Microvast Holdings, Inc. Q4 FY2024 earnings call

• 2024 Highlights: Achieved record annual revenue of $380 million (+24% y-o-y) and record Q4 revenue of $113.4 million (+8% y-o-y). Gross margin improved to 31.5% from 18.7% y-o-y. Adjusted EBITDA in Q4 was $8.6 million. • Business Strategy: Focus on improving efficiency and profitability, with strategic cost-cutting in the US and adapting to market opportunities. • Operations Update: Huzhou Phase 3.2 expansion project is underway, expecting first qualified production in Q4 2025. • Customer Wins: Partnerships with Zoomlion, Dongfeng Trucks, LGAG, Sun Mobility, etc., showcasing market expansion. • Challenges in 2024: Faced difficult financing environment, supply constraints, and increased competition in APAC region, responded with strategic cost control and operational adjustments.

EMEA: In 2024, EMEA revenue increased to $187.7 million, a 123% year-over-year growth, accounting for almost half of total revenue. United States: Revenue rose 360% year-over-year from $3.1 million in 2023 to $14.4 million in 2024, contributing 4% of total revenue. Asia Pacific: Revenue declined from $219.1 million in 2023 to $177.7 million in 2024, a 19% year-over-year decrease, due to strategic repositioning away from low-margin segments in China and India where price competition is intense.

• 2025 Revenue Guidance: Expect revenue to increase 18% to 25% year-over-year, ranging from $450 million to $475 million. Aim to maintain a gross margin target of 30%. • APAC: Target production capacity improvements at Huzhou facility, with Phase 3.2 expansion expected to add up to 2 gigawatt hour of additional capacity. • EMEA: Anticipate continued significant revenue increases as the region accelerates electrification goals and work to secure new strategic partners. • Americas: Anticipate growing revenue and regular analysis of financing needs.

• Difficult financing environment. • Supply constraints. • Increased competition in the APAC region.