Microvast Reports 2023 Financial Results
Record quarterly revenue of $104.6 million, up 61.4% year over year in Q4 2023
- Record quarterly revenue of $104.6 million, up 61.4% year over year in Q4 2023
Gross margin increased from 4.4% to 18.7%, a 14.3 percentage point improvement year over year, with Q4 2023 gross margin of 22.0% compared to 3.4% in Q4 2022
STAFFORD, Texas, April 01, 2024 (GLOBE NEWSWIRE) -- Microvast Holdings, Inc. (NASDAQ:MVST) (“Microvast” or the “Company”), a technology innovator that designs, develops and manufactures lithium-ion battery solutions, announced today its consolidated financial results for the fourth quarter and full fiscal year ended December 31, 2023 (“Q4 2023” and “FY 2023,” respectively). - “We achieved record revenue in the fourth quarter of 2023 bringing our full year revenue growth to 49.9% and we delivered these revenues at a gross margin close to our targeted level.
- To get the U.S. to the same mature and steady state requires us to secure financing to complete Clarksville Phase 1A.
- Continued regional efficiencies and utilization increases, providing a Company gross margin target of 20% to 25%
Company management will host a conference call and webcast on April 1, 2024, at 4:00 p.m. Central Time, to discuss the Company's financial results.