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Mar 31, 2024
Microvast Q1 2024 Earnings Report
Reported record company Q1 revenue with increased gross margin.
Key Takeaways
Microvast reported a strong first quarter with a 73.2% increase in revenue year-over-year, reaching $81.4 million. The gross margin improved significantly from 10.3% to 21.2%. Net loss decreased to $24.8 million, and adjusted EBITDA improved to negative $3.7 million.
Revenue increased by 73.2% year-over-year to $81.4 million.
Gross margin increased to 21.2% from 10.3% year-over-year.
Net loss decreased to $24.8 million from $29.6 million year-over-year.
Adjusted EBITDA improved to negative $3.7 million from negative $7.5 million year-over-year.
Microvast
Microvast
Forward Guidance
For Q2 2024, Microvast is targeting revenue growth of 20% to 30% year-over-year, with revenue guidance of $90 million to $98 million, and a gross margin target of 20% to 25%.
Positive Outlook
- Targeting revenue growth of 20% to 30% year over year.
- Revenue guidance of $90 million to $98 million.
- Targeting operational efficiencies.
- Company gross margin target of 20% to 25%.
- Ongoing R&D progress towards upcoming new products, anticipate delivering prototypes to new customers
Challenges Ahead
- Continued focus on financing solutions to complete Clarksville Phase 1A
- Securing working capital
- Exploring new customer projects in the Americas
- Embarking on additional projects in APAC
- Embarking on additional projects in EMEA that expand our presence in differentiated commercial vehicle markets