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Microvast Holdings Inc (NASDAQ:MVST) reported fourth-quarter financial results after the market close on Monday. Here’s a look at the key metrics from the quarter.
What Happened: Microvast’s fourth-quarter revenue increased 61.4% year-over-year to $104.58 million, which beat the consensus estimate of $94.43 million. The lithium-ion battery company reported an adjusted loss of 4 cents per share, which beat estimates for a loss of 7 cents per share.
Microvast has now met or exceeded analyst estimates on both the top and bottom line in five consecutive quarters, according to Benzinga Pro.
Gross margin increased to 22%, up from 3.4% in the fourth quarter of 2022. Adjusted EBITDA came in at negative $2.6 million. Microvast ended the quarter with $93.8 million in cash, equivalents, restricted cash and short-term investments.
“The revenue growth achieved in EMEA is really encouraging and we would expect this to continue into 2024, with the possibility of this region also hitting breakeven this year,” said Yang Wu, founder, chairman and CEO of Microvast.
“In APAC, with the Huzhou Phase 3.1 expansion now in full operation since Q3 of last year, we anticipate another year of steady revenue growth from mature operations that are now self-funding and profitable.”
Outlook: Microvast saw first-quarter revenue in the range $65 million to $75 million, representing growth of 40% to 60% on a year-over-year basis. The company said it’s targeting gross margin of 20% to 25% in the first quarter.
Microvast also noted it’s targeting financing solutions in the first quarter to complete Clarksville Phase 1a, which should help bring in longer-term domestic customer contracts. The company said this is a “key initiative” that it hopes to bring to a successful close “as early as possible.”
A conference call to discuss these results kicked off at 5 p.m. ET.
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MVST Price Action: Microvast shares were down 11.17% after hours at 80 cents at the time of publication, according to Benzinga Pro.
Photo: Courtesy of Microvast.
Posted In: MVST
