MVST - Microvast Holdings Non-GAAP EPS of -$0.04 beats by $0.04 revenue of $47M beats by $8.22M

2023-05-09 16:14:23 ET

• Microvast Holdings press release ( NASDAQ: MVST ): Q1 Non-GAAP EPS of -$0.04 beats by $0.04 .
• Revenue of $47M (+28.1% Y/Y) beats by $8.22M .
• Adjusted gross margin increased to 13.5%
• Achieved record backlog of $486.7 million

• 2023 Outlook: Due to a stronger than expected Q1 2023 performance and underpinned by a record backlog of $486.7 million, the company is raising its full year 2023 revenue guidance to a range of $348 million and $368 million, reflecting year over year growth of 70% to 80%, up from 65% to 75% previously.

• For Q2 2023, the company expects revenue to be in the range of $63 million to $67 million.

• Deliveries of new 53.5Ah cell starting in second quarter from new cell, module and pack line in Huzhou, China and in fourth quarter from Clarksville, Tennessee.

• Capital expenditures for the full year are anticipated to be in the range of $180.0 million to $210.0 million

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