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Sep 30, 2023
Microvast Q3 2023 Earnings Report
Microvast's Q3 2023 earnings demonstrated significant revenue growth and improved gross margins.
Key Takeaways
Microvast reported a strong third quarter with a 107.5% increase in revenue year-over-year, reaching $80.1 million. The company also achieved a record backlog of $678.7 million, up 382.7% year-over-year, and improved gross margin to 22.3%.
Revenue increased by 107.5% year-over-year to $80.1 million.
Record backlog reached $678.7 million, a 382.7% increase year-over-year.
Gross margin improved to 22.3% from 5.2% in Q3 2022.
Net loss decreased to $26.2 million compared to $36.5 million in Q3 2022.
Microvast
Microvast
Forward Guidance
Microvast anticipates adding major projects to its backlog and expects revenue to be in the range of $90 million to $100 million in Q4 2023, and $292 million to $302 million for the full year 2023.
Positive Outlook
- Anticipates adding major projects to its record backlog.
- Continued growth in orders.
- Expects revenue to be in the range of $90 million to $100 million in Q4 2023.
- Full year 2023 revenue expected to be $292 million to $302 million.
- Continued ramp up of qualified product deliveries to customers of 53.5Ah cells from Huzhou, China.
Challenges Ahead
- Work towards completion of construction and equipment installation in Clarksville, Tennessee to begin ramp up in Q1 2024.
- Delivering qualified products into Q2 2024.
- Begin incremental investment program for the Phase 3.2 additional capacity expansion.
- New flexible automated production line in Huzhou, China to meet growing demand.
- No specific negative financial guidance provided.