Microvast Stock Surges On Q2 Earnings Beat, 541% Backlog Growth, Strong Guidance

Microvast Holdings Inc MVST shares are trading higher in Monday's after-hours session after the company reported better-than-expected second-quarter financial results.

  • Q2 Revenue: $74.95 million beat estimates of $64.19 million
  • Q2 EPS: Loss of 2 cents beat estimates for a loss of 9 cents

Microvast said revenue increased 16.4% year-over-year.

The lithium-ion battery company ended the quarter with a backlog of $675.9 million, up 541.9% year-over-year. Microvast noted that year-over-year growth was driven by its continued production ramp for commercial vehicle customers in Europe and Asia Pacific.

The company ended the quarter with $195.8 million in cash, equivalents, restricted cash and short-term investments. 

"We are incredibly pleased to have begun shipping qualified 53.5Ah cells from our 2GWh Huzhou, China facility during the second quarter. With Huzhou now in the ramp-up phase, our execution focus for the remainder of the year is to bring Clarksville into trial production in Q4," said Yang Wu, founder, chairman, president and CEO of Microvast. 

CFO Craig Webster added the company expects "further upticks" in its backlog through the end of the year, driven by continued growth in orders. 

Outlook: Microvast sees third-quarter revenue in the range of $72 million to $80 million. Full-year revenue is expected to be between $348 million and $368 million.

The company said trial production in its Clarksville, Tennessee facility remains on track for the fourth quarter. 

See Also: Palantir Reports Q2 Earnings In Line With Estimates, Announces $1 Billion Buyback, Raises Guidance As AI Demand Soars

MVST Price Action: In after-hours trading, Microvast shares were up 9.64% at $2.74 at the time of publication, according to Benzinga Pro.

Photo: Courtesy Microvast

 

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