Reports Q4 revenue $113.4M vs. $104.6M in the fourth quarter of 2023, an increase of 8.4% .”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,” said Yang Wu, Microvast’s (MVST) Founder, Chairman, and Chief Executive Officer. “In APAC, we are underway with our Huzhou Phase 3.2 expansion and anticipate to have this additional capacity online in the fourth quarter of 2025 to meet increasing customer demand as we prioritize uncovering new opportunities and market segments. Our backlog has grown to $401.3 million as regional demand for our technology continues to rapidly grow. We have realized great successes in the global heavy industrials segment and the maturing Korean market. The significant strides we’ve made in operational efficiencies in the second half of 2024 will continue into 2025 as our core focus remains on achieving sustainable profitability. “
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