The following is a summary of the Microvast Holdings, Inc. (MVST) Q1 2024 Earnings Call Transcript:
Financial Performance:
Microvast reported a revenue of $81.4 million in Q1 2024, a 73% increase from the previous year.
There was an improvement in the company's gross margin from 10.9% to 21.2%, and an improvement in the adjusted gross margin to 22.6% YoY.
Operating expenses rose 13% to $40.9 million.
The GAAP net loss tightened, registering $24.8 million in 2024 compared to a net loss of $29.6 million in 2023.
Business Progress:
The company successfully expanded its footprint in the American and European commercial vehicle market and broke into the Canadian market.
It ended Q1 with a backlog of $348.3 million.
Microvast has acquired new customers in the U.S. specialty vehicle market and the European e-trailer market.
The APAC and EMEA markets recorded a triple-digit YoY sales growth at 640% and 184%, respectively.
The company expects Q2 revenues to fall between $90 million and $98 million, mainly due to increased deliveries to its APAC and EMEA commercial vehicle customers.
More details: Microvast IR
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