orders for Microvast’s products; (15) the risk that Microvast will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; (16) the risk of product liability or regulatory lawsuits or proceedings relating to Microvast’s products or services; (17) the risk that Microvast may not be able to develop and maintain effective internal controls; and (18) the outcome of any legal proceedings that may be instituted against Microvast or any of its directors or officers. Microvast’s annual, quarterly and other filings with the U.S. Securities and Exchange Commission (the “SEC”) 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 projections and 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. Readers are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as projected financial information and other information 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 in the case of information about Microvast or the date of such information in the case of information from persons other than Microvast, and we disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication. Forecasts and estimates regarding Microvast’s 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.

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 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 (loss) and net income (loss), are contained in tabular form in the unaudited financial statements below. Non-GAAP adjusted gross profit (loss) is defined as gross profit (loss) excluding non-cash settled share-based compensation expense. Non-GAAP adjusted net loss is defined as net loss excluding changes in fair value of our warrant liability and convertible notes and non-cash settled share-based compensation expense. 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 liability and convertible notes and income tax expense or benefit.

We use non-GAAP adjusted gross profit (loss), non-GAAP adjusted EBITDA 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 (loss) 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, due to 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. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands of U.S. dollars, except share and per share data, or as otherwise noted)
	December 31, 2021				June 30, 2022
Assets
Current assets:
Cash and cash equivalents	$	480,931			$	333,867
Restricted cash		55,178				63,065
Accounts receivable (net of allowance for credit losses of $5,005 and $5,828 as of December 31, 2021 and June 30, 2022, respectively)		88,717				104,992
Notes receivable		11,144				30,448
Inventories		53,424				64,460
Prepaid expenses and other current assets		17,127				14,531
Amount due from related parties		85				—
Total Current Assets		706,606				611,363
Property, plant and equipment, net		253,057				278,443
Land use rights, net		14,008				13,171
Acquired intangible assets, net		1,882				1,758
Operating lease right-of-use assets		—				17,123
Other non-current assets		19,738				49,786
Total Assets	$	995,291			$	971,644
Liabilities
Current liabilities:
Accounts payable	$	40,408			$	39,578
Advance from customers		1,526				4,558
Accrued expenses and other current liabilities		58,740				66,793
Income tax payables		666				661
Short-term bank borrowings		13,301				8,807
Notes payable		60,953				76,605
Bonds payable-current		—				29,259
Total Current Liabilities		175,594				226,261
Long-term bonds payable		73,147				43,888
Warrant liability		1,105				285
Share-based compensation liability		18,925				99
Operating lease liabilities		—				14,936
Other non-current liabilities		39,822				32,171
Total Liabilities	$	308,593			$	317,640
Shareholders’ Equity
Common Stock (par value of US$0.0001 per share, 750,000,000 and 750,000,000 shares authorized as of December 31, 2021 and June 30, 2022; 300,530,516 and 302,546,766 shares issued, and 298,843,016 and 300,859,266 shares outstanding as of December 31, 2021 and June 30, 2022)	$	30			$	30
Additional paid-in capital		1,306,034				1,378,774
Statutory reserves		6,032				6,032
Accumulated deficit		(632,099	)			(720,923	)
Accumulated other comprehensive income/(loss)		6,701				(9,909	)
Total Shareholders’ Equity		686,698				654,004
Total Liabilities and Shareholders’ Equity	$	995,291			$	971,644

