Microvast Holdings, Inc. Q1 FY2024 earnings call

• Record first quarter revenue of $81.4 million with 73% y-o-y growth. - Gross margin improved to 21.2% and adjusted gross margin to 22.6%. - Expanded commercial vehicle footprint in America and Europe, started tapping into Canadian market. - Secured new customers in U.S. specialty vehicle and European e-trailer markets, making progress on product ramp-up and prototype development. - Working with German OEM engineers on prototype fuel cell truck for IAA 2024.

In Q1 2024, Microvast posted record revenue of $81.4 million, a 73% year-over-year growth. The gross margin was 21.2%, with an adjusted gross margin of 22.6%, a 9.1 percentage point increase year-over-year. APAC sales saw a 640% year-over-year growth, accounting for 29% of revenue (up from 7% a year ago). EMEA sales were up 184% year-over-year, accounting for 36% of revenue (up from 22% a year ago). The company had a backlog of $348.3 million at the end of Q1.

• Q2 revenue expected to be in the range of $90 million to $98 million, up 25% from Q2 a year ago midpoint. - Target gross margins to be in the range of 20% to 25%. - APAC to deliver 48 amp hour and 53.5 amp hour sales from Huzhou facility, target growth in Southeast Asia and R&D progress on new products. - EMEA expected to grow more than double y-o-y in Q2 2024, with new prototypes to customers and expansion into additional commercial vehicle projects. - Americas focus on securing Clarksville financing and exploring additional customer sales opportunities in Canadian CV market.

• Facing current market sentiment in the cleantech industry. - Navigating U.S. financing hurdles.