Microvast, a leading innovator in lithium-ion battery solutions, announced its unaudited financial results for Q3 2024, showcasing significant improvements across key metrics.
Q3 2024 Highlights
- Revenue: $101.4 million, up 26.6% from $80.1 million in Q3 2023.
- Gross Margin: Increased to 33.2%, compared to 22.3% in Q3 2023; Non-GAAP adjusted gross margin rose to 33.9% from 24.2%.
- Operating Expenses: Reduced to $27.5 million from $44.7 million in Q3 2023; adjusted expenses fell to $22.0 million from $30.3 million.
- Net Profit: $13.2 million, a turnaround from a net loss of $26.2 million in Q3 2023; Non-GAAP adjusted net profit was $16.8 million, compared to a loss of $10.3 million.
- Earnings Per Share: $0.04, compared to a loss per share of $0.08 in Q3 2023; adjusted earnings per share stood at $0.05.
- Adjusted EBITDA: Positive $28.6 million, up from negative $5.3 million in Q3 2023.
- Capital Expenditures: $30.6 million, down from $59.9 million in Q3 2023.
- Liquidity: Cash and equivalents totaled $115.0 million as of September 30, 2024, up from $93.8 million at the end of 2023.
Year-to-Date (YTD) 2024 Highlights
- Revenue: $266.4 million, up 31.9% from $202.0 million in YTD 2023.
- Gross Margin: Improved to 29.3%, with non-GAAP adjusted gross margin rising to 30.6%.
- Net Loss: $90.0 million, compared to $81.8 million in YTD 2023; adjusted net loss was $61.0 million versus $30.2 million.
- Adjusted EBITDA: Negative $30.4 million, compared to negative $17.0 million in YTD 2023.
- Capital Expenditures: Reduced to $43.8 million from $153.6 million in YTD 2023.
2024 Outlook
- Revenue Growth: Targeting 15%-18% year-over-year growth with Q4 revenue guidance of $90-$95 million.
- Gross Margin: Aiming for 25%-30%.
- R&D Milestones: Progressing on innovations, including the ME6 ESS container solution, silicon-based cells, and solid-state batteries.
- Strategic Expansion: Strengthening partnerships and enhancing products to support global energy transformation.
- Profitability Focus: Improving regional efficiency and leveraging established business segments to boost liquidity.
Microvast continues to drive technological advancements and operational efficiency, positioning itself as a key player in the global energy transition.
