Record Third Quarter Revenue
Microvast Holdings, Inc. reported a record third quarter revenue of $123.3 million, marking a 21.6% year-over-year increase.
Improved Gross Profit Margin
Gross profit margin improved to 37.6%, a 4.4 percentage point increase from the same period last year.
Operational Profit Achieved
Operating profit for the third quarter was $13 million, with an adjusted net profit of $11.9 million and adjusted EBITDA of $21.9 million.
Phase 3.2 Expansion Near Completion
The Huzhou phase 3.2 expansion is in the final stages, expected to add up to two gigawatt-hours of annual production capacity by Q1 2026.
Partnership with Skoda Group
Microvast Holdings, Inc. established a partnership with Skoda Group for rail and public transport applications, validating its technology in high-safety use cases.
Positive Cash Flow
Generated a positive operating cash flow of $59.5 million for the nine-month period.
Increased Revenue in EMEA
Revenue from the EMEA region accounted for 64% of quarterly revenue, up from 59% year-over-year.