Companies /Consumer Cyclical

Microvast Holdings Inc

NASDAQ: MVST Auto Parts
$0.70
▼ $0.02 (−2.51%) today
Markets open · 1:18pm ET

Q4 2024 Earnings

Reported Mar 31, 2025, 4:46pm ET · SEC source
$-0.01
Miss +0.00%
EPS · est. $0.00
$113.4M
Beat +22.58%
Revenue · est. $92.5M
+31.2%
Beating market
MVST vs S&P since report
4 quarters
Consecutive EPS misses

Market Reaction

% change · around the report
0+20%+40%Mar 31Apr 1report 4:46pm ETearnings+0.7%+31.3%
0+20%+40%Mar 31Apr 1earnings+0.7%+31.3%
MVST +31.3%S&P 500 +0.7%
0+20%+40%Mar 31Apr 1report 4:46pm ETearnings+1.2%+31.3%
0+20%+40%Mar 31Apr 1earnings+1.2%+31.3%
MVST +31.3%NASDAQ +1.2%
0+20%+40%Mar 31Apr 8report 4:46pm ETearnings−11.1%+35.8%
0+20%+40%Mar 31Apr 8earnings−11.1%+35.8%
MVST +35.8%S&P 500 −11.1%
0+20%+40%Mar 31Apr 8report 4:46pm ETearnings−11.1%+35.8%
0+20%+40%Mar 31Apr 8earnings−11.1%+35.8%
MVST +35.8%NASDAQ −11.1%
+32.48%
Day of report
+14.19%
Next session
+5.48%
One week
+32.26%
30 days

S&P 500 over the same 30 days: +1.03%.

Did MVST Beat Earnings? Q4 2024 Results

Microvast Holdings delivered a strong revenue beat in Q4 2024, with sales of $113.39 million clearing the $92.50 consensus estimate by 22.58%, as the battery maker's dramatic margin expansion continued to reshape its financial profile. The standout driver was a surge in gross margin to 36.6% in the quarter, up from 22.0% a year earlier, reflecting operational efficiencies and a deliberate pivot toward higher-margin products, particularly in EMEA where full-year revenue more than doubled to $187.72 million. Despite the top-line strength, GAAP results were clouded by $81.20 million in non-cash charges tied to fair value changes in warrant and convertible loan liabilities, widening the quarterly net loss to $82.32 million; on an adjusted basis, however, the loss narrowed to just $572,000 and adjusted EBITDA turned positive at $8.64 million. EPS came in at negative $0.01, a penny short of the breakeven consensus. Analysts have noted growing concern around the company's debt load, which reached $311.30 million at year-end. Looking ahead, management guided 2025 revenue of $450 million to $475 million, targeting 30% gross margins and sustained progress toward positive cash flow.

Key Takeaways
  • EMEA revenue more than doubled year-over-year, contributing nearly half of total revenue
  • Gross margin improved 12.8 percentage points year-over-year to 31.5% for full year
  • Operational efficiency gains drove positive operating cash flow of $2.8M for FY 2024
  • Shift toward higher-margin products in APAC region
  • Strong demand in global heavy industrials segment and maturing Korean market
  • Capital expenditures decreased significantly from $186.8M in 2023 to $49.9M in 2024

“We achieved record quarterly revenue in the fourth quarter of 2024, beating revenue guidance. This brings our full year revenue growth to 23.9% and we delivered these revenues at a gross margin also above guidance. The revenue growth achieved in EMEA is encouraging and we would expect to continue this growth into 2025.”

Microvast Holdings CEO, on the earnings call

Forward Guidance & Outlook

For 2025, Microvast targets revenue of $450 million to $475 million, representing 18-25% year-over-year growth. The company targets a gross margin of 30%. Huzhou Phase 3.2 production is expected in Q4 2025, adding up to 2GWh of annual capacity. EMEA is expected to deliver over 20% year-over-year revenue growth. The Americas region is targeting positive quarterly EBITDA and operating profits, with anticipated 50% year-over-year revenue growth. Core strategic focus remains on becoming cash flow positive and achieving sustained profitability.

MVST YoY Financials

Revenue$113.4M
Gross Profit$41.5M
Operating Income$-1,417,000
Net Income$-82,323,000−235.5% YoY

MVST Revenue by Geography

EMEA$187.7M+123.0%
Asia Pacific$50.6M−19.0%
China$127.1M−19.0%
Europe
United States$14.4M+360.0%

Figures from SEC filings and company reports. Not investment advice.