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Jun 30, 2022
Microvast Q2 2022 Earnings Report
Reported solid revenue growth driven by higher sales volumes and improved gross margin despite challenges.
Key Takeaways
Microvast reported a strong second quarter with a 93% increase in revenue compared to the previous year, driven by higher sales volumes. The company also saw a significant improvement in gross margin, although operating expenses increased due to share-based compensation and growth initiatives. Microvast reaffirms its revenue guidance for the year.
Revenue increased by 93% to $64.4 million compared to Q2 2021.
Gross profit improved to $4.8 million, resulting in a gross margin of 7.5%.
Operating expenses increased to $50.4 million, largely due to share-based compensation expense.
Backlog at the end of Q2 2022 was $105.3 million, an increase of 51.9% compared to Q2 2021.
Forward Guidance
Microvast reaffirms revenue guidance for the year ending December 31, 2022, of 35% to 45% growth compared to the year ended December 31, 2021.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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