MVSTW

• Record third quarter revenue of $123.3 million with a 21.6% year-over-year increase and gross profit margin of 37.6%, a 4.4 percentage point improvement.
• Achieved operating profit of $13 million, adjusted net profit of $11.9 million, and adjusted EBITDA of $21.9 million.
• Focus on innovation, disciplined execution of strategic growth objectives, and expanding production capacity.
• Huzhou phase 3.2 line expansion is in final stages of installation and commissioning, targeted for year-end with initial production beginning in Q1 2026, adding up to 2 gigawatt-hours of annual production capacity.
• All-solid-state battery development progressing, with proprietary five-layer cell completing over 404 charge-discharge cycles and high-voltage 12-layer prototype in cycle testing.
• Established partnership with Skoda Group for rail and public transport applications, with first prototype anticipated by 2026.

• Reaffirmed annual revenue guidance in the range of $450 to $475 million.
• Raised full-year gross margin target from 32% to a new range of 32% to 35%.
• Anticipate completion of Huzhou phase 3.2 expansion by year-end with initial production in Q1 2026.
• EMEA business to maintain momentum with new strategic partnerships.
• The Americas to see further revenue growth while assessing financing needs; focus on sustained positive cash flow, maintaining gross margins, and expanding market reach via R&D.

Third quarter revenue was $123.3 million, representing a 21.6% year-over-year increase. Gross profit margin improved to 37.6%, a 4.4 percentage point improvement from the same period last year. Year-to-date revenue reached $331 million, a 24.3% increase compared to the prior year period. Geographically, EMEA accounted for 64% of quarterly revenue, up from 59% year-over-year. US revenue share increased from 3% to 5% for the quarter, and APAC grew 9% year-to-date to $136.5 million.

• Actual results may differ materially from expectations due to a variety of risks and uncertainties. For more information on material risks and other important factors that could affect financial results, refer to filings with the SEC.

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