Microvast Holdings Inc (NASDAQ:MVST) shares are soaring Wednesday morning on the heels of the company's third-quarter financial results. Here's what you need to know.

What To Know: Microvast reported third-quarter revenue of $101.4 million, beating analyst estimates of $99.7 million, according to Benzinga Pro. The company reported third-quarter adjusted earnings of 5 cents per share, beating analyst estimates for a loss of 7 cents per share.

Total revenue was up 26.6% on a year-over-year basis. Gross margin increased to 33.2% in the quarter, up from 22.3% in the prior year's quarter. The company reported $28.6 million of adjusted EBITDA in the quarter.

Microvast ended the quarter with $115 million in cash, cash equivalents, restricted cash and short-term investments.

What's Next: Microvast expects fourth-quarter revenue to be in the range of $90 million to $95 million. The company is targeting revenue growth of 15% to 18% for full-year 2024.

Microvast said it's working on bolstering its revenue streams through continued strategic partnerships and improving products to support the global energy transformation. The company is also focused on sustaining profitability through regional efficiency improvements and leveraging established business segments to improve liquidity and financial strength.

MVST Price Action: Microvast shares were up 370% at 85 cents at the time of publication Wednesday, per Benzinga Pro.

Photo: courtesy of Microvast.