Loading...
•
Jun 30, 2024
Microvast Q2 2024 Earnings Report
Reported record Q2 revenue and increased gross margin.
Key Takeaways
Microvast reported a record Q2 revenue of $83.7 million, an 11.6% increase year-over-year. The gross margin improved significantly from 15.3% to 32.5%. However, the company experienced a net loss of $78.4 million, compared to a net loss of $26.1 million in Q2 2023.
Record Q2 revenue, increased 11.6% year over year to $83.7 million.
Gross margin increased from 15.3% to 32.5%, a 17.2 percentage point improvement year over year.
Net loss of $78.4 million, compared to net loss of $26.1 million in Q2 2023.
Capital expenditures decreased to $2.9 million, compared to $57.7 million in Q2 2023.
Forward Guidance
For Q3 2024, Microvast is targeting revenue growth of 6% to 12% year-over-year, with revenue guidance of $85 million to $90 million. The company is also targeting operational efficiencies, providing a gross margin target of 25%.
Positive Outlook
- Targeting revenue growth of 6% to 12% year over year.
- Revenue guidance of $85 million to $90 million.
- Targeting operational efficiencies.
- Gross margin target of 25%.
- Ongoing R&D progress towards new product development.
Challenges Ahead
- Shifting long-term U.S. ESS market focus to producing LFP battery systems instead of NMC battery solutions at its Clarksville, Tennessee facility.
- Continuing to consolidate the Company’s U.S. operations in Clarksville.
- Exploring strategic alternatives to enhance liquidity including the sale of certain U.S. non-core real estate assets.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...