Microvast Holdings, Inc. - MVST STOCK NEWS

Microvast Holdings, Inc. responds to the U.S. Department of Energy's decision to withdraw a $200 million grant for a new facility in Kentucky. The company is considering its options but remains committed to investing in its U.S. expansion plans. The withdrawal will not impact the company's battery manufacturing facility in Tennessee or its financial guidance. Microvast expects revenue in the U.S. to exceed $100 million this year.

Microvast Holdings, Inc. announces strong Q1 2023 results with revenue growth of 28.1% YoY and record backlog of $486.7 million. Gross margin increased to 10.3% and adjusted gross margin increased to 13.5%. The company raises its full year 2023 revenue guidance to $348 million to $368 million, reflecting YoY growth of 70% to 80%.

Microvast Holdings is nearing completion of renovations and hiring for its new battery manufacturing plant in Clarksville, TN. The plant is expected to begin production in Q4 2023 and will focus on manufacturing high-performance battery cells and modules for commercial vehicles and energy storage systems. The renovated plant will support the entire production process and include environmental tests and a new quality lab. Microvast has also ramped up hiring, with a focus on adding local veterans and their spouses to the team.

Microvast Holdings, Inc. (NASDAQ: MVST) will announce its consolidated financial results for Q1 2023 on May 9, 2023, after market close. Management will host a webcast at 5:00 p.m. CT to discuss the results and future outlook. Investors can access the webcast via the investor relations website. The company, established in 2006, specializes in lithium-ion battery solutions, serving various sectors including commercial, passenger, and specialty vehicles. It has become recognized for its fast-charging battery technologies and vertical integration capabilities, offering a diverse range of battery products to meet customer needs.

Microvast Holdings (NASDAQ: MVST) announced the appointment of Isida Tushe as General Counsel and Corporate Secretary. With extensive experience in power generation and renewables, Isida is expected to enhance Microvast's legal and compliance processes. Previously, she served as General Counsel for a tech firm focused on EV charging and led legal functions at a private equity-owned hydroelectric developer. Microvast aims to drive innovation in lithium-ion battery solutions, aligning with Isida's vision in supporting decarbonization efforts. The company's vertical integration capabilities enable it to manufacture a wide range of battery products for applications including electric vehicles and energy storage.

Microvast Holdings, Inc. (NASDAQ: MVST) announced a $504 million investment to establish the world's first mass production facility for polyaramid separators in Hopkinsville, Kentucky. This facility will create 562 full-time jobs and is part of a collaboration with General Motors, partially funded by a $200 million grant from the U.S. Department of Energy. The plant will have an annual capacity of approximately 19 GWh. The innovative polyaramid separator technology, capable of withstanding over 300°C, promises enhanced safety and performance for lithium-ion batteries, benefiting the EV industry significantly.

Microvast Holdings (MVST) reported a 35% increase in revenue for FY 2022, totaling $204.5 million, compared to $152 million in 2021. The gross profit surged 121% to $9.1 million, up from a gross loss of $42.7 million. The company ended 2022 with a record backlog of $410.5 million, representing a remarkable growth of 258.5%. Notably, operating expenses increased slightly to $170.7 million. For 2023, Microvast anticipates revenues between $336 million and $358 million, reflecting ongoing high demand and operational capacity expansion.