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Dec 31, 2021
Microvast Q4 2021 Earnings Report
Microvast's financial performance saw revenue growth but was impacted by increased operating expenses and product warranty costs.
Key Takeaways
Microvast reported a 39% increase in revenue for Q4 2021 compared to Q4 2020, but experienced a net loss due to increased operating expenses and a reduction in gross profit. The company's backlog grew significantly, and it ended the year with a strong cash position.
Revenue increased by 39% to $66.8 million in Q4 2021 compared to $48.1 million in Q4 2020.
Gross profit decreased to $1.15 million in Q4 2021 from $8.7 million in Q4 2020.
Net loss was $46.6 million in Q4 2021, compared to a net loss of $4.6 million in Q4 2020.
Operating expenses increased to $52.2 million in Q4 2021 from $14.6 million in Q4 2020, driven by share-based compensation and increased headcount.
Forward Guidance
Microvast anticipates revenue growth for FY 2022 and Q1 2022, along with significant capital expenditures for capacity expansions and R&D.
Positive Outlook
- Revenue for FY 2022 is expected to grow 35% - 45% compared to FY 2021.
- Revenue for the first quarter ending March 31, 2022 is projected to be between $32 million and $34 million.
- Projected Q1 2022 revenue represents growth of approximately 115% - 128% over Q1 2021.
- Capital expenditures are planned for manufacturing capacity expansions in Huzhou, China and Clarksville, Tennessee.
- Investments will be made in research and development projects at the facility in Orlando, Florida.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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