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Sep 30, 2021
Microvast Q3 2021 Earnings Report
Microvast's Q3 2021 results showed revenue growth of 20% compared to Q3 2020. The company reaffirmed its 2021 revenue outlook and completed its public listing in July 2021, raising $708 million in net proceeds.
Key Takeaways
Microvast reported a 20% increase in revenue for Q3 2021 compared to Q3 2020, driven by increased sales of battery products. However, the company experienced a significant net loss due to a one-time product warranty accrual, inventory write-down, increased raw material prices, and share-based compensation expenses. The company ended Q3 2021 with $612.5 million in cash, cash equivalents, and restricted cash.
Revenue increased by 20% to $36.9 million compared to Q3 2020.
Gross loss was $35.9 million, impacted by a $34.1 million one-time product warranty accrual and a $6.6 million inventory write-down.
Net loss was $116.5 million, primarily due to reduced gross profit and higher operating expenses, including share-based compensation.
The company reaffirmed its full-year 2021 revenue outlook to be in the range of $145 million to $155 million.
Forward Guidance
Microvast reaffirms its previous revenue outlook for the year ending December 31, 2021, expecting revenue in the range of $145 million to $155 million. Capital expenditures are now expected to be in the range of $120 million to $150 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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