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Sep 30, 2024
Microvast Q3 2024 Earnings Report
Reported record Q3 revenue with a year-over-year increase and improved gross margin.
Key Takeaways
Microvast reported a strong Q3 2024 with record revenue, a significant increase in gross margin, and a shift to net profit compared to the previous year. The company also saw improvements in operating expenses and adjusted EBITDA.
Revenue increased by 26.6% year-over-year to $101.4 million.
Gross margin improved from 22.3% to 33.2%.
Net profit was $13.2 million, a significant improvement from the $26.2 million net loss in Q3 2023.
Adjusted EBITDA was positive $28.6 million, compared to negative $5.3 million in Q3 2023.
Forward Guidance
Microvast provided its outlook for the full year 2024, targeting revenue growth of 15% to 18% year over year and Q4 revenue guidance of $90 million to $95 million. The company also aims to maintain a gross margin profile with a target range of 25% to 30%.
Positive Outlook
- Targeting revenue growth of 15% to 18% year over year
- Q4 revenue guidance of $90 million to $95 million
- Continue to maintain gross margin profile with a target range of 25% to 30%
- Ongoing R&D progress towards new product development, including our ME6 ESS container solution, enhanced silicon-based cells, and solid state batteries
- Bolstering our revenue streams through continued strategic partner expansions, and innovating products and services that support the global energy transformation
Challenges Ahead
- Ability to remain a going concern
- Risk that we may not be able to execute our growth strategies or achieve profitability
- Risk that we will be unable to raise additional capital to execute our business plan or pay our debts as they come due, which may not be available on acceptable terms or at all
Historical Earnings Impact
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Avg. Return Before/After Earnings
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