Microvast Q4 2024 Earnings Report
Key Takeaways
In Q4 2024, Microvast achieved record quarterly revenue of $113.4 million, marking an 8.4% year-over-year increase. The company significantly improved its gross margin to 36.6% and reduced its non-GAAP adjusted net loss to $0.6 million. While GAAP net loss stood at $82.3 million, operational efficiency gains and restructuring helped generate positive cash from operations.
Quarterly revenue reached a record $113.4 million, up 8.4% YoY.
GAAP gross margin improved to 36.6% from 22.0% in Q4 2023.
Non-GAAP adjusted net loss narrowed significantly to $0.6 million.
Company generated $2.8 million in operating cash flow due to efficiency gains.
Microvast
Microvast
Forward Guidance
Microvast expects revenue growth between 18% and 25% in 2025, targeting a range of $450M to $475M, supported by expanded production capacity and continued market momentum.
Positive Outlook
- Targeting 18% to 25% YoY revenue growth in 2025
- Guidance range of $450M to $475M for full-year revenue
- Anticipated production ramp of Huzhou Phase 3.2 in Q4 2025
- Gross margin target of 30% driven by regional efficiencies
- Increased presence in commercial vehicle OEM segments
Challenges Ahead
- Continued GAAP net losses despite revenue growth
- Ongoing reliance on non-GAAP adjustments to reach profitability
- High impairment losses and share-based compensation
- Convertible loan impact on financial structure and valuation
- Potential macroeconomic and geopolitical uncertainties