Microvast Holdings, Inc. - MVST STOCK NEWS

Microvast Holdings, Inc. (NASDAQ: MVST) has appointed Yeelong Tan Balladon to its Board of Directors effective July 1, 2022. As a Class III director, she will serve until the 2024 annual meeting of shareholders. Balladon will also be a member of the nominating and corporate governance and audit committees, and chair the compensation committee. The company expects her expertise to enhance shareholder value and contribute to its growth strategy in the lithium-ion battery sector.

Microvast Holdings, Inc. (NASDAQ: MVST) has been included in the Russell 3000® Index during its annual reconstitution for 2022. This inclusion marks a significant milestone for the company, enhancing its visibility among institutional investors and potentially attracting a new category of investors. The Russell 3000® Index represents a substantial portion of the U.S. market, with approximately $12 trillion in assets benchmarked against it. Microvast specializes in lithium-ion battery solutions and aims to leverage this inclusion to drive shareholder value.

Microvast Holdings, Inc. (NASDAQ:MVST) reported its Q1 2022 financial results, showing a significant 145.5% revenue growth to $36.7 million from $14.9 million in Q1 2021. The company achieved a gross profit of $13,000, marking a turnaround from a gross loss of $1.2 million a year prior. Operating expenses surged to $43.4 million, driven by share-based compensation and increased workforce. Despite a net loss of $43.8 million, the backlog grew 85.6% to $120.8 million. Looking ahead, revenue is expected to rise by 35% to 45% for FY 2022, though this may be affected by macroeconomic pressures.

Microvast Holdings is partnering with TÜV SÜD to implement a sustainability assessment program aimed at enhancing battery production operations. This initiative aligns with global sustainability standards and the EU Battery Directive. The pilot project includes an evaluation of Microvast's facilities to establish a baseline for future improvements. TÜV SÜD’s assessment tool is designed to ensure transparency and meet the United Nations sustainability goals. The project will advance to a second stage with recommendations for more sustainable practices.

Microvast Holdings, Inc. (NASDAQ:MVST) will announce its Q1 2022 financial results on May 16, 2022, after market close. Following this, the management will host a webcast and earnings call at 5:00 p.m. CT to discuss the results and future outlook. Investors can participate in the Q&A session by calling +1 (631) 891-4304. Shareholders can submit questions via Microvast's investor relations page until May 11, 2022. The company focuses on lithium-ion battery solutions for various market applications, including electric vehicles.

Microvast Holdings announced the appointment of Craig Webster as the new Chief Financial Officer effective April 14, 2022. He replaces Yanzhuan Zheng, who transitions to a senior advisory role after serving as CFO since 2010. Sascha Kelterborn, previously Chief Revenue Officer, is named President, focusing on daily operations. Chairman Yang Wu praised Zheng's contributions and highlighted Webster's extensive industry knowledge. The company aims to leverage its leadership changes for future growth in the lithium-ion battery market.

Microvast Holdings, Inc. (NASDAQ: MVST) announced on April 12, 2022, that it has been provisionally listed as a “Commission-Identified Issuer” by the SEC due to its auditor not being subject to PCAOB inspection under the Holding Foreign Companies Accountable Act (HFCAA). This could lead to the delisting of the Company’s common stock and warrants from Nasdaq in early 2024 unless certain conditions are met. The Company is actively exploring compliance options, including engaging an independent public accounting firm that meets PCAOB standards.

Microvast Holdings, Inc. (NASDAQ: MVST) reported significant financial results for FY 2021, with a revenue increase of 41% year-over-year, totaling $152.0 million. Despite this growth, the company faced a gross loss of $(42.7) million, attributed to rising costs and product disposals. Operating expenses surged to $157.4 million, driven by share-based compensation and R&D efforts. The net loss also expanded to $(206.5) million. For FY 2022, Microvast anticipates revenue growth of 35%-45% and expects Q1 revenues of $32-$34 million.

Microvast Holdings, Inc. (NASDAQ: MVST) announced the launch of two new lithium-ion battery cells, the 48Ah and 53.5Ah NMC, tailored for commercial vehicles. These cells maintain the same dimensions as previous models, offering clients flexibility to optimize vehicle performance without redesigning powertrains. The new Gen 4 battery packs, which are available for sample orders, promise up to 20% more energy and improved safety features. High-volume production is slated for 2023, potentially driving revenue growth. Energy densities for the new cells are 205 Wh/kg and 235 Wh/kg, with cycle lives of ≥7,000 and ≥5,000 cycles, respectively.