MICROVAST HOLDINGS, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands of U.S. dollars, except share and per share data, or as otherwise noted)
	Three Months Ended June 30,								Six Months Ended June 30,
	2021				2022				2021				2022
Revenues	$	33,372			$	64,414			$	48,310			$	101,082
Cost of revenues		(40,146	)			(59,573	)			(56,321	)			(96,228	)
Gross (loss)/profit		(6,774	)			4,841				(8,011	)			4,854
Operating expenses:
General and administrative expenses		(6,178	)			(34,335	)			(10,752	)			(60,436	)
Research and development expenses		(5,895	)			(10,244	)			(9,681	)			(21,553	)
Selling and marketing expenses		(3,706	)			(5,810	)			(6,862	)			(11,808	)
Total operating expenses		(15,779	)			(50,389	)			(27,295	)			(93,797	)
Subsidy income		213				576				2,131				713
Loss from operations		(22,340	)			(44,972	)			(33,175	)			(88,230	)
Other income and expenses:
Interest income		111				420				207				734
Interest expense		(1,537	)			(895	)			(3,383	)			(1,691	)
Loss on changes in fair value of convertible notes		(3,243	)			—				(6,843	)			—
Gain on changes in fair value of warrant liability		—				1,255				—				820
Other income, net		49				10				44				409
Loss before provision for income taxes		(26,960	)			(44,182	)			(43,150	)			(87,958	)
Income tax expense		(109	)			—				(218	)			—
Net loss	$	(27,069	)		$	(44,182	)		$	(43,368	)		$	(87,958	)
Less: Accretion of Series C1 Preferred		1,003				—				2,006				—
Less: Accretion of Series C2 Preferred		2,281				—				4,562				—
Less: Accretion of Series D1 Preferred		4,759				—				9,518				—
Less: Accretion for noncontrolling interests		4,036				—				8,007				—
Net loss attributable to Common Stock shareholders of Microvast Holdings, Inc.	$	(39,148	)		$	(44,182	)		$	(67,461	)		$	(87,958	)
Net loss per share attributable to Common Stock shareholders of Microvast Holdings, Inc.
Basic and diluted	$	(0.40	)		$	(0.15	)		$	(0.68	)		$	(0.29	)
Weighted average shares used in calculating net loss per share of common stock
Basic and diluted		99,028,297				300,565,515				99,028,297				299,709,069

MICROVAST HOLDINGS, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands of U.S. dollars, except share and per share data, or as otherwise noted)
	Six Months Ended June 30,
	2021				2022
Cash flows from operating activities
Net loss	$	(43,368	)		$	(87,958	)
Adjustments to reconcile net loss to net cash used in operating activities:
Loss on disposal of property, plant and equipment		6				13
Depreciation of property, plant and equipment		9,475				10,377
Amortization of land use right and intangible assets		376				283
Noncash lease expenses		—				1,112
Share-based compensation		—				53,650
Changes in fair value of warrant liability		—				(820	)
Changes in fair value of convertible notes		6,843				—
(Reversal) allowance of credit losses		(196	)			380
Provision for obsolete inventories		6,098				1,919
Impairment loss from property, plant and equipment		258				493
Product warranty		9,057				6,235
Changes in operating assets and liabilities:
Notes receivable		3,352				(20,647	)
Accounts receivable		11,813				(21,856	)
Inventories		(16,134	)			(15,906	)
Prepaid expenses and other current assets		175				1,689
Amount due from/to related parties		—				85
Operating lease right-of-use assets		—				(19,260	)
Other non-current assets		33				111
Notes payable		(3,989	)			19,237
Accounts payable		1,390				808
Advance from customers		167				3,230
Accrued expenses and other liabilities		(381	)			(13,704	)
Operating lease liabilities		—				15,838
Other non-current liabilities		—				1,156
Net cash used in operating activities		(15,025	)			(63,535	)
Cash flows from investing activities
Purchases of property, plant and equipment		(29,858	)			(67,915	)
Proceeds on disposal of property, plant and equipment		—				2
Net cash used in investing activities		(29,858	)			(67,913	)
Cash flows from financing activities
Proceeds from borrowings		26,603				13,466
Repayment of bank borrowings		(12,265	)			(17,332	)
Loans borrowing from related parties		8,426				—
Repayment of related party loans		(8,426	)			—
Payment for transaction fee in connection with the merger		(2,327	)			—
Payment to exited noncontrolling interests		(33,047	)			—
Issuance of convertible notes		57,500				—
Net cash generated from (used in) financing activities		36,464				(3,866	)
Effect of exchange rate changes		1,050				(3,863	)
Decrease in cash, cash equivalents and restricted cash		(7,369	)			(139,177	)
Cash, cash equivalents and restricted cash at beginning of the period		41,196				536,109
Cash, cash equivalents and restricted cash at end of the period	$	33,827			$	396,932

