Record quarterly revenue of $104.6 million, up 61.4% year over year in Q4 2023
Key Points:
- 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.
STAFFORD, Texas, March 19, 2024 (GLOBE NEWSWIRE) -- Microvast Holdings, Inc. (NASDAQ: MVST), (“Microvast” or the “Company”), a technology innovator that designs, develops, and manufactures lithium-ion battery solutions, will issue a press release reporting its consolidated financial results for the fourth quarter of 2023 after market close on Monday, April 1st, 2024.
Key Points:
- STAFFORD, Texas, March 19, 2024 (GLOBE NEWSWIRE) -- Microvast Holdings, Inc. (NASDAQ: MVST), (“Microvast” or the “Company”), a technology innovator that designs, develops, and manufactures lithium-ion battery solutions, will issue a press release reporting its consolidated financial results for the fourth quarter of 2023 after market close on Monday, April 1st, 2024.
- Following the earnings press release, Microvast management will host a webcast and earnings conference call at 4:00 p.m. Central Time (5:00 p.m. Eastern Time) to discuss the business results and outlook.
- The webcast will be accessible from the Events & Presentations tab of Microvast’s investor relations website at https://ir.microvast.com .
- A replay will be available following the conclusion of the live event.
On Dec 5, Microvast attended the R&D 100 Awards Banquet in San Mateo, CA, with several Fortune 500 companies, elite academic universities, and the esteemed U.S. national laboratories.
Key Points:
- On Dec 5, Microvast attended the R&D 100 Awards Banquet in San Mateo, CA, with several Fortune 500 companies, elite academic universities, and the esteemed U.S. national laboratories.
- Our Technology Center is honoured to be recognized for our pioneering achievements in the exciting and growing world of electrification, said Dr. Wenjuan Mattis, Chief Technology Officer of Microvast.
- This award represents a culmination of over a decade of multi-discipline science resulting in a family of innovative products.
- By designing battery components optimized for high performance and uncompromising safety, Microvast developed three state-of-art products: a high-temperature separator, non-flammable electrolyte, and gradient-controlled cathode.
