The following is a summary of the Microvast Holdings, Inc. (MVST) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Microvast reported a revenue of $81.4 million in Q1 2024, a 73% increase from the previous year.

• There was an improvement in the company's gross margin from 10.9% to 21.2%, and an improvement in the adjusted gross margin to 22.6% YoY.

• Operating expenses rose 13% to $40.9 million.

• The GAAP net loss tightened, registering $24.8 million in 2024 compared to a net loss of $29.6 million in 2023.

Business Progress:

• The company successfully expanded its footprint in the American and European commercial vehicle market and broke into the Canadian market.

• It ended Q1 with a backlog of $348.3 million.

• Microvast has acquired new customers in the U.S. specialty vehicle market and the European e-trailer market.

• The APAC and EMEA markets recorded a triple-digit YoY sales growth at 640% and 184%, respectively.

• The company expects Q2 revenues to fall between $90 million and $98 million, mainly due to increased deliveries to its APAC and EMEA commercial vehicle customers.

More details: Microvast IR

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