	Six Months Ended June 30,
	2021			2022
Reconciliation to amounts on consolidated balance sheets
Cash and cash equivalents	$	13,367		$	333,867
Restricted cash		20,460			63,065
Total cash, cash equivalents and restricted cash	$	33,827		$	396,932

MICROVAST HOLDINGS, INC. RECONCILIATION OF GROSS PROFIT (LOSS) TO ADJUSTED GROSS PROFIT (LOSS) (Unaudited, in thousands of U.S. dollars)
	Three Months Ended June 30,								Six Months Ended June 30,
	2021				2022				2021				2022
Revenues	$	33,372			$	64,414			$	48,310			$	101,082
Cost of revenues		(40,146	)			(59,573	)			(56,321	)			(96,228	)
Gross (loss)/profit (GAAP)	$	(6,774	)		$	4,841			$	(8,011	)		$	4,854
Gross margin		(20.3	)%			7.5	%			(16.6	)%			4.8	%
Non-cash settled share-based compensation (included in cost of revenues)		—				1,882				—			$	3,781
Adjusted gross (loss)/profit (non-GAAP)	$	(6,774	)		$	6,723			$	(8,011	)		$	8,635
Adjusted gross margin (non-GAAP)		(20.3	)%			10.4	%			(16.6	)%			8.5	%

MICROVAST HOLDINGS, INC. RECONCILIATION OF NET LOSS TO ADJUSTED NET LOSS (Unaudited, in thousands of U.S. dollars)
	Three Months Ended June 30,								Six Months Ended June 30,
	2021				2022				2021				2022
Net loss (GAAP)	$	(27,069	)		$	(44,182	)		$	(43,368	)		$	(87,958	)
Loss on changes in fair value of convertible notes		3,243				—				6,843				—
Gain on changes in fair value of warrant liability		—				(1,255	)			—				(820	)
Non-cash settled share-based compensation		—				30,523				—				44,780
Adjusted Net Loss (non-GAAP)	$	(23,826	)		$	(14,914	)		$	(36,525	)		$	(43,998	)

MICROVAST HOLDINGS, INC. RECONCILIATION OF NET LOSS TO EBITDA AND ADJUSTED EBITDA (Unaudited, in thousands of U.S. dollars)
	Three Months Ended June 30,								Six Months Ended June 30,
	2021				2022				2021				2022
Net loss (GAAP)	$	(27,069	)		$	(44,182	)		$	(43,368	)		$	(87,958	)
Interest expense, net		1,426				475				3,176				957
Income tax expense		109				—				218				—
Depreciation and amortization		4,975				5,207				9,851				10,660
EBITDA (non-GAAP)	$	(20,559	)		$	(38,500	)		$	(30,123	)		$	(76,341	)
Loss on changes in fair value of convertible notes		3,243				—				6,843				—
Gain on changes in fair value of warrant liability		—				(1,255	)			—				(820	)
Non-cash settled share-based compensation		—				30,523				—				44,780
Adjusted EBITDA (non-GAAP)	$	(17,316	)		$	(9,232	)		$	(23,280	)		$	(32,381	)

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20220811005743/en/

Sarah Alexander

ir@microvast.com

+1 (346) 309-2562

Source: Microvast Holdings, Inc.

FAQ

What were Microvast's Q2 2022 earnings results?

Microvast reported Q2 2022 revenue of $64.4 million, a 93.0% increase from Q2 2021, with a gross profit of $4.8 million.

What is the revenue guidance for Microvast in FY 2022?

Microvast reaffirms revenue guidance of 35% to 45% growth for FY 2022 compared to FY 2021.

How did Microvast's operating expenses change in Q2 2022?

Operating expenses rose to $50.4 million in Q2 2022, significantly up from $15.8 million in Q2 2021 due to share-based compensation.

What was Microvast's backlog at the end of Q2 2022?

At the end of Q2 2022, Microvast's backlog was $105.3 million, a 51.9% increase compared to Q2 2021.

What was the net loss for Microvast in Q2 2022?

Microvast reported a net loss of $44.2 million in Q2 2022, up from a net loss of $27.1 million in Q2 2021.