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Dec 31, 2022
Microvast Q4 2022 Earnings Report
Microvast's financial performance remained stable with a slight decrease in revenue, but gross profit increased. The company closed the year with a record backlog.
Key Takeaways
Microvast reported a slight decrease in revenue but an increase in gross profit for Q4 2022. The company's backlog reached a record high, positioning it for future growth. They expect to achieve profitability within the next two to three years.
Revenue decreased by 3.0% year over year to $64.8 million.
Gross profit increased to $2.2 million from $1.2 million in the previous year.
Net loss was $33.7 million, compared to $46.6 million in Q4 2021.
Backlog as of December 31, 2022 was $410.5 million, representing growth of 258.5% compared to $114.5 million in backlog as of December 31, 2021
Forward Guidance
Microvast anticipates full year 2023 revenue in the range of $336 million and $358 million. Revenue for the first quarter ending March 31, 2023 between $38 million and $40 million.
Positive Outlook
- Full year 2023 revenue in the range of $336 million and $358 million, reflecting year over year growth of 65% - 75%
- Underpinned by record backlog of $410.5 million
- Deliveries of new 53.5Ah cell starting in second quarter from new cell and module line in Huzhou, China
- Deliveries of new 53.5Ah cell in fourth quarter from Tennessee, US
- Revenue for the first quarter ending March 31, 2023 between $38 million and $40 million, representing growth of approximately 3.5% - 9% compared to $36.7 million for the first quarter ended March 31, 2022
Challenges Ahead
- Capital expenditures for the full year in the range of $180 to $210 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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