Microvast Holdings, Inc. ( (MVST) ) has released its Q3 earnings. Here is a breakdown of the information Microvast Holdings, Inc. presented to its investors.
Microvast Holdings, Inc. is a leading global provider of lithium-ion battery solutions for electric vehicles and energy storage, known for its innovative technology and commitment to sustainability. In its latest financial results for the third quarter of 2024, Microvast Holdings reported a significant year-over-year revenue increase of 26.6%, reaching $101.4 million. The company also achieved a notable improvement in gross margin, which rose to 33.2% from 22.3% in the same quarter last year.
Key financial highlights from the third quarter include a net profit of $13.2 million, a stark contrast to the net loss of $26.2 million recorded in the third quarter of 2023. Additionally, the adjusted EBITDA turned positive at $28.6 million, compared to a negative $5.3 million in the previous year. The company also reported a reduction in operating expenses to $27.5 million, down from $44.7 million in the prior year.
Looking at the year-to-date performance, Microvast’s revenue grew by 31.9% compared to the same period in 2023, while gross margin improved to 29.3% from 16.9%. Despite these gains, the company faced a net loss of $90.0 million for the first nine months of 2024, compared to a net loss of $81.8 million in the same period last year.
Microvast remains optimistic about the future, with management targeting a full-year revenue growth of 15% to 18% and aiming to maintain a gross margin profile in the range of 25% to 30%. The company continues to focus on research and development for new products and expanding strategic partnerships to bolster revenue streams, aligning with the global shift towards energy transformation.
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