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Mar 31, 2022
Microvast Q1 2022 Earnings Report
Reported strong revenue growth and progress on international business expansion.
Key Takeaways
Microvast reported a significant increase in revenue, exceeding expectations with a 145.5% increase compared to Q1 2021. The company is focused on sales growth, expanding its order book, and executing capacity expansion plans.
Revenue increased by 145.5% to $36.7 million compared to Q1 2021.
Gross profit improved to $13.0 thousand, compared to a gross loss of $1.2 million in Q1 2021.
The backlog at the end of Q1 2022 was $120.8 million, an increase of 85.6% compared to $65.1 million at the end of Q1 2021.
Capital expenditures during Q1 2022 were $41.1 million compared to $25.4 million in Q1 2021.
Microvast
Microvast
Forward Guidance
Microvast continues to expect revenue for the year ending December 31, 2022 to grow 35% to 45% compared to the year ended December 31, 2021; however, achievement of the Company’s revenue guidance could be impacted if the macro backdrop of increasing inflation, supply chain disruptions, conflict in Ukraine and COVID restrictions in China deteriorates further.
Challenges Ahead
- Increasing inflation
- Supply chain disruptions
- Conflict in Ukraine
- COVID restrictions in China