Microvast Holdings Inc

Microvast posted a record first quarter for 2024, with revenue climbing 73.2% year over year to $81.35 million as the battery technology company rode a dramatic geographic expansion to its strongest Q1 top line to date. The company reported a loss of $0.04 per share, while gross margin nearly doubled to 21.2% from 10.3% a year ago, reflecting operational efficiencies and improved scale across its manufacturing base. The single biggest story in the quarter was a reshuffling of Microvast's revenue mix, with EMEA surging more than 180% to become the largest region at 36% of sales, while APAC outside China grew more than 600% year over year, together offsetting a 17% decline in China revenue. Adjusted EBITDA narrowed to negative $3.72 million from negative $7.49 million, signaling gradual progress toward breakeven. Looking ahead, management guided Q2 revenue of $90 million to $98 million, representing 20% to 30% year-over-year growth, with gross margin targeted in the 20% to 25% range and positive adjusted EBITDA contributions expected from both APAC and EMEA by year end.