Why Microvast Shares Are Skyrocketing Today

Microvast Holdings Inc MVST shares are trading higher by 20.83% at $4.06 after the company reported first-quarter financial results.

Microvast reported quarterly losses of 15 cents per share. The company also reported $36.70 million in sales this quarter.

"Our first-quarter revenue performance exceeded our expectations and our order book looks very strong," said Craig Webster, Microvast's Chief Financial Officer. 

"Looking forward, we are focused on sales growth throughout the year, growing our multi-year order book and executing on our capacity expansion plans, which are well underway and fully funded from our cash on hand."

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Microvast designs, develops and manufactures lithium-ion battery solutions. 

According to data from Benzinga Pro, Microvast has a 52-week high of $15.91 and a 52-week low of $2.95.