Q2 2024 Microvast Holdings Inc Earnings Call Transcript
Key Points
- Microvast Holdings Inc (MVST) posted a record second quarter revenue of $83.7 million, marking a 12% growth year over year.
- The company achieved a gross margin of 32.5%, a significant improvement of 17.2 percentage points year over year.
- EMEA business saw a remarkable 401% growth year over year, contributing significantly to the overall revenue.
- Microvast Holdings Inc (MVST) secured a $40 million order from a Korean e-bus customer, expanding its market reach.
- The company introduced new battery technology, the 565 amp-hour LFP cell, which is expected to qualify for IRA Section 45X, enhancing its economic attractiveness.
- Operating expenses increased significantly to $103.6 million in Q2 2024 from $39 million in Q2 2023, mainly due to impairment losses.
- GAAP net loss widened to $78.4 million in Q2 2024 compared to a net loss of $26.1 million in Q2 2023.
- Adjusted net loss was $64.7 million in Q2 2024, a substantial increase from an adjusted net loss of $8.3 million in Q2 2023.
- The company experienced delays in commercial vehicle customer deliveries, pushing some deliveries into the second half of the year.
- There was a strategic shift towards LFP technology in the US, resulting in the cessation of use of certain buildings and facilities, contributing to the impairment losses.
Thank you for standing by. This is the conference operator. Welcome to the Microvast second quarter 2024 earnings call. As a reminder, all participants are in listen-only mode and the conference is being recorded.
I would now like to turn the conference over to Mr. Yaser Ali, Chief Financial Officer of Microvast Holdings. Please go ahead.
Thank you, operator, and thank you, everyone, for joining us today. Joining me on today's call is Mr. Yang Wu, Founder, Chairman and CEO of Microvast Holdings. Mr. Wu will start off with a high-level overview of the quarter before providing some operational update. I will then discuss our financials in more detail before handing it back to Mr. Wu.
To wrap up with our second quarter 2024 outlook ahead of this call, Microvast issued its second quarter earnings press release, which can be found on the Investor Relations section of the company's website, ir.microvast.com.
In addition, we have posted a slide presentation to the company's
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